Maryland | 76-0594970 | |
(State or Other Jurisdiction of Incorporation or | (I.R.S. Employer | |
Organization) | Identification No.) | |
2600 South Gessner, Suite 500, Houston, Texas | 77063 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |||
Common Shares of Beneficial Interest, par value $0.001 per share | New York Stock Exchange |
• | For the three months ended March 31, 2018, the change decreased revenue by $3.8 million, decreased total expenses by $3.3 million, increased equity in earnings of real estate partnership by $0.7 million and increased net income by $0.2 million. |
• | For the three months ended June 30, 2018, the change decreased revenue by $3.6 million, decreased total expenses by $3.2 million, increased equity in earnings of real estate partnership by $0.6 million and increased net income by $0.2 million. For the six months ended June 30, 2018, the change decreased revenue by $7.4 million, decreased total expenses by $6.5 million, increased equity in earnings of real estate partnership by $1.3 million and increased net income by $0.4 million. |
• | For the three months ended September 30, 2018, the change decreased revenue by $3.9 million, decreased total expenses by $3.6 million, increased equity in earnings of real estate partnership by $0.5 million and increased net income by $0.2 million. |
• | For the nine months ended September 30, 2018, the change decreased revenue by $11.3 million, decreased total expenses by $10.1 million, increased equity in earnings of real estate partnership by $1.8 million and increased net income by $0.6 million. |
Page | |||
Item 1. | |||
Item 1A. | |||
Item 1B. | |||
Item 2. | |||
Item 3. | |||
Item 4. |
Item 5. | |||
Item 6. | |||
Item 7. | |||
Item 7A. | |||
Item 8. | |||
Item 9. | |||
Item 9A. | |||
Item 9B. |
Item 10. | |||
Item 11. | |||
Item 12. | |||
Item 13. | |||
Item 14. |
Item 15. | |||
Item 16. | |||
• | the imposition of federal taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; |
• | uncertainties related to the national economy, the real estate industry in general and in our specific markets; |
• | legislative or regulatory changes, including changes to laws governing REITs; |
• | adverse economic or real estate developments or conditions in Texas, Arizona or Illinois; |
• | increases in interest rates, operating costs or general and administrative expenses, including those incurred in connection with the Quarterly Restatement; |
• | availability and terms of capital and financing to fund our operations, distributions to shareholders and to refinance our indebtedness as it matures; |
• | decreases in rental rates or increases in vacancy rates; |
• | litigation risks, including potential litigation as a result of the Quarterly Restatement and its effects; |
• | lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; |
• | our inability to renew tenants or obtain new tenants upon the expiration of existing leases; |
• | our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; |
• | the need to fund tenant improvements or other capital expenditures out of operating cash flow; |
• | the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all; and |
• | our inability to improve our internal control over financial reporting and disclosure controls and procedures, including our inability to remediate the identified material weakness, and the costs and time associated with such efforts. |
• | Strategically Acquiring Properties. |
◦ | Seeking High Growth Markets. We seek to strategically acquire commercial properties in high-growth markets. Our acquisition targets are located in densely populated, culturally diverse neighborhoods, primarily in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. |
◦ | Diversifying Geographically. Our current portfolio is concentrated in Houston and Phoenix. As of December 31, 2018, we wholly-owned 57 commercial properties, including 15 properties in Houston, seven properties in Dallas-Fort Worth, three properties in San Antonio, four properties in Austin, 27 properties in the Scottsdale and Phoenix, Arizona metropolitan areas, and one property in Buffalo Grove, Illinois, a suburb of Chicago. |
◦ | Capitalizing on Availability of Reasonably Priced Acquisition Opportunities. We believe that currently and during the next several years there will continue to be excellent opportunities in our target markets to acquire quality properties at historically attractive prices. We intend to acquire assets in off-market transactions negotiated directly with owners or financial institutions holding foreclosed real estate and debt instruments that are either in default or on bank watch lists. Many of these assets may benefit from our Community Centered Property® strategy and our management team’s experience in turning around distressed properties, portfolios and companies. We have extensive relationships with community banks, attorneys, title companies and others in the real estate industry with whom we regularly work to identify properties for potential acquisition. |
• | Redeveloping and Re-tenanting Existing Properties. We have substantial experience in repositioning underperforming properties and seek to add value through renovating and re-tenanting our properties to create Whitestone-branded Community Centered Properties®. We seek to accomplish this by (1) stabilizing occupancy, with per property occupancy goals of 90% or higher; (2) adding leasable square footage to existing structures; (3) developing and building new leasable square footage on excess land; (4) upgrading and renovating existing structures; and (5) investing significant effort in recruiting tenants whose goods and services meet the needs of the surrounding neighborhood. |
• | Recycling Capital for Greater Returns. We seek to continually upgrade our portfolio by opportunistically selling properties that do not have the potential to meet our Community Centered Property® strategy and redeploying the sale proceeds into properties that better fit our strategy. Some of our properties that we owned at the time our current management team assumed the management of the Company (the “Legacy Portfolio” or “Non-Core Properties”) may not fit our Community Centered Property® strategy, and we may look for opportunities to dispose of these properties as we continue to execute our strategy. For example, on December 31, 2016, we contributed to Pillarstone the 14 Pillarstone Properties located in Dallas and Houston that were part of the Legacy Portfolio. |
• | Prudent Management of Capital Structure. Of our 57 properties, we currently have 48 properties that are unencumbered. We may seek to add mortgage indebtedness to existing and newly acquired unencumbered properties to provide additional capital for acquisitions. As a general policy, we intend to maintain a ratio of total indebtedness to undepreciated book value of real estate assets that is at or less than 60%. As of December 31, 2018, our ratio of total indebtedness to undepreciated book value of real estate assets was 58%. |
• | Investing in People. We believe that our people are the heart of our culture, philosophy and strategy. We continually focus on developing associates who are self-disciplined and motivated and display, at all times, a high degree of character and competence. We provide them with equity incentives to align their interests with those of our shareholders. |
• | conditions in financial markets; |
• | continuing deterioration of the brick-and-mortar retail industry; |
• | over-building in our markets; |
• | a reduction in rental income as the result of the inability to maintain occupancy levels; |
• | adverse changes in applicable tax, real estate, environmental or zoning laws; |
• | changes in general economic conditions or economic conditions in our markets; |
• | a taking of any of our properties by eminent domain; |
• | adverse local conditions (such as changes in real estate zoning laws that may reduce the desirability of real estate in the area); |
• | acts of God, such as hurricanes, earthquakes or floods and other uninsured losses; |
• | changes in supply of or demand for similar or competing properties in an area; |
• | changes in interest rates and availability of permanent debt capital, which may render the sale of a property difficult or unattractive; and |
• | periods of high interest rates, inflation or tight money supply. |
• | tenants may choose not to, or may not have the financial resources to, renew these leases; |
• | we may experience significant costs associated with re-leasing a significant amount of our available space; |
• | we may experience difficulties and significant time lags re-leasing vacated space, which may cause us to fail to meet our occupancy and average base rent targets and experience increased costs of re-leasing; and |
• | the terms of any renewal or re-lease may be less favorable than the terms of the current leases. |
• | competition from other real estate investors with significant capital, including other REITs and institutional investment funds; |
• | competition from other potential acquirers which may significantly increase the purchase price for a property we acquire, which could reduce our growth prospects; |
• | unsatisfactory results of our due diligence investigations or failure to meet other customary closing conditions; |
• | the failure of an acquired property to perform as expected; and |
• | failure to finance an acquisition on favorable terms or at all. |
• | $250.0 million unsecured revolving credit facility with a maturity date of January 1, 2023 (the “2019 Revolver”); |
• | $165.0 million unsecured term loan with a maturity date of January 31, 2024 (“Term Loan A”); and |
• | $100.0 million unsecured term loan with a maturity date of October 30, 2022 (“Term Loan B” and together with Term Loan A, the “2019 Term Loans”). |
• | maximum total indebtedness to total asset value ratio of 0.60 to 1.00; |
• | maximum secured debt to total asset value ratio of 0.40 to 1.00; |
• | minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges ratio of 1.50 to 1.00; |
• | maximum other recourse debt to total asset value ratio of 0.15 to 1.00; and |
• | maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $372 million plus 75% of the net proceeds from additional equity offerings. |
• | a merger, tender offer or proxy contest; |
• | assumption of control by a holder of a large block of our shares; or |
• | removal of incumbent management. |
• | we would not be allowed to deduct our distributions to shareholders when computing our taxable income; |
• | we would be subject to federal income tax on our taxable income at regular corporate rates; |
• | we would be disqualified from being taxed as a REIT for the four taxable years following the year during which qualification was lost, unless entitled to relief under certain statutory provisions; |
• | our cash available for distributions to shareholders would be reduced; and |
• | we may be required to borrow additional funds or sell some of our assets in order to pay corporate tax obligations that we may incur as a result of our disqualification. |
• | the amount of cash available for distribution; |
• | our Operating Partnership’s financial condition; |
• | our Operating Partnership’s capital expenditure requirements; and |
• | our annual distribution requirements necessary to maintain our qualification as a REIT. |
Commercial Properties | GLA | Average Occupancy as of 12/31/18 | Annualized Base Rental Revenue (in thousands) (1) | Average Annualized Base Rental Revenue Per Sq. Ft. (2) | ||||||||||
Whitestone | 4,841,660 | 90 | % | $ | 82,055 | $ | 18.83 |
(1) | Calculated as the tenant’s actual December 31, 2018 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2018. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with GAAP, historical results differ from the annualized amounts. Total abatements for leases in effect as of December 31, 2018 equaled approximately $152,000 for the month ended December 31, 2018. |
(2) | Calculated as annualized base rent divided by GLA leased as of December 31, 2018. Excludes vacant space as of December 31, 2018. |
July | Aug. | Sept. | Oct. | Nov. | Dec. | ||||||||||||||
National (1) | 3.9 | % | 3.8 | % | 3.7 | % | 3.8 | % | 3.7 | % | 3.9 | % | |||||||
Houston (2) | 4.4 | % | 4.3 | % | 4.1 | % | 3.8 | % | 3.8 | % | 3.9 | % | (3) | ||||||
Phoenix (2) | 4.3 | % | 4.5 | % | 4.2 | % | 3.9 | % | 3.9 | % | 4.5 | % | (3) |
(1) | Seasonally adjusted. |
(2) | Not seasonally adjusted. |
(3) | Represents estimate. |
Whitestone REIT and Subsidiaries Property Details As of December 31, 2018 | ||||||||||||||||||||||
Community Name | Location | Year Built/ Renovated | Gross Leasable Square Feet | Percent Occupied at 12/31/2018 | Annualized Base Rental Revenue (in thousands) (1) | Average Base Rental Revenue Per Sq. Ft. (2) | Average Net Effective Annual Base Rent Per Leased Sq. Ft.(3) | |||||||||||||||
Whitestone Properties: | ||||||||||||||||||||||
Ahwatukee Plaza | Phoenix | 1979 | 72,650 | 86 | % | $ | 801 | $ | 12.82 | $ | 12.76 | |||||||||||
Anthem Marketplace | Phoenix | 2000 | 113,293 | 96 | % | 1,735 | 15.95 | 15.56 | ||||||||||||||
Bissonnet Beltway | Houston | 1978 | 29,205 | 80 | % | 335 | 14.34 | 13.78 | ||||||||||||||
BLVD Place | Houston | 2014 | 216,944 | 99 | % | 8,277 | 38.54 | 43.30 | ||||||||||||||
The Citadel | Phoenix | 2013 | 28,547 | 89 | % | 466 | 18.34 | 16.14 | ||||||||||||||
City View Village | San Antonio | 2005 | 17,870 | 100 | % | 488 | 27.31 | 28.60 | ||||||||||||||
Davenport Village | Austin | 1999 | 128,934 | 100 | % | 3,334 | 25.86 | 25.74 | ||||||||||||||
Desert Canyon | Phoenix | 2000 | 62,533 | 87 | % | 799 | 14.69 | 14.70 | ||||||||||||||
Eldorado Plaza | Dallas | 2004 | 221,577 | 98 | % | 3,217 | 14.81 | 15.27 | ||||||||||||||
Fountain Hills | Phoenix | 2009 | 111,289 | 85 | % | 1,586 | 16.77 | 16.89 | ||||||||||||||
Fountain Square | Phoenix | 1986 | 118,209 | 88 | % | 1,851 | 17.79 | 17.31 | ||||||||||||||
Fulton Ranch Towne Center | Phoenix | 2005 | 120,575 | 87 | % | 1,746 | 16.64 | 17.96 | ||||||||||||||
Gilbert Tuscany Village | Phoenix | 2009 | 49,415 | 100 | % | 954 | 19.31 | 18.82 | ||||||||||||||
Gilbert Tuscany Village Hard Corner | Phoenix | 2009 | 14,603 | 100 | % | 124 | 8.49 | 8.90 | ||||||||||||||
Heritage Trace Plaza | Dallas | 2006 | 70,431 | 91 | % | 1,407 | 21.95 | 23.22 | ||||||||||||||
Headquarters Village | Dallas | 2009 | 89,134 | 84 | % | 2,148 | 28.69 | 29.49 | ||||||||||||||
Keller Place | Dallas | 2001 | 93,541 | 95 | % | 889 | 10.00 | 10.29 | ||||||||||||||
Kempwood Plaza | Houston | 1974 | 91,302 | 89 | % | 949 | 11.68 | 12.31 | ||||||||||||||
La Mirada | Phoenix | 1997 | 147,209 | 81 | % | 2,515 | 21.09 | 21.95 | ||||||||||||||
Lion Square | Houston | 2014 | 117,592 | 98 | % | 1,501 | 13.02 | 12.70 | ||||||||||||||
The Marketplace at Central | Phoenix | 2012 | 111,130 | 99 | % | 1,001 | 9.10 | 8.69 | ||||||||||||||
Market Street at DC Ranch | Phoenix | 2003 | 242,459 | 92 | % | 4,417 | 19.80 | 19.74 | ||||||||||||||
Mercado at Scottsdale Ranch | Phoenix | 1987 | 118,730 | 87 | % | 1,620 | 15.68 | 16.24 | ||||||||||||||
Paradise Plaza | Phoenix | 1983 | 125,898 | 87 | % | 1,551 | 14.16 | 13.96 | ||||||||||||||
Parkside Village North | Austin | 2005 | 27,045 | 100 | % | 811 | 29.99 | 30.58 | ||||||||||||||
Parkside Village South | Austin | 2012 | 90,101 | 100 | % | 2,338 | 25.95 | 26.78 | ||||||||||||||
Pima Norte | Phoenix | 2007 | 35,110 | 68 | % | 426 | 17.84 | 18.56 | ||||||||||||||
Pinnacle of Scottsdale | Phoenix | 1991 | 113,108 | 100 | % | 2,411 | 21.32 | 21.87 | ||||||||||||||
Pinnacle Phase II | Phoenix | 2017 | 27,063 | 100 | % | 648 | 23.94 | 23.69 | ||||||||||||||
The Promenade at Fulton Ranch | Phoenix | 2007 | 98,792 | 87 | % | 1,138 | 13.24 | 15.01 | ||||||||||||||
Providence | Houston | 1980 | 90,327 | 99 | % | 804 | 8.99 | 9.01 | ||||||||||||||
Quinlan Crossing | Austin | 2012 | 109,892 | 98 | % | 2,339 | 21.72 | 23.92 | ||||||||||||||
Seville | Phoenix | 1990 | 90,042 | 72 | % | 2,202 | 33.97 | 34.17 | ||||||||||||||
Shaver | Houston | 1978 | 21,926 | 94 | % | 292 | 14.17 | 14.07 | ||||||||||||||
Shops at Pecos Ranch | Phoenix | 2009 | 78,767 | 80 | % | 1,678 | 26.63 | 26.14 | ||||||||||||||
Shops at Starwood | Dallas | 2006 | 55,385 | 92 | % | 1,455 | 28.56 | 29.69 | ||||||||||||||
The Shops at Williams Trace | Houston | 1985 | 132,991 | 96 | % | 1,980 | 15.51 | 15.40 | ||||||||||||||
South Richey | Houston | 1980 | 69,928 | 97 | % | 715 | 10.54 | 10.72 | ||||||||||||||
Spoerlein Commons | Chicago | 1987 | 41,455 | 79 | % | 639 | 19.51 | 19.51 | ||||||||||||||
Starwood Phase II | Dallas | 2016 | 35,351 | 72 | % | 866 | 34.02 | 37.17 | ||||||||||||||
The Strand at Huebner Oaks | San Antonio | 2000 | 73,920 | 98 | % | 1,464 | 20.21 | 22.06 | ||||||||||||||
SugarPark Plaza | Houston | 1974 | 95,032 | 100 | % | 1,126 | 11.85 | 13.80 |
Whitestone REIT and Subsidiaries Property Details As of December 31, 2018 | ||||||||||||||||||||||
Community Name | Location | Year Built/ Renovated | Gross Leasable Square Feet | Percent Occupied at 12/31/2018 | Annualized Base Rental Revenue (in thousands) (1) | Average Base Rental Revenue Per Sq. Ft. (2) | Average Net Effective Annual Base Rent Per Leased Sq. Ft.(3) | |||||||||||||||
Sunridge | Houston | 1979 | 49,359 | 83 | % | 531 | 12.96 | 12.50 | ||||||||||||||
Sunset at Pinnacle Peak | Phoenix | 2000 | 41,530 | 82 | % | 611 | 17.94 | 18.24 | ||||||||||||||
Terravita Marketplace | Phoenix | 1997 | 102,733 | 50 | % | 1,142 | 22.23 | 22.35 | ||||||||||||||
Town Park | Houston | 1978 | 43,526 | 100 | % | 946 | 21.73 | 21.71 | ||||||||||||||
Village Square at Dana Park | Phoenix | 2009 | 323,026 | 87 | % | 6,107 | 21.73 | 21.54 | ||||||||||||||
Westchase | Houston | 1978 | 50,332 | 86 | % | 633 | 14.62 | 14.30 | ||||||||||||||
Williams Trace Plaza | Houston | 1983 | 129,222 | 94 | % | 1,780 | 14.65 | 15.19 | ||||||||||||||
Windsor Park | San Antonio | 2012 | 196,458 | 97 | % | 1,876 | 9.84 | 9.65 | ||||||||||||||
Woodlake Plaza | Houston | 1974 | 106,169 | 80 | % | 1,386 | 16.32 | 15.99 | ||||||||||||||
Total/Weighted Average - Whitestone Properties | 4,841,660 | 90 | % | 82,055 | 18.83 | 19.35 | ||||||||||||||||
Land Held for Development: | ||||||||||||||||||||||
Anthem Marketplace | Phoenix | N/A | — | — | $ | — | $ | — | $ | — | ||||||||||||
BLVD Phase II-B | Houston | N/A | — | — | — | — | — | |||||||||||||||
Dana Park Development | Phoenix | N/A | — | — | — | — | — | |||||||||||||||
Eldorado Plaza Development | Dallas | N/A | — | — | — | — | — | |||||||||||||||
Fountain Hills | Phoenix | N/A | — | — | — | — | — | |||||||||||||||
Market Street at DC Ranch | Phoenix | N/A | — | — | — | — | — | |||||||||||||||
Total/Weighted Average - Land Held For Development (4) | — | — | — | — | — | |||||||||||||||||
Grand Total/Weighted Average - Whitestone Properties | 4,841,660 | 90 | % | $ | 82,055 | $ | 18.83 | $ | 19.35 |
(1) | Calculated as the tenant’s actual December 31, 2018 base rent (defined as cash base rents including abatements) multiplied by 12. Excludes vacant space as of December 31, 2018. Because annualized base rental revenue is not derived from historical results that were accounted for in accordance with generally accepted accounting principles, historical results differ from the annualized amounts. Total abatements for leases in effect as of December 31, 2018 equaled approximately $152,000 for the month ended December 31, 2018. |
(2) | Calculated as annualized base rent divided by gross leasable area leased as of December 31, 2018. Excludes vacant space as of December 31, 2018. |
(3) | Represents (i) the contractual base rent for leases in place as of December 31, 2018, adjusted to a straight-line basis to reflect changes in rental rates throughout the lease term and amortize free rent periods and abatements, but without regard to tenant improvement allowances and leasing commissions, divided by (ii) square footage under commenced leases of December 31, 2018. |
(4) | As of December 31, 2018, these parcels of land were held for development and, therefore, had no gross leasable area. |
Tenant Name | Location | Annualized Rental Revenue (in thousands) | Percentage of Total Annualized Base Rental Revenues (1) | Initial Lease Date | Year Expiring | ||||||||
Safeway Stores Incorporated (2) | Austin, Houston and Phoenix | $ | 2,447 | 3.0 | % | 11/14/1982, 5/8/1991, 7/1/2000, 4/1/2014, 4/1/2014 and 10/19/16 | 2020, 2020, 2021, 2022, 2024 and 2034 | ||||||
Whole Foods Market | Houston | 2,042 | 2.5 | % | 9/3/2014 | 2035 | |||||||
Frost Bank | Houston | 1,872 | 2.3 | % | 7/1/2014 | 2024 | |||||||
Newmark Real Estate of Houston LLC | Houston | 1,188 | 1.4 | % | 10/1/2015 | 2026 | |||||||
Walgreens & Co. (3) | Houston and Phoenix | 946 | 1.1 | % | 11/14/1982, 11/2/1987, 8/24/1996 and 11/3/1996 | 2022, 2027, 2049 and 2056 | |||||||
Verizon Wireless (4) | Houston and Phoenix | 875 | 1.1 | % | 8/16/1994, 2/1/2004, 5/10/2004, 1/27/2006 and 5/1/2014 | 2019, 2019, 2022, 2023 and 2024 | |||||||
Bashas' Inc. (5) | Phoenix | 823 | 1.0 | % | 10/9/2004 and 4/1/2009 | 2024 and 2029 | |||||||
Alamo Drafthouse Cinema | Austin | 690 | 0.8 | % | 2/1/2012 | 2027 | |||||||
Dollar Tree (6) | Houston and Phoenix | 677 | 0.8 | % | 3/1/1998, 8/10/1999, 6/29/2001, 11/8/2009, 12/17/2009, and 5/21/2013 | 2020, 2020, 2021, 2022, 2023 and 2027 | |||||||
Wells Fargo & Company (7) | Phoenix | 553 | 0.7 | % | 10/24/1996 and 4/16/1999 | 2022 and 2023 | |||||||
Kroger Co. | Dallas | 483 | 0.6 | % | 12/15/2000 | 2022 | |||||||
Ruth's Chris Steak House Inc. | Phoenix | 466 | 0.6 | % | 1/1/1991 | 2030 | |||||||
Regus Corporation | Houston | 434 | 0.5 | % | 5/23/2014 | 2025 | |||||||
Paul's Ace Hardware | Phoenix | 427 | 0.5 | % | 3/1/2008 | 2023 | |||||||
Ross Dress for Less, Inc. (8) | Phoenix and San Antonio | 362 | 0.4 | % | 2/11/2009 and 6/18/2012 | 2020, 2023 | |||||||
$ | 14,285 | 17.3 | % |
(1) | Annualized Base Rental Revenues represents the monthly base rent as of December 31, 2018 for each applicable tenant multiplied by 12. |
(2) | As of December 31, 2018, we had six leases with the same tenant occupying space at properties located in Phoenix, Houston and Austin. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2034, was $997,000, which represents approximately 1.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2014, and is scheduled to expire in 2024, was $42,000, which represents less than 0.1% of our annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 8, 1991, and is scheduled to expire in 2021, was $344,000, which represents approximately 0.4% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on July 1, 2000, and is scheduled to expire in 2020, was $321,000, which represents approximately 0.4% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 14, 1982, and is scheduled to expire in 2022, was $318,000, which represents approximately 0.4% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on October 19, 2016, and is scheduled to expire in 2020, was $425,000, which represents approximately 0.5% of our total annualized base rental revenue. |
(3) | As of December 31, 2018, we had four leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on November 3, 1996, and is scheduled to expire in 2049, was $279,000, which represents approximately 0.3% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 2, 1987, and is scheduled to expire in 2027, was $188,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 14, 1982, and is scheduled to expire in 2022, was $181,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 24, 1996, and is scheduled to expire in 2056, was $298,000, which represents approximately 0.4% of our total annualized rental revenue. |
(4) | As of December 31, 2018, we had five leases with the same tenant occupying space at properties located in Phoenix and Houston. The annualized rental revenue for the lease that commenced on August 16, 1994, and is scheduled to expire in 2019, was $21,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on January 27, 2006, and is scheduled to expire in 2023, was $130,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on February 1, 2004, and is scheduled to expire in 2019, was $37,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 1, 2014, and is scheduled to expire in 2024, was $681,000, which represents approximately 0.8% of our total annualized rental revenue. The annualized rental revenue for the lease that commenced on May 10, 2004, and is scheduled to expire in 2022, was $6,000, which represents less than 0.1% of our total annualized base rental revenue. |
(5) | As of December 31, 2018, we had two leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 9, 2004, and is scheduled to expire in 2024, was $119,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 1, 2009, and is scheduled to expire in 2029, was $704,000, which represents approximately 0.9% of our total annualized base rental revenue. |
(6) | As of December 31, 2018, we had six leases with the same tenant occupying space at properties in Houston and Phoenix. The annualized rental revenue for the lease that commenced on March 1, 1998, and is scheduled to expire in 2022, was $73,000, which represents less than 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on August 10, 1999, and is scheduled to expire in 2020, was $88,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on December 17, 2009, and is scheduled to expire in 2020, was $110,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on June 29, 2001, and is scheduled to expire in 2021, was $145,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on May 21, 2013, and is scheduled to expire in 2023, was $111,000, which represents approximately 0.1% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on November 8, 2009, and is scheduled to expire in 2027, was $151,000, which represents approximately 0.2% of our total annualized base rental revenue. |
(7) | As of December 31, 2018, we had two leases with the same tenant occupying space at properties located in Phoenix. The annualized rental revenue for the lease that commenced on October 24, 1996, and is scheduled to expire in 2022, was $131,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on April 16, 1999, and is scheduled to expire in 2023, was $421,000, which represents approximately 0.5% of our total annualized base rental revenue. |
(8) | As of December 31, 2018, we had two leases with the same tenant occupying space at properties located in San Antonio and Phoenix. The annualized rental revenue for the lease that commenced on June 18, 2012, and is scheduled to expire in 2023, was $175,000, which represents approximately 0.2% of our total annualized base rental revenue. The annualized rental revenue for the lease that commenced on February 11, 2009, and is scheduled to expire in 2020, was $187,000, which represents approximately 0.2% of our total annualized base rental revenue. |
Annualized Base Rent | ||||||||||||||||
GLA | as of December 31, 2018 | |||||||||||||||
Year | Number of Leases | Approximate Square Feet | Percent of Total | Amount (in thousands) | Percent of Total | |||||||||||
2019 | 370 | 633,907 | 13.1 | % | $ | 12,998 | 15.8 | % | ||||||||
2020 | 219 | 786,854 | 16.3 | % | 13,032 | 15.8 | % | |||||||||
2021 | 198 | 512,859 | 10.6 | % | 9,994 | 12.1 | % | |||||||||
2022 | 167 | 626,485 | 12.9 | % | 11,220 | 13.6 | % | |||||||||
2023 | 154 | 474,322 | 9.8 | % | 9,437 | 11.4 | % | |||||||||
2024 | 79 | 477,378 | 9.9 | % | 7,664 | 9.3 | % | |||||||||
2025 | 43 | 156,796 | 3.2 | % | 3,614 | 4.4 | % | |||||||||
2026 | 26 | 172,237 | 3.6 | % | 3,309 | 4.0 | % | |||||||||
2027 | 26 | 173,391 | 3.6 | % | 3,457 | 4.2 | % | |||||||||
2028 | 21 | 98,415 | 2.0 | % | 2,131 | 2.6 | % | |||||||||
Total | 1,303 | 4,112,644 | 85.0 | % | $ | 76,856 | 93.2 | % |
• | our funds from operations; |
• | our debt service requirements; |
• | our capital expenditure requirements for our properties; |
• | our taxable income, combined with the annual distribution requirements necessary to maintain REIT qualification; |
• | requirements of Maryland law; |
• | our overall financial condition; and |
• | other factors deemed relevant by our board of trustees. |
Common Shares | Noncontrolling OP Unit Holders | Total | ||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | |||||||||||||||
2018 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,302 | $ | 0.2850 | $ | 265 | $ | 11,567 | ||||||||||
Third Quarter | 0.2850 | 11,294 | 0.2850 | 286 | 11,580 | |||||||||||||||
Second Quarter | 0.2850 | 11,203 | 0.2850 | 295 | 11,498 | |||||||||||||||
First Quarter | 0.2850 | 11,145 | 0.2850 | 309 | 11,454 | |||||||||||||||
Total | $ | 1.1400 | $ | 44,944 | $ | 1.1400 | $ | 1,155 | $ | 46,099 | ||||||||||
2017 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,002 | $ | 0.2850 | $ | 309 | $ | 11,311 | ||||||||||
Third Quarter | 0.2850 | 10,948 | 0.2850 | 309 | 11,257 | |||||||||||||||
Second Quarter | 0.2850 | 10,093 | 0.2850 | 310 | 10,403 | |||||||||||||||
First Quarter | 0.2850 | 8,429 | 0.2850 | 313 | 8,742 | |||||||||||||||
Total | $ | 1.1400 | $ | 40,472 | $ | 1.1400 | $ | 1,241 | $ | 41,713 |
Period | Total Number of Shares Purchased (1) | Average Price Paid for Shares | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | |||||||
October 1, 2018 through October 31, 2018 | — | $ | — | N/A | N/A | ||||||
November 1, 2018 through November 30, 2018 | — | — | N/A | N/A | |||||||
December 1, 2018 through December 31, 2018 | 21,414 | 12.26 | N/A | N/A | |||||||
Total | 21,414 | $ | 12.26 |
Year Ended December 31, | ||||||||||||||||||||
(in thousands, except per share and per square foot data) | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Operating Data: | ||||||||||||||||||||
Revenues | $ | 119,863 | $ | 125,959 | $ | 104,437 | $ | 93,416 | $ | 72,382 | ||||||||||
Property expenses | 37,431 | 42,110 | 34,092 | 31,335 | 25,152 | |||||||||||||||
General and administrative | 23,281 | 23,949 | 23,922 | 20,312 | 15,274 | |||||||||||||||
Depreciation and amortization | 25,679 | 27,240 | 22,457 | 19,761 | 15,725 | |||||||||||||||
Equity in earnings of real estate partnership | (8,431 | ) | — | — | — | — | ||||||||||||||
Interest expense | 25,177 | 23,651 | 19,239 | 14,910 | 10,579 | |||||||||||||||
Interest, dividend and other investment income | (1,055 | ) | (410 | ) | (429 | ) | (313 | ) | (90 | ) | ||||||||||
Income from continuing operations before loss on disposal of assets and income taxes | 17,781 | 9,419 | 5,156 | 7,411 | 5,742 | |||||||||||||||
Provision for income taxes | (347 | ) | (386 | ) | (289 | ) | (372 | ) | (282 | ) | ||||||||||
Gain on sale of property | 4,629 | 16 | 3,357 | — | — | |||||||||||||||
Profit sharing expense | — | (278 | ) | (15 | ) | — | — | |||||||||||||
Loss on disposal of assets | (82 | ) | (183 | ) | (96 | ) | (185 | ) | (111 | ) | ||||||||||
Income from continuing operations | 21,981 | 8,588 | 8,113 | 6,854 | 5,349 | |||||||||||||||
Income from discontinued operations | — | — | — | 11 | 510 | |||||||||||||||
Gain on sale of properties from discontinued operations | — | — | — | — | 1,887 | |||||||||||||||
Net income | 21,981 | 8,588 | 8,113 | 6,865 | 7,746 | |||||||||||||||
Less: net income attributable to noncontrolling interests | 550 | 254 | 182 | 116 | 160 | |||||||||||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | $ | 7,931 | $ | 6,749 | $ | 7,586 |
Year Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data and per square foot and occupancy) | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Earnings per share - basic | ||||||||||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | $ | 0.54 | $ | 0.22 | $ | 0.26 | $ | 0.25 | $ | 0.23 | ||||||||||
Income from discontinued operations attributable to Whitestone REIT | — | — | — | — | 0.10 | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.54 | $ | 0.22 | $ | 0.26 | $ | 0.25 | $ | 0.33 | ||||||||||
Earnings per share - diluted | ||||||||||||||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | $ | 0.52 | $ | 0.22 | $ | 0.26 | $ | 0.24 | $ | 0.22 | ||||||||||
Income from discontinued operations attributable to Whitestone REIT | — | — | — | — | 0.10 | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.52 | $ | 0.22 | $ | 0.26 | $ | 0.24 | $ | 0.32 | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Real estate (net) | $ | 938,938 | $ | 1,018,420 | $ | 813,052 | $ | 745,958 | $ | 602,068 | ||||||||||
Other assets | 89,934 | 51,748 | 38,327 | 36,127 | 30,137 | |||||||||||||||
Total assets | $ | 1,028,872 | $ | 1,070,168 | $ | 851,379 | $ | 782,085 | $ | 632,205 | ||||||||||
Liabilities | $ | 669,722 | $ | 711,764 | $ | 583,751 | $ | 535,094 | $ | 418,882 | ||||||||||
Whitestone REIT shareholders’ equity | 350,456 | 347,604 | 255,687 | 242,974 | 210,072 | |||||||||||||||
Noncontrolling interest in subsidiary | 8,694 | 10,800 | 11,941 | 4,017 | 3,251 | |||||||||||||||
$ | 1,028,872 | $ | 1,070,168 | $ | 851,379 | $ | 782,085 | $ | 632,205 | |||||||||||
Other Data: | ||||||||||||||||||||
Proceeds from issuance of common shares | $ | — | $ | 118,412 | $ | 30,014 | $ | 49,649 | $ | 6,458 | ||||||||||
Acquisitions of and additions to real estate (1) | $ | 11,638 | $ | 231,120 | $ | 91,785 | $ | 163,050 | $ | 142,065 | ||||||||||
Distributions per share (2) | $ | 1.14 | $ | 1.13 | $ | 1.13 | $ | 1.13 | $ | 1.13 | ||||||||||
Funds from operations (3) | $ | 39,398 | $ | 35,039 | $ | 27,031 | $ | 26,696 | $ | 21,920 | ||||||||||
Total occupancy at year end | 90 | % | 88 | % | 87 | % | 87 | % | 87 | % | ||||||||||
Average aggregate GLA | 4,925 | 6,403 | 5,837 | 5,734 | 5,075 | |||||||||||||||
Average rent per square foot | $ | 18.81 | $ | 16.81 | $ | 15.45 | $ | 14.62 | $ | 13.57 |
(1) Including amounts for discontinued operations. | ||||||||||
(2) The distributions per share represent total cash payments divided by weighted average common shares. | ||||||||||
(3) We believe that Funds From Operations (“FFO”) is an appropriate supplemental measure of operating performance because it helps our investors compare our operating performance relative to other REITs. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) available to common shareholders computed in accordance with GAAP, excluding gains or losses from sales of operating properties and extraordinary items, plus depreciation and amortization of real estate assets, including our share of equity method investments and joint ventures. We calculate FFO in a manner consistent with the NAREIT definition. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Reconciliation of Non-GAAP Financial Measures.” |
Year Ended December 31, | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | $ | 7,931 | $ | 6,749 | $ | 7,586 | ||||||||||
Adjustments to reconcile to FFO:(1) | ||||||||||||||||||||
Depreciation and amortization of real estate assets (2) | 25,401 | 26,290 | 22,179 | 19,646 | 15,950 | |||||||||||||||
Depreciation and amortization of real estate assets of real estate partnership (pro rata)(3) | 2,903 | — | — | — | — | |||||||||||||||
Loss (gain) on sale or disposal of assets (2) | (4,547 | ) | 167 | (3,261 | ) | 185 | (1,776 | ) | ||||||||||||
Gain on sale or disposal of properties or assets of real estate partnership (pro rata)(3) | (6,340 | ) | — | — | — | — | ||||||||||||||
Net income attributable to redeemable operating partnership units (2) | 550 | 254 | 182 | 116 | 160 | |||||||||||||||
FFO | $ | 39,398 | $ | 35,045 | $ | 27,031 | $ | 26,696 | $ | 21,920 |
• | 51 properties that meet our Community Centered Properties® strategy containing approximately 4.8 million square feet of GLA and having a total carrying amount (net of accumulated depreciation) of $921.1 million; and |
• | six parcels of land held for future development that meet our Community Centered Properties® strategy having a total carrying amount of $17.8 million. |
• | $250.0 million unsecured revolving credit facility with a maturity date of January 1, 2023 (the “2019 Revolver”); |
• | $165.0 million unsecured term loan with a maturity date of January 31, 2024 (“Term Loan A”); and |
• | $100.0 million unsecured term loan with a maturity date of October 30, 2022 (“Term Loan B” and together with Term Loan A, the “ 2019 Term Loans”). |
• | maximum total indebtedness to total asset value ratio of 0.60 to 1.00; |
• | maximum secured debt to total asset value ratio of 0.40 to 1.00; |
• | minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges ratio of 1.50 to 1.00; |
• | maximum other recourse debt to total asset value ratio of 0.15 to 1.00; and |
• | maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $372 million plus 75% of the net proceeds from additional equity offerings (as defined). |
Number of Leases Signed | GLA Signed | Weighted Average Lease Term (2) | TI and Incentives per Sq. Ft. (3) | Contractual Rent Per Sq. Ft (4) | Prior Contractual Rent Per Sq. Ft. (5) | Straight-lined Basis Increase (Decrease) Over Prior Rent | ||||||||||||||||||
Comparable (1) | ||||||||||||||||||||||||
Renewal Leases | 177 | 409,217 | 4.5 | $ | 3.98 | $ | 20.57 | $ | 19.97 | 11.1 | % | |||||||||||||
New Leases | 48 | 84,504 | 4.9 | 9.08 | 22.94 | 23.65 | 7.0 | % | ||||||||||||||||
Total/Average | 225 | 493,721 | 4.5 | $ | 4.85 | $ | 20.98 | $ | 20.60 | 10.3 | % | |||||||||||||
Number of Leases Signed | GLA Signed | Weighted Average Lease Term (2) | TI and Incentives per Sq. Ft. (3) | Contractual Rent Per Sq. Ft (4) | ||||||||||||||||||||
Total | ||||||||||||||||||||||||
Renewal Leases | 177 | 409,217 | 4.5 | $ | 3.98 | $ | 20.57 | |||||||||||||||||
New Leases | 131 | 318,223 | 5.6 | 12.05 | 20.00 | |||||||||||||||||||
Total/Average | 308 | 727,440 | 5.0 | $ | 7.51 | $ | 20.32 |
(1) | Comparable leases represent leases signed on spaces for which there was a former tenant within the last twelve months and the new or renewal square footage was within 25% of the expired square footage. |
(2) | Weighted average lease term (in years) is determined on the basis of square footage. |
(3) | Estimated amount per signed leases. Actual cost of construction may vary. Does not include first generation costs for tenant improvements (“TI”) and leasing commission costs needed for new acquisitions, development or redevelopment of a property to bring to operating standards for its intended use. |
(4) | Contractual minimum rent under the new lease for the first month, excluding concessions. |
(5) | Contractual minimum rent under the prior lease for the final month. |
2018 | 2017 | ||||||
Capital expenditures: | |||||||
Tenant improvements and allowances | $ | 4,622 | $ | 6,646 | |||
Developments / redevelopments | 4,142 | 6,519 | |||||
Leasing commissions and costs | 2,113 | 3,118 | |||||
Maintenance capital expenditures | 2,874 | 4,410 | |||||
Total capital expenditures | $ | 13,751 | $ | 20,693 |
• | Cash flow from operations of $39,557,000 for the year ended December 31, 2018; |
• | Net proceeds of $9,000,000 from the 2018 Facility; |
• | Net proceeds from financed receivable due from related party of $9,812,000; |
• | Net proceeds of $12,574,000 from sales of properties; |
• | Net proceeds of $30,000 from sales of marketable securities; |
• | Payment of dividends and distributions to common shareholders and OP unit holders of $46,099,000; |
• | Additions to real estate of $11,638,000; |
• | Payments of loan origination costs of $30,000; |
• | Payments of notes payable of $2,543,000; |
• | Payments of exchange offer costs of $126,000; and |
• | Repurchase of common shares of $1,961,000. |
December 31, | ||||||||
Description | 2018 | 2017 | ||||||
Fixed rate notes | ||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2020 (1) | $ | 9,500 | $ | 9,740 | ||||
$50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 (2) | 50,000 | 50,000 | ||||||
$50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) | 50,000 | 50,000 | ||||||
$100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) | 100,000 | 100,000 | ||||||
$80.0 million, 3.72% Note, due June 1, 2027 | 80,000 | 80,000 | ||||||
$37.0 million 3.76% Note, due December 1, 2020 (5) | — | 33,148 | ||||||
$6.5 million 3.80% Note, due January 1, 2019 | 5,657 | 5,842 | ||||||
$19.0 million 4.15% Note, due December 1, 2024 | 19,000 | 19,000 | ||||||
$20.2 million 4.28% Note, due June 6, 2023 | 18,996 | 19,360 | ||||||
$14.0 million 4.34% Note, due September 11, 2024 | 13,718 | 13,944 | ||||||
$14.3 million 4.34% Note, due September 11, 2024 | 14,300 | 14,300 | ||||||
$16.5 million 4.97% Note, due September 26, 2023 (5) | — | 16,058 | ||||||
$15.1 million 4.99% Note, due January 6, 2024 | 14,643 | 14,865 | ||||||
$2.6 million 5.46% Note, due October 1, 2023 | 2,430 | 2,472 | ||||||
Floating rate notes | ||||||||
Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (6) | 241,200 | 232,200 | ||||||
Total notes payable principal | 619,444 | 660,929 | ||||||
Less deferred financing costs, net of accumulated amortization | (1,239 | ) | (1,861 | ) | ||||
$ | 618,205 | $ | 659,068 |
(1) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term through September 24, 2018 and 4.85% beginning September 24, 2018 through September 24, 2020. |
(2) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. |
(3) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50%. |
(4) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73%. |
(5) | Promissory notes were assumed by Pillarstone OP in December 2016 and included in our consolidated balance sheet under the profit-sharing method of accounting through December 31, 2017 as discussed in Note 5. |
(6) | Unsecured line of credit includes certain Pillarstone Properties (as defined and described in more detail below) in determining the amount of credit available under the 2018 Facility (as defined and described in more detail below). |
• | extended the maturity date of the $300 million unsecured revolving credit facility under the 2014 Facility (the “Revolver”) to October 30, 2019 from November 7, 2018; |
• | converted $100 million of outstanding borrowings under the Revolver to a new $100 million unsecured term loan under the 2014 Facility (“Term Loan 3”) with a maturity date of October 30, 2022; |
• | extended the maturity date of the first $50 million unsecured term loan under the 2014 Facility (“Term Loan 1”) to October 30, 2020 from February 17, 2017; and |
• | extended the maturity date of the second $50 million unsecured term loan under the 2014 Facility (“Term Loan 2” and together with Term Loan 1 and Term Loan 3, the “Term Loans”) to January 29, 2021 from November 7, 2019. |
Amount Due | ||||
Year | (in thousands) | |||
2019 | $ | 248,199 | ||
2020 | 60,801 | |||
2021 | 51,611 | |||
2022 | 101,683 | |||
2023 | 20,720 | |||
Thereafter | 136,430 | |||
Total | $ | 619,444 |
Payment due by period (in thousands) | ||||||||||||||||||||
Consolidated Contractual Obligations | Total | Less than 1 year (2019) | 1 - 3 years (2020 - 2021) | 3 - 5 years (2022 - 2023) | More than 5 years (after 2023) | |||||||||||||||
Long-Term Debt - Principal | $ | 619,444 | $ | 248,199 | $ | 112,412 | $ | 122,403 | $ | 136,430 | ||||||||||
Long-Term Debt - Fixed Interest | 60,492 | 13,131 | 22,772 | 12,689 | 11,900 | |||||||||||||||
Long-Term Debt - Variable Interest (1) | 6,633 | 6,633 | — | — | — | |||||||||||||||
Unsecured Credit Facility - Unused commitment fee (2) | 98 | 98 | — | — | — | |||||||||||||||
Operating Lease Obligations | 185 | 85 | 100 | — | — | |||||||||||||||
Related Party Rent Lease Obligations | $ | 963 | $ | 441 | $ | 522 | $ | — | $ | — | ||||||||||
Total | $ | 687,815 | $ | 268,587 | $ | 135,806 | $ | 135,092 | $ | 148,330 |
(1) | As of December 31, 2018, we had one loan totaling $241.2 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.95%, which reflects our new interest rates under our 2014 Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2018, of 2.35%. |
(2) | The unused commitment fees on our unsecured credit facility, payable quarterly, are based on the average daily unused amount of our unsecured credit facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50%. The information in the table above reflects our projected obligations for our unsecured credit facility based on our December 31, 2018 balance of $441.2 million. |
Common Shares | Noncontrolling OP Unit Holders | Total | ||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | |||||||||||||||
2018 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,302 | $ | 0.2850 | $ | 265 | $ | 11,567 | ||||||||||
Third Quarter | 0.2850 | 11,294 | 0.2850 | 286 | 11,580 | |||||||||||||||
Second Quarter | 0.2850 | 11,203 | 0.2850 | 295 | 11,498 | |||||||||||||||
First Quarter | 0.2850 | 11,145 | 0.2850 | 309 | 11,454 | |||||||||||||||
Total | $ | 1.1400 | $ | 44,944 | $ | 1.1400 | $ | 1,155 | $ | 46,099 | ||||||||||
2017 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,002 | $ | 0.2850 | $ | 309 | $ | 11,311 | ||||||||||
Third Quarter | 0.2850 | 10,948 | 0.2850 | 309 | 11,257 | |||||||||||||||
Second Quarter | 0.2850 | 10,093 | 0.2850 | 310 | 10,403 | |||||||||||||||
First Quarter | 0.2850 | 8,429 | 0.2850 | 313 | 8,742 | |||||||||||||||
Total | $ | 1.1400 | $ | 40,472 | $ | 1.1400 | $ | 1,241 | $ | 41,713 |
Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
Number of properties owned and operated | 57 | 59 | ||||||
Aggregate GLA (sq. ft.)(1) | 4,841,660 | 5,023,215 | ||||||
Ending occupancy rate - operating portfolio(1) | 90 | % | 91 | % | ||||
Ending occupancy rate | 90 | % | 90 | % | ||||
Number of properties managed | 11 | 14 | ||||||
Aggregate GLA (sq. ft.) | 1,307,930 | 1,531,737 | ||||||
Ending occupancy rate - managed operating portfolio | 80 | % | 81 | % | ||||
Total property revenues | $ | 119,863 | $ | 125,959 | ||||
Total property expenses | 37,431 | 42,110 | ||||||
Total other expenses | 64,651 | 74,430 | ||||||
Provision for income taxes | 347 | 386 | ||||||
Gain on sale of properties | (4,629 | ) | (16 | ) | ||||
Profit sharing expense | — | 278 | ||||||
Loss on disposal of assets | 82 | 183 | ||||||
Income from continuing operations | 21,981 | 8,588 | ||||||
Income from discontinued operations | — | — | ||||||
Net income | 21,981 | 8,588 | ||||||
Less: Net income attributable to noncontrolling interests | 550 | 254 | ||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | ||||
Funds from operations(2) | $ | 39,398 | $ | 35,045 | ||||
Funds from operations core(3) | 48,778 | 47,096 | ||||||
Property net operating income (4) | 89,949 | 83,849 | ||||||
Distributions paid on common shares and OP units | 46,099 | 41,713 | ||||||
Distributions per common share and OP unit | $ | 1.1400 | $ | 1.1400 | ||||
Distributions paid as a percentage of funds from operations core | 95 | % | 89 | % |
(1) | Excludes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
(2) | For an explanation and reconciliation of funds from operations and funds from operations core to net income, see “Funds From Operations” below. |
(3) | For a reconciliation of funds from operations core to net income, see “FFO Core” below. |
(4) | For an explanation and reconciliation of property net operating income to net income, see “Property Net Operating Income” below. |
Year Ended December 31, | Increase | % Increase | |||||||||||||
Overall Property Expenses | 2018 | 2017 | (Decrease) | (Decrease) | |||||||||||
Real estate taxes | $ | 16,362 | $ | 17,897 | $ | (1,535 | ) | (9 | )% | ||||||
Utilities | 4,470 | 5,514 | (1,044 | ) | (19 | )% | |||||||||
Contract services | 7,017 | 7,186 | (169 | ) | (2 | )% | |||||||||
Repairs and maintenance | 3,900 | 5,052 | (1,152 | ) | (23 | )% | |||||||||
Bad debt | 1,391 | 2,356 | (965 | ) | (41 | )% | |||||||||
Labor and other | 4,291 | 4,105 | 186 | 5 | % | ||||||||||
Total | $ | 37,431 | $ | 42,110 | $ | (4,679 | ) | (11 | )% |
Year Ended December 31, | Increase | % Increase | |||||||||||||
Same Store Property Expenses | 2018 | 2017 | (Decrease) | (Decrease) | |||||||||||
Real estate taxes | $ | 13,253 | $ | 13,032 | $ | 221 | 2 | % | |||||||
Utilities | 3,816 | 3,935 | (119 | ) | (3 | )% | |||||||||
Contract services | 5,602 | 5,278 | 324 | 6 | % | ||||||||||
Repairs and maintenance | 3,571 | 3,830 | (259 | ) | (7 | )% | |||||||||
Bad debt | 1,361 | 1,867 | (506 | ) | (27 | )% | |||||||||
Labor and other | 3,191 | 2,891 | 300 | 10 | % | ||||||||||
Total | $ | 30,794 | $ | 30,833 | $ | (39 | ) | — | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
Non-Same Store Property Expenses | 2018 | 2017 | (Decrease) | (Decrease) | |||||||||||
Real estate taxes | $ | 3,109 | $ | 2,273 | $ | 836 | 37 | % | |||||||
Utilities | 654 | 417 | 237 | 57 | % | ||||||||||
Contract services | 1,415 | 764 | 651 | 85 | % | ||||||||||
Repairs and maintenance | 329 | 309 | 20 | 6 | % | ||||||||||
Bad debt | 30 | 100 | (70 | ) | (70 | )% | |||||||||
Labor and other | 1,100 | 239 | 861 | 360 | % | ||||||||||
Total | $ | 6,637 | $ | 4,102 | $ | 2,535 | 62 | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
2018 | 2017 | (Decrease) | (Decrease) | ||||||||||||
Same Store (49 properties excluding development land) | |||||||||||||||
Property revenues | |||||||||||||||
Rental revenues | $ | 72,454 | $ | 71,987 | $ | 467 | 1 | % | |||||||
Other revenues | 27,138 | 24,746 | 2,392 | 10 | % | ||||||||||
Total property revenues | 99,592 | 96,733 | 2,859 | 3 | % | ||||||||||
Property expenses | |||||||||||||||
Property operation and maintenance | 17,541 | 17,801 | (260 | ) | (1 | )% | |||||||||
Real estate taxes | 13,253 | 13,032 | 221 | 2 | % | ||||||||||
Total property expenses | 30,794 | 30,833 | (39 | ) | — | % | |||||||||
Total same store net operating income | 68,798 | 65,900 | 2,898 | 4 | % | ||||||||||
Non-Same Store (4 properties excluding development land) | |||||||||||||||
Property revenues | |||||||||||||||
Rental revenues | 14,190 | 9,679 | 4,511 | 47 | % | ||||||||||
Other revenues | 6,081 | 4,106 | 1,975 | 48 | % | ||||||||||
Total property revenues | 20,271 | 13,785 | 6,486 | 47 | % | ||||||||||
Property expenses | |||||||||||||||
Property operation and maintenance | 3,528 | 1,829 | 1,699 | 93 | % | ||||||||||
Real estate taxes | 3,109 | 2,273 | 836 | 37 | % | ||||||||||
Total property expenses | 6,637 | 4,102 | 2,535 | 62 | % | ||||||||||
Total Non-Same Store net operating income | 13,634 | 9,683 | 3,951 | 41 | % | ||||||||||
Pillarstone OP properties net operating income | — | 8,266 | (8,266 | ) | (100 | )% | |||||||||
Pro rata share of real estate partnership | 7,725 | — | 7,725 | Not meaningful | |||||||||||
Total property net operating income | 90,157 | 83,849 | 6,308 | 8 | % | ||||||||||
Less total other expenses, excluding pro rata share of real estate partnership net operating income, provision for income taxes, gain on sale of properties and gain (loss) on disposal of assets | 68,176 | 75,261 | (7,085 | ) | (9 | )% | |||||||||
Net income | $ | 21,981 | $ | 8,588 | $ | 13,393 | 156 | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
2018 | 2017 | (Decrease) | (Decrease) | ||||||||||||
General and administrative | $ | 23,281 | $ | 23,949 | $ | (668 | ) | (3 | )% | ||||||
Depreciation and amortization | 25,679 | 27,240 | (1,561 | ) | (6 | )% | |||||||||
Equity in earnings of real estate partnership | (8,431 | ) | — | (8,431 | ) | Not Meaningful | |||||||||
Interest expense | 25,177 | 23,651 | 1,526 | 6 | % | ||||||||||
Interest, dividend and other investment income | (1,055 | ) | (410 | ) | (645 | ) | 157 | % | |||||||
Total other expenses | $ | 64,651 | $ | 74,430 | $ | (9,779 | ) | (13 | )% |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Number of properties wholly-owned and operated | 59 | 55 | ||||||
Aggregate GLA (sq. ft.)(1) | 5,023,215 | 4,557,425 | ||||||
Ending occupancy rate - wholly-owned operating portfolio(1) | 91 | % | 90 | % | ||||
Ending occupancy rate - all wholly-owned properties | 90 | % | 89 | % | ||||
Number of properties managed | 14 | 14 | ||||||
Aggregate GLA (sq. ft.) | 1,531,737 | 1,531,737 | ||||||
Ending occupancy rate - managed operating portfolio | 81 | % | 81 | % | ||||
Total property revenues | $ | 125,959 | $ | 104,437 | ||||
Total property expenses | 42,110 | 34,092 | ||||||
Total other expenses | 74,430 | 65,189 | ||||||
Provision for income taxes | 386 | 289 | ||||||
Gain on sale of properties | (16 | ) | (3,357 | ) | ||||
Profit sharing expense | 278 | 15 | ||||||
Loss on disposal of assets | 183 | 96 | ||||||
Net income | 8,588 | 8,113 | ||||||
Less: Net income attributable to noncontrolling interests | 254 | 182 | ||||||
Net income attributable to Whitestone REIT | $ | 8,334 | $ | 7,931 | ||||
Funds from operations(2) | $ | 35,045 | $ | 27,031 | ||||
Funds from operations core(3) | 47,096 | 39,379 | ||||||
Property net operating income (4) | 83,849 | 70,345 | ||||||
Distributions paid on common shares and OP units | 41,713 | 32,640 | ||||||
Distributions per common share and OP unit | $ | 1.1400 | $ | 1.1400 | ||||
Distributions paid as a percentage of funds from operations core | 89 | % | 83 | % |
(1) | Excludes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
(2) | For an explanation and reconciliation of funds from operations and funds from operations core to net income, see “Funds From Operations” below. |
(3) | For a reconciliation of funds from operations core to net income, see “FFO Core” below. |
(4) | For an explanation and reconciliation of property net operating income to net income, see “Property Net Operating Income” below. |
Year Ended December 31, | |||||||||||||||
Overall Property Expenses | 2017 | 2016 | Increase | % Increase | |||||||||||
Real estate taxes | $ | 17,897 | $ | 14,383 | $ | 3,514 | 24 | % | |||||||
Utilities | 5,514 | 4,868 | 646 | 13 | % | ||||||||||
Contract services | 7,186 | 5,941 | 1,245 | 21 | % | ||||||||||
Repairs and maintenance | 5,052 | 3,802 | 1,250 | 33 | % | ||||||||||
Bad debt | 2,356 | 1,589 | 767 | 48 | % | ||||||||||
Labor and other | 4,105 | 3,509 | 596 | 17 | % | ||||||||||
Total | $ | 42,110 | $ | 34,092 | $ | 8,018 | 24 | % |
Year Ended December 31, | |||||||||||||||
Same Store Property Expenses | 2017 | 2016 | Increase | % Increase | |||||||||||
Real estate taxes | $ | 12,883 | $ | 11,873 | $ | 1,010 | 9 | % | |||||||
Utilities | 3,738 | 3,423 | 315 | 9 | % | ||||||||||
Contract services | 4,988 | 4,865 | 123 | 3 | % | ||||||||||
Repairs and maintenance | 3,733 | 2,921 | 812 | 28 | % | ||||||||||
Bad debt | 1,742 | 1,367 | 375 | 27 | % | ||||||||||
Labor and other | 2,725 | 2,629 | 96 | 4 | % | ||||||||||
Total | $ | 29,809 | $ | 27,078 | $ | 2,731 | 10 | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
Non-Same Store Property Expenses | 2017 | 2016 | (Decrease) | (Decrease) | |||||||||||
Real estate taxes | $ | 2,422 | $ | 190 | $ | 2,232 | 1,175 | % | |||||||
Utilities | 614 | 101 | 513 | 508 | % | ||||||||||
Contract services | 1,054 | 84 | 970 | 1,155 | % | ||||||||||
Repairs and maintenance | 406 | 77 | 329 | 427 | % | ||||||||||
Bad debt | 225 | 17 | 208 | 1,224 | % | ||||||||||
Labor and other | 405 | 138 | 267 | 193 | % | ||||||||||
Total | $ | 5,126 | $ | 607 | $ | 4,519 | 744 | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
2017 | 2016 | (Decrease) | (Decrease) | ||||||||||||
Same Store (49 properties excluding development land) | |||||||||||||||
Property revenues | |||||||||||||||
Rental revenues | $ | 67,706 | $ | 65,340 | $ | 2,366 | 4 | % | |||||||
Other revenues | 23,456 | 21,538 | 1,918 | 9 | % | ||||||||||
Total property revenues | 91,162 | 86,878 | 4,284 | 5 | % | ||||||||||
Property expenses | |||||||||||||||
Property operation and maintenance | 16,926 | 15,205 | 1,721 | 11 | % | ||||||||||
Real estate taxes | 12,883 | 11,873 | 1,010 | 9 | % | ||||||||||
Total property expenses | 29,809 | 27,078 | 2,731 | 10 | % | ||||||||||
Total same store net operating income | 61,353 | 59,800 | 1,553 | 3 | % | ||||||||||
Non-Same Store (4 properties excluding development land) | |||||||||||||||
Property revenues | |||||||||||||||
Rental revenues | 13,960 | 1,796 | 12,164 | 677 | % | ||||||||||
Other revenues | 5,396 | 503 | 4,893 | 973 | % | ||||||||||
Total property revenues | 19,356 | 2,299 | 17,057 | 742 | % | ||||||||||
Property expenses | |||||||||||||||
Property operation and maintenance | 2,704 | 417 | 2,287 | 548 | % | ||||||||||
Real estate taxes | 2,422 | 190 | 2,232 | 1,175 | % | ||||||||||
Total property expenses | 5,126 | 607 | 4,519 | 744 | % | ||||||||||
Total Non-Same Store net operating income | 14,230 | 1,692 | 12,538 | 741 | % | ||||||||||
Pillarstone OP properties (14 properties) | |||||||||||||||
Property revenues | |||||||||||||||
Rental revenues | 12,902 | 12,932 | (30 | ) | 0 | % | |||||||||
Other revenues | 2,539 | 2,328 | 211 | 9 | % | ||||||||||
Total property revenues | 15,441 | 15,260 | 181 | 1 | % | ||||||||||
Property expenses | |||||||||||||||
Property operation and maintenance | 4,583 | 4,087 | 496 | 12 | % | ||||||||||
Real estate taxes | 2,592 | 2,320 | 272 | 12 | % | ||||||||||
Total property expenses | 7,175 | 6,407 | 768 | 12 | % | ||||||||||
Total Pillarstone OP properties net operating income | 8,266 | 8,853 | (587 | ) | (7 | )% | |||||||||
Total property net operating income | 83,849 | 70,345 | 13,504 | 19 | % | ||||||||||
Less total other expenses, provision for income taxes and loss on disposal of assets | 75,261 | 62,232 | 13,029 | 21 | % | ||||||||||
Net income | $ | 8,588 | $ | 8,113 | $ | 475 | 6 | % |
Year Ended December 31, | Increase | % Increase | |||||||||||||
2017 | 2016 | (Decrease) | (Decrease) | ||||||||||||
General and administrative | $ | 23,949 | $ | 23,922 | $ | 27 | — | % | |||||||
Depreciation and amortization | 27,240 | 22,457 | 4,783 | 21 | % | ||||||||||
Interest expense | 23,651 | 19,239 | 4,412 | 23 | % | ||||||||||
Interest, dividend and other investment income | (410 | ) | (429 | ) | 19 | (4 | )% | ||||||||
Total other expenses | $ | 74,430 | $ | 65,189 | $ | 9,241 | 14 | % |
Three Months Ended March 31, | |||||||||||||||
2018 (as Restated) | 2017 | Change | Change % | ||||||||||||
Number of properties owned and operated | 58 | 55 | 3 | 5 | % | ||||||||||
Aggregate GLA (sq. ft.)(1) | 4,949,285 | 4,584,488 | 364,797 | 8 | % | ||||||||||
Ending occupancy rate - operating portfolio(1) | 91 | % | 89 | % | 2 | % | 2 | % | |||||||
Ending occupancy rate | 91 | % | 88 | % | 3 | % | 3 | % | |||||||
Number of properties managed | 14 | 14 | — | — | % | ||||||||||
Aggregate GLA (sq. ft.) | 1,531,737 | 1,531,737 | — | — | % | ||||||||||
Ending occupancy rate - managed operating portfolio | 78 | % | 80 | % | (2 | )% | (3 | )% | |||||||
Total property revenues | $ | 29,785 | $ | 28,267 | $ | 1,518 | 5 | % | |||||||
Total property expenses | 8,832 | 9,414 | (582 | ) | (6 | )% | |||||||||
Total other expenses | 17,643 | 17,192 | 451 | 3 | % | ||||||||||
Provision for income taxes | 110 | 81 | 29 | 36 | % | ||||||||||
Gain on sale of properties | (249 | ) | — | (249 | ) | Not meaningful | |||||||||
Profit sharing expense | — | 64 | (64 | ) | (100 | )% | |||||||||
Loss on disposal of assets | 180 | 23 | 157 | 683 | % | ||||||||||
Net income | 3,269 | 1,493 | 1,776 | 119 | % | ||||||||||
Less: Net income attributable to noncontrolling interests | 88 | 53 | 35 | 66 | % | ||||||||||
Net income attributable to Whitestone REIT | $ | 3,181 | $ | 1,440 | $ | 1,741 | 121 | % | |||||||
(1) | Excludes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
Three Months Ended June 30, | |||||||||||||||
2018 (as Restated) | 2017 | Change | Change % | ||||||||||||
Number of properties owned and operated | 58 | 58 | — | — | % | ||||||||||
Aggregate GLA (sq. ft.)(1) | 4,949,285 | 5,023,009 | (73,724 | ) | (1 | )% | |||||||||
Ending occupancy rate - operating portfolio(1) | 91 | % | 90 | % | 1 | % | 1 | % | |||||||
Ending occupancy rate | 91 | % | 89 | % | 2 | % | 2 | % | |||||||
Number of properties managed | 14 | 14 | — | — | % | ||||||||||
Aggregate GLA (sq. ft.) | 1,529,861 | 1,531,737 | (1,876 | ) | — | % | |||||||||
Ending occupancy rate - managed operating portfolio | 77 | % | 78 | % | (1 | )% | (1 | )% | |||||||
Total property revenues | $ | 29,473 | $ | 30,208 | $ | (735 | ) | (2 | )% | ||||||
Total property expenses | 8,922 | 9,862 | (940 | ) | (10 | )% | |||||||||
Total other expenses | 18,414 | 18,057 | 357 | 2 | % | ||||||||||
Provision for income taxes | 59 | 89 | (30 | ) | (34 | )% | |||||||||
Gain on sale of properties | — | (16 | ) | 16 | (100 | )% | |||||||||
Profit sharing expense | — | 101 | (101 | ) | (100 | )% | |||||||||
Loss on disposal of assets | 73 | 72 | 1 | 1 | % | ||||||||||
Net income | 2,005 | 2,043 | (38 | ) | (2 | )% | |||||||||
Less: Net income attributable to noncontrolling interests | 51 | 60 | (9 | ) | (15 | )% | |||||||||
Net income attributable to Whitestone REIT | $ | 1,954 | $ | 1,983 | $ | (29 | ) | (1 | )% | ||||||
(1) | Excludes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
Three Months Ended September 30, | |||||||||||||||
2018 (as Restated) | 2017 | Change | Change % | ||||||||||||
Number of properties owned and operated | 57 | 58 | (1 | ) | (2 | )% | |||||||||
Aggregate GLA (sq. ft.)(1) | 4,843,519 | 5,023,215 | (179,696 | ) | (4 | )% | |||||||||
Ending occupancy rate - operating portfolio(1) | 92 | % | 90 | % | 2 | % | 2 | % | |||||||
Ending occupancy rate | 92 | % | 90 | % | 2 | % | 2 | % | |||||||
Number of properties managed | 14 | 14 | — | — | % | ||||||||||
Aggregate GLA (sq. ft.) | 1,529,861 | 1,531,737 | (1,876 | ) | — | % | |||||||||
Ending occupancy rate - managed operating portfolio | 80 | % | 80 | % | — | % | — | % | |||||||
Total property revenues | $ | 30,704 | $ | 33,653 | $ | (2,949 | ) | (9 | )% | ||||||
Total property expenses | 9,831 | 11,285 | (1,454 | ) | (13 | )% | |||||||||
Total other expenses | 17,125 | 19,062 | (1,937 | ) | (10 | )% | |||||||||
Provision for income taxes | 92 | 126 | (34 | ) | (27 | )% | |||||||||
Gain on sale of properties | (4,380 | ) | — | (4,380 | ) | Not meaningful | |||||||||
Profit sharing expense | — | 63 | (63 | ) | (100 | )% | |||||||||
Loss on disposal of assets | 3 | 40 | (37 | ) | (93 | )% | |||||||||
Net income | 8,033 | 3,077 | 4,956 | 161 | % | ||||||||||
Less: Net income attributable to noncontrolling interests | 198 | 84 | 114 | 136 | % | ||||||||||
Net income attributable to Whitestone REIT | $ | 7,835 | $ | 2,993 | $ | 4,842 | 162 | % | |||||||
(1) | Excludes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
Year Ended December 31, | ||||||||||||
FFO AND FFO CORE | 2018 | 2017 | 2016 | |||||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | $ | 7,931 | ||||||
Adjustments to reconcile to FFO:(1) | ||||||||||||
Depreciation and amortization of real estate assets | 25,401 | 26,290 | 22,179 | |||||||||
Depreciation and amortization of real estate assets of real estate partnership (pro rata)(2) | 2,903 | — | — | |||||||||
(Gain) loss on sale or disposal of assets and properties, net | (4,547 | ) | 167 | (3,261 | ) | |||||||
Gain on sale or disposal of properties or assets of real estate partnership (pro rata)(2) | (6,340 | ) | — | — | ||||||||
Net income attributable to noncontrolling interests | 550 | 254 | 182 | |||||||||
FFO | $ | 39,398 | $ | 35,045 | $ | 27,031 | ||||||
Share-based compensation expense | $ | 6,758 | $ | 10,426 | $ | 10,247 | ||||||
Proxy contest professional fees | 2,534 | — | — | |||||||||
Early debt extinguishment costs of real estate partnership | 88 | — | — | |||||||||
Acquisition costs | — | 1,625 | 2,101 | |||||||||
FFO Core | $ | 48,778 | $ | 47,096 | $ | 39,379 |
(1) | Includes pro-rata share attributable to real estate partnership. |
(2) | Included in equity in earnings of real estate partnership on the consolidated statements of operations and comprehensive income. |
Year Ended December 31, | ||||||||||||
PROPERTY NET OPERATING INCOME (“NOI”) | 2018 | 2017 | 2016 | |||||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | $ | 7,931 | ||||||
General and administrative expenses | 23,281 | 23,949 | 23,922 | |||||||||
Depreciation and amortization | 25,679 | 27,240 | 22,457 | |||||||||
Equity in earnings of real estate partnership | (8,431 | ) | — | — | ||||||||
Interest expense | 25,177 | 23,651 | 19,239 | |||||||||
Interest, dividend and other investment income | (1,055 | ) | (410 | ) | (429 | ) | ||||||
Provision for income taxes | 347 | 386 | 289 | |||||||||
Gain on sale of properties | (4,629 | ) | (16 | ) | (3,357 | ) | ||||||
Management fee, net of related expenses | (208 | ) | — | — | ||||||||
Profit sharing expense | — | 278 | 15 | |||||||||
Loss on sale or disposal of assets | 82 | 183 | 96 | |||||||||
NOI of real estate partnership (pro rata) | 7,725 | — | — | |||||||||
Net income attributable to noncontrolling interests | 550 | 254 | 182 | |||||||||
NOI | $ | 89,949 | $ | 83,849 | $ | 70,345 |
• | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets; |
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved by security holders | — | (1 | ) | $ | — | 3,172,158 | (2) | |||||
Equity compensation plans not approved by security holders | — | — | — | (3) | ||||||||
Total | — | $ | — | 3,172,158 |
(1) | Excludes 3,119,221 common shares subject to outstanding restricted common share units granted pursuant to our 2008 Long-Term Equity Incentive Ownership Plan, as amended (the “2008 Plan”). |
(2) | At our annual meeting of shareholders on May 11, 2017, our shareholders voted to approve the 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of up to 3,433,831 common shares and OP units pursuant to awards under the 2018 Plan. The 2018 Plan became effective on July 30, 2018, which is the day after the 2008 Plan expired. Pursuant to the 2008 Plan, the maximum aggregate number of common shares that were issuable under the 2008 Plan was increased upon each issuance of common shares by the Company so that at any time the maximum number of shares that were issuable under the 2008 Plan equaled 12.5% of the aggregate number of common shares of the Company and OP units issued and outstanding (other than units issued to or held by the Company). |
(3) | Excludes 8,333 restricted common shares issued to trustees outside the 2008 Plan. |
1. | Financial Statements. The list of our financial statements filed as part of this Annual Report on Form 10-K is set forth on page F-1 herein. |
2. | Financial Statement Schedules. |
a. | Schedule II - Valuation and Qualifying Accounts |
b. | Schedule III - Real Estate and Accumulated Depreciation |
3. | Exhibits. The list of exhibits filed as part of this Annual Report on Form 10-K in response to Item 601 of Regulation S-K is submitted on the Exhibit Index attached hereto and incorporated herein by reference. |
Exhibit No. | Description |
Exhibit No. | Description |
Exhibit No. | Description |
Exhibit No. | Description |
Exhibit No. | Description |
Exhibit No. | Description |
101.INS*** | XBRL Instance Document |
101. SCH*** | XBRL Taxonomy Extension Schema Document |
101.CAL*** | XBRL Taxonomy Extension Calculation Linkbase Document |
101.LAB*** | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE*** | XBRL Taxonomy Extension Presentation Linkbase Document |
101.DEF*** | XBRL Taxonomy Extension Definition Linkbase Document |
WHITESTONE REIT | ||||
Date: | March 15, 2019 | By: | /s/ James C. Mastandrea | |
James C. Mastandrea, Chairman and CEO |
March 15, 2019 | /s/ James C. Mastandrea | |
James C. Mastandrea, Chairman and CEO | ||
(Principal Executive Officer) | ||
March 15, 2019 | /s/ David K. Holeman | |
David K. Holeman, Chief Financial Officer | ||
(Principal Financial and Principal Accounting Officer) | ||
March 15, 2019 | /s/ Nandita Berry | |
Nandita Berry, Trustee | ||
March 15, 2019 | /s/ Donald F. Keating | |
Donald F. Keating, Trustee | ||
March 15, 2019 | /s/ Najeeb A. Khan | |
Najeeb A. Khan, Trustee | ||
March 15, 2019 | /s/ Paul T. Lambert | |
Paul T. Lambert, Trustee | ||
March 15, 2019 | /s/ Jack L. Mahaffey | |
Jack L. Mahaffey, Trustee | ||
March 15, 2019 | /s/ David F. Taylor | |
David F. Taylor, Trustee |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | ||
Page | ||
Whitestone REIT and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except per share data) | ||||||||
December 31, | ||||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
Real estate assets, at cost | ||||||||
Property | $ | 1,052,238 | $ | 1,149,454 | ||||
Accumulated depreciation | (113,300 | ) | (131,034 | ) | ||||
Total real estate assets | 938,938 | 1,018,420 | ||||||
Investment in real estate partnership | 26,236 | 4,095 | ||||||
Cash and cash equivalents | 13,658 | 5,005 | ||||||
Restricted cash | 128 | 205 | ||||||
Marketable securities | — | 32 | ||||||
Escrows and acquisition deposits | 8,211 | 7,916 | ||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 21,642 | 21,140 | ||||||
Receivable due from related party | 394 | — | ||||||
Financed receivable due from related party | 5,661 | — | ||||||
Unamortized lease commissions and loan costs | 6,698 | 7,157 | ||||||
Prepaid expenses and other assets | 7,306 | 6,198 | ||||||
Total assets | $ | 1,028,872 | $ | 1,070,168 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Notes payable | $ | 618,205 | $ | 659,068 | ||||
Accounts payable and accrued expenses | 33,729 | 35,536 | ||||||
Payable due to related party | 58 | — | ||||||
Tenants' security deposits | 6,130 | 5,694 | ||||||
Dividends and distributions payable | 11,600 | 11,466 | ||||||
Total liabilities | 669,722 | 711,764 | ||||||
Commitments and contingencies: | — | — | ||||||
Equity: | ||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | — | — | ||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,778,029 and 39,221,773 issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 39 | 38 | ||||||
Additional paid-in capital | 527,662 | 521,314 | ||||||
Accumulated deficit | (181,361 | ) | (176,684 | ) | ||||
Accumulated other comprehensive gain | 4,116 | 2,936 | ||||||
Total Whitestone REIT shareholders' equity | 350,456 | 347,604 | ||||||
Noncontrolling interest in subsidiary | 8,694 | 10,800 | ||||||
Total equity | 359,150 | 358,404 | ||||||
Total liabilities and equity | $ | 1,028,872 | $ | 1,070,168 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Property revenues | ||||||||||||
Rental revenues | $ | 86,644 | $ | 94,568 | $ | 80,068 | ||||||
Other revenues | 33,219 | 31,391 | 24,369 | |||||||||
Total property revenues | 119,863 | 125,959 | 104,437 | |||||||||
Property expenses | ||||||||||||
Property operation and maintenance | 21,069 | 24,213 | 19,709 | |||||||||
Real estate taxes | 16,362 | 17,897 | 14,383 | |||||||||
Total property expenses | 37,431 | 42,110 | 34,092 | |||||||||
Other expenses (income) | ||||||||||||
General and administrative | 23,281 | 23,949 | 23,922 | |||||||||
Depreciation and amortization | 25,679 | 27,240 | 22,457 | |||||||||
Equity in earnings of real estate partnership | (8,431 | ) | — | — | ||||||||
Interest expense | 25,177 | 23,651 | 19,239 | |||||||||
Interest, dividend and other investment income | (1,055 | ) | (410 | ) | (429 | ) | ||||||
Total other expense | 64,651 | 74,430 | 65,189 | |||||||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 17,781 | 9,419 | 5,156 | |||||||||
Provision for income taxes | (347 | ) | (386 | ) | (289 | ) | ||||||
Gain on sale of properties | 4,629 | 16 | 3,357 | |||||||||
Profit sharing expense | — | (278 | ) | (15 | ) | |||||||
Loss on sale or disposal of assets | (82 | ) | (183 | ) | (96 | ) | ||||||
Net income | 21,981 | 8,588 | 8,113 | |||||||||
Less: Net income attributable to noncontrolling interests | 550 | 254 | 182 | |||||||||
Net income attributable to Whitestone REIT | $ | 21,431 | $ | 8,334 | $ | 7,931 |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Basic Earnings Per Share: | ||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.54 | $ | 0.22 | $ | 0.26 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.52 | $ | 0.22 | $ | 0.26 | ||||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 39,274 | 35,428 | 27,618 | |||||||||
Diluted | 40,612 | 36,255 | 28,383 | |||||||||
Distributions declared per common share / OP unit | $ | 1.1400 | $ | 1.1400 | $ | 1.1400 | ||||||
Consolidated Statements of Comprehensive Income | ||||||||||||
Net income | $ | 21,981 | $ | 8,588 | $ | 8,113 | ||||||
Other comprehensive gain | ||||||||||||
Unrealized gain on cash flow hedging activities | 1,192 | 2,022 | 929 | |||||||||
Unrealized gain on available-for-sale marketable securities | 18 | 118 | 82 | |||||||||
Comprehensive income | 23,191 | 10,728 | 9,124 | |||||||||
Less: Net income attributable to noncontrolling interests | 550 | 254 | 182 | |||||||||
Less: Comprehensive gain attributable to noncontrolling interests | 30 | 63 | 23 | |||||||||
Comprehensive income attributable to Whitestone REIT | $ | 22,611 | $ | 10,411 | $ | 8,919 |
Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands, except per share and unit data) | ||||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||||
Additional | Other | Total | Noncontrolling | |||||||||||||||||||||||||||||||
Common Shares | Paid-in | Accumulated | Comprehensive | Shareholders’ | Interests | Total | ||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | Gain (Loss) | Equity | Units | Dollars | Equity | ||||||||||||||||||||||||||
Balance, December 31, 2015 | 26,991 | $ | 27 | $ | 359,971 | $ | (116,895 | ) | $ | (129 | ) | $ | 242,974 | 497 | $ | 4,017 | $ | 246,991 | ||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 15 | — | 125 | — | — | 125 | (15 | ) | (125 | ) | — | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 9 | — | 114 | — | — | 114 | — | — | 114 | |||||||||||||||||||||||||
Issuance of common shares, net of offering costs | 2,064 | 2 | 30,012 | — | — | 30,014 | — | — | 30,014 | |||||||||||||||||||||||||
Issuance of OP units | — | — | — | — | — | — | 621 | 8,738 | 8,738 | |||||||||||||||||||||||||
Repurchase of common shares (2) | (282 | ) | — | (3,948 | ) | — | — | (3,948 | ) | — | — | (3,948 | ) | |||||||||||||||||||||
Shared-based compensation | 671 | — | 10,231 | — | — | 10,231 | — | — | 10,231 | |||||||||||||||||||||||||
Distributions | — | — | — | (32,731 | ) | — | (32,731 | ) | — | (905 | ) | (33,636 | ) | |||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | — | — | — | — | 908 | 908 | — | 21 | 929 | |||||||||||||||||||||||||
Unrealized loss on change in fair value of available-for sale marketable securities | — | — | — | — | 80 | 80 | — | 2 | 82 | |||||||||||||||||||||||||
Reallocation of ownership percentage between parent and subsidiary | — | — | (11 | ) | — | — | (11 | ) | — | 11 | — | |||||||||||||||||||||||
Net income | — | — | — | 7,931 | — | 7,931 | — | 182 | 8,113 | |||||||||||||||||||||||||
Balance, December 31, 2016 | 29,468 | 29 | 396,494 | (141,695 | ) | 859 | 255,687 | 1,103 | 11,941 | 267,628 | ||||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 19 | — | 206 | — | — | 206 | (19 | ) | (206 | ) | — | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 9 | — | 127 | — | — | 127 | — | — | 127 | |||||||||||||||||||||||||
Issuance of common shares, net of offering costs | 1,324 | 1 | 18,516 | — | — | 18,517 | — | — | 18,517 | |||||||||||||||||||||||||
Issuance of OP units | 8,019 | 8 | 99,887 | — | — | 99,895 | — | — | 99,895 | |||||||||||||||||||||||||
Repurchase of common shares (2) | (324 | ) | — | (4,339 | ) | — | — | (4,339 | ) | — | — | (4,339 | ) | |||||||||||||||||||||
Share-based compensation | 707 | — | 10,410 | — | — | 10,410 | — | — | 10,410 | |||||||||||||||||||||||||
Distributions | — | — | — | (43,323 | ) | — | (43,323 | ) | — | (1,239 | ) | (44,562 | ) | |||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | — | — | — | — | 1,962 | 1,962 | — | 60 | 2,022 | |||||||||||||||||||||||||
Unrealized gain on change in fair value of available-for sale marketable securities | — | — | — | — | 115 | 115 | — | 3 | 118 | |||||||||||||||||||||||||
Reallocation of ownership percentage between parent and subsidiary | — | — | 13 | — | — | 13 | — | (13 | ) | — | ||||||||||||||||||||||||
Net income | — | — | — | 8,334 | — | 8,334 | — | 254 | 8,588 | |||||||||||||||||||||||||
Balance, December 31, 2017 | 39,222 | 38 | 521,314 | (176,684 | ) | 2,936 | 347,604 | 1,084 | 10,800 | 358,404 | ||||||||||||||||||||||||
See the accompanying notes to consolidated financial statements. | ||||||||||||||||||||||||||||||||||
Impact of change in accounting principal: | ||||||||||||||||||||||||||||||||||
ASU 2014-09(1) | — | — | — | 19,119 | — | 19,119 | — | — | 19,119 | |||||||||||||||||||||||||
Balance January 1, 2018 | 39,222 | 38 | 521,314 | (157,565 | ) | 2,936 | 366,723 | 1,084 | 10,800 | 377,523 | ||||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 155 | 1 | 1,545 | — | — | 1,546 | (155 | ) | (1,546 | ) | — | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 10 | — | 133 | — | — | 133 | — | — | 133 | |||||||||||||||||||||||||
Exchange offer costs | — | — | (126 | ) | — | — | (126 | ) | — | — | (126 | ) | ||||||||||||||||||||||
Repurchase of common shares (2) | (160 | ) | — | (1,961 | ) | — | — | (1,961 | ) | — | — | (1,961 | ) | |||||||||||||||||||||
Share-based compensation | 551 | — | 6,742 | — | — | 6,742 | — | — | 6,742 | |||||||||||||||||||||||||
Distributions | — | — | — | (45,227 | ) | — | (45,227 | ) | — | (1,125 | ) | (46,352 | ) | |||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | — | — | — | — | 1,162 | 1,162 | — | 30 | 1,192 | |||||||||||||||||||||||||
Unrealized gain on change in fair value of available-for sale marketable securities | — | — | — | — | 18 | 18 | — | — | 18 | |||||||||||||||||||||||||
Reallocation of ownership percentage between parent and subsidiary | — | — | 15 | — | — | 15 | — | (15 | ) | — | ||||||||||||||||||||||||
Net income | — | — | — | 21,431 | — | 21,431 | — | 550 | 21,981 | |||||||||||||||||||||||||
Balance, December 31, 2018 | 39,778 | $ | 39 | $ | 527,662 | $ | (181,361 | ) | $ | 4,116 | $ | 350,456 | 929 | $ | 8,694 | $ | 359,150 |
(1) | Represents the impact of change in accounting principal for our modified retrospective adoption of ASU 2014-09. See Note 2 of the notes to the consolidated financial statements for additional disclosure. |
(2) | During the years ended December 31, 2018, 2017 and 2016, the Company acquired common shares held by employees who tendered owned common shares to satisfy the tax withholding on the lapse of certain restrictions on restricted shares. |
Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 21,981 | $ | 8,588 | $ | 8,113 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 25,679 | 27,240 | 22,457 | |||||||||
Amortization of deferred loan costs | 1,092 | 1,283 | 1,554 | |||||||||
Amortization of notes payable discount | — | 508 | 391 | |||||||||
Loss on sale of marketable securities | 20 | 91 | — | |||||||||
Loss (gain) on sale or disposal of assets and properties | (4,547 | ) | 167 | (3,261 | ) | |||||||
Bad debt expense | 1,391 | 2,340 | 1,585 | |||||||||
Share-based compensation | 6,741 | 10,410 | 10,231 | |||||||||
Equity in earnings of real estate partnership | (8,431 | ) | — | — | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Escrows and acquisition deposits | (295 | ) | (3,570 | ) | 2,322 | |||||||
Accrued rent and accounts receivable | (1,893 | ) | (5,430 | ) | (3,630 | ) | ||||||
Receivable due from related party | 610 | — | — | |||||||||
Distributions from real estate partnership | 1,324 | — | — | |||||||||
Unamortized lease commissions | (1,676 | ) | (2,299 | ) | (1,474 | ) | ||||||
Prepaid expenses and other assets | 1,175 | 168 | 1,396 | |||||||||
Accounts payable and accrued expenses | (2,429 | ) | 1,337 | 1,089 | ||||||||
Payable due to related party | (1,621 | ) | — | — | ||||||||
Tenants' security deposits | 436 | 565 | (125 | ) | ||||||||
Net cash provided by operating activities | 39,557 | 41,398 | 40,648 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions of real estate | — | (125,468 | ) | (60,616 | ) | |||||||
Additions to real estate | (11,638 | ) | (17,575 | ) | (22,036 | ) | ||||||
Proceeds from sales of properties | 12,574 | 26 | 6,897 | |||||||||
Proceeds from financed receivable due from related party | 9,812 | — | — | |||||||||
Investment in real estate partnership | — | (2,394 | ) | (2,704 | ) | |||||||
Proceeds from sales of marketable securities | 30 | 513 | — | |||||||||
Net cash provided by (used in) investing activities | 10,778 | (144,898 | ) | (78,459 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Distributions paid to common shareholders | (44,944 | ) | (40,472 | ) | (31,911 | ) | ||||||
Distributions paid to OP unit holders | (1,155 | ) | (1,241 | ) | (729 | ) | ||||||
Proceeds from issuance of common shares, net of offering costs | — | 118,412 | 30,014 | |||||||||
Payments of exchange offer costs | (126 | ) | — | — | ||||||||
Net proceeds from credit facility | 9,000 | 45,600 | 59,000 | |||||||||
Repayments of notes payable | (2,543 | ) | (11,543 | ) | (14,335 | ) | ||||||
Payments of loan origination costs | (30 | ) | (695 | ) | — | |||||||
Repurchase of common shares | (1,961 | ) | (4,339 | ) | (3,948 | ) | ||||||
Net cash provided by (used in) financing activities | (41,759 | ) | 105,722 | 38,091 | ||||||||
Net increase in cash, cash equivalents and restricted cash | 8,576 | 2,222 | 280 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 5,210 | 2,988 | 2,708 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 13,786 | $ | 5,210 | $ | 2,988 |
Whitestone REIT and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental Disclosures (in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest | $ | 24,610 | $ | 22,541 | $ | 18,287 | ||||||
Cash paid for taxes | $ | 304 | $ | 337 | $ | 284 | ||||||
Non cash investing and financing activities: | ||||||||||||
Disposal of fully depreciated real estate | $ | 937 | $ | 1,036 | $ | 690 | ||||||
Financed insurance premiums | $ | 1,273 | $ | 1,115 | $ | 1,060 | ||||||
Value of shares issued under dividend reinvestment plan | $ | 133 | $ | 127 | $ | 114 | ||||||
Value of common shares exchanged for OP units | $ | 1,546 | $ | 206 | $ | 125 | ||||||
Change in fair value of available-for-sale securities | $ | 18 | $ | 118 | $ | 82 | ||||||
Change in fair value of cash flow hedge | $ | 1,192 | $ | 2,022 | $ | 929 | ||||||
Acquisition of real estate in exchange for OP units | $ | — | $ | — | $ | 8,738 | ||||||
Reallocation of ownership percentage between parent and subsidiary | $ | 15 | $ | 13 | $ | 11 | ||||||
Debt issued with acquisitions of real estate | $ | — | $ | 80,000 | $ | — | ||||||
Property received as termination fee | $ | 250 | $ | — | $ | — |
• | 51 wholly-owned properties that meet our Community Centered Properties® strategy; and |
• | six parcels of land held for future development. |
Year Ended December 31, 2017 | ||||||||||||
As Reported | Correction of Error | As Adjusted | ||||||||||
Net income | $ | 8,866 | $ | (278 | ) | $ | 8,588 | |||||
Net income attributable to noncontrolling interests | 532 | (278 | ) | 254 | ||||||||
Year Ended December 31, 2016 | ||||||||||||
As Reported | Correction of Error | As Adjusted | ||||||||||
Net income | $ | 8,128 | $ | (15 | ) | $ | 8,113 | |||||
Net income attributable to noncontrolling interests | 197 | (15 | ) | 182 |
December 31, 2018 | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Real estate sector common stock | $ | — | $ | — | $ | — | $ | — | ||||||||
Total available-for-sale securities | $ | — | $ | — | $ | — | $ | — |
December 31, 2017 | ||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | |||||||||||||
Real estate sector common stock | $ | 50 | $ | — | $ | (18 | ) | $ | 32 | |||||||
Total available-for-sale securities | $ | 50 | $ | — | $ | (18 | ) | $ | 32 |
Year Ended December 31, | ||||||||
(in thousands, except per share data) | 2017 | 2016 | ||||||
Total property revenues | $ | 133,663 | $ | 129,385 | ||||
Net income | $ | 11,322 | $ | 16,963 | ||||
Net income attributable to Whitestone REIT (1) | $ | 10,990 | $ | 16,583 | ||||
Basic Earnings Per Share: | $ | 0.28 | $ | 0.45 | ||||
Diluted Earnings Per Share: | $ | 0.27 | $ | 0.44 | ||||
Weighted-average common shares outstanding: | ||||||||
Basic (2) | 37,933 | 35,637 | ||||||
Diluted (2) | 38,760 | 36,402 |
(1) | Net income attributable to Whitestone REIT reflects historical ownership percentages and does not reflect the effects of the April 2017 Offering (as defined in Note 14), assuming the sale of the common shares took place on January 1, 2016, as the related impact on ownership percentage is minimal. |
(2) | Pro forma weighted averages reflect the April 2017 Offering, assuming the sale of the common shares took place on January 1, 2016. |
The Company’s Investment as of December 31, | |||||
2018 | |||||
Real estate partnership | Ownership Interest | ||||
Pillarstone OP(1)(2) | 81.4% | $ | 26,236 | ||
Total real estate partnership(3) | 26,236 |
Year Ended December 31, | ||||
2018 | ||||
Pillarstone OP | $ | 8,431 |
December 31, | ||||
2018 | ||||
Assets: | ||||
Real estate, net | $ | 72,661 | ||
Other assets | 6,617 | |||
Total assets | 79,278 | |||
Liabilities and equity: | ||||
Notes payable | 47,064 | |||
Other liabilities | 4,322 | |||
Equity | 27,892 | |||
Total liabilities and equity | 79,278 | |||
Company’s share of equity | 22,717 | |||
Cost of investment in excess (deficit) of the Company’s share of underlying net book value | 3,519 | |||
Carrying value of investment in real estate partnership | $ | 26,236 |
Year Ended December 31, | ||||
2018 | ||||
Property revenues | $ | 17,180 | ||
Property expenses | (6,687 | ) | ||
Other expenses | (7,848 | ) | ||
Gain on sale of properties | 7,839 | |||
Net income | $ | 10,484 |
Real estate assets, at cost | |||
Property | $ | 95,146 | |
Accumulated depreciation | (35,980 | ) | |
Total real estate assets | 59,166 | ||
Investment in real estate partnership | 4,095 | ||
Liabilities | |||
Notes payable(1) | (48,840 | ) | |
Net carrying value | $ | 14,421 |
(1) | Excludes approximately $15.5 million in notes payable due to Whitestone as of December 31, 2017. |
Net carrying value | $ | 14,421 | |
OP Unit Purchase Agreement | 3,000 | ||
Notes payable | 48,840 | ||
Maximum exposure to loss | $ | 66,261 |
December 31, | ||||||||
2018 | 2017 | |||||||
Tenant receivables | $ | 14,686 | $ | 14,128 | ||||
Accrued rents and other recoveries | 16,423 | 15,620 | ||||||
Allowance for doubtful accounts | (9,746 | ) | (8,608 | ) | ||||
Other receivables | 279 | — | ||||||
Totals | $ | 21,642 | $ | 21,140 |
December 31, | ||||||||
2018 | 2017 | |||||||
Leasing commissions | $ | 8,789 | $ | 7,861 | ||||
Deferred legal cost | 406 | 386 | ||||||
Deferred financing cost | 4,076 | 4,071 | ||||||
Total cost | 13,271 | 12,318 | ||||||
Less: leasing commissions accumulated amortization | (3,534 | ) | (3,046 | ) | ||||
Less: deferred legal cost accumulated amortization | (125 | ) | (52 | ) | ||||
Less: deferred financing cost accumulated amortization | (2,914 | ) | (2,063 | ) | ||||
Total cost, net of accumulated amortization | $ | 6,698 | $ | 7,157 |
Years Ended December 31, | Leasing Commissions | Deferred Legal Costs(1) | Deferred Financing Costs | Total | ||||||||||||
2019 | $ | 1,193 | $ | 281 | $ | 224 | $ | 1,698 | ||||||||
2020 | 1,038 | — | 199 | 1,237 | ||||||||||||
2021 | 869 | — | 187 | 1,056 | ||||||||||||
2022 | 681 | — | 187 | 868 | ||||||||||||
2023 | 489 | — | 168 | 657 | ||||||||||||
Thereafter | 985 | — | 197 | 1,182 | ||||||||||||
Total | $ | 5,255 | $ | 281 | $ | 1,162 | $ | 6,698 |
Years Ended December 31, | Minimum Future Rents | |||
2019 | $ | 81,149 | ||
2020 | 70,181 | |||
2021 | 59,550 | |||
2022 | 48,431 | |||
2023 | 37,327 | |||
Thereafter | 122,102 | |||
Total | $ | 418,740 |
December 31, | ||||||||
Description | 2018 | 2017 | ||||||
Fixed rate notes | ||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2020 (1) | $ | 9,500 | $ | 9,740 | ||||
$50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 (2) | 50,000 | 50,000 | ||||||
$50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) | 50,000 | 50,000 | ||||||
$100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) | 100,000 | 100,000 | ||||||
$80.0 million, 3.72% Note, due June 1, 2027 | 80,000 | 80,000 | ||||||
$37.0 million 3.76% Note, due December 1, 2020 (5) | — | 33,148 | ||||||
$6.5 million 3.80% Note, due January 1, 2019 | 5,657 | 5,842 | ||||||
$19.0 million 4.15% Note, due December 1, 2024 | 19,000 | 19,000 | ||||||
$20.2 million 4.28% Note, due June 6, 2023 | 18,996 | 19,360 | ||||||
$14.0 million 4.34% Note, due September 11, 2024 | 13,718 | 13,944 | ||||||
$14.3 million 4.34% Note, due September 11, 2024 | 14,300 | 14,300 | ||||||
$16.5 million 4.97% Note, due September 26, 2023 (5) | — | 16,058 | ||||||
$15.1 million 4.99% Note, due January 6, 2024 | 14,643 | 14,865 | ||||||
$2.6 million 5.46% Note, due October 1, 2023 | 2,430 | 2,472 | ||||||
Floating rate notes | ||||||||
Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (6) | 241,200 | 232,200 | ||||||
Total notes payable principal | 619,444 | 660,929 | ||||||
Less deferred financing costs, net of accumulated amortization | (1,239 | ) | (1,861 | ) | ||||
$ | 618,205 | $ | 659,068 |
(1) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term through September 24, 2018 and 4.85% beginning September 24, 2018 through September 24, 2020. |
(2) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. |
(3) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50%. |
(4) | Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73%. |
(5) | Promissory notes were assumed by Pillarstone OP in December 2016 and included in our consolidated balance sheet under the profit-sharing method of accounting through December 31, 2017, as discussed in Note 5. |
(6) | Unsecured line of credit includes certain Pillarstone Properties (as defined and described in more detail below) in determining the amount of credit available under the 2018 Facility (as defined and described in more detail below). |
• | extended the maturity date of the $300 million unsecured revolving credit facility under the 2014 Facility (the “Revolver”) to October 30, 2019 from November 7, 2018; |
• | converted $100 million of outstanding borrowings under the Revolver to a new $100 million unsecured term loan under the 2014 Facility (“Term Loan 3”) with a maturity date of October 30, 2022; |
• | extended the maturity date of the first $50 million unsecured term loan under the 2014 Facility (“Term Loan 1”) to October 30, 2020 from February 17, 2017; and |
• | extended the maturity date of the second $50 million unsecured term loan under the 2014 Facility (“Term Loan 2” and together with Term Loan 1 and Term Loan 3, the “Term Loans”) to January 29, 2021 from November 7, 2019. |
Amount Due | ||||
Year | (in thousands) | |||
2019 | $ | 248,199 | ||
2020 | 60,801 | |||
2021 | 51,611 | |||
2022 | 101,683 | |||
2023 | 20,720 | |||
Thereafter | 136,430 | |||
Total | $ | 619,444 |
Payment due by period (in thousands) | ||||||||||||||||||||
Consolidated Contractual Obligations | Total | Less than 1 year (2019) | 1 - 3 years (2020 - 2021) | 3 - 5 years (2022 - 2023) | More than 5 years (after 2023) | |||||||||||||||
Long-Term Debt - Principal | $ | 619,444 | $ | 248,199 | $ | 112,412 | $ | 122,403 | $ | 136,430 | ||||||||||
Long-Term Debt - Fixed Interest | 60,492 | 13,131 | 22,772 | 12,689 | 11,900 | |||||||||||||||
Long-Term Debt - Variable Interest (1) | 6,633 | 6,633 | — | — | — | |||||||||||||||
Unsecured credit facility - Unused commitment fee (2) | 98 | 98 | — | — | — | |||||||||||||||
Operating Lease Obligations | 185 | 85 | 100 | — | — | |||||||||||||||
Related Party Rent Lease Obligations | 963 | 441 | 522 | — | — | |||||||||||||||
Total | $ | 687,815 | $ | 268,587 | $ | 135,806 | $ | 135,092 | $ | 148,330 |
(1) | As of December 31, 2018, we had one loan totaling $241.2 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.95%, which reflects our new interest rates under the 2018 Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2018, of 2.35%. |
(2) | The unused commitment fees on the 2018 Facility, payable quarterly, are based on the average daily unused amount of the 2018 Facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50%. The information in the table above reflects our projected obligations for the 2018 Facility based on our December 31, 2018 balance of $441.2 million. |
December 31, 2018 | |||||
Balance Sheet Location | Estimated Fair Value | ||||
Prepaid expenses and other assets | $ | 4,286 | |||
Accounts payable and accrued expenses | $ | (59 | ) |
December 31, 2017 | |||||
Balance Sheet Location | Estimated Fair Value | ||||
Prepaid expenses and other assets | $ | 3,036 |
Amount Recognized as Comprehensive Income | Location of Loss Recognized in Earnings | Amount of Loss Recognized in Earnings (1) | ||||||||
Year ended December 31, 2018 | $ | 1,192 | Interest expense | $ | 646 | |||||
Year ended December 31, 2017 | $ | 2,022 | Interest expense | $ | (1,575 | ) | ||||
Year ended December 31, 2016 | $ | 929 | Interest expense | $ | (2,385 | ) |
(1) | Amounts represent the effective portions of our interest rate swaps. We did not recognize any ineffective portion of our interest rate swaps in earnings for the years ended December 31, 2018, 2017 and 2016. |
Year Ended December 31, | ||||||||||||
(in thousands, except per share data) | 2018 | 2017 | 2016 | |||||||||
Numerator: | ||||||||||||
Net income | $ | 21,981 | $ | 8,588 | $ | 8,113 | ||||||
Less: Net income attributable to noncontrolling interests | (550 | ) | (254 | ) | (182 | ) | ||||||
Distributions paid on unvested restricted shares | (301 | ) | (456 | ) | (620 | ) | ||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 21,130 | $ | 7,878 | $ | 7,311 | ||||||
Denominator: | ||||||||||||
Weighted average number of common shares - basic | 39,274 | 35,428 | 27,618 | |||||||||
Effect of dilutive securities: | ||||||||||||
Unvested restricted shares | 1,338 | 827 | 765 | |||||||||
Weighted average number of common shares - dilutive | 40,612 | 36,255 | 28,383 | |||||||||
Earnings Per Share: | ||||||||||||
Basic: | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.54 | $ | 0.22 | $ | 0.26 | ||||||
Diluted: | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.52 | $ | 0.22 | $ | 0.26 |
2018 | 2017 | 2016 | |||||||
Ordinary income (unaudited) | 39.1 | % | 15.3 | % | 49.0 | % | |||
Return of capital (unaudited) | 26.5 | % | 84.7 | % | 33.7 | % | |||
Capital gain distributions (unaudited) | 34.4 | % | — | % | 17.3 | % | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Location of Revenue (Expense) | ||||||
Rent | Property operation and maintenance | $ | (779 | ) | ||
Property management fee income | Other revenues | $ | 1,008 | |||
Interest income | Interest, dividend and other investment income | $ | 582 |
Common Shares | Noncontrolling OP Unit Holders | Total | ||||||||||||||||||
Quarter Paid | Distribution Per Common Share | Total Amount Paid | Distribution Per OP Unit | Total Amount Paid | Total Amount Paid | |||||||||||||||
2018 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,302 | $ | 0.2850 | $ | 265 | $ | 11,567 | ||||||||||
Third Quarter | 0.2850 | 11,294 | 0.2850 | 286 | 11,580 | |||||||||||||||
Second Quarter | 0.2850 | 11,203 | 0.2850 | 295 | 11,498 | |||||||||||||||
First Quarter | 0.2850 | 11,145 | 0.2850 | 309 | 11,454 | |||||||||||||||
Total | $ | 1.1400 | $ | 44,944 | $ | 1.1400 | $ | 1,155 | $ | 46,099 | ||||||||||
2017 | ||||||||||||||||||||
Fourth Quarter | $ | 0.2850 | $ | 11,002 | $ | 0.2850 | $ | 309 | $ | 11,311 | ||||||||||
Third Quarter | 0.2850 | 10,948 | 0.2850 | 309 | 11,257 | |||||||||||||||
Second Quarter | 0.2850 | 10,093 | 0.2850 | 310 | 10,403 | |||||||||||||||
First Quarter | 0.2850 | 8,429 | 0.2850 | 313 | 8,742 | |||||||||||||||
Total | $ | 1.1400 | $ | 40,472 | $ | 1.1400 | $ | 1,241 | $ | 41,713 |
Shares | Weighted-Average Grant Date Fair Value (1) | ||||||
Non-vested at January 1, 2018 | 2,481,331 | $ | 13.60 | ||||
Granted | 653,472 | 11.07 | |||||
Vested | (560,126 | ) | 14.24 | ||||
Forfeited | (651,295 | ) | 14.03 | ||||
Non-vested at December 31, 2018 | 1,923,382 | $ | 12.41 | ||||
Available for grant at December 31, 2018 | 3,172,158 |
(1) | The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. |
Shares Granted | Shares Vested | |||||||||||||
Year Ended | Non-Vested Shares Issued | Weighted-Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | ||||||||||
(in thousands) | ||||||||||||||
Year Ended December 31, 2018 | 653,472 | $ | 11.07 | (560,126 | ) | $ | 7,978 | |||||||
Year Ended December 31, 2017 | 1,354,534 | $ | 12.92 | (881,710 | ) | $ | 12,829 | |||||||
Year Ended December 31, 2016 | 545,778 | $ | 14.85 | (734,261 | ) | $ | 10,577 |
First | Second | Third | ||||||||||||||
Quarter | Quarter | Quarter | Fourth | |||||||||||||
(As restated) | (As restated) | (As restated) | Quarter | |||||||||||||
2018 | ||||||||||||||||
Revenues | $ | 29,785 | $ | 29,473 | $ | 30,704 | $ | 29,901 | ||||||||
Net income | $ | 3,269 | $ | 2,005 | $ | 8,033 | $ | 8,674 | ||||||||
Net income attributable to Whitestone REIT | $ | 3,181 | $ | 1,954 | $ | 7,835 | $ | 8,457 | ||||||||
Basic Earnings per share: | ||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.08 | $ | 0.05 | $ | 0.20 | $ | 0.21 | ||||||||
Diluted Earnings per share: | ||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.08 | $ | 0.05 | $ | 0.19 | $ | 0.21 | ||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2017 | ||||||||||||||||
Revenues | $ | 28,267 | $ | 30,208 | $ | 33,653 | $ | 33,831 | ||||||||
Net income | $ | 1,493 | $ | 2,043 | $ | 3,077 | $ | 1,975 | ||||||||
Net income attributable to Whitestone REIT | $ | 1,440 | $ | 1,983 | $ | 2,993 | $ | 1,921 | ||||||||
Basic Earnings per share: | ||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.05 | $ | 0.05 | $ | 0.07 | $ | 0.05 | ||||||||
Diluted Earnings per share: | ||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.04 | $ | 0.05 | $ | 0.07 | $ | 0.05 |
(1) | The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period’s computation being based on the weighted average number of common shares outstanding during that period. |
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Unaudited March 31, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Real estate assets, at cost | ||||||||||||
Property | $ | 1,148,176 | $ | (96,192 | ) | $ | 1,051,984 | |||||
Accumulated depreciation | (135,599 | ) | 36,811 | (98,788 | ) | |||||||
Total real estate assets | 1,012,577 | (59,381 | ) | 953,196 | ||||||||
Investment in real estate partnership | — | 19,298 | 19,298 | |||||||||
Cash and cash equivalents | 9,337 | (2,361 | ) | 6,976 | ||||||||
Restricted cash | 257 | — | 257 | |||||||||
Escrows and acquisition deposits | 6,690 | (1,133 | ) | 5,557 | ||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 24,675 | (2,866 | ) | 21,809 | ||||||||
Receivable due from related party | — | 894 | 894 | |||||||||
Financed receivable due from related party | — | 15,473 | 15,473 | |||||||||
Unamortized lease commissions and loan costs | 8,260 | (1,238 | ) | 7,022 | ||||||||
Prepaid expenses and other assets | 9,451 | (10 | ) | 9,441 | ||||||||
Total assets | $ | 1,071,247 | $ | (31,324 | ) | $ | 1,039,923 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Notes payable | $ | 668,526 | $ | (48,540 | ) | $ | 619,986 | |||||
Accounts payable and accrued expenses | 30,198 | (1,576 | ) | 28,622 | ||||||||
Payable due to related party | — | 699 | 699 | |||||||||
Tenants’ security deposits | 7,028 | (1,262 | ) | 5,766 | ||||||||
Dividends and distributions payable | 11,489 | — | 11,489 | |||||||||
Total liabilities | 717,241 | (50,679 | ) | 666,562 | ||||||||
Commitments and contingencies: | — | — | — | |||||||||
Equity: | ||||||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of March 31, 2018 | — | — | — | |||||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,179,540 issued and outstanding as of March 31, 2018 | 38 | — | 38 | |||||||||
Additional paid-in capital | 522,730 | — | 522,730 | |||||||||
Accumulated deficit | (184,853 | ) | 19,272 | (165,581 | ) | |||||||
Accumulated other comprehensive gain | 5,528 | — | 5,528 | |||||||||
Total Whitestone REIT shareholders’ equity | 343,443 | 19,272 | 362,715 | |||||||||
Redeemable operating partnership units | 10,642 | 4 | 10,646 | |||||||||
Noncontrolling interest in subsidiary | (79 | ) | 79 | — | ||||||||
Total equity | 354,006 | 19,355 | 373,361 | |||||||||
Total liabilities and equity | $ | 1,071,247 | $ | (31,324 | ) | $ | 1,039,923 |
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Unaudited June 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Real estate assets, at cost | ||||||||||||
Property | $ | 1,149,528 | $ | (96,757 | ) | $ | 1,052,771 | |||||
Accumulated depreciation | (141,442 | ) | 37,746 | (103,696 | ) | |||||||
Total real estate assets | 1,008,086 | (59,011 | ) | 949,075 | ||||||||
Investment in real estate partnership | 4,419 | 15,465 | 19,884 | |||||||||
Cash and cash equivalents | 3,125 | — | 3,125 | |||||||||
Restricted cash | 213 | — | 213 | |||||||||
Escrows and acquisition deposits | 6,515 | — | 6,515 | |||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 20,464 | — | 20,464 | |||||||||
Receivable due from related party | — | 772 | 772 | |||||||||
Financed receivable due from related party | — | 15,473 | 15,473 | |||||||||
Unamortized lease commissions and loan costs | 6,911 | — | 6,911 | |||||||||
Prepaid expenses and other assets | 10,217 | — | 10,217 | |||||||||
Total assets | $ | 1,059,950 | $ | (27,301 | ) | $ | 1,032,649 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Notes payable | $ | 667,595 | $ | (48,241 | ) | $ | 619,354 | |||||
Accounts payable and accrued expenses | 29,157 | 347 | 29,504 | |||||||||
Payable due to related party | — | 1,067 | 1,067 | |||||||||
Tenants’ security deposits | 5,769 | — | 5,769 | |||||||||
Dividends and distributions payable | 11,628 | — | 11,628 | |||||||||
Total liabilities | 714,149 | (46,827 | ) | 667,322 | ||||||||
Commitments and contingencies: | — | — | — | |||||||||
Equity: | ||||||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of June 30, 2018 | — | — | — | |||||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,743,829 issued and outstanding as of June 30, 2018 | 38 | — | 38 | |||||||||
Additional paid-in capital | 524,191 | — | 524,191 | |||||||||
Accumulated deficit | (194,520 | ) | 19,516 | (175,004 | ) | |||||||
Accumulated other comprehensive gain | 6,430 | — | 6,430 | |||||||||
Total Whitestone REIT shareholders’ equity | 336,139 | 19,516 | 355,655 | |||||||||
Noncontrolling interest in subsidiary | 9,662 | 10 | 9,672 | |||||||||
Total equity | 345,801 | 19,526 | 365,327 | |||||||||
Total liabilities and equity | $ | 1,059,950 | $ | (27,301 | ) | $ | 1,032,649 |
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Unaudited September 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
ASSETS | ||||||||||||
Real estate assets, at cost | ||||||||||||
Property | $ | 1,146,951 | $ | (97,636 | ) | $ | 1,049,315 | |||||
Accumulated depreciation | (145,807 | ) | 38,642 | (107,165 | ) | |||||||
Total real estate assets | 1,001,144 | (58,994 | ) | 942,150 | ||||||||
Investment in real estate partnership | 2,770 | 17,616 | 20,386 | |||||||||
Cash and cash equivalents | 9,389 | — | 9,389 | |||||||||
Restricted cash | 91 | — | 91 | |||||||||
Escrows and acquisition deposits | 7,702 | — | 7,702 | |||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 21,906 | (12 | ) | 21,894 | ||||||||
Receivable due from related party | — | 308 | 308 | |||||||||
Financed receivable due from related party | — | 14,473 | 14,473 | |||||||||
Unamortized lease commissions and loan costs | 6,847 | — | 6,847 | |||||||||
Prepaid expenses and other assets | 10,597 | — | 10,597 | |||||||||
Total assets | $ | 1,060,446 | $ | (26,609 | ) | $ | 1,033,837 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Notes payable | $ | 666,624 | $ | (47,939 | ) | $ | 618,685 | |||||
Accounts payable and accrued expenses | 32,846 | 332 | 33,178 | |||||||||
Payable due to related party | — | 1,276 | 1,276 | |||||||||
Tenants’ security deposits | 5,920 | — | 5,920 | |||||||||
Dividends and distributions payable | 11,600 | — | 11,600 | |||||||||
Total liabilities | 716,990 | (46,331 | ) | 670,659 | ||||||||
Commitments and contingencies: | — | — | — | |||||||||
Equity: | ||||||||||||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of September 30, 2018 | — | — | — | |||||||||
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,772,105 issued and outstanding as of September 30, 2018 | 38 | — | 38 | |||||||||
Additional paid-in capital | 525,780 | — | 525,780 | |||||||||
Accumulated deficit | (198,199 | ) | 19,706 | (178,493 | ) | |||||||
Accumulated other comprehensive gain | 7,034 | — | 7,034 | |||||||||
Total Whitestone REIT shareholders’ equity | 334,653 | 19,706 | 354,359 | |||||||||
Noncontrolling interest in subsidiary | 8,803 | 16 | 8,819 | |||||||||
Total equity | 343,456 | 19,722 | 363,178 | |||||||||
Total liabilities and equity | $ | 1,060,446 | $ | (26,609 | ) | $ | 1,033,837 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||
Unaudited Three Months Ended March 31, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Property revenues | ||||||||||||
Rental revenues | $ | 24,946 | $ | (3,274 | ) | $ | 21,672 | |||||
Other revenues | 8,650 | (537 | ) | 8,113 | ||||||||
Total property revenues | 33,596 | (3,811 | ) | 29,785 | ||||||||
Property expenses | ||||||||||||
Property operation and maintenance | 5,708 | (852 | ) | 4,856 | ||||||||
Real estate taxes | 4,657 | (681 | ) | 3,976 | ||||||||
Total property expenses | 10,365 | (1,533 | ) | 8,832 | ||||||||
Other expenses (income) | ||||||||||||
General and administrative | 6,314 | 13 | 6,327 | |||||||||
Depreciation and amortization | 7,221 | (947 | ) | 6,274 | ||||||||
Equity in earnings of real estate partnership | — | (674 | ) | (674 | ) | |||||||
Interest expense | 6,501 | (528 | ) | 5,973 | ||||||||
Interest, dividend and other investment income | (99 | ) | (158 | ) | (257 | ) | ||||||
Total other expense | 19,937 | (2,294 | ) | 17,643 | ||||||||
Income before gain (loss) on sale or disposal of properties or assets, and income taxes | 3,294 | 16 | 3,310 | |||||||||
Provision for income taxes | (129 | ) | 19 | (110 | ) | |||||||
Gain on sale of properties | 266 | (17 | ) | 249 | ||||||||
Loss on sale or disposal of assets | (197 | ) | 17 | (180 | ) | |||||||
Net income | 3,234 | 35 | 3,269 | |||||||||
Redeemable operating partnership units | 84 | 4 | 88 | |||||||||
Non-controlling interests in Consolidated Partnership | 122 | (122 | ) | — | ||||||||
Less: Net income attributable to noncontrolling interests | 206 | (118 | ) | 88 | ||||||||
Net income attributable to Whitestone REIT | $ | 3,028 | $ | 153 | $ | 3,181 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||
Unaudited Three Months Ended March 31, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Basic Earnings Per Share: | ||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.08 | $ | 0.00 | $ | 0.08 | ||||||
Diluted Earnings Per Share: | ||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.07 | $ | 0.01 | $ | 0.08 | ||||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 39,066 | — | 39,066 | |||||||||
Diluted | 40,088 | — | 40,088 | |||||||||
Distributions declared per common share / OP unit | $ | 0.2850 | $ | — | $ | 0.2850 | ||||||
Consolidated Statements of Comprehensive Income | ||||||||||||
Net income | $ | 3,234 | $ | 35 | $ | 3,269 | ||||||
Other comprehensive gain | ||||||||||||
Unrealized gain on cash flow hedging activities | 2,645 | — | 2,645 | |||||||||
Unrealized gain on available-for-sale marketable securities | 18 | — | 18 | |||||||||
Comprehensive income | 5,897 | 35 | 5,932 | |||||||||
Less: Net income attributable to noncontrolling interests | 206 | (118 | ) | 88 | ||||||||
Less: Comprehensive gain attributable to noncontrolling interests | 71 | — | 71 | |||||||||
Comprehensive income attributable to Whitestone REIT | $ | 5,620 | $ | 153 | $ | 5,773 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||||||||||||||
Unaudited Three Months Ended June 30, 2018 | Unaudited Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Previously Reported (1) | Adjustments | Restated | Previously Reported (1) | Adjustments | Restated | |||||||||||||||||||
Property revenues | ||||||||||||||||||||||||
Rental revenues | $ | 24,650 | $ | (3,268 | ) | $ | 21,382 | $ | 49,596 | $ | (6,542 | ) | $ | 43,054 | ||||||||||
Other revenues | 8,422 | (331 | ) | 8,091 | 17,072 | (868 | ) | 16,204 | ||||||||||||||||
Total property revenues | 33,072 | (3,599 | ) | 29,473 | 66,668 | (7,410 | ) | 59,258 | ||||||||||||||||
Property expenses | ||||||||||||||||||||||||
Property operation and maintenance | 5,838 | (821 | ) | 5,017 | 11,546 | (1,673 | ) | 9,873 | ||||||||||||||||
Real estate taxes | 4,485 | (580 | ) | 3,905 | 9,142 | (1,261 | ) | 7,881 | ||||||||||||||||
Total property expenses | 10,323 | (1,401 | ) | 8,922 | 20,688 | (2,934 | ) | 17,754 | ||||||||||||||||
Other expenses (income) | ||||||||||||||||||||||||
General and administrative | 6,624 | 54 | 6,678 | 12,938 | 67 | 13,005 | ||||||||||||||||||
Depreciation and amortization | 7,396 | (1,103 | ) | 6,293 | 14,617 | (2,050 | ) | 12,567 | ||||||||||||||||
Equity in earnings of real estate partnership | — | (586 | ) | (586 | ) | — | (1,260 | ) | (1,260 | ) | ||||||||||||||
Interest expense | 6,854 | (541 | ) | 6,313 | 13,355 | (1,069 | ) | 12,286 | ||||||||||||||||
Interest, dividend and other investment income | (119 | ) | (165 | ) | (284 | ) | (218 | ) | (323 | ) | (541 | ) | ||||||||||||
Total other expense | 20,755 | (2,341 | ) | 18,414 | 40,692 | (4,635 | ) | 36,057 | ||||||||||||||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 1,994 | 143 | 2,137 | 5,288 | 159 | 5,447 | ||||||||||||||||||
Provision for income taxes | (84 | ) | 25 | (59 | ) | (213 | ) | 44 | (169 | ) | ||||||||||||||
Gain on sale of properties | — | — | — | 266 | (17 | ) | 249 | |||||||||||||||||
Profit sharing expense | (81 | ) | 81 | — | (203 | ) | 203 | — | ||||||||||||||||
Loss on sale or disposal of assets | (74 | ) | 1 | (73 | ) | (271 | ) | 18 | (253 | ) | ||||||||||||||
Net income | 1,755 | 250 | 2,005 | 4,867 | 407 | 5,274 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 45 | 6 | 51 | 128 | 10 | 138 | ||||||||||||||||||
Net income attributable to Whitestone REIT | $ | 1,710 | $ | 244 | $ | 1,954 | $ | 4,739 | $ | 397 | $ | 5,136 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||||||||||||||
Unaudited Three Months Ended June 30, 2018 | Unaudited Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Previously Reported (1) | Adjustments | Restated | Previously Reported (1) | Adjustments | Restated | |||||||||||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.12 | $ | 0.01 | $ | 0.13 | ||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.11 | $ | 0.01 | $ | 0.12 | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||
Basic | 39,204 | — | 39,204 | 39,136 | — | 39,136 | ||||||||||||||||||
Diluted | 40,679 | — | 40,679 | 40,519 | — | 40,519 | ||||||||||||||||||
Distributions declared per common share / OP unit | $ | 0.2850 | $ | — | $ | 0.2850 | $ | 0.5700 | $ | — | $ | 0.5700 | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||
Net income | $ | 1,755 | $ | 250 | $ | 2,005 | $ | 4,867 | $ | 407 | $ | 5,274 | ||||||||||||
Other comprehensive gain | ||||||||||||||||||||||||
Unrealized gain on cash flow hedging activities | 913 | — | 913 | 3,558 | — | 3,558 | ||||||||||||||||||
Unrealized gain on available-for-sale marketable securities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Comprehensive income | 2,668 | 250 | 2,918 | 8,443 | 407 | 8,850 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 45 | 6 | 51 | 128 | 10 | 138 | ||||||||||||||||||
Less: Comprehensive gain attributable to noncontrolling interests | 23 | — | 23 | 94 | — | 94 | ||||||||||||||||||
Comprehensive income attributable to Whitestone REIT | $ | 2,600 | $ | 244 | $ | 2,844 | $ | 8,221 | $ | 397 | $ | 8,618 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||||||||||||||
Unaudited Three Months Ended September 30, 2018 | Unaudited Nine Months Ended September 30, 2018 | |||||||||||||||||||||||
Previously Reported (1) | Adjustments | Restated | Previously Reported (1) | Adjustments | Restated | |||||||||||||||||||
Property revenues | ||||||||||||||||||||||||
Rental revenues | $ | 25,256 | $ | (3,292 | ) | $ | 21,964 | $ | 74,852 | $ | (9,834 | ) | $ | 65,018 | ||||||||||
Other revenues | 9,340 | (600 | ) | 8,740 | 26,412 | (1,468 | ) | 24,944 | ||||||||||||||||
Total property revenues | 34,596 | (3,892 | ) | 30,704 | 101,264 | (11,302 | ) | 89,962 | ||||||||||||||||
Property expenses | ||||||||||||||||||||||||
Property operation and maintenance | 6,374 | (922 | ) | 5,452 | 17,920 | (2,595 | ) | 15,325 | ||||||||||||||||
Real estate taxes | 5,253 | (874 | ) | 4,379 | 14,395 | (2,135 | ) | 12,260 | ||||||||||||||||
Total property expenses | 11,627 | (1,796 | ) | 9,831 | 32,315 | (4,730 | ) | 27,585 | ||||||||||||||||
Other expenses (income) | ||||||||||||||||||||||||
General and administrative | 4,959 | 23 | 4,982 | 17,897 | 90 | 17,987 | ||||||||||||||||||
Depreciation and amortization | 7,483 | (1,006 | ) | 6,477 | 22,100 | (3,056 | ) | 19,044 | ||||||||||||||||
Equity in earnings of real estate partnership | — | (502 | ) | (502 | ) | — | (1,762 | ) | (1,762 | ) | ||||||||||||||
Interest expense | 6,951 | (532 | ) | 6,419 | 20,306 | (1,601 | ) | 18,705 | ||||||||||||||||
Interest, dividend and other investment income | (84 | ) | (167 | ) | (251 | ) | (302 | ) | (490 | ) | (792 | ) | ||||||||||||
Total other expense | 19,309 | (2,184 | ) | 17,125 | 60,001 | (6,819 | ) | 53,182 | ||||||||||||||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 3,660 | 88 | 3,748 | 8,948 | 247 | 9,195 | ||||||||||||||||||
Provision for income taxes | (115 | ) | 23 | (92 | ) | (328 | ) | 67 | (261 | ) | ||||||||||||||
Gain on sale of properties | 4,380 | — | 4,380 | 4,646 | (17 | ) | 4,629 | |||||||||||||||||
Profit sharing expense | (73 | ) | 73 | — | (276 | ) | 276 | — | ||||||||||||||||
Loss on sale or disposal of assets | (15 | ) | 12 | (3 | ) | (286 | ) | 30 | (256 | ) | ||||||||||||||
Net income | 7,837 | 196 | 8,033 | 12,704 | 603 | 13,307 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 193 | 5 | 198 | 326 | 16 | 342 | ||||||||||||||||||
Net income attributable to Whitestone REIT | $ | 7,644 | $ | 191 | $ | 7,835 | $ | 12,378 | $ | 587 | $ | 12,965 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) | ||||||||||||||||||||||||
Unaudited Three Months Ended September 30, 2018 | Unaudited Nine Months Ended September 30, 2018 | |||||||||||||||||||||||
Previously Reported (1) | Adjustments | Restated | Previously Reported (1) | Adjustments | Restated | |||||||||||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.19 | $ | 0.01 | $ | 0.20 | $ | 0.31 | $ | 0.02 | $ | 0.33 | ||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||
Net income attributable to common shareholders, excluding amounts attributable to unvested restricted shares | $ | 0.19 | $ | 0.00 | $ | 0.19 | $ | 0.30 | $ | 0.01 | $ | 0.31 | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||
Basic | 39,327 | — | 39,327 | 39,200 | — | 39,200 | ||||||||||||||||||
Diluted | 40,635 | — | 40,635 | 40,541 | — | 40,541 | ||||||||||||||||||
Distributions declared per common share / OP unit | $ | 0.2850 | $ | — | $ | 0.2850 | $ | 0.8550 | $ | — | $ | 0.8550 | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||
Net income | $ | 7,837 | $ | 196 | $ | 8,033 | $ | 12,704 | $ | 603 | $ | 13,307 | ||||||||||||
Other comprehensive gain | ||||||||||||||||||||||||
Unrealized gain on cash flow hedging activities | 605 | — | 605 | 4,163 | — | 4,163 | ||||||||||||||||||
Unrealized gain on available-for-sale marketable securities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Comprehensive income | 8,442 | 196 | 8,638 | 16,885 | 603 | 17,488 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 193 | 5 | 198 | 326 | 16 | 342 | ||||||||||||||||||
Less: Comprehensive gain attributable to noncontrolling interests | 15 | — | 15 | 107 | — | 107 | ||||||||||||||||||
Comprehensive income attributable to Whitestone REIT | $ | 8,234 | $ | 191 | $ | 8,425 | $ | 16,452 | $ | 587 | $ | 17,039 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||
Unaudited Three Months Ended March 31, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 3,234 | $ | 35 | $ | 3,269 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 7,221 | (947 | ) | 6,274 | ||||||||
Amortization of deferred loan costs | 327 | (25 | ) | 302 | ||||||||
Loss on sale of marketable securities | 20 | — | 20 | |||||||||
Loss (gain) on sale or disposal of assets and properties | (69 | ) | — | (69 | ) | |||||||
Bad debt expense | 478 | (32 | ) | 446 | ||||||||
Share-based compensation | 1,845 | — | 1,845 | |||||||||
Equity in earnings of real estate partnership | — | (674 | ) | (674 | ) | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Escrows and acquisition deposits | 3,414 | (1,055 | ) | 2,359 | ||||||||
Accrued rent and accounts receivable | (1,649 | ) | 534 | (1,115 | ) | |||||||
Receivable due from related party | — | 110 | 110 | |||||||||
Distributions from real estate partnership | — | 505 | 505 | |||||||||
Unamortized lease commissions | (493 | ) | 90 | (403 | ) | |||||||
Prepaid expenses and other assets | 494 | (57 | ) | 437 | ||||||||
Accounts payable and accrued expenses | (8,828 | ) | 1,531 | (7,297 | ) | |||||||
Payable due to related party | — | (980 | ) | (980 | ) | |||||||
Tenants’ security deposits | 143 | (71 | ) | 72 | ||||||||
Net cash provided by operating activities | 6,137 | (1,036 | ) | 5,101 | ||||||||
Cash flows from investing activities: | ||||||||||||
Additions to real estate | (5,090 | ) | 1,047 | (4,043 | ) | |||||||
Proceeds from sales of properties | 4,433 | — | 4,433 | |||||||||
Investment in real estate partnership | — | — | — | |||||||||
Proceeds from sales of marketable securities | 30 | — | 30 | |||||||||
Net cash provided by (used in) investing activities | (627 | ) | 1,047 | 420 | ||||||||
Cash flows from financing activities: | ||||||||||||
Distributions paid to common shareholders | (11,145 | ) | — | (11,145 | ) | |||||||
Distributions paid to OP unit holders | (309 | ) | — | (309 | ) | |||||||
Distributions paid to noncontrolling interest in Consolidated Partnership | (115 | ) | 115 | — | ||||||||
Net proceeds from credit facility | 9,000 | — | 9,000 | |||||||||
Repayments of notes payable | (903 | ) | 325 | (578 | ) | |||||||
Payments of loan origination costs | — | — | — | |||||||||
Repurchase of common shares | (466 | ) | — | (466 | ) | |||||||
Net cash used in financing activities | (3,938 | ) | 440 | (3,498 | ) | |||||||
Net increase in cash, cash equivalents and restricted cash | 1,572 | 451 | 2,023 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 8,022 | (2,812 | ) | 5,210 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,594 | $ | (2,361 | ) | $ | 7,233 |
CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental Disclosures (in thousands) | ||||||||||||
Unaudited Three Months Ended March 31, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest | $ | 6,316 | $ | (510 | ) | $ | 5,806 | |||||
Non cash investing and financing activities: | ||||||||||||
Financed insurance premiums | $ | 1,273 | $ | — | $ | 1,273 | ||||||
Value of shares issued under dividend reinvestment plan | $ | 33 | $ | — | $ | 33 | ||||||
Value of common shares exchanged for OP units | $ | 4 | $ | — | $ | 4 | ||||||
Change in fair value of available-for-sale securities | $ | 18 | $ | — | $ | 18 | ||||||
Change in fair value of cash flow hedge | $ | 2,645 | $ | — | $ | 2,645 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||
Unaudited Six Months Ended June 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 4,867 | $ | 407 | $ | 5,274 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 14,617 | (2,050 | ) | 12,567 | ||||||||
Amortization of deferred loan costs | 653 | (50 | ) | 603 | ||||||||
Loss on sale of marketable securities | 20 | — | 20 | |||||||||
Loss (gain) on sale or disposal of assets and properties | 5 | (1 | ) | 4 | ||||||||
Bad debt expense | 761 | (99 | ) | 662 | ||||||||
Share-based compensation | 3,246 | — | 3,246 | |||||||||
Equity in earnings of real estate partnership | — | (1,260 | ) | (1,260 | ) | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Escrows and acquisition deposits | 1,401 | — | 1,401 | |||||||||
Accrued rent and accounts receivable | 15 | (1 | ) | 14 | ||||||||
Receivable due from related party | — | 232 | 232 | |||||||||
Distributions from real estate partnership | — | 505 | 505 | |||||||||
Unamortized lease commissions | (852 | ) | — | (852 | ) | |||||||
Prepaid expenses and other assets | 504 | 2 | 506 | |||||||||
Accounts payable and accrued expenses | (6,370 | ) | (40 | ) | (6,410 | ) | ||||||
Payable due to related party | — | (612 | ) | (612 | ) | |||||||
Tenants’ security deposits | 75 | — | 75 | |||||||||
Net cash provided by operating activities | 18,942 | (2,967 | ) | 15,975 | ||||||||
Cash flows from investing activities: | ||||||||||||
Additions to real estate | (7,566 | ) | 1,669 | (5,897 | ) | |||||||
Proceeds from sales of properties | 4,433 | — | 4,433 | |||||||||
Investment in real estate partnership | (649 | ) | 649 | — | ||||||||
Proceeds from sales of marketable securities | 30 | — | 30 | |||||||||
Net cash used in investing activities | (3,752 | ) | 2,318 | (1,434 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Distributions paid to common shareholders | (22,348 | ) | — | (22,348 | ) | |||||||
Distributions paid to OP unit holders | (604 | ) | — | (604 | ) | |||||||
Payments of exchange offer costs | (128 | ) | — | (128 | ) | |||||||
Net proceeds from credit facility | 9,000 | — | 9,000 | |||||||||
Repayments of notes payable | (1,923 | ) | 649 | (1,274 | ) | |||||||
Repurchase of common shares | (1,059 | ) | — | (1,059 | ) | |||||||
Net cash used in financing activities | (17,062 | ) | 649 | (16,413 | ) | |||||||
Net decrease in cash, cash equivalents and restricted cash | (1,872 | ) | — | (1,872 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 5,210 | — | 5,210 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 3,338 | $ | — | $ | 3,338 |
CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental Disclosures (in thousands) | ||||||||||||
Unaudited Six Months Ended June 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest | $ | 12,377 | $ | (1,022 | ) | $ | 11,355 | |||||
Cash paid for taxes | $ | 392 | $ | (88 | ) | $ | 304 | |||||
Non cash investing and financing activities: | ||||||||||||
Disposal of fully depreciated real estate | $ | 960 | $ | (56 | ) | $ | 904 | |||||
Financed insurance premiums | $ | 1,273 | $ | — | $ | 1,273 | ||||||
Value of shares issued under dividend reinvestment plan | $ | 66 | $ | — | $ | 66 | ||||||
Value of common shares exchanged for OP units | $ | 752 | $ | — | $ | 752 | ||||||
Change in fair value of available-for-sale securities | $ | 18 | $ | — | $ | 18 | ||||||
Change in fair value of cash flow hedge | $ | 3,558 | $ | — | $ | 3,558 | ||||||
Reallocation of ownership percentage between parent and subsidiary | $ | 12 | $ | — | $ | 12 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||
Unaudited Nine Months Ended September 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 12,704 | $ | 603 | $ | 13,307 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 22,100 | (3,056 | ) | 19,044 | ||||||||
Amortization of deferred loan costs | 976 | (74 | ) | 902 | ||||||||
Loss on sale of marketable securities | 20 | — | 20 | |||||||||
Loss (gain) on sale or disposal of assets and properties | (4,360 | ) | (13 | ) | (4,373 | ) | ||||||
Bad debt expense | 1,123 | (153 | ) | 970 | ||||||||
Share-based compensation | 4,894 | — | 4,894 | |||||||||
Equity in earnings of real estate partnership | — | (1,762 | ) | (1,762 | ) | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Escrows and acquisition deposits | 214 | — | 214 | |||||||||
Accrued rent and accounts receivable | (1,736 | ) | 12 | (1,724 | ) | |||||||
Receivable due from related party | — | 696 | 696 | |||||||||
Distributions from real estate partnership | — | 505 | 505 | |||||||||
Unamortized lease commissions | (1,394 | ) | (2 | ) | (1,396 | ) | ||||||
Prepaid expenses and other assets | 618 | 1 | 619 | |||||||||
Accounts payable and accrued expenses | (2,924 | ) | (55 | ) | (2,979 | ) | ||||||
Accounts payable due to related party | — | (403 | ) | (403 | ) | |||||||
Tenants’ security deposits | 226 | — | 226 | |||||||||
Net cash provided by operating activities | 32,461 | (3,701 | ) | 28,760 | ||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions of real estate | — | — | ||||||||||
Additions to real estate | (11,300 | ) | 2,567 | (8,733 | ) | |||||||
Proceeds from sales of properties | 12,574 | — | 12,574 | |||||||||
Proceeds from financed receivable due from related party | — | 1,000 | 1,000 | |||||||||
Investment in real estate partnership | 843 | (843 | ) | — | ||||||||
Proceeds from sales of marketable securities | 30 | — | 30 | |||||||||
Net cash provided by investing activities | 2,147 | 2,724 | 4,871 | |||||||||
Cash flows from financing activities: | ||||||||||||
Distributions paid to common shareholders | (33,642 | ) | — | (33,642 | ) | |||||||
Distributions paid to OP unit holders | (890 | ) | — | (890 | ) | |||||||
Payments of exchange offer costs | (128 | ) | — | (128 | ) | |||||||
Net proceeds from credit facility | 9,000 | — | 9,000 | |||||||||
Repayments of notes payable | (2,949 | ) | 977 | (1,972 | ) | |||||||
Payments of loan origination costs | (30 | ) | — | (30 | ) | |||||||
Repurchase of common shares | (1,699 | ) | — | (1,699 | ) | |||||||
Net cash used in financing activities | (30,338 | ) | 977 | (29,361 | ) | |||||||
Net increase in cash, cash equivalents and restricted cash | 4,270 | — | 4,270 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 5,210 | — | 5,210 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 9,480 | $ | — | $ | 9,480 |
CONSOLIDATED STATEMENTS OF CASH FLOWS Supplemental Disclosures (in thousands) | ||||||||||||
Unaudited Nine Months Ended September 30, 2018 | ||||||||||||
Previously Reported (1) | Adjustments | Restated | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest | $ | 19,879 | $ | (1,698 | ) | $ | 18,181 | |||||
Cash paid for taxes | $ | 392 | $ | (88 | ) | $ | 304 | |||||
Non cash investing and financing activities: | ||||||||||||
Disposal of fully depreciated real estate | $ | 963 | $ | (59 | ) | $ | 904 | |||||
Financed insurance premiums | $ | 1,273 | $ | — | $ | 1,273 | ||||||
Value of shares issued under dividend reinvestment plan | $ | 101 | $ | — | $ | 101 | ||||||
Value of common shares exchanged for OP units | $ | 1,545 | $ | — | $ | 1,545 | ||||||
Change in fair value of available-for-sale securities | $ | 18 | $ | — | $ | 18 | ||||||
Change in fair value of cash flow hedge | $ | 4,163 | $ | — | $ | 4,163 | ||||||
Reallocation of ownership percentage between parent and subsidiary | $ | 24 | $ | — | $ | 24 |
• | $250.0 million unsecured revolving credit facility with a maturity date of January 1, 2023 (the “2019 Revolver”); |
• | $165.0 million unsecured term loan with a maturity date of January 31, 2024 (“Term Loan A”); and |
• | $100.0 million unsecured term loan with a maturity date of October 30, 2022 (“Term Loan B” and together with Term Loan A, the “2019 Term Loans”). |
• | maximum total indebtedness to total asset value ratio of 0.60 to 1.00; |
• | maximum secured debt to total asset value ratio of 0.40 to 1.00; |
• | minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges ratio of 1.50 to 1.00; |
• | maximum other recourse debt to total asset value ratio of 0.15 to 1.00; and |
• | maintenance of a minimum tangible net worth (adjusted for accumulated depreciation and amortization) of $372 million plus 75% of the net proceeds from additional equity offerings (as defined). |
(in thousands) | ||||||||||||||||
Balance at | Charged to | Deductions | Balance at | |||||||||||||
Beginning | Costs and | from | End of | |||||||||||||
Description | of Year | Expense | Reserves | Year | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2018 | $ | 8,608 | $ | 1,391 | $ | (253 | ) | $ | 9,746 | |||||||
Year ended December 31, 2017 | 7,133 | 2,340 | (865 | ) | 8,608 | |||||||||||
Year ended December 31, 2016 | 6,647 | 1,585 | (1,099 | ) | 7,133 |
Costs Capitalized Subsequent | Gross Amount at which Carried at | |||||||||||||||||||||||||||||
Initial Cost (in thousands) | to Acquisition (in thousands) | End of Period (in thousands)(1) (2) | ||||||||||||||||||||||||||||
Building and | Improvements | Carrying | Building and | |||||||||||||||||||||||||||
Property Name | Land | Improvements | (net) | Costs | Land | Improvements | Total | |||||||||||||||||||||||
Whitestone Properties: | ||||||||||||||||||||||||||||||
Ahwatukee Plaza | $ | 5,126 | $ | 4,086 | $ | 320 | $ | — | $ | 5,126 | $ | 4,406 | $ | 9,532 | ||||||||||||||||
Anthem Marketplace | 4,790 | 17,973 | 1,132 | — | 4,790 | 19,105 | 23,895 | |||||||||||||||||||||||
Bissonnet Beltway | 415 | 1,947 | 469 | — | 415 | 2,416 | 2,831 | |||||||||||||||||||||||
BLVD Place | 63,893 | 90,942 | 513 | — | 63,893 | 91,455 | 155,348 | |||||||||||||||||||||||
The Citadel | 472 | 1,777 | 2,614 | — | 472 | 4,391 | 4,863 | |||||||||||||||||||||||
City View Village | 2,044 | 4,149 | 98 | — | 2,044 | 4,247 | 6,291 | |||||||||||||||||||||||
Davenport Village | 11,367 | 34,101 | 1,241 | — | 11,367 | 35,342 | 46,709 | |||||||||||||||||||||||
Desert Canyon | 1,976 | 1,704 | 1,796 | — | 1,976 | 3,500 | 5,476 | |||||||||||||||||||||||
Eldorado Plaza | 16,551 | 30,746 | 264 | — | 16,551 | 31,010 | 47,561 | |||||||||||||||||||||||
Fountain Hills Plaza | 5,113 | 15,340 | 215 | — | 5,113 | 15,555 | 20,668 | |||||||||||||||||||||||
Fountain Square | 5,573 | 9,828 | 2,289 | — | 5,573 | 12,117 | 17,690 | |||||||||||||||||||||||
Fulton Ranch Towne Center | 7,604 | 22,612 | 2,226 | — | 7,604 | 24,838 | 32,442 | |||||||||||||||||||||||
Gilbert Tuscany Village | 1,767 | 3,233 | 1,591 | — | 1,767 | 4,824 | 6,591 | |||||||||||||||||||||||
Gilbert Tuscany Village Hard Corner | 856 | 794 | 168 | — | 856 | 962 | 1,818 | |||||||||||||||||||||||
Heritage Trace Plaza | 6,209 | 13,821 | 377 | — | 6,209 | 14,198 | 20,407 | |||||||||||||||||||||||
Headquarters Village | 7,171 | 18,439 | 1,002 | — | 7,171 | 19,441 | 26,612 | |||||||||||||||||||||||
Keller Place | 5,977 | 7,577 | 703 | — | 5,977 | 8,280 | 14,257 | |||||||||||||||||||||||
Kempwood Plaza | 733 | 1,798 | 1,989 | — | 733 | 3,787 | 4,520 | |||||||||||||||||||||||
La Mirada | 12,853 | 24,464 | 834 | — | 12,853 | 25,298 | 38,151 | |||||||||||||||||||||||
Lion Square | 1,546 | 4,289 | 4,455 | — | 1,546 | 8,744 | 10,290 | |||||||||||||||||||||||
The Marketplace at Central | 1,305 | 5,324 | 1,330 | — | 1,305 | 6,654 | 7,959 | |||||||||||||||||||||||
Market Street at DC Ranch | 9,710 | 26,779 | 4,876 | — | 9,710 | 31,655 | 41,365 | |||||||||||||||||||||||
Mercado at Scottsdale Ranch | 8,728 | 12,560 | 1,548 | — | 8,728 | 14,108 | 22,836 | |||||||||||||||||||||||
Paradise Plaza | 6,155 | 10,221 | 1,266 | — | 6,155 | 11,487 | 17,642 | |||||||||||||||||||||||
Parkside Village North | 3,877 | 8,629 | 199 | — | 3,877 | 8,828 | 12,705 | |||||||||||||||||||||||
Parkside Village South | 5,562 | 27,154 | 160 | — | 5,562 | 27,314 | 32,876 | |||||||||||||||||||||||
Pima Norte | 1,086 | 7,162 | 2,149 | 517 | 1,086 | — | 9,828 | — | 10,914 | |||||||||||||||||||||
Pinnacle of Scottsdale | 6,648 | 22,466 | 1,665 | — | 6,648 | 24,131 | 30,779 | |||||||||||||||||||||||
Pinnacle of Scottsdale Phase II | 883 | 4,659 | 1,998 | 592 | 883 | — | 7,249 | — | 8,132 | |||||||||||||||||||||
The Promenade at Fulton Ranch | 5,198 | 13,367 | 661 | — | 5,198 | 14,028 | 19,226 | |||||||||||||||||||||||
Providence | 918 | 3,675 | 2,321 | — | 918 | 5,996 | 6,914 | |||||||||||||||||||||||
Quinlan Crossing | 9,561 | 28,683 | 640 | — | 9,561 | 29,323 | 38,884 | |||||||||||||||||||||||
Seville | 6,913 | 25,518 | 567 | — | 6,913 | 26,085 | 32,998 | |||||||||||||||||||||||
Shaver | 184 | 633 | 82 | — | 184 | 715 | 899 | |||||||||||||||||||||||
Shops at Pecos Ranch | 3,781 | 15,123 | 744 | — | 3,781 | 15,867 | 19,648 | |||||||||||||||||||||||
Shops at Starwood | 4,093 | 11,487 | 415 | — | 4,093 | 11,902 | 15,995 | |||||||||||||||||||||||
Shops at Starwood Phase III | 1,818 | 7,069 | 2,045 | 1,097 | 1,818 | 10,211 | 12,029 | |||||||||||||||||||||||
The Shops at Williams Trace | 5,920 | 14,297 | 599 | — | 5,920 | 14,896 | 20,816 | |||||||||||||||||||||||
South Richey | 778 | 2,584 | 1,917 | — | 778 | 4,501 | 5,279 | |||||||||||||||||||||||
Spoerlein Commons | 2,340 | 7,296 | 840 | — | 2,340 | 8,136 | 10,476 | |||||||||||||||||||||||
The Strand at Huebner Oaks | 5,805 | 12,335 | 383 | — | 5,805 | 12,718 | 18,523 | |||||||||||||||||||||||
SugarPark Plaza | 1,781 | 7,125 | 1,059 | — | 1,781 | 8,184 | 9,965 | |||||||||||||||||||||||
Sunridge | 276 | 1,186 | 606 | — | 276 | 1,792 | 2,068 | |||||||||||||||||||||||
Sunset at Pinnacle Peak | 3,610 | 2,734 | 736 | — | 3,610 | 3,470 | 7,080 | |||||||||||||||||||||||
Terravita Marketplace | 7,171 | 9,392 | 992 | — | 7,171 | 10,384 | 17,555 | |||||||||||||||||||||||
Town Park | 850 | 2,911 | 403 | — | 850 | 3,314 | 4,164 | |||||||||||||||||||||||
Village Square at Dana Park | 10,877 | 40,250 | 3,331 | — | 10,877 | 43,581 | 54,458 | |||||||||||||||||||||||
Westchase | 423 | 1,751 | 3,270 | — | 423 | 5,021 | 5,444 |
Costs Capitalized Subsequent | Gross Amount at which Carried at | |||||||||||||||||||||||||||||
Initial Cost (in thousands) | to Acquisition (in thousands) | End of Period (in thousands)(1) (2) | ||||||||||||||||||||||||||||
Building and | Improvements | Carrying | Building and | |||||||||||||||||||||||||||
Property Name | Land | Improvements | (net) | Costs | Land | Improvements | Total | |||||||||||||||||||||||
Williams Trace Plaza | 6,800 | 14,003 | 381 | — | 6,800 | 14,384 | 21,184 | |||||||||||||||||||||||
Windsor Park | 2,621 | 10,482 | 8,490 | — | 2,621 | 18,972 | 21,593 | |||||||||||||||||||||||
Woodlake Plaza | 1,107 | 4,426 | 2,543 | — | 1,107 | 6,969 | 8,076 | |||||||||||||||||||||||
Total Whitestone Properties | $ | 288,815 | $ | 670,901 | $ | 72,512 | $ | 2,206 | $ | 288,815 | $ | 745,619 | $ | 1,034,434 | ||||||||||||||||
Land Held for Development: | ||||||||||||||||||||||||||||||
Anthem Marketplace | $ | 204 | $ | — | $ | — | $ | — | $ | 204 | $ | — | $ | 204 | ||||||||||||||||
BLVD Place Phase II-B | 10,500 | — | 1,155 | — | 10,500 | 1,155 | 11,655 | |||||||||||||||||||||||
Dana Park Development | 4,000 | — | 25 | — | 4,000 | 25 | 4,025 | |||||||||||||||||||||||
Eldorado Plaza Development | 911 | — | 28 | — | 911 | 28 | 939 | |||||||||||||||||||||||
Fountain Hills | 277 | — | — | — | 277 | — | 277 | |||||||||||||||||||||||
Market Street at DC Ranch | 704 | — | — | — | 704 | — | 704 | |||||||||||||||||||||||
Total - Land Held for Development | $ | 16,596 | $ | — | $ | 1,208 | $ | — | $ | 16,596 | $ | 1,208 | $ | 17,804 | ||||||||||||||||
Grand Totals - Whitestone Properties | $ | 305,411 | $ | 670,901 | $ | 73,720 | $ | 2,206 | $ | 305,411 | $ | 746,827 | — | $ | 1,052,238 | |||||||||||||||
Accumulated Depreciation | Date of | Date | Depreciation | |||||||||
Property Name | Encumbrances | (in thousands) | Construction | Acquired | Life | |||||||
Whitestone Properties: | ||||||||||||
Ahwatukee Plaza | $ | 823 | 8/16/2011 | 5-39 years | ||||||||
Anthem Marketplace | (4) | 2,659 | 6/28/2013 | 5-39 years | ||||||||
Bissonnet Beltway | 1,866 | 1/1/1999 | 5-39 years | |||||||||
BLVD Place | (5) | 3,740 | 5/26/2017 | 5-39 years | ||||||||
The Citadel | 1,757 | 9/28/2010 | 5-39 years | |||||||||
City View Village | 415 | 3/31/2015 | 5-39 years | |||||||||
Davenport Village | 3,498 | 5/27/2015 | 5-39 years | |||||||||
Desert Canyon | 638 | 4/13/2011 | 5-39 years | |||||||||
Eldorado Plaza | 1,257 | 5/3/2017 | 5-39 years | |||||||||
Fountain Hills Plaza | 2,167 | 10/7/2013 | 5-39 years | |||||||||
Fountain Square | 2,293 | 9/21/2012 | 5-39 years | |||||||||
Fulton Ranch Towne Center | 2,561 | 11/5/2014 | 5-39 years | |||||||||
Gilbert Tuscany Village | 1,453 | 6/28/2011 | 5-39 years | |||||||||
Gilbert Tuscany Village Hard Corner | 75 | 8/28/2015 | 5-39 years | |||||||||
Heritage Trace Plaza | 1,713 | 7/1/2014 | 5-39 years | |||||||||
Headquarters Village | (6) | 3,082 | 3/28/2013 | 5-39 years | ||||||||
Keller Place | 715 | 8/26/2015 | 5-39 years | |||||||||
Kempwood Plaza | 1,592 | 2/2/1999 | 5-39 years | |||||||||
La Mirada | 1,484 | 9/30/2016 | 5-39 years | |||||||||
Lion Square | 4,691 | 1/1/2000 | 5-39 years | |||||||||
The Marketplace at Central | 1,698 | 11/1/2010 | 5-39 years | |||||||||
Market Street at DC Ranch | 5,348 | 12/5/2013 | 5-39 years | |||||||||
Mercado at Scottsdale Ranch | 2,100 | 6/19/2013 | 5-39 years | |||||||||
Paradise Plaza | 2,097 | 8/8/2012 | 5-39 years | |||||||||
Parkside Village North | 814 | 7/2/2015 | 5-39 years | |||||||||
Parkside Village South | 2,479 | 7/2/2015 | 5-39 years | |||||||||
Pima Norte | 2,822 | 10/4/2007 | 5-39 years | |||||||||
Pinnacle of Scottsdale | (7) | 4,648 | 12/22/2011 | 5-39 years | ||||||||
Pinnacle of Scottsdale Phase II | 598 | 3/31/2017 | 5-39 years | |||||||||
The Promenade at Fulton Ranch | 1,475 | 11/5/2014 | 5-39 years | |||||||||
Providence | 2,261 | 3/30/2001 | 5-39 years | |||||||||
Quinlan Crossing | 2,525 | 8/26/2015 | 5-39 years | |||||||||
Seville | 1,541 | 9/30/2016 | 5-39 years | |||||||||
Shaver | 358 | 12/17/1999 | 5-39 years | |||||||||
Shops at Pecos Ranch | (8) | 2,608 | 12/28/2012 | 5-39 years | ||||||||
Shops at Starwood | (9) | 2,250 | 12/28/2011 | 5-39 years | ||||||||
Shops at Starwood Phase III | 652 | 12/31/2016 | 5-39 years | |||||||||
The Shops at Williams Trace | 1,590 | 12/24/2014 | 5-39 years | |||||||||
South Richey | 2,319 | 8/25/1999 | 5-39 years | |||||||||
Spoerlein Commons | 2,116 | 1/16/2009 | 5-39 years | |||||||||
The Strand at Huebner Oaks | 1,486 | 9/19/2014 | 5-39 years | |||||||||
SugarPark Plaza | 3,010 | 9/8/2004 | 5-39 years | |||||||||
Sunridge | 886 | 1/1/2002 | 5-39 years | |||||||||
Sunset at Pinnacle Peak | 729 | 5/29/2012 | 5-39 years | |||||||||
Terravita Marketplace | (10) | 2,002 | 8/8/2011 | 5-39 years | ||||||||
Town Park | 2,086 | 1/1/1999 | 5-39 years | |||||||||
Village Square at Dana Park | (11) | 7,421 | 9/21/2012 | 5-39 years | ||||||||
Westchase | 2,130 | 1/1/2002 | 5-39 years |
Accumulated Depreciation | Date of | Date | Depreciation | |||||||||
Property Name | Encumbrances | (in thousands) | Construction | Acquired | Life | |||||||
Williams Trace Plaza | 1,519 | 12/24/2014 | 5-39 years | |||||||||
Windsor Park | 8,638 | 12/16/2003 | 5-39 years | |||||||||
Woodlake Plaza | (12) | 2,615 | 3/14/2005 | 5-39 years | ||||||||
$ | 113,300 | |||||||||||
Land Held for Development: | ||||||||||||
Anthem Marketplace | $ | — | 6/28/2013 | Land - Not Depreciated | ||||||||
BLVD Place Phase II-B | — | 5/26/2017 | Land - Not Depreciated | |||||||||
Dana Park Development | — | 9/21/2012 | Land - Not Depreciated | |||||||||
Eldorado Plaza Development | — | 12/29/2017 | Land - Not Depreciated | |||||||||
Fountain Hills | — | 10/7/2013 | Land - Not Depreciated | |||||||||
Market Street at DC Ranch | — | 12/5/2013 | Land - Not Depreciated | |||||||||
Total - Land Held For Development | $ | — | ||||||||||
Grand Totals - Whitestone Properties | $ | 113,300 |
(1) | Reconciliations of total real estate carrying value for the three years ended December 31, follows: |
( in thousands) | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Balance at beginning of period | $ | 1,149,454 | $ | 920,310 | $ | 835,538 | ||||||
Cumulative effect of accounting change for adoption of ASU 2017-05. | (95,146 | ) | — | — | ||||||||
Additions during the period: | ||||||||||||
Acquisitions | — | 213,545 | 69,749 | |||||||||
Improvements | 11,638 | 17,575 | 22,036 | |||||||||
(83,508 | ) | 231,120 | 91,785 | |||||||||
Deductions - cost of real estate sold or retired | (13,708 | ) | (1,976 | ) | (7,013 | ) | ||||||
Balance at close of period | $ | 1,052,238 | $ | 1,149,454 | $ | 920,310 |
(2) | The aggregate cost of real estate (in thousands) for federal income tax purposes is $1,019,001. |
(3) | Includes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. |
(4) | This property secures a $15.1 million mortgage note. |
(5) | This property secures a $80.0 million mortgage note. |
(6) | This property secures a $19.0 million mortgage note. |
(7) | This property secures a $14.1 million mortgage note. |
(8) | This property secures a $14.0 million mortgage note. |
(9) | This property secures a $14.3 million mortgage note. |
(10) | This property secures a $10.5 million mortgage note. |
(11) | This property secures a $2.6 million mortgage note. |
(12) | This property secures a $6.5 million mortgage note. |
(13) | These properties secure a $37.0 million mortgage note. |
(14) | This property secures a $16.5 million mortgage note. |
NAME OF SUBSIDIARY | JURISDICTION OF FORMATION |
Whitestone REIT Operating Partnership, LP | Delaware |
Pillarstone Capital REIT Operating Partnership LP | Delaware |
Whitestone Centers LLC | Texas |
Whitestone REIT Operating Partnership III GP, LLC | Texas |
Whitestone REIT Operating Partnership III LP, LTD | Texas |
Whitestone REIT Operating Partnership III LP | Texas |
Whitestone REIT Operating Company IV, LLC | Texas |
Whitestone Pima Norte LLC | Texas |
Whitestone Corporate Park West LLC | Texas |
Whitestone Retail Services, L.L.C. | Delaware |
Whitestone Brokerage Services, L.L.C. | Texas |
Whitestone SunnySlope Village, L.L.C. | Delaware |
Whitestone Featherwood, LLC | Texas |
Whitestone Terravita Marketplace, LLC | Delaware |
Whitestone Ahwatukee Plaza, LLC | Delaware |
Whitestone Brokerage Services AZ, LLC | Arizona |
Whitestone Pinnacle of Scottsdale, LLC | Delaware |
Whitestone Pinnacle of Scottsdale - Phase II, LLC | Delaware |
Whitestone Shops At Starwood, LLC | Delaware |
Whitestone Shops At Starwood - Phase III, LLC | Delaware |
Whitestone Shops at Pinnacle, LLC | Delaware |
Whitestone Paradise Village, LLC | Delaware |
Whitestone Fountain Square, LLC | Delaware |
Whitestone Village Square at Dana Park, LLC | Delaware |
Whitestone Village Square at Dana Park Development Land, LLC | Delaware |
Whitestone Pecos Ranch, LLC | Delaware |
Whitestone Headquarters Village, LLC | Delaware |
Whitestone TRS, Inc. | Delaware |
Whitestone Mercado, LLC | Delaware |
Whitestone Realty, LLC | Arizona |
Whitestone Anthem Marketplace, LLC | Delaware |
Whitestone Anthem Marketplace Development Land, LLC | Delaware |
Whitestone Fountain Hills, LLC | Delaware |
Whitestone Woodlake Plaza, LLC | Delaware |
Whitestone Market Street at DC Ranch, LLC | Delaware |
Whitestone Heritage Trace Plaza 1, LLC | Delaware |
Whitestone Heritage Trace Plaza 2, LLC | Delaware |
Whitestone Strand, LLC | Delaware |
Whitestone Promenade, LLC | Delaware |
Whitestone Towne Center, LLC | Delaware |
Whitestone Williams Trace Plaza, LLC | Delaware |
Whitestone Williams Trace Shops, LLC | Delaware |
Whitestone Clear Lake Offices, LLC | Delaware |
Whitestone Towne Center Corner, LLC | Delaware |
Whitestone Village Square at Dana Park Corner, LLC | Delaware |
Whitestone City View, LLC | Delaware |
Whitestone Davenport TRS, LLC | Delaware |
Whitestone Davenport Village, LLC | Delaware |
Whitestone Parkside Village South, LLC | Delaware |
Whitestone Parkside Village North, LLC | Delaware |
Whitestone Quinlan Crossing, LLC | Delaware |
Whitestone Keller Place, LLC | Delaware |
Whitestone Gilbert Tuscany Village Corner, LLC | Delaware |
NAME OF SUBSIDIARY | JURISDICTION OF FORMATION |
Whitestone Seville, LLC | Delaware |
Whitestone La Mirada, LLC | Delaware |
Whitestone Eldorado Plaza, LLC | Delaware |
Whitestone Houston BLVD Place, LLC | Delaware |
Whitestone Houston BLVD Place Phase II, LLC | Delaware |
Whitestone Eldorado Plaza Phase II, LLC | Delaware |
1. | I have reviewed this annual report on Form 10-K, for the period ended December 31, 2018, of Whitestone REIT; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K, for the period ended December 31, 2018, of Whitestone REIT; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ James C. Mastandrea |
James C. Mastandrea |
Chairman and Chief Executive Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ David K. Holeman |
David K. Holeman |
Chief Financial Officer |
'FMG\QK#2K%Q$Z[[12TC.Z[ @ H * "@!#G''![9Y_3C^8H \\75-1\HVSW'
M[Z35?L?GI'&ICC\L2MY4;+(@^ZR1^;YS*K#>TC+N(!0?5M5B#3SR7;65BUU'
M<3VJ6!9C!.0LDL?MTI<*8\2P83#$OO>$@X(5=HY.[/0&LI5XI>[J^VJ_0\K$9]A
MJ4%+#/VTN9)Q]^G96?O7E3:=FDK;ZWZ$&B_%C3KWS/[17^S]FWR^9)_,SNW?
MZN ;-N%Z_>W<=#2C7B_B]W[W^2,\-G]"KS?65["UN7653FO>_P --6M9;[W\
MCI;/Q]H=],EM!1#;Q1LBA\F'S&=)7D<*(I-P$J@@'54 % !0 4 % $%M]P_[
M\G_HQJ )Z (+3_4Q_P"XO_H(H +;[A_WY/\ T8U $] $%W_J9/\ <;_T$T 4
MKK0]/OI#-
RD<_Z5<102,GVJ
M2R\V1H-[IYL$;RKCYI=D2J3Y>&(C#@@'G=QJEW-;PRQSW,JVEC$]S*MPT+6Y
M6YDC:YT % !0 4 % $"_ZYO]Q/_0I* )Z
M"@ H * $(R, X]QV_/(_,4 <#91SS6EW:F>665=0>.,RW;VSR[5B
Y4\^&.29.I
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Mar. 15, 2019 |
Jun. 29, 2018 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Whitestone REIT | ||
Entity Central Index Key | 0001175535 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 39,766,240 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 490,696,053 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|
Stockholders' Equity: | |||||
Preferred shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Common shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 39,778,029 | 39,772,105 | 39,743,829 | 39,179,540 | 39,221,773 |
Common shares, outstanding (in shares) | 39,778,029 | 39,772,105 | 39,743,829 | 39,179,540 | 39,221,773 |
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property revenues | |||||||||||||
Rental revenues | $ 21,964 | $ 21,382 | $ 21,672 | $ 43,054 | $ 65,018 | $ 86,644 | $ 94,568 | $ 80,068 | |||||
Other revenues | 8,740 | 8,091 | 8,113 | 16,204 | 24,944 | 33,219 | 31,391 | 24,369 | |||||
Total property revenues | $ 29,901 | 30,704 | 29,473 | 29,785 | $ 33,831 | $ 33,653 | $ 30,208 | $ 28,267 | 59,258 | 89,962 | 119,863 | 125,959 | 104,437 |
Property expenses | |||||||||||||
Property operation and maintenance | 5,452 | 5,017 | 4,856 | 9,873 | 15,325 | 21,069 | 24,213 | 19,709 | |||||
Real estate taxes | 4,379 | 3,905 | 3,976 | 7,881 | 12,260 | 16,362 | 17,897 | 14,383 | |||||
Total property expenses | 9,831 | 8,922 | 8,832 | 17,754 | 27,585 | 37,431 | 42,110 | 34,092 | |||||
Other expenses (income) | |||||||||||||
General and administrative | 4,982 | 6,678 | 6,327 | 13,005 | 17,987 | 23,281 | 23,949 | 23,922 | |||||
Depreciation and amortization | 6,477 | 6,293 | 6,274 | 12,567 | 19,044 | 25,679 | 27,240 | 22,457 | |||||
Equity in earnings of real estate partnership | (502) | (586) | (674) | (1,260) | (1,762) | (8,431) | 0 | 0 | |||||
Interest expense | 6,419 | 6,313 | 5,973 | 12,286 | 18,705 | 25,177 | 23,651 | 19,239 | |||||
Interest, dividend and other investment income | (251) | (284) | (257) | (541) | (792) | (1,055) | (410) | (429) | |||||
Total other expense | 17,125 | 18,414 | 17,643 | 36,057 | 53,182 | 64,651 | 74,430 | 65,189 | |||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 3,748 | 2,137 | 3,310 | 5,447 | 9,195 | 17,781 | 9,419 | 5,156 | |||||
Provision for income taxes | (92) | (59) | (110) | (169) | (261) | (347) | (386) | (289) | |||||
Gain on sale of properties | 4,380 | 0 | 249 | 249 | 4,629 | 4,629 | 16 | 3,357 | |||||
Profit sharing expense | 0 | 0 | 0 | 0 | 0 | (278) | (15) | ||||||
Loss on sale or disposal of assets | (3) | (73) | (180) | (253) | (256) | (82) | (183) | (96) | |||||
Net income | 8,674 | 8,033 | 2,005 | 3,269 | 1,975 | 3,077 | 2,043 | 1,493 | 5,274 | 13,307 | 21,981 | 8,588 | 8,113 |
Less: Net income attributable to noncontrolling interests | 198 | 51 | 88 | 138 | 342 | 550 | 254 | 182 | |||||
Net income attributable to Whitestone REIT | $ 8,457 | $ 7,835 | $ 1,954 | $ 3,181 | $ 1,921 | $ 2,993 | $ 1,983 | $ 1,440 | $ 5,136 | $ 12,965 | $ 21,431 | $ 8,334 | $ 7,931 |
Basic Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.13 | $ 0.33 | $ 0.54 | $ 0.22 | $ 0.26 |
Diluted Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.19 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.12 | $ 0.31 | $ 0.52 | $ 0.22 | $ 0.26 |
Weighted average number of common shares outstanding: | |||||||||||||
Basic (in shares) | 39,327 | 39,204 | 39,066 | 39,136 | 39,200 | 39,274 | 35,428 | 27,618 | |||||
Diluted (in shares) | 40,635 | 40,679 | 40,088 | 40,519 | 40,541 | 40,612 | 36,255 | 28,383 | |||||
Distributions declared per common share / OP unit (in dollars per share) | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.5700 | $ 0.8550 | $ 1.14 | $ 1.1400 | $ 1.1400 | |||||
Consolidated Statements of Comprehensive Income | |||||||||||||
Net income | $ 8,674 | $ 8,033 | $ 2,005 | $ 3,269 | $ 1,975 | $ 3,077 | $ 2,043 | $ 1,493 | $ 5,274 | $ 13,307 | $ 21,981 | $ 8,588 | $ 8,113 |
Other comprehensive gain | |||||||||||||
Unrealized gain on cash flow hedging activities | 605 | 913 | 2,645 | 3,558 | 4,163 | 1,192 | 2,022 | 929 | |||||
Unrealized gain on available-for-sale marketable securities | 0 | 0 | 18 | 18 | 18 | 18 | 118 | 82 | |||||
Comprehensive income | 8,638 | 2,918 | 5,932 | 8,850 | 17,488 | 23,191 | 10,728 | 9,124 | |||||
Less: Net income attributable to noncontrolling interests | 198 | 51 | 88 | 138 | 342 | 550 | 254 | 182 | |||||
Less: Comprehensive gain attributable to noncontrolling interests | 15 | 23 | 71 | 94 | 107 | 30 | 63 | 23 | |||||
Comprehensive income attributable to Whitestone REIT | $ 8,425 | $ 2,844 | $ 5,773 | $ 8,618 | $ 17,039 | $ 22,611 | $ 10,411 | $ 8,919 |
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash flows from operating activities: | |||
Net income | $ 21,981,000 | $ 8,588,000 | $ 8,113,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 25,679,000 | 27,240,000 | 22,457,000 |
Amortization of deferred loan costs | 1,092,000 | 1,283,000 | 1,554,000 |
Amortization of notes payable discount | 0 | 508,000 | 391,000 |
Loss on sale of marketable securities | 20,000 | 91,000 | 0 |
Loss (gain) on sale or disposal of assets and properties | (4,547,000) | 167,000 | (3,261,000) |
Bad debt expense | 1,391,000 | 2,340,000 | 1,585,000 |
Share-based compensation | 6,741,000 | 10,410,000 | 10,231,000 |
Equity in earnings of real estate partnership | (8,431,000) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Escrows and acquisition deposits | (295,000) | (3,570,000) | 2,322,000 |
Accrued rent and accounts receivable | (1,893,000) | (5,430,000) | (3,630,000) |
Receivable due from related party | 610,000 | 0 | 0 |
Distributions from real estate partnership | 1,324,000 | 0 | 0 |
Unamortized lease commissions | (1,676,000) | (2,299,000) | (1,474,000) |
Prepaid expenses and other assets | 1,175,000 | 168,000 | 1,396,000 |
Accounts payable and accrued expenses | (2,429,000) | 1,337,000 | 1,089,000 |
Payable due to related party | (1,621,000) | 0 | 0 |
Tenants' security deposits | 436,000 | 565,000 | (125,000) |
Net cash provided by operating activities | 39,557,000 | 41,398,000 | 40,648,000 |
Cash flows from investing activities: | |||
Acquisitions of real estate | 0 | (125,468,000) | (60,616,000) |
Additions to real estate | (11,638,000) | (17,575,000) | (22,036,000) |
Proceeds from sales of properties | 12,574,000 | 26,000 | 6,897,000 |
Proceeds from financed receivable due from related party | 9,812,000 | 0 | 0 |
Investment in real estate partnership | 0 | (2,394,000) | (2,704,000) |
Proceeds from sales of marketable securities | 30,000 | 513,000 | 0 |
Net cash provided by (used in) investing activities | 10,778,000 | (144,898,000) | (78,459,000) |
Cash flows from financing activities: | |||
Distributions paid to common shareholders | (44,944,000) | (40,472,000) | (31,911,000) |
Distributions paid to OP unit holders | (1,155,000) | (1,241,000) | (729,000) |
Proceeds from issuance of common shares, net of offering costs | 0 | 118,412,000 | 30,014,000 |
Payments of exchange offer costs | (126,000) | 0 | 0 |
Net proceeds from credit facility | 9,000,000 | 45,600,000 | 59,000,000 |
Repayments of notes payable | (2,543,000) | (11,543,000) | (14,335,000) |
Payments of loan origination costs | (30,000) | (695,000) | 0 |
Repurchase of common shares | (1,961,000) | (4,339,000) | (3,948,000) |
Net cash provided by (used in) financing activities | (41,759,000) | 105,722,000 | 38,091,000 |
Net increase in cash, cash equivalents and restricted cash | 8,576,000 | 2,222,000 | 280,000 |
Cash, cash equivalents and restricted cash at beginning of period | 5,210,000 | 2,988,000 | 2,708,000 |
Cash, cash equivalents and restricted cash at end of period | 13,786,000 | 5,210,000 | 2,988,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 24,610,000 | 22,541,000 | 18,287,000 |
Cash paid for taxes | 304,000 | 337,000 | 284,000 |
Non cash investing and financing activities: | |||
Disposal of fully depreciated real estate | 937,000 | 1,036,000 | 690,000 |
Financed insurance premiums | 1,273,000 | 1,115,000 | 1,060,000 |
Value of shares issued under dividend reinvestment plan | 133,000 | 127,000 | 114,000 |
Value of common shares exchanged for OP units | 1,546,000 | 206,000 | 125,000 |
Change in fair value of available-for-sale securities | 18,000 | 118,000 | 82,000 |
Change in fair value of cash flow hedge | 1,192,000 | 2,022,000 | 929,000 |
Acquisition of real estate in exchange for OP units | 0 | 0 | 8,738,000 |
Reallocation of ownership percentage between parent and subsidiary | 15,000 | 13,000 | 11,000 |
Debt issued with acquisitions of real estate | 0 | 80,000,000 | 0 |
Property received as termination fee | $ 250,000 | $ 0 | $ 0 |
Description of Business and Nature of Operations |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS | DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Whitestone REIT (“Whitestone”) was formed as a real estate investment trust, pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland real estate investment trust formed for the sole purpose of the reorganization and the conversion of each of our outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership” or “WROP” or “OP”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of December 31, 2018, 2017 and 2016, we owned 57, 73, and 69 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. These properties consist of: Consolidated Operating Portfolio
Redevelopment, New Acquisitions Portfolio
As of December 31, 2018, we, through our investment in Pillarstone Capital REIT Operating Partnership LP (“Pillarstone” or “Pillarstone OP”), owned a majority interest in 11 properties that do not meet our Community Centered Property® strategy containing approximately 1.3 million square feet of GLA (the “Pillarstone Properties”). We own 81.4% of the total outstanding units of Pillarstone OP, which we account for using the equity method. We also manage the day-to-day operations of Pillarstone OP. |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2018, 2017 and 2016, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. Profit-sharing Method. In accordance with the Financial Accounting Standards Board’s (“FASB”) guidance applicable to sales of real estate or interests therein, specifically FASB Accounting Standards Codification (“ASC”) 360-20, “Real Estate Sales,” Topic 606, “Revenue from Contracts with Customers” and ASC 610, “Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets,” we did not recognize the sale of assets to Pillarstone OP in the Contribution (as defined in Note 5) and accounted for the transaction under the profit-sharing method for the year ended December 31, 2017. We recognized Pillarstone OP’s real estate assets and notes payables in our consolidated balance sheets. Additionally, the profits and losses of Pillarstone OP not attributable to the Company were reported as profit sharing expense. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method. Equity Method. For the year ended December 31, 2017, Pillarstone OP was accounted under the profit-sharing method. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method. See Note 5 and Note 19 for additional disclosure on Pillarstone OP. As of December 31, 2018, we, through our investment in Pillarstone OP, owned a majority interest in 11 properties that do not meet our Community Centered Property® strategy containing approximately 1.3 million square feet of GLA. We own 81.4% of the total outstanding units of Pillarstone OP. We also manage the day-to-day operations of Pillarstone OP. In this Annual Report on Form 10-K, unless otherwise indicated, we do not include the Pillarstone Properties when we refer to our properties. Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. Other than the effects noted below, these reclassifications had no effect on net income, total assets, total liabilities or equity. Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024, which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. Immaterial Error Correction. During the second quarter of 2018, we determined that certain prior period amounts contained errors due to our initial determination that we were the primary beneficiary of a variable interest entity (“VIE”), Pillarstone OP. See Note 5 and Note 19 for additional disclosure on Pillarstone OP. Management evaluated the materiality of the errors quantitatively and qualitatively, and concluded that they were not material to the financial statements of any period presented, and elected to correct them in the accompanying prior period consolidated financial statements. The following table presents the effects of the immaterial error correction on the consolidated statements of operations and comprehensive income (in thousands):
Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management’s most recent estimates using the fair value of the shares as of the grant date. We recognized $6.8 million, $10.4 million and $10.2 million in share-based compensation expense for the years ended December 31, 2018, 2017 and 2016, respectively. At our annual meeting of shareholders on May 11, 2017, our shareholders voted to approve the 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of up to 3,433,831 common shares and OP units pursuant to awards under the 2018 Plan. The 2018 Plan became effective on July 30, 2018, which was the day after the 2008 Plan expired. Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2018 and 2017 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2018 and 2017, there were net book credit balances of $0.0 and $0.8 million, respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets. Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board’s (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. Real Estate Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the year ended December 31, 2018, approximately $574,000 and $365,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2017, approximately $439,000 and $277,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2016, approximately $324,000 and $71,000 in interest expense and real estate taxes, respectively, were capitalized. Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2018. Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2018 and 2017, we had an allowance for uncollectible accounts of $9.7 million and $8.6 million, respectively. As of December 31, 2018, 2017 and 2016, we recorded bad debt expense in the amount of $1.4 million, $2.3 million and $1.6 million, respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2018, 2017 and 2016, we recorded a margin tax provision of $0.4 million, $0.4 million and $0.2 million, respectively. Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $618.6 million and $659.6 million as compared to the book value of approximately $619.4 million and $660.9 million as of December 31, 2018 and 2017, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures”), using a probability-weighted discounted cash flow analysis based on a discount rate, discounting the loan balance. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2018 and 2017. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2018 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge’s change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2018, we consider our cash flow hedges to be highly effective. Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. Recent Accounting Pronouncements. In May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a modified retrospective basis beginning January 1, 2018 and have derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and have recognized the Company’s investment in Pillarstone OP under the equity method of accounting. The Company made an adjustment which decreased the Company’s accumulated deficit as of January 1, 2018 by $19.1 million. See Note 5 and Note 19 for further details. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged with the exception of changes related to costs which qualify as initial direct costs. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance is effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. We adopted the guidance and its related amendments as of January 1, 2019 using the transition practical expedient which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings as of the adoption date as well as other elected practical expedients. Additionally, we have elected the optional transition practical expedient for lessors that permits lessors to make an accounting policy election to not separate nonlease components from the associated lease components, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and nonlease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. As a result, leases where we are the lessor are accounted for in a similar manner to existing standards with the underlying leased asset being reported and recognized as a real estate asset. We have identified our lease commitments and finalized our evaluation on our consolidated financial statements and on our internal accounting processes. Substantially all of our real estate lessor commitments continued to be accounted for as operating leases, and the new leasing standard did not have a material impact on rental revenues. Our lessee operating lease commitments are subject to the standard and recognized as operating lease liabilities and right-of-use assets upon adoption. Our adoption of the new leasing standard did not have a material impact on our consolidated financial statements. Upon our adoption of the guidance as of January 1, 2019, we increased lease liabilities and corresponding right-of-use assets. Such adoption resulted in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $406,000 in legal related costs for the year ended December 31, 2018. These transition adjustments did not have a material impact on our consolidated balance sheet. Additionally, this guidance did not have a material impact on our consolidated statement of income upon adoption. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance effective January 1, 2018, and we have reconciled cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a modified retrospective basis beginning January 1, 2018 and have derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and have recognized the Company’s investment in Pillarstone OP under the equity method of accounting. The Company made an adjustment which decreased the Company’s accumulated deficit as of January 1, 2018 by $19.1 million. See Note 5 and Note 19 for further details. |
Marketable Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | MARKETABLE SECURITIES In January 2018, we sold all of our remaining marketable securities and had no marketable securities as of December 31, 2018. All of our marketable securities were classified as available-for-sale securities as of December 31, 2017. Available-for-sale securities consist of the following (in thousands):
During the years ended December 31, 2018 and 2017, available-for-sale securities were sold for total proceeds of $30,000 and $513,000, respectively. The gross realized losses on these sales totaled $20,000 and $5,000, respectively. For the purpose of determining gross realized gains and losses, the cost of securities sold is based on specific identification. A net unrealized holding loss on available-for-sale securities in the amount of $0 and $18,000 for the years ended December 31, 2018 and 2017, respectively, has been included in accumulated other comprehensive income. |
Real Estate |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | REAL ESTATE As of December 31, 2018, we owned 57 commercial properties in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio areas comprised of approximately 4.8 million square feet of gross leasable area (“GLA”). Property Acquisitions. On December 29, 2017, we acquired a 1.83 acre parcel of undeveloped land for $0.9 million in cash and net prorations. The undeveloped land parcel is the hard corner at our Eldorado Plaza property. On May 26, 2017, we acquired BLVD Place, a property that meets our Community Centered Property® strategy, for $158.0 million, including $80.0 million of asset level mortgage financing and $78.0 million in cash and net prorations. BLVD Place, a 216,944 square foot property, was 99% leased at the time of purchase and is located in Houston, Texas. Included in the purchase of BLVD Place is approximately 1.43 acres of developable land. On May 3, 2017, we acquired Eldorado Plaza, a property that meets our Community Centered Property® strategy, for $46.6 million in cash and net prorations. Eldorado Plaza, a 221,577 square foot property, was 96% leased at the time of purchase and is located in McKinney, Texas, a suburb of Dallas, Texas. On September 30, 2016, we acquired La Mirada and Seville, properties that meet our Community Centered Property® strategy, for 621,053 OP units and $60.7 million in cash and net prorations. The OP units are redeemable for cash or, at our option, Whitestone REIT common shares on a one-for-one basis, subject to certain restrictions. La Mirada, a 147,209 square foot property, was 90% leased at the time of purchase. Seville, a 90,042 square foot property, was 88% leased at the time of purchase. Both properties are located in Scottsdale, Arizona. Unaudited pro forma results of operations. The following unaudited pro forma results summarized below reflect our consolidated results of operations as if our acquisitions for the years ended December 31, 2017 and 2016 were acquired on January 1, 2016. The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods.
Acquisition costs. Acquisition-related costs of $0.0 million, $1.6 million and $2.1 million are included in general and administrative expenses in our income statements for the years ended December 31, 2018, 2017 and 2016, respectively. Development properties. As of December 31, 2018, we had substantially completed construction at our Pinnacle of Scottsdale Phase II property. As of December 31, 2018, we had incurred approximately $5.5 million in construction costs, including approximately $0.6 million in previously capitalized interest and real estate taxes. The 27,063 square foot Community Centered Property® was 100% leased at year end and is located in Scottsdale, Arizona, and adjacent to Pinnacle of Scottsdale. As of December 31, 2018, we had substantially completed construction at our Shops at Starwood Phase III property. As of December 31, 2018, we had incurred approximately $8.4 million in construction costs, including approximately $1.1 million in previously capitalized interest and real estate taxes. The 35,351 square foot Community Centered Property® was 72% leased at year end and is located in Frisco, Texas, a northern suburb of Dallas, Texas, and adjacent to Shops at Starwood. Property dispositions. On September 24, 2018, we completed the sale of Torrey Square, located in Houston, Texas, for $8.7 million. We recorded a gain on sale of $4.4 million. We have not included Torrey Square in discontinued operations as it did not meet the definition of discontinued operations. On February 27, 2018, we completed the sale of Bellnott Square, located in Houston, Texas, for $4.7 million. We recorded a gain on sale of $0.3 million. We have not included Bellnott Square in discontinued operations as it did not meet the definition of discontinued operations. On November 29, 2016, we completed the sale of Centre South and Webster Pointe, located in Houston, Texas, for $4.9 million. This disposition was pursuant to our strategy of recycling capital by disposing of Non-Core Properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property® strategy. As part of the transaction, we provided short-term seller financing of $1.7 million. We recorded a gain on sale of $2.2 million, including recognizing a $0.5 million gain on sale for the year ended December 31, 2016 and are deferring the remaining $1.7 million gain on sale to be recognized upon receipt of principal payments on the financing provided by us. We have not included Centre South and Webster Pointe in discontinued operations as the sale did not meet the definition of discontinued operations. On March 3, 2016, we completed the sale of Brookhill, located in Houston, Texas, for $3.1 million. This disposition was pursuant to our strategy of recycling capital by disposing of Non-Core Properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property® strategy. We recorded a gain on sale of $1.9 million. The sale was structured as a like-kind exchange within the meaning of Section 1031 of the Code and sales proceeds were deposited into a Section 1031 exchange escrow account with a qualified intermediary and subsequently distributed for general corporate purposes. We have not included Brookhill in discontinued operations as it did not meet the definition of discontinued operations. On February 17, 2016, we completed the sale of approximately 0.5 acres of our 4.5 acre Pinnacle Phase II development parcel, located in Scottsdale, Arizona, for $1.1 million. We recorded a gain on sale of $1.0 million. Hurricane Harvey. In August 2017, Hurricane Harvey impacted the South Texas region, including Houston, Texas. The majority of our Houston properties incurred minor damage and as a result, we recorded approximately $0.5 million in Harvey related repairs recorded in property operation and maintenance expense for the year ended December 31, 2017. |
Investment in Real Estate Partnership |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Real Estate Partnership | INVESTMENT IN REAL ESTATE PARTNERSHIP On December 8, 2016, we, through our Operating Partnership, entered into a Contribution Agreement (the “Contribution Agreement”) with Pillarstone OP and Pillarstone Capital REIT (“Pillarstone REIT”) pursuant to which we contributed all of the equity interests in four of our wholly-owned subsidiaries: Whitestone CP Woodland Ph. 2, LLC, a Delaware limited liability company (“CP Woodland”); Whitestone Industrial-Office, LLC, a Texas limited liability company (“Industrial-Office”); Whitestone Offices, LLC, a Texas limited liability company (“Whitestone Offices”); and Whitestone Uptown Tower, LLC, a Delaware limited liability company (“Uptown Tower,” and together with CP Woodland, Industrial-Office and Whitestone Offices, the “Entities”) that own 14 non-core properties that do not fit our Community Centered Property® strategy (the “Pillarstone Properties”), to Pillarstone OP for aggregate consideration of approximately $84 million, consisting of (1) approximately $18.1 million of Class A units representing limited partnership interests in Pillarstone OP (“Pillarstone OP Units”), issued at a price of $1.331 per Pillarstone OP Unit; and (2) the assumption of approximately $65.9 million of liabilities, consisting of (a) approximately $15.5 million of our liability under the 2018 Facility (as defined in Note 9); (b) an approximately $16.3 million promissory note of Uptown Tower under the Loan Agreement, dated as of September 26, 2013, between Uptown Tower, as borrower, and U.S. Bank, National Association, as successor to Morgan Stanley Mortgage Capital Holdings LLC, as lender; and (c) an approximately $34.1 million promissory note (the “Industrial-Office Promissory Note”) of Industrial-Office issued under the Loan Agreement, dated as of November 26, 2013 (the “Industrial-Office Loan Agreement”), between Industrial-Office, as borrower, and Jackson National Life Insurance Company, as lender (collectively, the “Contribution”). In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into an OP Unit Purchase Agreement (the “OP Unit Purchase Agreement”) with Pillarstone REIT and Pillarstone OP pursuant to which the Operating Partnership agreed to purchase up to an aggregate of $3.0 million of Pillarstone OP Units at a price of $1.331 per Pillarstone OP Unit over the two-year term of the OP Unit Purchase Agreement on the terms set forth therein. The OP Unit Purchase Agreement contains customary closing conditions and the parties have made certain customary representations, warranties and indemnifications to each other in the OP Unit Purchase Agreement. In addition, pursuant to the OP Unit Purchase Agreement, in the event of a Change of Control (as defined therein) of the Company, Pillarstone OP shall have the right, but not the obligation, to repurchase the Pillarstone OP Units issued thereunder from the Operating Partnership at their initial issue price of $1.331 per Pillarstone OP Unit. In connection with the Contribution, (1) with respect to each Pillarstone Property (other than Uptown Tower), Whitestone TRS, Inc., a subsidiary of the Company (“Whitestone TRS”), entered into a Management Agreement with the Entity that owns such Pillarstone Property and (2) with respect to Uptown Tower, Whitestone TRS entered into a Management Agreement with Pillarstone OP (collectively, the “Management Agreements”). Pursuant to the Management Agreements with respect to each Pillarstone Property (other than Uptown Tower), Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to such Pillarstone Property in exchange for (x) a monthly property management fee equal to 5.0% of the monthly revenues of such Pillarstone Property and (y) a monthly asset management fee equal to 0.125% of GAV (as defined in each Management Agreement as, generally, the purchase price of the respective Pillarstone Property based upon the purchase price allocations determined pursuant to the Contribution Agreement, excluding all indebtedness, liabilities or claims of any nature) of such Pillarstone Property. Pursuant to the Management Agreement with respect to Uptown Tower, Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to Pillarstone OP in exchange for (x) a monthly property management fee equal to 3.0% of the monthly revenues of Uptown Tower and (y) a monthly asset management fee equal to 0.125% of GAV of Uptown Tower. The initial term of each Management Agreement expired on December 31, 2017, after which each Management Agreement became automatically renewable on a month to month basis; provided that each Management Agreement can be terminated by either party thereto upon not less than thirty days’ prior written notice to the other party. None of the Management Agreements had been terminated as of December 31, 2018. In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into a Tax Protection Agreement with Pillarstone REIT and Pillarstone OP pursuant to which Pillarstone OP agreed to indemnify the Operating Partnership for certain tax liabilities resulting from its recognition of income or gain prior to December 8, 2021 if such liabilities result from a transaction involving a direct or indirect taxable disposition of all or a portion of the Pillarstone Properties or if Pillarstone OP fails to maintain and allocate to the Operating Partnership for taxation purposes minimum levels of liabilities as specified in the Tax Protection Agreement, the result of which causes such recognition of income or gain and the Company incurs taxes that must be paid to maintain its REIT status for federal income tax purposes. As of December 31, 2018, we owned approximately 81.4% of the total outstanding units of Pillarstone OP. Additionally, certain of our officers and trustees serve as officers and trustees of Pillarstone REIT. In connection with the Contribution, in December 2016, we determined that we were the primary beneficiary of Pillarstone OP, through our power to direct the activities of Pillarstone OP, additional working capital required by Pillarstone OP under the OP Unit Purchase Agreement and our obligation to absorb losses and receive benefits based on our ownership percentage. Accordingly, we accounted for Pillarstone OP as a VIE and fully consolidated it in our consolidated financial statements for the year ended December 31, 2016 and in the subsequent periods. In November 2017, we received a comment letter from the Staff of the Division of Corporation Finance of the SEC (the “Staff”) relating to our Annual Report on Form 10-K for the year ended December 31, 2016. In their letter, the Staff requested that we provide them with an analysis to support our determination that Pillarstone OP is a VIE of which we are the primary beneficiary and that Pillarstone OP should be consolidated in our financial statements in accordance with GAAP. In response to the Staff’s comment, we provided the Staff with our analysis of our accounting and financial reporting obligations relating to our interest in Pillarstone OP. After communicating our analysis and conclusions to the Staff and responding to additional questions from the Staff relating to this matter, the Staff did not object to or otherwise take exception to our initial determinations at the time of the consummation of the Contribution in December 2016 but provided a verbal reminder that the determination of the primary beneficiary of a VIE should be continually reassessed, noting that the initial terms of the Management Agreements expired in December 2017, and suggesting that we consider pre-clearing future accounting treatment of Pillarstone OP with the Staff of the Office of the Chief Accountant (“OCA”). In connection with the preparation and review of the Company’s financial statements for the quarter ended March 31, 2018, the Company concluded, after consultation with the Company’s outside advisors, that it would be prudent to seek the pre-clearance from the Staff of the SEC’s Office of the Chief Accountant (“OCA”) of the proposed treatment of Pillarstone OP in the Company’s financial statements for such quarter. Accordingly, in April 2018, the Company submitted a letter to the OCA seeking their concurrence with the Company’s determinations that it maintained its status as the primary beneficiary of Pillarstone OP and, accordingly, should continue to consolidate Pillarstone OP in its financial statements for the quarter ended March 31, 2018 in accordance with GAAP. After further correspondence, including telephonic meetings between the Company, its advisors and the OCA, the OCA informed the Company that it objected to the conclusions that the Company was the primary beneficiary of Pillarstone OP and was required to consolidate it in the Company’s financial statements since the Contribution in December 2016 and during the subsequent periods. After consideration of the OCA’s objection to the Company’s original accounting, the Company determined that the correct accounting treatment was to apply certain industry specific accounting guidance applicable to real estate transactions, ASC 360-20, the profit sharing method, which required the Company to continue to recognize the underlying assets and liabilities associated with the Contribution in the Company’s financial statements, and revised its accounting treatment accordingly. Management evaluated the quantitative and qualitative materiality of the errors and concluded that the difference between applying ASC 360-20 and the consolidation of Pillarstone OP under the VIE guidance was not material to the financial statements of any period presented through December 31, 2017. As a result, the company elected to correct them in future financial statements, beginning with the consolidated financial statements as and for the period ended June 30, 2018 and in the accompanying prior period consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2018. On January 1, 2018, the Company adopted ASU 2014-09 (“Topic 606”), as subsequently amended, using the modified retrospective method and applied Topic 606 to those contracts that were not completed as of January 1, 2018. Topic 606 added a new section, ASC 610, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets,” which effectively superseded industry specific accounting guidance applicable to real estate transactions. The Company considered the applicability of the new accounting requirements to the Contribution and concluded that, in the judgment of management, the transfer of control criteria requirement in Topic 606 had not been met and continued to recognize the assets and liabilities associated with the Contribution in the Company’s financial statements subsequent the adoption of Topic 606. In August 2018, the Company received a comment letter from the Staff relating to its Quarterly Report on Form 10-Q for the period ended June 30, 2018. The Staff requested that the Company provide them with an analysis of the Company’s determination that the Contribution did not meet the requirements for derecognition of the underlying assets under Topic 606 and ASC 610, and an explanation of the Company’s consideration of the immaterial accounting errors related to Pillarstone OP in its conclusion that disclosure controls and procedures and internal controls over financial reporting were effective as of June 30, 2018 and December 31, 2017. In September 2018, the Company responded to the Staff’s letter with the requested analysis and explanation. In October 2018, the Company received a comment letter from the Staff with certain follow up questions. Subsequently, the Company engaged in verbal discussions with the Staff regarding its responses, and in February 2019, the Staff verbally informed the Company that it objected to management’s conclusion regarding the assessment of the transfer of control criteria in Topic 606 with respect to the Contribution and objected to the Company’s continued recognition of the underlying assets and liabilities associated with the Contribution subsequent to January 1, 2018, the adoption date of Topic 606 and ASC 610. On February 26, 2019, the Audit Committee of the Board of Trustees of Whitestone REIT, after consultation with members of senior management of the Company, concluded that the Company’s unaudited consolidated financial statements as of and for the periods ended March 31, 2018, June 30, 2018 and September 30, 2018 included in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2018, June 30, 2018 and September 30, 2018, respectively, should be restated to correct the accounting error described in Note 19. Because this change from the profit sharing method is only applicable for periods ending after giving effect to the implementation of Topic 606 and ASC 610, no periods prior to January 1, 2018 are affected by this error. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method for the year ended December 31, 2018. The table below presents the real estate partnership investment in which the Company held an ownership interest (in thousands):
(1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees. (2) As of December 31, 2017, the Company had a net deferred gain of $18.0 million relating to the sale of properties to Pillarstone OP prior to the adoption of ASU 2017-05. These deferred gains were included in the Company’s investment above. Upon adoption, the Company recorded a cumulative-effect adjustment of $19.1 million to its beginning accumulated deficit as of January 1, 2018 on the Company’s Consolidated Statements of Changes in Equity. (3) Representing 11 property interests and 1.3 million square feet of GLA, as of December 31, 2018, and 14 property interests and 1.5 million square feet of GLA, as of December 31, 2017. On December 27, 2018, Pillarstone OP, through an indirect wholly owned subsidiary, Whitestone Industrial-Office, LLC, sold a portfolio of three properties in Houston, Texas to an unaffiliated third party for $15.8 million in cash. Pillarstone OP used the net proceeds, after customary closing deductions, to pay off mortgage debt on the three properties, and repay $8.0 million of its $14.5 million loan from Whitestone. Included in 2018 equity in earnings from real estate partnership is a $6.3 million gain related to this sale. The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands):
Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands):
The amortization of the basis difference between the cost of investment and the Company's share of underling net book value for the years ended December 31, 2018 is $108,000. The Company amortized the difference into equity in earnings of real estate partnership on the consolidated statements of operations and comprehensive income statement. As a result of the adoption of Topic 606 and ASC 610, the Company recognized the Company’s investment in Pillarstone OP under the equity method for the year ended December 31, 2018. For the year ended December 31, 2017, Pillarstone OP was accounted for using the profit-sharing method. The carrying amounts and classification of certain assets and liabilities for Pillarstone OP under the profit sharing method as of December 31, 2017 and consisted of the following (in thousands):
The Company's maximum exposure to loss relating to Pillarstone OP is limited to its investment in Pillarstone OP and its guarantee of promissory notes issued to Pillarstone OP. Since the date of the Contribution, the Company has not provided financial support to Pillarstone OP that it was not previously contractually required to provide under the Management Agreements or OP Unit Purchase Agreement. The Company's maximum exposure to loss relating to Pillarstone OP as of December 31, 2017 is as follows (in thousands):
The Company has evaluated its guarantee to Pillarstone OP pursuant to ASC 460, Guarantees, and has determined the guarantee to be a performance guarantee, for which ASC 460 contains initial recognition and measurement requirements, and related disclosure requirements. The Company is obligated in two respects: (i) a noncontingent liability, which represents the Company’s obligation to stand ready to perform under the terms of the guarantee in the event that the specified triggering event(s) occur; and (ii) the contingent liability, which represents the Company’s obligation to make future payments if those triggering events occur. The Company recognized a noncontingent liability of $462,000 at the inception of the guarantee at fair value and is recorded on the the Company’s consolidated balance sheet as a liability. The Company amortizes the guarantee liability into income over seven years. For the years ended December 31, 2018 and December 31, 2017, the amortization of the guarantee liability was $106,000 and $112,000, respectively. |
Accrued Rents and Accounts Receivable, Net |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET | ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands):
|
Unamortized Lease Commissions and Loan Costs |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | UNAMORTIZED LEASE COMMISSIONS AND LOAN COSTS Costs which have been deferred consist of the following (in thousands):
A summary of expected future amortization of deferred costs is as follows (in thousands):
(1) The Company will recognize a cumulative-effect adjustment to the opening balance of retained earnings of $281,000 in deferred legal costs in 2019 from the modified retrospective adoption of ASC 842. |
Future Minimum Lease Income |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
FUTURE MINIMUM LEASE INCOME | FUTURE MINIMUM LEASE INCOME We lease the majority of our properties under noncancelable operating leases, which provide for minimum base rents plus, in some instances, contingent rents based upon a percentage of the tenants’ gross receipts. A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2018 is as follows (in thousands):
|
Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Mortgages and other notes payable consist of the following (in thousands):
On May 26, 2017, we, through our subsidiary, Whitestone BLVD Place LLC, a Delaware limited liability company, issued a $80.0 million promissory note to American General Life Insurance Company (the “BLVD Note”). The BLVD Note has a fixed interest rate of 3.72% and a maturity date of June 1, 2027. Proceeds from the BLVD Note were used to fund a portion of the purchase price of the acquisition of BLVD Place (See Note 4). On November 7, 2014, we, through our Operating Partnership, entered into an unsecured revolving credit facility (the “2014 Facility”) with the lenders party thereto, with BMO Capital Markets Corp., Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bank, National Association, as co-lead arrangers and joint book runners, and Bank of Montreal, as administrative agent (the “Agent”). The 2014 Facility amended and restated our previous unsecured revolving credit facility. On October 30, 2015, we, through our Operating Partnership, entered into the First Amendment to the 2014 Facility (the “First Amendment”) with the guarantors party thereto, the lenders party thereto and the Agent. We refer to the 2014 Facility, as amended by the First Amendment, as the “2018 Facility.” Pursuant to the First Amendment, the Company made the following amendments to the 2014 Facility:
Borrowings under the 2018 Facility accrue interest (at the Operating Partnership's option) at a Base Rate or an Adjusted LIBOR plus an applicable margin based upon our then existing leverage. As of December 31, 2018, the interest rate was 4.28%. The applicable margin for Adjusted LIBOR borrowings ranges from 1.40% to 1.95% for the Revolver and 1.35% to 2.25% for the Term Loans. Base Rate means the higher of: (a) the Agent’s prime commercial rate, (b) the sum of (i) the average rate quoted by the Agent by two or more federal funds brokers selected by the Agent for sale to the Agent at face value of federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus (ii) 1/2 of 1.00%, and (c) the LIBOR rate for such day plus 1.00%. Adjusted LIBOR means LIBOR divided by one minus the Eurodollar Reserve Percentage. The Eurodollar Reserve Percentage means the maximum reserve percentage at which reserves are imposed by the Board of Governors of the Federal Reserve System on eurocurrency liabilities. We serve as the guarantor for funds borrowed by the Operating Partnership under the 2018 Facility. The 2018 Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges, and maintenance of a minimum net worth. The 2018 Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. The 2018 Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity to $700 million, upon the satisfaction of certain conditions. As of December 31, 2018, $441.2 million was drawn on the 2018 Facility and our unused borrowing capacity was $58.8 million, assuming that we use the proceeds of the 2018 Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. Proceeds from the 2018 Facility were used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. We intend to use the additional proceeds from the 2018 Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditure, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. On December 8, 2016, in connection with the Contribution, the Operating Partnership entered into the Second Amendment to the 2018 Facility and Reaffirmation of Guaranties (the “Second Amendment”) with Pillarstone OP, the Company and the other Guarantors party thereto, the lenders party thereto and the Agent. Pursuant to the Second Amendment, following the Contribution, Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC were permitted to remain Material Subsidiaries (as defined in the 2018 Facility) and Guarantors under the 2018 Facility and their respective Pillarstone Properties were each permitted to remain an Eligible Property (as defined in the 2018 Facility) and be included in the Borrowing Base (as defined in the 2018 Facility) under the 2018 Facility. In addition, on December 8, 2016, Pillarstone OP entered into the Limited Guarantee (the “Limited Guarantee”) with the Agent, pursuant to which Pillarstone OP agreed to be joined as a party to the 2018 Facility to provide a limited guarantee up to the amount of availability generated by the Pillarstone Properties owned by Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC. As of December 31, 2018, Pillarstone accounted for approximately $5.7 million of the total amount drawn on the 2018 Facility. As of December 31, 2018, our $178.2 million in secured debt was collateralized by 9 properties with a carrying value of $279.1 million. Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of the rents and leases associated with those properties. In 2018, we were not in compliance with respect to the tangible Net Worth covenant as defined in the 2018 Facility and had received two waivers as of December 31, 2018. Had we been unable to obtain a waiver or other suitable relief from the lenders under the 2018 Facility, an Event of Default (as defined in the 2018 Facility) would have occurred, permitting the lenders holding a majority of the commitments under the 2018 Facility to, among other things, accelerate the outstanding indebtedness, which would make it immediately due and payable. As referred to in Note 20, the 2019 Facility contains a similar tangible Net Worth covenant that resets at a new threshold and changes the definition of Net Worth to add back accumulated depreciation. However, we can make no assurances that we will be in compliance with this covenant or other covenants under the 2019 Facility in future periods or, if we are not in compliance, that we will be able to obtain a waiver. Scheduled maturities of our outstanding debt as of December 31, 2018 were as follows (in thousands):
Contractual Obligations As of December 31, 2018, we had the following contractual obligations:
|
Derivatives and Hedging Activities (Notes) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The fair value of our interest rate swaps is as follows (in thousands):
On September 5, 2018, we, through our Operating Partnership, entered into an interest rate swap with Bank of America that fixed the LIBOR portion of the $9.6 million extension loan on the Whitestone Terravita Marketplace property at 2.85%. The swap began on September 24, 2018 and will mature on September 24, 2020. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 3 under the 2018 Facility at 1.73%. In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $35.0 million of the swap to U.S. Bank, National Association, and $15.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the 2018 Facility. The swap began on November 30, 2015 and will mature on October 28, 2022. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 1 under the 2018 Facility at 1.75%. In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the 2018 Facility. The swap began on February 3, 2017 and will mature on October 30, 2020. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 2 under the 2018 Facility at 1.50%. In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the 2018 Facility. The swap began on December 7, 2015 and will mature on January 29, 2021. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. The Company does not expect any amount of the existing gains or losses to be reclassified into earnings within the next 12 months. A summary of our interest rate swap activity is as follows (in thousands):
|
Earnings Per Share |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by our weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by the weighted-average number of common shares including any dilutive unvested restricted shares. Certain of our performance-based restricted common shares are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. During the years ended December 31, 2018, 2017 and 2016, 1,011,268, 1,088,292 and 642,132 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the years ended December 31, 2018, 2017 and 2016, distributions of $317,000, $472,000 and $636,000, respectively, were made to the holders of certain restricted common shares, $16,000 of which were charged against earnings, annually. See Note 15 for information related to restricted common shares under the 2008 Plan.
|
Federal Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FEDERAL INCOME TAXES | FEDERAL INCOME TAXES Federal income taxes are not provided because we intend to and believe we qualify as a REIT under the provisions of the Code and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. Our shareholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our shareholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Income earned by our taxable REIT subsidiary, Whitestone Davenport TRS LLC (“Davenport TRS”), is subject to federal income tax. For the year ended December 31, 2016, we recognized $45,000 in income tax expense related to Davenport TRS taxable year. Davenport TRS was dissolved in the fourth quarter of 2016. Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31:
|
Related Party Transactions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Contribution. Mr. James C. Mastandrea, the Chairman and Chief Executive Officer of the Company, also serves as the Chairman and Chief Executive Officer of Pillarstone REIT and beneficially owns approximately 78.5% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act of 1934, as amended (the “Exchange Act”)). Mr. John J. Dee, the Chief Operating Officer and Corporate Secretary of the Company, also serves as the Senior Vice President and Chief Financial Officer of Pillarstone REIT and beneficially owns approximately 26.6% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act). In addition, Mr. Paul T. Lambert, a Trustee of the Company, also serves as a Trustee of Pillarstone REIT. The Contribution is pursuant to the Company’s strategy of recycling capital by disposing of Non-Core Properties that do not fit the Company’s Community Centered Property® strategy and the terms of the Contribution Agreement, the OP Unit Purchase Agreement, the Tax Protection Agreement and the Contribution were determined through arm’s-length negotiations. The Contribution was unanimously approved and recommended by a special committee of independent Trustees of the Company. See Note 5 for additional disclosure on the Contribution. Pillarstone OP. For the year ended December 31, 2017, Pillarstone OP was accounted under the profit-sharing method and related party transactions between the Company and Pillarstone OP were eliminated. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method. During the ordinary course of business, we have transactions with Pillarstone OP that include, but are not limited to, rental income, interest expense, general and administrative costs, commissions, management and asset management fees, and property expenses. The following table presents the revenue and expenses with Pillarstone OP included in our consolidated statements of operations for the year ended December 31, 2018 (in thousands):
On December 8, 2016, we received a $15.4 million financed receivable from Pillarstone OP to provide the financing for the ordinary course of business transactions for Pillarstone OP. The financed receivable has a interest rate of 1.4%-1.95% plus Libor and a maturity date of December 31, 2019. As of December 31, 2018, the balance of the financed receivable is $5.7 million. |
Equity |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Under our declaration of trust, as amended, we have authority to issue up to 400 million common shares of beneficial interest, $0.001 par value per share, and up to 50 million preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On April 25, 2017, we completed the sale of 8,018,500 common shares, including 1,018,500 common shares purchased by the underwriters upon exercise of their option to purchase additional common shares, at a public offering price per share of $13.00 (the “April 2017 Offering”). Total net proceeds from the April 2017 Offering, after deducting offering expenses, were approximately $99.9 million, which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from the April 2017 Offering to repay a portion of the 2018 Facility and for general corporate purposes, including funding a portion of the purchase price of BLVD Place and Eldorado Plaza. On June 4, 2015, we entered into nine amended and restated equity distribution agreements (the “2015 equity distribution agreements”) for an at-the-market distribution program. Pursuant to the terms and conditions of the 2015 equity distribution agreements, we could issue and sell up to an aggregate of $50 million of our common shares pursuant to our Registration Statement on Form S-3 (File No. 333-203727), which expired on April 29, 2018. Actual sales depended on a variety of factors determined by us from time to time, including (among others) market conditions, the trading price of our common shares, capital needs and our determinations of the appropriate sources of funding for us, and were made in transactions that will be deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act. We had no obligation to sell any of our common shares, and could at any time suspend offers under the 2015 equity distribution agreements or terminate the 2015 equity distribution agreements. For the year ended December 31, 2018, we did not sell any common shares under the 2015 equity distribution agreements. For the year ended December 31, 2017, we sold 1,324,038 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $18.6 million. In connection with such sales, we paid compensation of approximately $0.3 million to the sales agents. For the year ended December 31, 2016, we sold 2,063,697 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $30.0 million. In connection with such sales, we paid compensation of approximately $0.5 million to the sales agents. Operating Partnership Units Substantially all of our business is conducted through the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2018, we owned a 97.7% interest in the Operating Partnership. Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to Whitestone common shares. As of December 31, 2018 and 2017, there were 40,585,688 and 40,184,532 OP units outstanding, respectively. We owned 39,657,207 and 39,100,951 OP units as of December 31, 2018 and 2017, respectively. The balance of the OP units is owned by third parties, including certain trustees. Our weighted-average share ownership in the Operating Partnership was approximately 97.5%, 97.0% and 97.8% for the years ended December 31, 2018, 2017 and 2016, respectively. For the year ended December 31, 2018 and 2017, 155,100 and 19,055 OP units, respectively, were redeemed for an equal number of common shares. Distributions The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data):
|
Incentive Share Plan |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCENTIVE SHARE PLAN | INCENTIVE SHARE PLAN On July 29, 2008, our shareholders approved the 2008 Plan. On December 22, 2010, our board of trustees amended the 2008 Plan to allow for awards in or related to Class B common shares pursuant to the 2008 Plan. On June 27, 2012, our Class B common shares were redesignated as “common shares.” The 2008 Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units, which may be redeemed for cash or, at our option, common shares of Whitestone. The maximum aggregate number of common shares that may be issued under the 2008 Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of common shares that may be issued under the 2008 Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than shares and/or units issued to or held by Whitestone). The Compensation Committee of our board of trustees administers the 2008 Plan, except with respect to awards to non-employee trustees, for which the 2008 Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. On April 2, 2014, the Compensation Committee approved the modification of the vesting provisions with respect to awards of an aggregate of 633,704 restricted common shares and restricted common share units for certain of our employees. The modified time-based shares vested annually in three equal installments. The modified performance-based restricted common shares and restricted common share units were modified to include performance-based vesting based on achievement of certain absolute financial goals, as well as one to two years of time-based vesting post achievement of financial goals. Continued employment is required through the applicable vesting date. Additionally, 2,049,116 restricted performance-based common share units were granted with the same vesting conditions as the modified performance-based grants described above. The performance targets were not met prior to December 31, 2018, any unvested performance-based restricted common shares and restricted common share units were forfeited. The Compensation Committee approved the grant of an aggregate of 320,000 and 143,000 time-based restricted common share units on June 30, 2016 and 2015, respectively, to James C. Mastandrea and David K. Holeman. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 267,783 performance-based restricted common share units under the 2008 Plan with market-based vesting conditions (the “TSR Units”) to certain of our employees. Vesting is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three-year performance period. At the end of the performance period, the number of common shares awarded for each vested TSR Unit will vary from 0% to 200% depending on the Company’s ranking in the peer group (the “TSR Peer Group Ranking”). Continued employment is required through the vesting date. The grant date fair value for each TSR Unit of $12.37 was determined using the Monte Carlo simulation method and is being recognized as share-based compensation expense ratably from the September 30, 2017 grant date to the end of the performance period, December 31, 2019. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the performance period of approximately three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the expected life of the grant. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 965,000 performance-based restricted common share units under the 2008 Plan which only vest immediately prior to the consummation of a Change in Control (as defined in the 2008 Plan) that occurs on or before September 30, 2024 (the “CIC Units”) to certain of our employees. Continued employment is required through the vesting date. If a Change in Control does not occur on or before September 30, 2024, the CIC Units shall be immediately forfeited. The Company considers a Change in Control on or before September 30, 2024 to be improbable, and no expense has been recognized for the CIC Units. If a Change in Control occurs, any outstanding CIC Units would be expensed immediately on the date of the Change in Control using the grant date fair value. The grant date fair value for each CIC Unit of $13.05 was determined based on the Company’s closing share price on the grant date. At the Company’s annual meeting of shareholders on May 11, 2017, its shareholders voted to approve the 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of up to 3,433,831 common shares and OP units pursuant to awards under the 2018 Plan. The 2018 Plan became effective on July 30, 2018, which was the day after the 2008 Plan expired. The Compensation Committee administers the 2018 Plan, except with respect to awards to non-employee trustees, for which the 2018 Plan is administered by the Board of Trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards On December 1, 2018, the Compensation Committee approved the grant of an aggregate of 229,684 TSR Units under the 2018 Plan to certain of our employees. Vesting is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three-year performance period. At the end of the performance period, the number of common shares awarded for each vested TSR Unit will vary from 0% to 200% depending on the Company’s TSR Peer Group Ranking. Continued employment is required through the vesting date. The grant date fair value for each TSR Unit of $14.89 was determined using the Monte Carlo simulation method and is being recognized as share-based compensation expense ratably from the December 1, 2018 grant date to the end of the performance period, December 31, 2020. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the performance period of approximately three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the expected life of the grant. A summary of the share-based incentive plan activity as of and for the year ended December 31, 2018 is as follows:
A summary of our nonvested and vested shares activity for the years ended December 31, 2018, 2017 and 2016 is presented below:
Total compensation recognized in earnings for share-based payments for the years ended December 31, 2018, 2017 and 2016 was $6.8 million, $10.4 million and $10.2 million, respectively. Based on our current financial projections, we expect 100% of the unvested awards, exclusive of 965,000 CIC Units, to vest over the next 33 months. As of December 31, 2018, there was approximately $4.6 million in unrecognized compensation cost related to outstanding non-vested TSR Units, which are expected to vest over a period of 24 months and approximately $2.9 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 33 months beginning on January 1, 2019. We expect to record approximately $7.5 million in share-based compensation subsequent to the year ended December 31, 2018. The unrecognized share-based compensation cost is expected to vest over a weighted average period of 22 months. The dilutive impact of the performance-based shares will be included in the denominator of the earnings per share calculation beginning in the period that the performance conditions are expected to be met. The dilutive impact of the TSR Units is based on the Company’s TSR Peer Group Ranking as of the reporting date and weighted according to the number of days outstanding in the period. As of December 31, 2018, the TSR Peer Group Ranking called for 200% attainment. The dilutive impact of the CIC Units is based on the probability of a Change in Control. Because the Company considers a Change in Control on or before September 30, 2024 to be improbable, no CIC Units are included in the Company’s dilutive shares. |
Grants to Trustees |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Grants to Trustees [Abstract] | |
GRANTS TO TRUSTEES | GRANTS TO TRUSTEES On December 28, 2018, each of our six independent trustees and one trustee emeritus were granted 3,000 common shares, which vest immediately and are prorated based on date appointed. The 21,000 common shares granted to our trustees had a grant fair value of $12.42 per share. On December 28, 2018, two of our independent trustees each elected to receive a total of 4,186 common shares with a grant date fair value of $12.42 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2018 was determined using quoted prices available on the date of grant. On December 12, 2017, each of our six independent trustees and one trustee emeritus were granted 3,000 common shares, which vest immediately and are prorated based on date appointed. The 16,281 common shares granted to our trustees had a grant fair value of $14.46 per share. On December 12, 2017, three of our independent trustees each elected to receive a total of 2,320 common shares with a grant date fair value of $14.46 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2017 was determined using quoted prices available on the date of grant. On December 21, 2016, each of our four independent trustees and one trustee emeritus were granted 1,500 common shares, which vest immediately. The 7,500 common shares granted to our trustees had a grant date fair value of $14.07 per share. On December 21, 2016, two of our independent trustees each elected to receive a total of 3,128 common shares with a grant date fair value of $14.07 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2016 was determined using quoted prices available on the date of grant. |
Commitments and Contingencies |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are a participant in various legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we believe that the final outcome of these matters will not have a material effect on our financial position, results of operations, or cash flows. |
Segment Information |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our management historically has not differentiated by property types and therefore does not present segment information. |
Selected Quarterly Financial Data (unaudited) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | SELECTED QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data):
Quarterly Restatement of the 2018 Unaudited Quarterly Financial Statements As previously disclosed in the Company’s Current Form 8-K filed with the SEC on February 27, 2019, on January 1, 2018, the Company adopted Topic 606, as subsequently amended, using the modified retrospective method and applied Topic 606 to those contracts that were not completed as of January 1, 2018. We applied Topic 606 to account for sales of real estate (that do not meet the definition of a business) to customers. We accounted for sales of real estate (that do not meet the definition of a business) to noncustomers under Accounting Standards Codification 610, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets” (“ASC 610”), which requires the application of certain concepts from ASC 606. In August 2018, the Company received a comment letter from the Staff relating to its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018. The Staff requested that the Company provide them with an analysis of the Company’s determination that the contribution of assets to Pillarstone OP (as described in the Form 8-K) did not meet the requirements for derecognition of the underlying assets under Topic 606, and an explanation of the Company’s consideration of the immaterial accounting errors related to Pillarstone OP in its conclusion that the Company’s disclosure controls and procedures and internal controls over financial reporting were effective as of June 30, 2018 and December 31, 2017. In September 2018, the Company responded to the Staff’s letter with the requested analysis and explanation. In October 2018, the Company received a comment letter from the Staff with certain follow up questions. Subsequently, the Company engaged in verbal discussions with the Staff regarding its responses, and in February 2019, the Staff verbally informed the Company that it objected to the Company’s conclusion regarding the assessment of the transfer of control criteria in Topic 606 with respect to the contribution and objected to the Company’s continued recognition of the underlying assets and liabilities associated with the contribution subsequent to the adoption of Topic 606 on January 1, 2018. Accordingly, the Company concluded that the Company’s 2018 Quarterly Financial Statements should be restated. Because this change from the profit sharing method is only applicable for periods ending after giving effect to the implementation of Topic 606, no periods prior to January 1, 2018 are affected by this error. See Note 5 Investment in Real Estate Partnership for further details. As a result of Topic 606 and ASC 610 adoptions and as reflected in the Quarterly Restatement, the Company has derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and has recognized the Company’s investment in Pillarstone OP under the equity method of accounting. As a part of the Quarterly Restatement, the Company has made the following adjustments to the 2018 Quarterly Financial Statements.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. |
Subsequent Events |
12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||
Subsequent Events | SUBSEQUENT EVENTS On January 31, 2019, we, through our Operating Partnership, entered into an unsecured credit facility (the “2019 Facility”) with the lenders party thereto, Bank of Montreal, as administrative agent (the “Agent”), SunTrust Robinson Humphrey, as syndication agent, and BMO Capital Markets Corp., U.S. Bank National Association, SunTrust Robinson Humphrey and Regions Capital Markets, as co-lead arrangers and joint book runners. The 2019 Facility amended and restated the 2018 Facility. The 2019 Facility is comprised of the following three tranches:
The 2019 Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity by $200.0 million, upon the satisfaction of certain conditions. The Company used $446.2 million of proceeds from the 2019 Facility to repay amounts outstanding under 2018 Facility and intends to use the remaining proceeds from the 2019 Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and re-tenanting of properties in its portfolio and working capital. The Company, each direct and indirect material subsidiary of the Operating Partnership and any other subsidiary of the Operating Partnership that is a guarantor under any unsecured ratable debt will serve as a guarantor for funds borrowed by the Operating Partnership under the 2019 Facility. The 2019 Facility contains customary terms and conditions, including, without limitation, customary representations and warranties and affirmative and negative covenants including, without limitation, information reporting requirements, limitations on investments, acquisitions, loans and advances, mergers, consolidations and sales, incurrence of liens, dividends and restricted payments. In addition, the 2019 Facility contains certain financial covenants including the following:
The 2019 Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. If an event of default occurs and is continuing under the 2019 Facility, the lenders may, among other things, terminate their commitments under the 2019 Facility and require the immediate payment of all amounts owed thereunder. |
Schedule II - Valuation and Qualifying Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts |
|
Schedule III - Real Estate and Accumulated Depreciation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation |
|
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2018, 2017 and 2016, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. |
Profit-sharing Method | Profit-sharing Method. In accordance with the Financial Accounting Standards Board’s (“FASB”) guidance applicable to sales of real estate or interests therein, specifically FASB Accounting Standards Codification (“ASC”) 360-20, “Real Estate Sales,” Topic 606, “Revenue from Contracts with Customers” and ASC 610, “Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets,” we did not recognize the sale of assets to Pillarstone OP in the Contribution (as defined in Note 5) and accounted for the transaction under the profit-sharing method for the year ended December 31, 2017. We recognized Pillarstone OP’s real estate assets and notes payables in our consolidated balance sheets. Additionally, the profits and losses of Pillarstone OP not attributable to the Company were reported as profit sharing expense. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method. |
Equity Method | Equity Method. For the year ended December 31, 2017, Pillarstone OP was accounted under the profit-sharing method. As a result of the adoption of Topic 606 and ASC 610, the Company derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and recognized the Company’s investment in Pillarstone OP under the equity method. See Note 5 and Note 19 for additional disclosure on Pillarstone OP. As of December 31, 2018, we, through our investment in Pillarstone OP, owned a majority interest in 11 properties that do not meet our Community Centered Property® strategy containing approximately 1.3 million square feet of GLA. We own 81.4% of the total outstanding units of Pillarstone OP. We also manage the day-to-day operations of Pillarstone OP. In this Annual Report on Form 10-K, unless otherwise indicated, we do not include the Pillarstone Properties when we refer to our properties. |
Basis of Accounting | Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. |
Reclassifications | Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. |
Restricted Cash | Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024, which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. |
Share-Based Compensation | Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management’s most recent estimates using the fair value of the shares as of the grant date. |
Revenue Recognition | Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2018 and 2017 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2018 and 2017, there were net book credit balances of $0.0 and $0.8 million, respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets. |
Marketable Securities | Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board’s (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. |
Development Properties | Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the year ended December 31, 2018, approximately $574,000 and $365,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2017, approximately $439,000 and $277,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2016, approximately $324,000 and $71,000 in interest expense and real estate taxes, respectively, were capitalized. |
Acquired Properties and Acquired Lease Intangibles | Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. |
Depreciation | Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. |
Impairment | Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2018. |
Accrued Rents and Accounts Receivable | Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2018 and 2017, we had an allowance for uncollectible accounts of $9.7 million and $8.6 million, respectively. As of December 31, 2018, 2017 and 2016, we recorded bad debt expense in the amount of $1.4 million, $2.3 million and $1.6 million, respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. |
Unamortized Lease Commissions and Loan Costs | Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. |
Prepaids and Other Assets, Policy | Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. |
Federal Income and State Taxes | Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2018, 2017 and 2016, we recorded a margin tax provision of $0.4 million, $0.4 million and $0.2 million, respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $618.6 million and $659.6 million as compared to the book value of approximately $619.4 million and $660.9 million as of December 31, 2018 and 2017, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. The fair value of our loan guarantee to Pillarstone OP is estimated on a Level 3 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures”), using a probability-weighted discounted cash flow analysis based on a discount rate, discounting the loan balance. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2018 and 2017. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2018 and current estimates of fair value may differ significantly from the amounts presented herein. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. We utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge’s change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2018, we consider our cash flow hedges to be highly effective. |
Concentration of Risk | Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a modified retrospective basis beginning January 1, 2018 and have derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and have recognized the Company’s investment in Pillarstone OP under the equity method of accounting. The Company made an adjustment which decreased the Company’s accumulated deficit as of January 1, 2018 by $19.1 million. See Note 5 and Note 19 for further details. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged with the exception of changes related to costs which qualify as initial direct costs. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance is effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. We adopted the guidance and its related amendments as of January 1, 2019 using the transition practical expedient which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings as of the adoption date as well as other elected practical expedients. Additionally, we have elected the optional transition practical expedient for lessors that permits lessors to make an accounting policy election to not separate nonlease components from the associated lease components, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and nonlease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. As a result, leases where we are the lessor are accounted for in a similar manner to existing standards with the underlying leased asset being reported and recognized as a real estate asset. We have identified our lease commitments and finalized our evaluation on our consolidated financial statements and on our internal accounting processes. Substantially all of our real estate lessor commitments continued to be accounted for as operating leases, and the new leasing standard did not have a material impact on rental revenues. Our lessee operating lease commitments are subject to the standard and recognized as operating lease liabilities and right-of-use assets upon adoption. Our adoption of the new leasing standard did not have a material impact on our consolidated financial statements. Upon our adoption of the guidance as of January 1, 2019, we increased lease liabilities and corresponding right-of-use assets. Such adoption resulted in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $406,000 in legal related costs for the year ended December 31, 2018. These transition adjustments did not have a material impact on our consolidated balance sheet. Additionally, this guidance did not have a material impact on our consolidated statement of income upon adoption. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance effective January 1, 2018, and we have reconciled cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We adopted this guidance on a modified retrospective basis beginning January 1, 2018 and have derecognized the underlying assets and liabilities associated with the Contribution as of January 1, 2018 and have recognized the Company’s investment in Pillarstone OP under the equity method of accounting. The Company made an adjustment which decreased the Company’s accumulated deficit as of January 1, 2018 by $19.1 million. See Note 5 and Note 19 for further details. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The following table presents the effects of the immaterial error correction on the consolidated statements of operations and comprehensive income (in thousands):
As a part of the Quarterly Restatement, the Company has made the following adjustments to the 2018 Quarterly Financial Statements.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. |
Marketable Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-Sale Securities | Available-for-sale securities consist of the following (in thousands):
|
Real Estate (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of pro forma results of operations | The following unaudited pro forma results summarized below reflect our consolidated results of operations as if our acquisitions for the years ended December 31, 2017 and 2016 were acquired on January 1, 2016. The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods.
|
Investment in Real Estate Partnership (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Summarized financial information for the Company’s investment in real estate partnership is as follows (in thousands):
The table below presents the real estate partnership investment in which the Company held an ownership interest (in thousands):
(1) The Company manages these real estate partnership investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, and asset management fees. (2) As of December 31, 2017, the Company had a net deferred gain of $18.0 million relating to the sale of properties to Pillarstone OP prior to the adoption of ASU 2017-05. These deferred gains were included in the Company’s investment above. Upon adoption, the Company recorded a cumulative-effect adjustment of $19.1 million to its beginning accumulated deficit as of January 1, 2018 on the Company’s Consolidated Statements of Changes in Equity. (3) Representing 11 property interests and 1.3 million square feet of GLA, as of December 31, 2018, and 14 property interests and 1.5 million square feet of GLA, as of December 31, 2017. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investment Financial Statements, Disclosure | The table below presents the Company’s share of net income from its investment in the real estate partnership which is included in equity in earnings of real estate partnership, net on the Company’s Consolidated Statements of Operations and Comprehensive Income (in thousands):
The carrying amounts and classification of certain assets and liabilities for Pillarstone OP under the profit sharing method as of December 31, 2017 and consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations | The Company's maximum exposure to loss relating to Pillarstone OP as of December 31, 2017 is as follows (in thousands):
|
Accrued Rents and Accounts Receivable, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Rent and Accounts Receivable, Net | Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands):
|
Unamortized Lease Commissions and Loan Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unamortized Leasing Comissions and Loan Costs | Costs which have been deferred consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Future Amortization of Deferred Costs | A summary of expected future amortization of deferred costs is as follows (in thousands):
(1) The Company will recognize a cumulative-effect adjustment to the opening balance of retained earnings of $281,000 in deferred legal costs in 2019 from the modified retrospective adoption of ASC 842. |
Future Minimum Lease Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2018 is as follows (in thousands):
|
Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Mortgages and other notes payable consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt | Scheduled maturities of our outstanding debt as of December 31, 2018 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Obligations | As of December 31, 2018, we had the following contractual obligations:
|
Derivatives and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity and fair value of interest rate swaps | A summary of our interest rate swap activity is as follows (in thousands):
The fair value of our interest rate swaps is as follows (in thousands):
|
Earnings Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share |
|
Federal Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Characterization of Cash Dividends Distrubuted for Income Tax Purpose | For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31:
|
Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table presents the revenue and expenses with Pillarstone OP included in our consolidated statements of operations for the year ended December 31, 2018 (in thousands):
|
Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Distributions | The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data):
|
Incentive Share Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Incentive Plan Activity | A summary of the share-based incentive plan activity as of and for the year ended December 31, 2018 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested and Vested Shares Activity | A summary of our nonvested and vested shares activity for the years ended December 31, 2018, 2017 and 2016 is presented below:
|
Selected Quarterly Financial Data (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share data):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The following table presents the effects of the immaterial error correction on the consolidated statements of operations and comprehensive income (in thousands):
As a part of the Quarterly Restatement, the Company has made the following adjustments to the 2018 Quarterly Financial Statements.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.
(1) Previously reported balances are from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. |
Description of Business and Nature of Operations (Details) ft² in Millions |
1 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 31, 2004
shares
|
Dec. 31, 2018
ft²
|
Dec. 31, 2018 |
Dec. 31, 2018
property
|
Dec. 31, 2018
CommercialProperties
|
Dec. 31, 2017
ft²
property
|
Dec. 31, 2016
property
|
|
Real Estate Properties [Line Items] | |||||||
Reorganization and conversion, number of common shares (in shares) | shares | 1.42857 | ||||||
Wholly Owned Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties | 57 | 57 | 73 | 69 | |||
Gross leasable area (in square feet) | ft² | 4.8 | ||||||
Retail Site [Member] | Community Centered Properties™ [Member] | Wholly Owned Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties | 51 | ||||||
Redevelopment, New Acquisitions Portfolio [Member] | Land [Member] | Parcels Held for Future Development [Member] | Wholly Owned Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties | 6 | ||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership interest | 81.40% | ||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Unconsolidated Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties | 11 | 14 | |||||
Gross leasable area (in square feet) | ft² | 1.3 | 1.5 |
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands, ft² in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
ft²
property
shares
|
Dec. 31, 2017
USD ($)
ft²
property
|
Dec. 31, 2016
USD ($)
|
Jan. 01, 2018
USD ($)
|
May 11, 2017
shares
|
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | ||||||||||
Net book credit balances | $ 0 | $ 800 | |||||||||
Interest expense capitalized | 574 | 439 | $ 324 | ||||||||
Real estate taxes capitalized | 365 | 277 | 71 | ||||||||
Allowance for doubtful accounts | 9,746 | 8,608 | |||||||||
Bad debt expense | $ 446 | $ 662 | $ 970 | 1,391 | 2,340 | 1,585 | |||||
Fair value of long-term debt | 618,600 | 659,600 | |||||||||
Book value of long-term debt | 619,400 | 660,900 | |||||||||
Impact of change in accounting principal: ASU 2014-09 | [1] | $ 19,119 | |||||||||
Deferred legal cost | 406 | 386 | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation expense | $ 6,800 | $ 10,400 | $ 10,200 | ||||||||
Number of shares authorized (in shares) | shares | 3,433,831 | ||||||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Ownership interest | 81.40% | ||||||||||
Unconsolidated Properties [Member] | Pillarstone Capital REIT Operating Partnership LP [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of properties | property | 11 | 14 | |||||||||
Gross leasable area (in square feet) | ft² | 1.3 | 1.5 | |||||||||
Accumulated Deficit [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Impact of change in accounting principal: ASU 2014-09 | [1] | $ 19,119 | |||||||||
|
Summary of Significant Accounting Policies - Restricted Cash (Details) - Anthem Marketplace Note [Member] $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Face amount of debt | $ 15.1 |
Stated interest rate | 4.99% |
Summary of Significant Accounting Policies - Effects of Immaterial Correction (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 8,674 | $ 8,033 | $ 2,005 | $ 3,269 | $ 1,975 | $ 3,077 | $ 2,043 | $ 1,493 | $ 5,274 | $ 13,307 | $ 21,981 | $ 8,588 | $ 8,113 |
Net income attributable to noncontrolling interests | 198 | 51 | 88 | 138 | 342 | $ 550 | 254 | 182 | |||||
As Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 7,837 | 1,755 | 3,234 | 4,867 | 12,704 | 8,866 | 8,128 | ||||||
Net income attributable to noncontrolling interests | $ 193 | $ 45 | $ 206 | $ 128 | $ 326 | 532 | 197 | ||||||
Error correction, incorrect initial determination of primary beneficiary of variable interest entity | Correction of Error | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | (278) | (15) | |||||||||||
Net income attributable to noncontrolling interests | $ (278) | $ (15) |
Summary of Significant Accounting Policies - Depreciation (Details) - Building and Building Improvements [Member] |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Summary of Significant Accounting Policies - Taxes (Details) - TEXAS - State and Local Jurisdiction [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Examination [Line Items] | |||
Applicable tax rate used to determine state margin tax | 1.00% | ||
Standard deduction rate used to determine state margin tax | 30.00% | ||
Margin tax provision recognized | $ 0.4 | $ 0.4 | $ 0.2 |
Marketable Securities (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 0 | $ 50,000 | ||||
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ||||
Losses in Accumulated Other Comprehensive Income | 0 | (18,000) | ||||
Estimated Fair Value | 0 | 32,000 | ||||
Proceeds from sales of marketable securities | $ 30,000 | $ 30,000 | $ 30,000 | 30,000 | 513,000 | $ 0 |
Gross realized losses | 20,000 | 5,000 | ||||
Unrealized holding loss | 0 | 18,000 | ||||
Real estate sector common stock | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 0 | 50,000 | ||||
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ||||
Losses in Accumulated Other Comprehensive Income | 0 | (18,000) | ||||
Estimated Fair Value | $ 0 | $ 32,000 |
Real Estate Narrative (Details) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 24, 2018
USD ($)
|
Feb. 27, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
a
|
May 26, 2017
USD ($)
ft²
a
|
May 03, 2017
USD ($)
ft²
|
Nov. 29, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
ft²
shares
|
Mar. 03, 2016
USD ($)
|
Feb. 17, 2016
USD ($)
a
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
property
|
Dec. 31, 2016
USD ($)
property
|
Dec. 31, 2018
shares
|
Dec. 31, 2018
ft²
|
Dec. 31, 2018 |
Dec. 31, 2018
property
|
Dec. 31, 2018
CommercialProperties
|
|
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Payments to acquire property | $ 0 | $ 125,468,000 | $ 60,616,000 | |||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | |||||||||||||||||||||
Acquisition-related costs | 0 | 1,600,000 | 2,100,000 | |||||||||||||||||||
Gain on property dispositions | $ 69,000 | $ (4,000) | $ 4,373,000 | 4,547,000 | (167,000) | 3,261,000 | ||||||||||||||||
Deferred gain on sale of property | 18,000,000 | |||||||||||||||||||||
Gain on sale of properties | $ 4,380,000 | $ 0 | $ 249,000 | $ 249,000 | $ 4,629,000 | 4,629,000 | 16,000 | 3,357,000 | ||||||||||||||
Hurricane [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Loss from catastrophes | $ 500,000 | |||||||||||||||||||||
El Dorado Plaza [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Area of land (in acres) | a | 1.83 | |||||||||||||||||||||
Payments to acquire property | $ 900,000 | |||||||||||||||||||||
La Mirada and Seville [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Consideration transferred | $ 60,700,000 | |||||||||||||||||||||
Equity interest (in shares) | shares | 621,053 | |||||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | |||||||||||||||||||||
La Mirada [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 147,209 | |||||||||||||||||||||
Property percentage occupied | 90.00% | |||||||||||||||||||||
Seville [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 90,042 | |||||||||||||||||||||
Property percentage occupied | 88.00% | |||||||||||||||||||||
Pinnacle of Scottsdale Phase II [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 27,063 | |||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||
Construction costs incurred | 5,461,000 | |||||||||||||||||||||
Capitalized interest and real estate taxes | 592,000 | |||||||||||||||||||||
Shops at Starwood Phase III [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 35,351 | |||||||||||||||||||||
Property percentage occupied | 72.00% | |||||||||||||||||||||
Construction costs incurred | 8,400,000 | |||||||||||||||||||||
Capitalized interest and real estate taxes | $ 1,100,000 | |||||||||||||||||||||
Torrey Square [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 8,700,000 | |||||||||||||||||||||
Gain on property dispositions | $ 4,400,000 | |||||||||||||||||||||
Bellnot Square [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,700,000 | |||||||||||||||||||||
Gain on property dispositions | $ 300,000 | |||||||||||||||||||||
Zeta, Royal Crest and Featherwood [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,900,000 | |||||||||||||||||||||
Gain on sale of properties recognized | 500,000 | |||||||||||||||||||||
Gain on property dispositions | 2,200,000 | |||||||||||||||||||||
Short-term seller financing provided | $ 1,700,000 | |||||||||||||||||||||
Deferred gain on sale of property | $ 1,700,000 | |||||||||||||||||||||
Brookhill [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 3,100,000 | |||||||||||||||||||||
Gain on sale of properties | $ 1,900,000 | |||||||||||||||||||||
Pinnacle Phase II [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Area of land (in acres) | a | 4.5 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 1,100,000 | |||||||||||||||||||||
Gain on sale of properties | $ 1,000,000 | |||||||||||||||||||||
Area of land sold (in acres) | a | 0.5 | |||||||||||||||||||||
Wholly Owned Properties [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Number of properties | 73 | 69 | 57 | 57 | ||||||||||||||||||
Gross leasable area (in square feet) | ft² | 4,800,000 | |||||||||||||||||||||
BLVD Place [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 216,944 | |||||||||||||||||||||
Area of land (in acres) | a | 1.43 | |||||||||||||||||||||
Consideration transferred | $ 158,000,000 | |||||||||||||||||||||
Mortgage financing | 80,000,000 | |||||||||||||||||||||
Cash purchase price | $ 78,000,000 | |||||||||||||||||||||
Property percentage occupied | 99.00% | |||||||||||||||||||||
El Dorado Plaza [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 221,577 | |||||||||||||||||||||
Consideration transferred | $ 46,600,000 | |||||||||||||||||||||
Property percentage occupied | 96.00% |
Real Estate Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Real Estate [Abstract] | ||
Total property revenues | $ 133,663 | $ 129,385 |
Net income | 11,322 | 16,963 |
Net income attributable to Whitestone REIT | $ 10,990 | $ 16,583 |
Basic Earnings Per Share (in dollars per share) | $ 0.28 | $ 0.45 |
Diluted Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.44 |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 37,933 | 35,637 |
Diluted (in shares) | 38,760 | 36,402 |
Investment in Real Estate Partnership - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Dec. 27, 2018
USD ($)
property
|
Dec. 08, 2016
USD ($)
subsidiary
property
$ / shares
|
Mar. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Variable Interest Entity [Line Items] | ||||||||
Repayments of notes payable | $ 578 | $ 1,274 | $ 1,972 | $ 2,543 | $ 11,543 | $ 14,335 | ||
Notes payable | $ 619,986 | $ 619,354 | $ 618,685 | $ 618,205 | 659,068 | |||
Pillarstone Variable Interest Entity [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of wholly-owned subsidiaries | subsidiary | 4 | |||||||
Number of non-core properties | property | 14 | |||||||
Consideration amount | $ 84,000 | |||||||
Consideration, limited partnership interest | $ 18,100 | |||||||
Consideration, limited partnership interest (in dollars per share) | $ / shares | $ 1.331 | |||||||
Liabilities assumed | $ 65,900 | |||||||
OP unit purchase agreement amount | $ 3,000 | |||||||
OP unit purchase agreement unit price (in dollars per share) | $ / shares | $ 1.331 | |||||||
OP unit purchase agreement term | 2 years | |||||||
Property management fee, percent fee | 5.00% | |||||||
Asset management fee, percent fee | 0.125% | |||||||
Pillarstone Variable Interest Entity [Member] | Uptown Tower [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Property management fee, percent fee | 3.00% | |||||||
Asset management fee, percent fee | 0.125% | |||||||
Pillarstone Variable Interest Entity [Member] | Line of Credit [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | $ 15,500 | |||||||
Pillarstone Variable Interest Entity [Member] | Notes Payable [Member] | Uptown Tower Promissory Note [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | 16,300 | |||||||
Pillarstone Variable Interest Entity [Member] | Notes Payable [Member] | Industrial-Office Promissory Note [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | $ 34,100 | |||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Ownership interest | 81.40% | |||||||
Notes payable | 48,840 | |||||||
Amortization of the basis difference between the cost of investment and the Company's share of underlying net book value | $ 108 | |||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Consolidation, Eliminations [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Repayments of notes payable | $ 8,000 | |||||||
Notes payable | $ 14,500 | |||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Three Properties in Houston, Texas [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of properties | property | 3 | |||||||
Proceeds from sale of real estate | $ 15,800 | |||||||
Gain on sale of properties recognized | $ 6,300 | |||||||
Performance Guarantee [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Guarantees, Fair Value Disclosure | $ 462 | |||||||
Guarantee Liability, Amortization Period | 7 years | |||||||
Amortization of guarantee liability | $ 106 | $ 112 |
Investment in Real Estate Partnership - Unconsolidated Real Estate Partnership Investments (Details) $ in Thousands, ft² in Millions |
Dec. 31, 2018
USD ($)
ft²
property
|
Sep. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 31, 2018
USD ($)
|
Jan. 01, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
ft²
property
|
||
---|---|---|---|---|---|---|---|---|
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in real estate partnership | $ 26,236 | $ 20,386 | $ 19,884 | $ 19,298 | $ 4,095 | |||
Deferred gain on sale of property | $ 18,000 | |||||||
Impact of change in accounting principal | [1] | $ 19,119 | ||||||
Accounting Standards Update 2017-05 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Impact of change in accounting principal | $ 19,100 | |||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 81.40% | |||||||
Investment in real estate partnership | $ 26,236 | |||||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Unconsolidated Properties [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties | property | 11 | 14 | ||||||
Gross leasable area (in square feet) | ft² | 1.3 | 1.5 | ||||||
|
Investment in Real Estate Partnership - Net Income from Investments in Real Estate Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||||||||
Net income from investments in real estate partnerships | $ 502 | $ 586 | $ 674 | $ 1,260 | $ 1,762 | $ 8,431 | $ 0 | $ 0 |
Pillarstone Capital REIT Operating Partnership LP [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Net income from investments in real estate partnerships | $ 8,431 |
Investment in Real Estate Partnership - Summarized Financial Information for Investment in Real Estate Partnership - Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|
Liabilities and equity: | |||||
Carrying value of investment in real estate partnership | $ 26,236 | $ 20,386 | $ 19,884 | $ 19,298 | $ 4,095 |
Pillarstone Capital REIT Operating Partnership LP [Member] | |||||
Assets: | |||||
Real estate, net | 72,661 | ||||
Other assets | 6,617 | ||||
Total assets | 79,278 | ||||
Liabilities and equity: | |||||
Notes payable | 47,064 | ||||
Other liabilities | 4,322 | ||||
Equity | 27,892 | ||||
Total liabilities and equity | 79,278 | ||||
Company’s share of equity | 22,717 | ||||
Cost of investment in excess (deficit) of the Company’s share of underlying net book value | 3,519 | ||||
Carrying value of investment in real estate partnership | $ 26,236 |
Investment in Real Estate Partnership - Summarized Financial Information for Investment in Real Estate Partnership - Income Statement (Details) - Pillarstone Capital REIT Operating Partnership LP [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Schedule of Equity Method Investments [Line Items] | |
Property revenues | $ 17,180 |
Property expenses | (6,687) |
Other expenses | (7,848) |
Gain on sale of properties | 7,839 |
Net income | $ 10,484 |
Investment in Real Estate Partnership - Certain Assets and Liabilities for Pillarstone OP (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 27, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|
Real estate assets, at cost | ||||||
Property | $ 1,052,238 | $ 1,049,315 | $ 1,052,771 | $ 1,051,984 | $ 1,149,454 | |
Accumulated depreciation | (113,300) | (107,165) | (103,696) | (98,788) | (131,034) | |
Total real estate assets | 938,938 | 942,150 | 949,075 | 953,196 | 1,018,420 | |
Liabilities: | ||||||
Notes payable | $ (618,205) | $ (618,685) | $ (619,354) | $ (619,986) | (659,068) | |
Pillarstone Capital REIT Operating Partnership LP [Member] | ||||||
Real estate assets, at cost | ||||||
Property | 95,146 | |||||
Accumulated depreciation | (35,980) | |||||
Total real estate assets | 59,166 | |||||
Investment in real estate partnership | 4,095 | |||||
Liabilities: | ||||||
Notes payable | (48,840) | |||||
Net carrying value | 14,421 | |||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Consolidation, Eliminations [Member] | ||||||
Liabilities: | ||||||
Notes payable | $ (14,500) | |||||
Pillarstone Capital REIT Operating Partnership LP [Member] | Consolidation, Eliminations [Member] | ||||||
Liabilities: | ||||||
Notes payable | $ 15,500 |
Investment in Real Estate Partnership - Maximum Exposure to Loss (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Maximum exposure to loss | $ 66,261 |
Net carrying value | |
Guarantor Obligations [Line Items] | |
Maximum exposure to loss | 14,421 |
OP Unit Purchase Agreement | |
Guarantor Obligations [Line Items] | |
Maximum exposure to loss | 3,000 |
Notes payable | |
Guarantor Obligations [Line Items] | |
Maximum exposure to loss | $ 48,840 |
Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|
Receivables [Abstract] | |||||
Tenant receivables | $ 14,686 | $ 14,128 | |||
Accrued rents and other recoveries | 16,423 | 15,620 | |||
Other receivables | (9,746) | (8,608) | |||
Other receivables | 279 | 0 | |||
Totals | $ 21,642 | $ 21,894 | $ 20,464 | $ 21,809 | $ 21,140 |
Unamortized Lease Commissions and Loan Costs (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Leasing commissions | $ 8,789 | $ 7,861 | |||
Deferred legal cost | 406 | 386 | |||
Deferred financing cost | 4,076 | 4,071 | |||
Total cost | 13,271 | 12,318 | |||
Less: leasing commissions accumulated amortization | (3,534) | (3,046) | |||
Less: deferred legal cost accumulated amortization | (125) | (52) | |||
Less: deferred financing cost accumulated amortization | (2,914) | (2,063) | |||
Total cost, net of accumulated amortization | $ 6,698 | $ 6,847 | $ 6,911 | $ 7,022 | $ 7,157 |
Unamortized Lease Commissions and Loan Costs (Details 2) - USD ($) $ in Thousands |
Jan. 01, 2019 |
Dec. 31, 2018 |
Jan. 01, 2018 |
|||
---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact of change in accounting principal | [1] | $ 19,119 | ||||
Expected Amortization of Deferred Leasing Commissions Year 2019 | $ 1,193 | |||||
Expected Amortization of Deferred Leasing Commissions Year 2020 | 1,038 | |||||
Expected Amortization of Deferred Leasing Commissions Year 2021 | 869 | |||||
Expected Amortization of Deferred Leasing Commissions Year 2022 | 681 | |||||
Expected Amortization of Deferred Leasing Commissions Year 2023 | 489 | |||||
Expected Amortization of Deferred Leasing Commissions Thereafter | 985 | |||||
Expected Amortization of Deferred Leasing Commissions | 5,255 | |||||
Expected Amortization of Deferred Legal Costs Year 2019 | 281 | |||||
Expected Amortization of Deferred Legal Costs Year 2020 | 0 | |||||
Expected Amortization of Deferred Legal Costs Year 2021 | 0 | |||||
Expected Amortization of Deferred Legal Costs Year 2022 | 0 | |||||
Expected Amortization of Deferred Legal Costs Year 2023 | 0 | |||||
Expected Amortization of Deferred Legal Costs Year Thereafter | 0 | |||||
Expected Amortization of Deferred Legal Costs | 281 | |||||
Expected Amortization of Deferred Financing Costs Year 2019 | 224 | |||||
Expected Amortization of Deferred Financing Costs Year 2020 | 199 | |||||
Expected Amortization of Deferred Financing Costs Year 2021 | 187 | |||||
Expected Amortization of Deferred Financing Costs Year 2022 | 187 | |||||
Expected Amortization of Deferred Financing Costs Year 2023 | 168 | |||||
Expected Amortization of Deferred Financing Costs Thereafter | 197 | |||||
Expected Amortization of Deferred Financing Costs | 1,162 | |||||
Expected Amortization of Deferred Costs Year 2019 | 1,698 | |||||
Expected Amortization of Deferred Costs Year 2020 | 1,237 | |||||
Expected Amortization of Deferred Costs Year 2021 | 1,056 | |||||
Expected Amortization of Deferred Costs Year 2022 | 868 | |||||
Expected Amortization of Deferred Costs Year 2023 | 657 | |||||
Expected Amortization of Deferred Costs Thereafter | 1,182 | |||||
Expected Amortization of Deferred Costs | $ 6,698 | |||||
Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact of change in accounting principal | [1] | $ 19,119 | ||||
Retained Earnings [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact of change in accounting principal | $ 281 | |||||
|
Future Minimum Lease Income (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 81,149 |
2020 | 70,181 |
2021 | 59,550 |
2022 | 48,431 |
2023 | 37,327 |
Thereafter | 122,102 |
Total | $ 418,740 |
Debt (Schedule of Debt) (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 25, 2018 |
Sep. 24, 2018 |
Dec. 31, 2017 |
May 26, 2017 |
Feb. 04, 2017 |
Feb. 03, 2017 |
|
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 619,444,000 | $ 660,929,000 | |||||
Less deferred financing costs, net of accumulated amortization | (1,239,000) | (1,861,000) | |||||
Long-term debt | 618,205,000 | 659,068,000 | |||||
Fixed Rate Notes [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2020 | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | 9,500,000 | 9,740,000 | |||||
Face amount of debt | $ 10,500,000.0 | ||||||
Basis spread on variable rate | 2.00% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 50,000,000 | 50,000,000 | |||||
Face amount of debt | $ 50,000,000.0 | ||||||
Imputed interest rate | 1.75% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.35% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.90% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 50,000,000 | 50,000,000 | |||||
Face amount of debt | $ 50,000,000.0 | ||||||
Imputed interest rate | 1.50% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.35% | ||||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.90% | ||||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 100,000,000 | 100,000,000 | |||||
Face amount of debt | $ 100,000,000 | ||||||
Imputed interest rate | 1.73% | ||||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.65% | ||||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.25% | ||||||
Fixed Rate Notes [Member] | $80.0 million, 3.72% Note, due June 1, 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 80,000,000 | 80,000,000 | |||||
Face amount of debt | $ 80,000,000.0 | $ 80,000,000 | |||||
Stated interest rate | 3.72% | 3.72% | |||||
Fixed Rate Notes [Member] | $37.0 million 3.76% Note, due December 1, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 0 | 33,148,000 | |||||
Face amount of debt | $ 37,000,000.0 | ||||||
Stated interest rate | 3.76% | ||||||
Fixed Rate Notes [Member] | $6.5 million 3.80% Note, due January 1, 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 5,657,000 | 5,842,000 | |||||
Face amount of debt | $ 6,500,000.0 | ||||||
Stated interest rate | 3.80% | ||||||
Fixed Rate Notes [Member] | $19.0 million 4.15% Note, due December 1, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 19,000,000 | 19,000,000 | |||||
Face amount of debt | $ 19,000,000.0 | ||||||
Stated interest rate | 4.15% | ||||||
Fixed Rate Notes [Member] | $20.2 million 4.28% Note, due June 6, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 18,996,000 | 19,360,000 | |||||
Face amount of debt | $ 20,200,000.0 | ||||||
Stated interest rate | 4.28% | ||||||
Fixed Rate Notes [Member] | $14.0 million 4.34% Note, due September 11, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 13,718,000 | 13,944,000 | |||||
Face amount of debt | $ 14,000,000.0 | ||||||
Stated interest rate | 4.34% | ||||||
Fixed Rate Notes [Member] | $14.3 million 4.34% Note, due September 11, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 14,300,000 | 14,300,000 | |||||
Face amount of debt | $ 14,300,000.0 | ||||||
Stated interest rate | 4.34% | ||||||
Fixed Rate Notes [Member] | $16.5 million 4.97% Note, due September 26, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 0 | 16,058,000 | |||||
Face amount of debt | $ 16,500,000.0 | ||||||
Stated interest rate | 4.97% | ||||||
Fixed Rate Notes [Member] | $15.1 million 4.99% Note, due January 6, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 14,643,000 | 14,865,000 | |||||
Face amount of debt | $ 15,100,000.0 | ||||||
Stated interest rate | 4.99% | ||||||
Fixed Rate Notes [Member] | $2.6 million 5.46% Note, due October 1, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 2,430,000 | 2,472,000 | |||||
Face amount of debt | $ 2,600,000.0 | ||||||
Stated interest rate | 5.46% | ||||||
Floating Rate Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 241,200,000 | ||||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.40% | ||||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.95% | ||||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable principal | $ 241,200,000 | $ 232,200,000 | |||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.40% | ||||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.95% | ||||||
Interest Rate Swap [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.85% | 3.55% | |||||
Interest Rate Swap [Member] | $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 1.75% | 0.84% | |||||
Interest Rate Swap [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 1.50% | ||||||
Interest Rate Swap [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 1.73% |
Debt (Narrative) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Nov. 07, 2014
USD ($)
|
Dec. 31, 2018
USD ($)
property
loan
|
Dec. 31, 2017
USD ($)
|
May 26, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Secured Debt | $ 178,200,000 | |||
Number of collateralized properties | property | 9 | |||
Carrying value of collateralized properties | $ 279,100,000 | |||
Long-term debt | $ 618,205,000 | $ 659,068,000 | ||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee | 0.20% | |||
Credit facility, usage | 50.00% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee | 0.25% | |||
Credit facility, usage | 50.00% | |||
2018 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at period end | 4.28% | |||
Floating Rate Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of loans (in loans) | loan | 1 | |||
Long-term debt | $ 241,200,000 | |||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.40% | |||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.95% | |||
Floating Rate Notes [Member] | One-month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.35% | |||
Fixed Rate Notes [Member] | $80.0 million, 3.72% Note, due June 1, 2027 | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | $ 80,000,000.0 | $ 80,000,000 | ||
Stated interest rate | 3.72% | 3.72% | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, amount outstanding | $ 441,200,000 | |||
Revolving Credit Facility [Member] | The Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | |||
Revolving Credit Facility [Member] | 2018 Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, increased borrowing capacity | 700,000,000 | |||
Credit facility, amount outstanding | 441,200,000 | |||
Credit facility, remaining borrowing capacity | 58,800,000 | |||
Revolving Credit Facility [Member] | 2018 Facility [Member] | Pillarstone [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, amount outstanding | $ 5,700,000 | |||
Revolving Credit Facility [Member] | 2018 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Revolving Credit Facility [Member] | 2018 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.40% | |||
Revolving Credit Facility [Member] | 2018 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.95% | |||
Term Loan [Member] | Term Loan 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | $ 100,000,000 | |||
Term Loan [Member] | Term Loan 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | 50,000,000 | |||
Term Loan [Member] | Term Loan 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | $ 50,000,000 | |||
Term Loan [Member] | 2018 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.35% | |||
Term Loan [Member] | 2018 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.25% |
Debt (Schedule of Maturities of Debt) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 | $ 248,199 |
2020 | 60,801 |
2021 | 51,611 |
2022 | 101,683 |
2023 | 20,720 |
Thereafter | 136,430 |
Long-Term Debt - Principal, Total | $ 619,444 |
Debt (Contractual Obligations) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Long-Term Debt - Principal, Total | $ 619,444 |
Long-Term Debt - Principal, Less than 1 year (2019) | 248,199 |
Long-Term Debt - Principal, 1 - 3 years (2020 - 2021) | 112,412 |
Long-Term Debt - Principal, 3 - 5 years (2022 - 2023) | 122,403 |
Long-Term Debt - Principal, More than 5 years (after 2023) | 136,430 |
Long-Term Debt - Fixed Interest, Total | 60,492 |
Long-Term Debt - Fixed Interest, Less than 1 year (2019) | 13,131 |
Long-Term Debt - Fixed Interest, 1 - 3 years (2020 - 2021) | 22,772 |
Long-Term Debt - Fixed Interest, 3 - 5 years (2022 - 2023) | 12,689 |
Long-Term Debt - Fixed Interest, More than 5 years (after 2023) | 11,900 |
Long-Term Debt - Variable Interest, Total | 6,633 |
Long-Term Debt - Variable Interest, Less than 1 year (2019) | 6,633 |
Long-Term Debt - Variable Interest, 1 - 3 years (2020 - 2021) | 0 |
Long-Term Debt - Variable Interest, 3 - 5 years (2022 - 2023) | 0 |
Long-Term Debt - Variable Interest, More than 5 years (after 2023) | 0 |
Unsecured revolving credit facility - Unused commitment fee, Total | 98 |
Unsecured revolving credit facility - Unused commitment fee, Less than 1 year (2019) | 98 |
Unsecured revolving credit facility - Unused commitment fee, 1 - 3 years (2020 - 2021) | 0 |
Unsecured revolving credit facility - Unused commitment fee, 3 - 5 years (2022 - 2023) | 0 |
Unsecured revolving credit facility - Unused commitment fee, More than 5 years (after 2023) | 0 |
Operating Lease Obligations, Total | 185 |
Operating Lease Obligations, Less than 1 year (2019) | 85 |
Operating Lease Obligations, 1 - 3 years (2020 - 2021) | 100 |
Operating Lease Obligations, 3 - 5 years (2022 - 2023) | 0 |
Operating Lease Obligations, More than 5 years (after 2023) | 0 |
Related Party Rent Lease Obligation, Total | 963 |
Related Party Rent Lease Obligation, Less than 1 year (2019) | 441 |
Related Party Rent Lease Obligation, 1 - 3 years (2020 - 2021) | 522 |
Related Party Rent Lease Obligation, 3 - 5 years (2022 - 2023) | 0 |
Related Party Rent Lease Obligation, More than 5 years (after 2023) | 0 |
Contractual Obligations, Total | 687,815 |
Contractual Obligations, Less than 1 year (2019) | 268,587 |
Contractual Obligations, 1 - 3 years (2020 - 2021) | 135,806 |
Contractual Obligations, 3 - 5 years (2022 - 2023) | 135,092 |
Contractual Obligations, More than 5 years (after 2023) | $ 148,330 |
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 05, 2018 |
Nov. 19, 2015 |
|
Interest Rate Swap [Member] | Interest Expense [Member] | ||||||
Derivative [Line Items] | ||||||
Amount Recognized as Comprehensive Income (Loss) | $ 1,192 | $ 2 | $ 929 | |||
Amount of Gain (Loss) Recognized in Earnings | 646 | (1,575) | $ (2,385) | |||
Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Estimated fair value | 4,286 | $ 3,036 | ||||
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ||||||
Derivative [Line Items] | ||||||
Estimated fair value | $ (59) | |||||
Term Loan 3 [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 1.725% | |||||
Term Loan 3 [Member] | U.S. Bank National Association [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | $ 35,000 | |||||
Term Loan 3 [Member] | SunTrust Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 15,000 | |||||
Term Loan 1 [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 14,000 | |||||
Term Loan 1 [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 1.75% | |||||
Term Loan 1 [Member] | U.S. Bank National Association [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 6,500 | |||||
Term Loan 1 [Member] | Wells Fargo Bank, National Association [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 14,000 | |||||
Term Loan 1 [Member] | SunTrust Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 5,000 | |||||
Term Loan 1 [Member] | Regions Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 3,800 | |||||
Term Loan 2 [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 1.502% | |||||
Term Loan 2 [Member] | U.S. Bank National Association [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 6,500 | |||||
Term Loan 2 [Member] | Wells Fargo Bank, National Association [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 14,000 | |||||
Term Loan 2 [Member] | Bank of American, N.A. [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 14,000 | |||||
Term Loan 2 [Member] | SunTrust Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | 5,000 | |||||
Term Loan 2 [Member] | Regions Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Swap amount assigned to counterparty | $ 3,800 | |||||
Terravita Marketplace [Member] | Extension Loan [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, amount of hedged item | $ 9,600 | |||||
Fixed interest rate | 2.85% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Numerator: | |||||||||||||
Net income | $ 8,674 | $ 8,033 | $ 2,005 | $ 3,269 | $ 1,975 | $ 3,077 | $ 2,043 | $ 1,493 | $ 5,274 | $ 13,307 | $ 21,981 | $ 8,588 | $ 8,113 |
Less: Net income attributable to noncontrolling interests | $ (198) | $ (51) | $ (88) | $ (138) | $ (342) | (550) | (254) | (182) | |||||
Distributions paid on unvested restricted shares | (301) | (456) | (620) | ||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 21,130 | $ 7,878 | $ 7,311 | ||||||||||
Denominator: | |||||||||||||
Weighted average number of common shares - basic | 39,327,000 | 39,204,000 | 39,066,000 | 39,136,000 | 39,200,000 | 39,274,000 | 35,428,000 | 27,618,000 | |||||
Effect of dilutive securities: | |||||||||||||
Unvested restricted shares | 1,338,000 | 827,000 | 765,000 | ||||||||||
Weighted average number of common shares - dilutive | 40,635,000 | 40,679,000 | 40,088,000 | 40,519,000 | 40,541,000 | 40,612,000 | 36,255,000 | 28,383,000 | |||||
Basic: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.13 | $ 0.33 | $ 0.54 | $ 0.22 | $ 0.26 |
Diluted: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.19 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.12 | $ 0.31 | $ 0.52 | $ 0.22 | $ 0.26 |
OP Units [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
OP units excluded from diluted earnings per share because their effect would be anti-dilutive (in shares) | 1,011,268 | 1,088,292 | 642,132 | ||||||||||
Restricted Stock [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Distributions to holders of certain restricted common shares | $ 317 | $ 472 | $ 636 | ||||||||||
Distributions to holders of certain restricted common shares charged against earnings | $ 16 |
Federal Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Contingency [Line Items] | ||||||||
Income Tax Expense (Benefit) | $ 92 | $ 59 | $ 110 | $ 169 | $ 261 | $ 347 | $ 386 | $ 289 |
Ordinary income (unaudited) | 39.10% | 15.30% | 49.00% | |||||
Return of capital (unaudited) | 26.50% | 84.70% | 33.70% | |||||
Capital gain distributions (unaudited) | 34.40% | 0.00% | 17.30% | |||||
Total | 100.00% | 100.00% | 100.00% | |||||
Davenport TRS [Member] | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Income Tax Expense (Benefit) | $ 45 |
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 08, 2016 |
|
Related Party Transaction [Line Items] | ||||||
Financed receivable due from related party | $ 5,661 | $ 14,473 | $ 15,473 | $ 15,473 | $ 0 | |
Beneficial Owner [Member] | Mr. James C. Mastandrea [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 78.50% | |||||
Beneficial Owner [Member] | Mr. John J. Dee [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 26.60% | |||||
Pillarstone OP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financed receivable due from related party | $ 5,700 | $ 15,400 | ||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Pillarstone OP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, basis spread on variable rate | 1.40% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Pillarstone OP [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Financing receivable, basis spread on variable rate | 1.95% |
Related Party Transactions - Revenue and Expenses (Details) - Pillarstone OP [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Property operation and maintenance | |
Related Party Transaction [Line Items] | |
Rent | $ (779) |
Other revenues | |
Related Party Transaction [Line Items] | |
Property management fee income | 1,008 |
Interest, dividend and other investment income | |
Related Party Transaction [Line Items] | |
Interest income | $ 582 |
Equity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 25, 2017
USD ($)
$ / shares
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Sep. 30, 2018
USD ($)
$ / shares
shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Mar. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Sep. 30, 2017
USD ($)
$ / shares
|
Jun. 30, 2017
USD ($)
$ / shares
|
Mar. 31, 2017
USD ($)
$ / shares
|
Jun. 30, 2018
USD ($)
$ / shares
shares
|
Sep. 30, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
shares
|
Jun. 04, 2015
USD ($)
agreement
|
|
Class of Stock [Line Items] | |||||||||||||||
Common shares, authorized (in shares) | shares | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||
Common shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Preferred shares, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||
Preferred shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Proceeds from issuance of common shares, net of offering costs | $ 0 | $ 118,412 | $ 30,014 | ||||||||||||
Number of equity distribution agreements | agreement | 9 | ||||||||||||||
Amount authorized | $ 50,000 | ||||||||||||||
Common shares, issued (in shares) | shares | 39,778,029 | 39,772,105 | 39,743,829 | 39,179,540 | 39,221,773 | 39,743,829 | 39,772,105 | 39,778,029 | 39,221,773 | ||||||
Ownership interest in operating partnership | 97.70% | ||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | 1 | |||||||||||||
Weighted-average share ownership in operating partnership | 97.50% | 97.00% | 97.80% | ||||||||||||
Payments of exchange offer costs | $ 128 | $ 128 | $ 126 | $ 0 | $ 0 | ||||||||||
OP Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
OP units outstanding (in shares) | shares | 40,585,688 | 40,184,532 | 40,585,688 | 40,184,532 | |||||||||||
Conversion of stock, shares converted (in shares) | shares | 155,100 | 19,055 | |||||||||||||
OP units owned (in shares) | shares | 39,657,207 | 39,100,951 | 39,657,207 | 39,100,951 | |||||||||||
Cash Distribution [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Total Amount Paid | $ 11,567 | $ 11,580 | $ 11,498 | $ 11,454 | $ 11,311 | $ 11,257 | $ 10,403 | $ 8,742 | $ 46,099 | $ 41,713 | |||||
Cash Distribution [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||||
Total Amount Paid | $ 11,302 | $ 11,294 | $ 11,203 | $ 11,145 | $ 11,002 | $ 10,948 | $ 10,093 | $ 8,429 | $ 44,944 | $ 40,472 | |||||
Cash Distribution [Member] | OP Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||||
Total Amount Paid | $ 265 | $ 286 | $ 295 | $ 309 | $ 309 | $ 309 | $ 310 | $ 313 | $ 1,155 | $ 1,241 | |||||
Private Placement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of commons shares (in shares) | shares | 8,018,500 | ||||||||||||||
Share price of equity offering (in dollars per share) | $ / shares | $ 13.00 | ||||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ 99,900 | ||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of commons shares (in shares) | shares | 1,018,500 | ||||||||||||||
2015 Equity Distribution Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of commons shares (in shares) | shares | 0 | 1,324,038 | 2,063,697 | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ 30,000 | ||||||||||||||
Payments for Commissions | $ 500 | ||||||||||||||
Proceeds from issuance | $ 18,600 | ||||||||||||||
Payments of exchange offer costs | $ 300 |
Incentive Share Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 01, 2018 |
Sep. 06, 2017 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Apr. 02, 2014 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
May 11, 2017 |
Dec. 22, 2010 |
|
Restricted Common Shares and Restricted Share Units [Member] | Time-Based Vesting [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Non-option equity instruments granted (in shares) | 320,000 | 143,000 | ||||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 24 months | |||||||||
Restricted stock granted (in shares) | 229,684 | 267,783 | ||||||||
Performance period | 3 years | 3 years | ||||||||
Award vesting percentage | 200.00% | |||||||||
Grant date fair value (in dollars per share) | $ 14.89 | $ 12.37 | ||||||||
Unrecognized compensation cost | $ 4.6 | |||||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 0.00% | 0.00% | ||||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 200.00% | 200.00% | ||||||||
Restricted Stock [Member] | Immediate Vesting (CIC Units) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock granted (in shares) | 965,000 | 965,000 | ||||||||
Grant date fair value (in dollars per share) | $ 13.05 | |||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 33 months | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of maximum number of shares issued under plan to aggregate shares (as a percent) | 12.50% | |||||||||
Share-based compensation expense | $ 6.8 | $ 10.4 | $ 10.2 | |||||||
Unrecognized compensation cost | $ 7.5 | |||||||||
Period from recognition | 22 months | |||||||||
Number of shares authorized (in shares) | 3,433,831 | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 1 year | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 2 years | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 100.00% | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Time and Performance-Based Vesting [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Non-option equity instruments granted (in shares) | 633,704 | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Performance Vesting [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Non-option equity instruments granted (in shares) | 2,049,116 | |||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Non-Vested Time Based Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation cost | $ 2.9 | |||||||||
Period from recognition | 33 months |
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Shares | |||
Non-vested, beginning balance (in shares) | 2,481,331 | ||
Granted (in shares) | 653,472 | 1,354,534 | 545,778 |
Vested (in shares) | (560,126) | (881,710) | (734,261) |
Forfeited (in shares) | (651,295) | ||
Non-vested, ending balance (in shares) | 1,923,382 | 2,481,331 | |
Available for grant (in shares) | 3,172,158 | ||
Weighted-Average Grant Date Fair Value | |||
Non-vested, beginning balance (in dollars per share) | $ 13.60 | ||
Granted (in dollars per share) | 11.07 | $ 12.92 | $ 14.85 |
Vested (in dollars per share) | 14.24 | ||
Forfeited (in dollars per share) | 14.03 | ||
Non-vested, ending balance (in dollars per share) | $ 12.41 | $ 13.60 |
Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-Vested Shares Issued (in shares) | 653,472 | 1,354,534 | 545,778 |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.07 | $ 12.92 | $ 14.85 |
Vested Shares (in shares) | (560,126) | (881,710) | (734,261) |
Total Vest-Date Fair Value | $ 7,978 | $ 12,829 | $ 10,577 |
Grants to Trustees (Details) |
Dec. 12, 2017
trustee
$ / shares
shares
|
Dec. 21, 2016
trustee
$ / shares
shares
|
---|---|---|
Individual Trustee Grant Agreements 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of independent trustees | trustee | 6 | 4 |
Number of trustee emeritus | trustee | 1 | 1 |
Individual Trustee Grant Agreements 1 [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock granted to trustees (in shares) | shares | 16,281 | 7,500 |
Stock granted to trustees, vested in period (in shares) | shares | 3,000 | 1,500 |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.46 | $ 14.07 |
Individual Trustee Grant Agreements 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of independent trustees | trustee | 3 | 2 |
Individual Trustee Grant Agreements 2 [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock granted to trustees (in shares) | shares | 2,320 | 3,128 |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.46 | $ 14.07 |
Selected Quarterly Financial Data (unaudited) - Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues | $ 29,901 | $ 30,704 | $ 29,473 | $ 29,785 | $ 33,831 | $ 33,653 | $ 30,208 | $ 28,267 | $ 59,258 | $ 89,962 | $ 119,863 | $ 125,959 | $ 104,437 |
Net income | 8,674 | 8,033 | 2,005 | 3,269 | 1,975 | 3,077 | 2,043 | 1,493 | 5,274 | 13,307 | 21,981 | 8,588 | 8,113 |
Net income (loss) attributable to Whitestone REIT | $ 8,457 | $ 7,835 | $ 1,954 | $ 3,181 | $ 1,921 | $ 2,993 | $ 1,983 | $ 1,440 | $ 5,136 | $ 12,965 | $ 21,431 | $ 8,334 | $ 7,931 |
Basic Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.13 | $ 0.33 | $ 0.54 | $ 0.22 | $ 0.26 |
Diluted Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.19 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.12 | $ 0.31 | $ 0.52 | $ 0.22 | $ 0.26 |
Selected Quarterly Financial Data (unaudited) - Quarterly Restatement Adjustments - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|---|---|
Real estate assets, at cost | |||||||
Property | $ 1,052,238 | $ 1,049,315 | $ 1,052,771 | $ 1,051,984 | $ 1,149,454 | ||
Accumulated depreciation | (113,300) | (107,165) | (103,696) | (98,788) | (131,034) | ||
Total real estate assets | 938,938 | 942,150 | 949,075 | 953,196 | 1,018,420 | ||
Investment in real estate partnership | 26,236 | 20,386 | 19,884 | 19,298 | 4,095 | ||
Cash and cash equivalents | 13,658 | 9,389 | 3,125 | 6,976 | 5,005 | ||
Restricted cash | 128 | 91 | 213 | 257 | 205 | ||
Escrows and acquisition deposits | 8,211 | 7,702 | 6,515 | 5,557 | 7,916 | ||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 21,642 | 21,894 | 20,464 | 21,809 | 21,140 | ||
Receivable due from related party | 394 | 308 | 772 | 894 | 0 | ||
Financed receivable due from related party | 5,661 | 14,473 | 15,473 | 15,473 | 0 | ||
Unamortized lease commissions and loan costs | 6,698 | 6,847 | 6,911 | 7,022 | 7,157 | ||
Prepaid expenses and other assets | 7,306 | 10,597 | 10,217 | 9,441 | 6,198 | ||
Total assets | 1,028,872 | 1,033,837 | 1,032,649 | 1,039,923 | 1,070,168 | ||
Liabilities: | |||||||
Notes payable | 618,205 | 618,685 | 619,354 | 619,986 | 659,068 | ||
Accounts payable and accrued expenses | 33,729 | 33,178 | 29,504 | 28,622 | 35,536 | ||
Payable due to related party | 58 | 1,276 | 1,067 | 699 | 0 | ||
Tenants' security deposits | 6,130 | 5,920 | 5,769 | 5,766 | 5,694 | ||
Dividends and distributions payable | 11,600 | 11,600 | 11,628 | 11,489 | 11,466 | ||
Total liabilities | 669,722 | 670,659 | 667,322 | 666,562 | 711,764 | ||
Commitments and contingencies: | 0 | 0 | 0 | 0 | 0 | ||
Equity: | |||||||
Preferred shares | 0 | 0 | 0 | 0 | 0 | ||
Common shares | 39 | 38 | 38 | 38 | 38 | ||
Additional paid-in capital | 527,662 | 525,780 | 524,191 | 522,730 | 521,314 | ||
Accumulated deficit | (181,361) | (178,493) | (175,004) | (165,581) | (176,684) | ||
Accumulated other comprehensive gain | 4,116 | 7,034 | 6,430 | 5,528 | 2,936 | ||
Total Whitestone REIT shareholders' equity | 350,456 | 354,359 | 355,655 | 362,715 | 347,604 | ||
Redeemable operating partnership units | 10,646 | ||||||
Noncontrolling interest in Consolidated Partnership | 0 | ||||||
Noncontrolling interest in subsidiary | 8,694 | 8,819 | 9,672 | 10,800 | |||
Total equity | 359,150 | 363,178 | 365,327 | 373,361 | 358,404 | $ 267,628 | $ 246,991 |
Total liabilities and equity | $ 1,028,872 | 1,033,837 | 1,032,649 | 1,039,923 | $ 1,070,168 | ||
Previously Reported | |||||||
Real estate assets, at cost | |||||||
Property | 1,146,951 | 1,149,528 | 1,148,176 | ||||
Accumulated depreciation | (145,807) | (141,442) | (135,599) | ||||
Total real estate assets | 1,001,144 | 1,008,086 | 1,012,577 | ||||
Investment in real estate partnership | 2,770 | 4,419 | 0 | ||||
Cash and cash equivalents | 9,389 | 3,125 | 9,337 | ||||
Restricted cash | 91 | 213 | 257 | ||||
Escrows and acquisition deposits | 7,702 | 6,515 | 6,690 | ||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 21,906 | 20,464 | 24,675 | ||||
Receivable due from related party | 0 | 0 | 0 | ||||
Financed receivable due from related party | 0 | 0 | 0 | ||||
Unamortized lease commissions and loan costs | 6,847 | 6,911 | 8,260 | ||||
Prepaid expenses and other assets | 10,597 | 10,217 | 9,451 | ||||
Total assets | 1,060,446 | 1,059,950 | 1,071,247 | ||||
Liabilities: | |||||||
Notes payable | 666,624 | 667,595 | 668,526 | ||||
Accounts payable and accrued expenses | 32,846 | 29,157 | 30,198 | ||||
Payable due to related party | 0 | 0 | 0 | ||||
Tenants' security deposits | 5,920 | 5,769 | 7,028 | ||||
Dividends and distributions payable | 11,600 | 11,628 | 11,489 | ||||
Total liabilities | 716,990 | 714,149 | 717,241 | ||||
Commitments and contingencies: | 0 | 0 | 0 | ||||
Equity: | |||||||
Preferred shares | 0 | 0 | 0 | ||||
Common shares | 38 | 38 | 38 | ||||
Additional paid-in capital | 525,780 | 524,191 | 522,730 | ||||
Accumulated deficit | (198,199) | (194,520) | (184,853) | ||||
Accumulated other comprehensive gain | 7,034 | 6,430 | 5,528 | ||||
Total Whitestone REIT shareholders' equity | 334,653 | 336,139 | 343,443 | ||||
Redeemable operating partnership units | 10,642 | ||||||
Noncontrolling interest in Consolidated Partnership | (79) | ||||||
Noncontrolling interest in subsidiary | 8,803 | 9,662 | |||||
Total equity | 343,456 | 345,801 | 354,006 | ||||
Total liabilities and equity | 1,060,446 | 1,059,950 | 1,071,247 | ||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments | |||||||
Real estate assets, at cost | |||||||
Property | (97,636) | (96,757) | (96,192) | ||||
Accumulated depreciation | 38,642 | 37,746 | 36,811 | ||||
Total real estate assets | (58,994) | (59,011) | (59,381) | ||||
Investment in real estate partnership | 17,616 | 15,465 | 19,298 | ||||
Cash and cash equivalents | 0 | 0 | (2,361) | ||||
Restricted cash | 0 | 0 | 0 | ||||
Escrows and acquisition deposits | 0 | 0 | (1,133) | ||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | (12) | 0 | (2,866) | ||||
Receivable due from related party | 308 | 772 | 894 | ||||
Financed receivable due from related party | 14,473 | 15,473 | 15,473 | ||||
Unamortized lease commissions and loan costs | 0 | 0 | (1,238) | ||||
Prepaid expenses and other assets | 0 | 0 | (10) | ||||
Total assets | (26,609) | (27,301) | (31,324) | ||||
Liabilities: | |||||||
Notes payable | (47,939) | (48,241) | (48,540) | ||||
Accounts payable and accrued expenses | 332 | 347 | (1,576) | ||||
Payable due to related party | 1,276 | 1,067 | 699 | ||||
Tenants' security deposits | 0 | 0 | (1,262) | ||||
Dividends and distributions payable | 0 | 0 | 0 | ||||
Total liabilities | (46,331) | (46,827) | (50,679) | ||||
Commitments and contingencies: | 0 | 0 | 0 | ||||
Equity: | |||||||
Preferred shares | 0 | 0 | 0 | ||||
Common shares | 0 | 0 | 0 | ||||
Additional paid-in capital | 0 | 0 | 0 | ||||
Accumulated deficit | 19,706 | 19,516 | 19,272 | ||||
Accumulated other comprehensive gain | 0 | 0 | 0 | ||||
Total Whitestone REIT shareholders' equity | 19,706 | 19,516 | 19,272 | ||||
Redeemable operating partnership units | 4 | ||||||
Noncontrolling interest in Consolidated Partnership | 79 | ||||||
Noncontrolling interest in subsidiary | 16 | 10 | |||||
Total equity | 19,722 | 19,526 | 19,355 | ||||
Total liabilities and equity | $ (26,609) | $ (27,301) | $ (31,324) |
Selected Quarterly Financial Data (unaudited) - Quarterly Restatement Adjustments - Consolidated Balance Sheets Parenthetical (Details) - $ / shares |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|
Quarterly Financial Information Disclosure [Abstract] | |||||
Preferred shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 | 0 | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 |
Common shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 39,778,029 | 39,772,105 | 39,743,829 | 39,179,540 | 39,221,773 |
Common shares, outstanding (in shares) | 39,778,029 | 39,772,105 | 39,743,829 | 39,179,540 | 39,221,773 |
Selected Quarterly Financial Data (unaudited) - Quarterly Restatement Adjustments - Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property revenues | |||||||||||||
Rental revenues | $ 21,964 | $ 21,382 | $ 21,672 | $ 43,054 | $ 65,018 | $ 86,644 | $ 94,568 | $ 80,068 | |||||
Other revenues | 8,740 | 8,091 | 8,113 | 16,204 | 24,944 | 33,219 | 31,391 | 24,369 | |||||
Total property revenues | $ 29,901 | 30,704 | 29,473 | 29,785 | $ 33,831 | $ 33,653 | $ 30,208 | $ 28,267 | 59,258 | 89,962 | 119,863 | 125,959 | 104,437 |
Property expenses | |||||||||||||
Property operation and maintenance | 5,452 | 5,017 | 4,856 | 9,873 | 15,325 | 21,069 | 24,213 | 19,709 | |||||
Real estate taxes | 4,379 | 3,905 | 3,976 | 7,881 | 12,260 | 16,362 | 17,897 | 14,383 | |||||
Total property expenses | 9,831 | 8,922 | 8,832 | 17,754 | 27,585 | 37,431 | 42,110 | 34,092 | |||||
Other expenses (income) | |||||||||||||
General and administrative | 4,982 | 6,678 | 6,327 | 13,005 | 17,987 | 23,281 | 23,949 | 23,922 | |||||
Depreciation and amortization | 6,477 | 6,293 | 6,274 | 12,567 | 19,044 | 25,679 | 27,240 | 22,457 | |||||
Equity in earnings of real estate partnership | (502) | (586) | (674) | (1,260) | (1,762) | (8,431) | 0 | 0 | |||||
Interest expense | 6,419 | 6,313 | 5,973 | 12,286 | 18,705 | 25,177 | 23,651 | 19,239 | |||||
Interest, dividend and other investment income | (251) | (284) | (257) | (541) | (792) | (1,055) | (410) | (429) | |||||
Total other expense | 17,125 | 18,414 | 17,643 | 36,057 | 53,182 | 64,651 | 74,430 | 65,189 | |||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 3,748 | 2,137 | 3,310 | 5,447 | 9,195 | 17,781 | 9,419 | 5,156 | |||||
Provision for income taxes | (92) | (59) | (110) | (169) | (261) | (347) | (386) | (289) | |||||
Gain on sale of properties | 4,380 | 0 | 249 | 249 | 4,629 | 4,629 | 16 | 3,357 | |||||
Profit sharing expense | 0 | 0 | 0 | 0 | 0 | (278) | (15) | ||||||
Loss on sale or disposal of assets | (3) | (73) | (180) | (253) | (256) | (82) | (183) | (96) | |||||
Net income | 8,674 | 8,033 | 2,005 | 3,269 | 1,975 | 3,077 | 2,043 | 1,493 | 5,274 | 13,307 | 21,981 | 8,588 | 8,113 |
Redeemable operating partnership units | 88 | ||||||||||||
Non-controlling interests in Consolidated Partnership | 0 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 198 | 51 | 88 | 138 | 342 | 550 | 254 | 182 | |||||
Net income attributable to Whitestone REIT | $ 8,457 | $ 7,835 | $ 1,954 | $ 3,181 | $ 1,921 | $ 2,993 | $ 1,983 | $ 1,440 | $ 5,136 | $ 12,965 | $ 21,431 | $ 8,334 | $ 7,931 |
Basic Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.20 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.13 | $ 0.33 | $ 0.54 | $ 0.22 | $ 0.26 |
Diluted Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.21 | $ 0.19 | $ 0.05 | $ 0.08 | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.12 | $ 0.31 | $ 0.52 | $ 0.22 | $ 0.26 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||
Basic (in shares) | 39,327 | 39,204 | 39,066 | 39,136 | 39,200 | 39,274 | 35,428 | 27,618 | |||||
Diluted (in shares) | 40,635 | 40,679 | 40,088 | 40,519 | 40,541 | 40,612 | 36,255 | 28,383 | |||||
Distributions declared per common share / OP unit (in dollars per share) | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.5700 | $ 0.8550 | $ 1.14 | $ 1.1400 | $ 1.1400 | |||||
Consolidated Statements of Comprehensive Income | |||||||||||||
Net income | $ 8,674 | $ 8,033 | $ 2,005 | $ 3,269 | $ 1,975 | $ 3,077 | $ 2,043 | $ 1,493 | $ 5,274 | $ 13,307 | $ 21,981 | $ 8,588 | $ 8,113 |
Other comprehensive gain | |||||||||||||
Unrealized gain on cash flow hedging activities | 605 | 913 | 2,645 | 3,558 | 4,163 | 1,192 | 2,022 | 929 | |||||
Unrealized gain on available-for-sale marketable securities | 0 | 0 | 18 | 18 | 18 | 18 | 118 | 82 | |||||
Comprehensive income | 8,638 | 2,918 | 5,932 | 8,850 | 17,488 | 23,191 | 10,728 | 9,124 | |||||
Less: Net income attributable to noncontrolling interests | 198 | 51 | 88 | 138 | 342 | 550 | 254 | 182 | |||||
Less: Comprehensive gain attributable to noncontrolling interests | 15 | 23 | 71 | 94 | 107 | 30 | 63 | 23 | |||||
Comprehensive income attributable to Whitestone REIT | 8,425 | 2,844 | 5,773 | 8,618 | 17,039 | $ 22,611 | 10,411 | 8,919 | |||||
Previously Reported | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | 25,256 | 24,650 | 24,946 | 49,596 | 74,852 | ||||||||
Other revenues | 9,340 | 8,422 | 8,650 | 17,072 | 26,412 | ||||||||
Total property revenues | 34,596 | 33,072 | 33,596 | 66,668 | 101,264 | ||||||||
Property expenses | |||||||||||||
Property operation and maintenance | 6,374 | 5,838 | 5,708 | 11,546 | 17,920 | ||||||||
Real estate taxes | 5,253 | 4,485 | 4,657 | 9,142 | 14,395 | ||||||||
Total property expenses | 11,627 | 10,323 | 10,365 | 20,688 | 32,315 | ||||||||
Other expenses (income) | |||||||||||||
General and administrative | 4,959 | 6,624 | 6,314 | 12,938 | 17,897 | ||||||||
Depreciation and amortization | 7,483 | 7,396 | 7,221 | 14,617 | 22,100 | ||||||||
Equity in earnings of real estate partnership | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest expense | 6,951 | 6,854 | 6,501 | 13,355 | 20,306 | ||||||||
Interest, dividend and other investment income | (84) | (119) | (99) | (218) | (302) | ||||||||
Total other expense | 19,309 | 20,755 | 19,937 | 40,692 | 60,001 | ||||||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 3,660 | 1,994 | 3,294 | 5,288 | 8,948 | ||||||||
Provision for income taxes | (115) | (84) | (129) | (213) | (328) | ||||||||
Gain on sale of properties | 4,380 | 0 | 266 | 266 | 4,646 | ||||||||
Profit sharing expense | (73) | (81) | (203) | (276) | |||||||||
Loss on sale or disposal of assets | (15) | (74) | (197) | (271) | (286) | ||||||||
Net income | 7,837 | 1,755 | 3,234 | 4,867 | 12,704 | 8,866 | 8,128 | ||||||
Redeemable operating partnership units | 84 | ||||||||||||
Non-controlling interests in Consolidated Partnership | 122 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 193 | 45 | 206 | 128 | 326 | 532 | 197 | ||||||
Net income attributable to Whitestone REIT | $ 7,644 | $ 1,710 | $ 3,028 | $ 4,739 | $ 12,378 | ||||||||
Basic Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.08 | $ 0.12 | $ 0.31 | ||||||||
Diluted Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.19 | $ 0.04 | $ 0.07 | $ 0.11 | $ 0.30 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||
Basic (in shares) | 39,327 | 39,204 | 39,066 | 39,136 | 39,200 | ||||||||
Diluted (in shares) | 40,635 | 40,679 | 40,088 | 40,519 | 40,541 | ||||||||
Distributions declared per common share / OP unit (in dollars per share) | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.5700 | $ 0.8550 | ||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||
Net income | $ 7,837 | $ 1,755 | $ 3,234 | $ 4,867 | $ 12,704 | 8,866 | 8,128 | ||||||
Other comprehensive gain | |||||||||||||
Unrealized gain on cash flow hedging activities | 605 | 913 | 2,645 | 3,558 | 4,163 | ||||||||
Unrealized gain on available-for-sale marketable securities | 0 | 0 | 18 | 18 | 18 | ||||||||
Comprehensive income | 8,442 | 2,668 | 5,897 | 8,443 | 16,885 | ||||||||
Less: Net income attributable to noncontrolling interests | 193 | 45 | 206 | 128 | 326 | $ 532 | $ 197 | ||||||
Less: Comprehensive gain attributable to noncontrolling interests | 15 | 23 | 71 | 94 | 107 | ||||||||
Comprehensive income attributable to Whitestone REIT | 8,234 | 2,600 | 5,620 | 8,221 | 16,452 | ||||||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments | |||||||||||||
Property revenues | |||||||||||||
Rental revenues | (3,292) | (3,268) | (3,274) | (6,542) | (9,834) | ||||||||
Other revenues | (600) | (331) | (537) | (868) | (1,468) | ||||||||
Total property revenues | (3,892) | (3,599) | (3,811) | (7,410) | (11,302) | ||||||||
Property expenses | |||||||||||||
Property operation and maintenance | (922) | (821) | (852) | (1,673) | (2,595) | ||||||||
Real estate taxes | (874) | (580) | (681) | (1,261) | (2,135) | ||||||||
Total property expenses | (1,796) | (1,401) | (1,533) | (2,934) | (4,730) | ||||||||
Other expenses (income) | |||||||||||||
General and administrative | 23 | 54 | 13 | 67 | 90 | ||||||||
Depreciation and amortization | (1,006) | (1,103) | (947) | (2,050) | (3,056) | ||||||||
Equity in earnings of real estate partnership | (502) | (586) | (674) | (1,260) | (1,762) | ||||||||
Interest expense | (532) | (541) | (528) | (1,069) | (1,601) | ||||||||
Interest, dividend and other investment income | (167) | (165) | (158) | (323) | (490) | ||||||||
Total other expense | (2,184) | (2,341) | (2,294) | (4,635) | (6,819) | ||||||||
Income before gain (loss) on sale or disposal of properties or assets, income taxes, and profit sharing expense | 88 | 143 | 16 | 159 | 247 | ||||||||
Provision for income taxes | 23 | 25 | 19 | 44 | 67 | ||||||||
Gain on sale of properties | 0 | 0 | (17) | (17) | (17) | ||||||||
Profit sharing expense | 73 | 81 | 203 | 276 | |||||||||
Loss on sale or disposal of assets | 12 | 1 | 17 | 18 | 30 | ||||||||
Net income | 196 | 250 | 35 | 407 | 603 | ||||||||
Redeemable operating partnership units | 4 | ||||||||||||
Non-controlling interests in Consolidated Partnership | (122) | ||||||||||||
Less: Net income attributable to noncontrolling interests | 5 | 6 | (118) | 10 | 16 | ||||||||
Net income attributable to Whitestone REIT | $ 191 | $ 244 | $ 153 | $ 397 | $ 587 | ||||||||
Basic Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.00 | $ 0.01 | $ 0.02 | ||||||||
Diluted Earnings Per Share: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.00 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||||
Basic (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||
Distributions declared per common share / OP unit (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||
Net income | $ 196 | $ 250 | $ 35 | $ 407 | $ 603 | ||||||||
Other comprehensive gain | |||||||||||||
Unrealized gain on cash flow hedging activities | 0 | 0 | 0 | 0 | 0 | ||||||||
Unrealized gain on available-for-sale marketable securities | 0 | 0 | 0 | 0 | 0 | ||||||||
Comprehensive income | 196 | 250 | 35 | 407 | 603 | ||||||||
Less: Net income attributable to noncontrolling interests | 5 | 6 | (118) | 10 | 16 | ||||||||
Less: Comprehensive gain attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to Whitestone REIT | $ 191 | $ 244 | $ 153 | $ 397 | $ 587 |
Selected Quarterly Financial Data (unaudited) - Quarterly Restatement Adjustments - Consolidated Statements of Cash Flows (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash flows from operating activities: | |||||||||||||
Net income | $ 8,674,000 | $ 8,033,000 | $ 2,005,000 | $ 3,269,000 | $ 1,975,000 | $ 3,077,000 | $ 2,043,000 | $ 1,493,000 | $ 5,274,000 | $ 13,307,000 | $ 21,981,000 | $ 8,588,000 | $ 8,113,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 6,274,000 | 12,567,000 | 19,044,000 | 25,679,000 | 27,240,000 | 22,457,000 | |||||||
Amortization of deferred loan costs | 302,000 | 603,000 | 902,000 | 1,092,000 | 1,283,000 | 1,554,000 | |||||||
Loss on sale of marketable securities | 20,000 | 20,000 | 20,000 | 20,000 | 91,000 | 0 | |||||||
Loss (gain) on sale or disposal of assets and properties | (69,000) | 4,000 | (4,373,000) | (4,547,000) | 167,000 | (3,261,000) | |||||||
Bad debt expense | 446,000 | 662,000 | 970,000 | 1,391,000 | 2,340,000 | 1,585,000 | |||||||
Share-based compensation | 1,845,000 | 3,246,000 | 4,894,000 | 6,741,000 | 10,410,000 | 10,231,000 | |||||||
Equity in earnings of real estate partnership | (502,000) | (586,000) | (674,000) | (1,260,000) | (1,762,000) | (8,431,000) | 0 | 0 | |||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 2,359,000 | 1,401,000 | 214,000 | (295,000) | (3,570,000) | 2,322,000 | |||||||
Accrued rent and accounts receivable | (1,115,000) | 14,000 | (1,724,000) | (1,893,000) | (5,430,000) | (3,630,000) | |||||||
Receivable due from related party | 110,000 | 232,000 | 696,000 | 610,000 | 0 | 0 | |||||||
Distributions from real estate partnership | 505,000 | 505,000 | 505,000 | 1,324,000 | 0 | 0 | |||||||
Unamortized lease commissions | (403,000) | (852,000) | (1,396,000) | (1,676,000) | (2,299,000) | (1,474,000) | |||||||
Prepaid expenses and other assets | 437,000 | 506,000 | 619,000 | 1,175,000 | 168,000 | 1,396,000 | |||||||
Accounts payable and accrued expenses | (7,297,000) | (6,410,000) | (2,979,000) | (2,429,000) | 1,337,000 | 1,089,000 | |||||||
Payable due to related party | (980,000) | (612,000) | (403,000) | (1,621,000) | 0 | 0 | |||||||
Tenants' security deposits | 72,000 | 75,000 | 226,000 | 436,000 | 565,000 | (125,000) | |||||||
Net cash provided by operating activities | 5,101,000 | 15,975,000 | 28,760,000 | 39,557,000 | 41,398,000 | 40,648,000 | |||||||
Cash flows from investing activities: | |||||||||||||
Acquisitions of real estate | 0 | (125,468,000) | (60,616,000) | ||||||||||
Additions to real estate | (4,043,000) | (5,897,000) | (8,733,000) | (11,638,000) | (17,575,000) | (22,036,000) | |||||||
Proceeds from sales of properties | 4,433,000 | 4,433,000 | 12,574,000 | 12,574,000 | 26,000 | 6,897,000 | |||||||
Proceeds from financed receivable due from related party | 1,000,000 | 9,812,000 | 0 | 0 | |||||||||
Investment in real estate partnership | 0 | 0 | 0 | 0 | (2,394,000) | (2,704,000) | |||||||
Proceeds from sales of marketable securities | 30,000 | 30,000 | 30,000 | 30,000 | 513,000 | 0 | |||||||
Net cash provided by (used in) investing activities | 420,000 | (1,434,000) | 4,871,000 | 10,778,000 | (144,898,000) | (78,459,000) | |||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | (11,145,000) | (22,348,000) | (33,642,000) | (44,944,000) | (40,472,000) | (31,911,000) | |||||||
Distributions paid to OP unit holders | (309,000) | (604,000) | (890,000) | (1,155,000) | (1,241,000) | (729,000) | |||||||
Payments of exchange offer costs | (128,000) | (128,000) | (126,000) | 0 | 0 | ||||||||
Distributions paid to noncontrolling interest in Consolidated Partnership | 0 | ||||||||||||
Net proceeds from credit facility | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 45,600,000 | 59,000,000 | |||||||
Repayments of notes payable | (578,000) | (1,274,000) | (1,972,000) | (2,543,000) | (11,543,000) | (14,335,000) | |||||||
Payments of loan origination costs | 0 | (30,000) | (30,000) | (695,000) | 0 | ||||||||
Repurchase of common shares | (466,000) | (1,059,000) | (1,699,000) | (1,961,000) | (4,339,000) | (3,948,000) | |||||||
Net cash provided by (used in) financing activities | (3,498,000) | (16,413,000) | (29,361,000) | (41,759,000) | 105,722,000 | 38,091,000 | |||||||
Net increase in cash, cash equivalents and restricted cash | 2,023,000 | (1,872,000) | 4,270,000 | 8,576,000 | 2,222,000 | 280,000 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,480,000 | 3,338,000 | 7,233,000 | 5,210,000 | $ 2,988,000 | 5,210,000 | 5,210,000 | 5,210,000 | 2,988,000 | 2,708,000 | |||
Cash, cash equivalents and restricted cash at end of period | 13,786,000 | 9,480,000 | 3,338,000 | 7,233,000 | 5,210,000 | 3,338,000 | 9,480,000 | 13,786,000 | 5,210,000 | 2,988,000 | |||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | 5,806,000 | 11,355,000 | 18,181,000 | 24,610,000 | 22,541,000 | 18,287,000 | |||||||
Cash paid for taxes | 304,000 | 304,000 | 304,000 | 337,000 | 284,000 | ||||||||
Non cash investing and financing activities: | |||||||||||||
Disposal of fully depreciated real estate | 904,000 | 904,000 | 937,000 | 1,036,000 | 690,000 | ||||||||
Financed insurance premiums | 1,273,000 | 1,273,000 | 1,273,000 | 1,273,000 | 1,115,000 | 1,060,000 | |||||||
Value of shares issued under dividend reinvestment plan | 33,000 | 66,000 | 101,000 | 133,000 | 127,000 | 114,000 | |||||||
Value of common shares exchanged for OP units | 4,000 | 752,000 | 1,545,000 | 1,546,000 | 206,000 | 125,000 | |||||||
Change in fair value of available-for-sale securities | 18,000 | 18,000 | 18,000 | 18,000 | 118,000 | 82,000 | |||||||
Change in fair value of cash flow hedge | 2,645,000 | 3,558,000 | 4,163,000 | 1,192,000 | 2,022,000 | 929,000 | |||||||
Reallocation of ownership percentage between parent and subsidiary | 12,000 | 24,000 | 15,000 | 13,000 | 11,000 | ||||||||
Previously Reported | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 7,837,000 | 1,755,000 | 3,234,000 | 4,867,000 | 12,704,000 | 8,866,000 | $ 8,128,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in earnings of real estate partnership | 0 | 0 | 0 | 0 | 0 | ||||||||
Previously Reported, March 31, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 3,234,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 7,221,000 | ||||||||||||
Amortization of deferred loan costs | 327,000 | ||||||||||||
Loss on sale of marketable securities | 20,000 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | (69,000) | ||||||||||||
Bad debt expense | 478,000 | ||||||||||||
Share-based compensation | 1,845,000 | ||||||||||||
Equity in earnings of real estate partnership | 0 | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 3,414,000 | ||||||||||||
Accrued rent and accounts receivable | (1,649,000) | ||||||||||||
Receivable due from related party | 0 | ||||||||||||
Distributions from real estate partnership | 0 | ||||||||||||
Unamortized lease commissions | (493,000) | ||||||||||||
Prepaid expenses and other assets | 494,000 | ||||||||||||
Accounts payable and accrued expenses | (8,828,000) | ||||||||||||
Payable due to related party | 0 | ||||||||||||
Tenants' security deposits | 143,000 | ||||||||||||
Net cash provided by operating activities | 6,137,000 | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Additions to real estate | (5,090,000) | ||||||||||||
Proceeds from sales of properties | 4,433,000 | ||||||||||||
Investment in real estate partnership | 0 | ||||||||||||
Proceeds from sales of marketable securities | 30,000 | ||||||||||||
Net cash provided by (used in) investing activities | (627,000) | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | (11,145,000) | ||||||||||||
Distributions paid to OP unit holders | (309,000) | ||||||||||||
Distributions paid to noncontrolling interest in Consolidated Partnership | (115,000) | ||||||||||||
Net proceeds from credit facility | 9,000,000 | ||||||||||||
Repayments of notes payable | (903,000) | ||||||||||||
Payments of loan origination costs | 0 | ||||||||||||
Repurchase of common shares | (466,000) | ||||||||||||
Net cash provided by (used in) financing activities | (3,938,000) | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 1,572,000 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,594,000 | 8,022,000 | 8,022,000 | 8,022,000 | 8,022,000 | ||||||||
Cash, cash equivalents and restricted cash at end of period | 9,594,000 | 8,022,000 | 8,022,000 | ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | 6,316,000 | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Financed insurance premiums | 1,273,000 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 33,000 | ||||||||||||
Value of common shares exchanged for OP units | 4,000 | ||||||||||||
Change in fair value of available-for-sale securities | 18,000 | ||||||||||||
Change in fair value of cash flow hedge | 2,645,000 | ||||||||||||
Previously Reported, June 30, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 4,867,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 14,617,000 | ||||||||||||
Amortization of deferred loan costs | 653,000 | ||||||||||||
Loss on sale of marketable securities | 20,000 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | 5,000 | ||||||||||||
Bad debt expense | 761,000 | ||||||||||||
Share-based compensation | 3,246,000 | ||||||||||||
Equity in earnings of real estate partnership | 0 | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 1,401,000 | ||||||||||||
Accrued rent and accounts receivable | 15,000 | ||||||||||||
Receivable due from related party | 0 | ||||||||||||
Distributions from real estate partnership | 0 | ||||||||||||
Unamortized lease commissions | (852,000) | ||||||||||||
Prepaid expenses and other assets | 504,000 | ||||||||||||
Accounts payable and accrued expenses | (6,370,000) | ||||||||||||
Payable due to related party | 0 | ||||||||||||
Tenants' security deposits | 75,000 | ||||||||||||
Net cash provided by operating activities | 18,942,000 | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Additions to real estate | (7,566,000) | ||||||||||||
Proceeds from sales of properties | 4,433,000 | ||||||||||||
Investment in real estate partnership | (649,000) | ||||||||||||
Proceeds from sales of marketable securities | 30,000 | ||||||||||||
Net cash provided by (used in) investing activities | (3,752,000) | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | (22,348,000) | ||||||||||||
Distributions paid to OP unit holders | (604,000) | ||||||||||||
Payments of exchange offer costs | (128,000) | ||||||||||||
Net proceeds from credit facility | 9,000,000 | ||||||||||||
Repayments of notes payable | (1,923,000) | ||||||||||||
Repurchase of common shares | (1,059,000) | ||||||||||||
Net cash provided by (used in) financing activities | (17,062,000) | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | (1,872,000) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,338,000 | 5,210,000 | 5,210,000 | 5,210,000 | 5,210,000 | ||||||||
Cash, cash equivalents and restricted cash at end of period | 3,338,000 | 5,210,000 | 3,338,000 | 5,210,000 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | 12,377,000 | ||||||||||||
Cash paid for taxes | 392,000 | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Disposal of fully depreciated real estate | 960,000 | ||||||||||||
Financed insurance premiums | 1,273,000 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 66,000 | ||||||||||||
Value of common shares exchanged for OP units | 752,000 | ||||||||||||
Change in fair value of available-for-sale securities | 18,000 | ||||||||||||
Change in fair value of cash flow hedge | 3,558,000 | ||||||||||||
Reallocation of ownership percentage between parent and subsidiary | 12,000 | ||||||||||||
Previously Reported, September 30, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 12,704,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 22,100,000 | ||||||||||||
Amortization of deferred loan costs | 976,000 | ||||||||||||
Loss on sale of marketable securities | 20,000 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | (4,360,000) | ||||||||||||
Bad debt expense | 1,123,000 | ||||||||||||
Share-based compensation | 4,894,000 | ||||||||||||
Equity in earnings of real estate partnership | 0 | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 214,000 | ||||||||||||
Accrued rent and accounts receivable | (1,736,000) | ||||||||||||
Receivable due from related party | 0 | ||||||||||||
Distributions from real estate partnership | 0 | ||||||||||||
Unamortized lease commissions | (1,394,000) | ||||||||||||
Prepaid expenses and other assets | 618,000 | ||||||||||||
Accounts payable and accrued expenses | (2,924,000) | ||||||||||||
Payable due to related party | 0 | ||||||||||||
Tenants' security deposits | 226,000 | ||||||||||||
Net cash provided by operating activities | 32,461,000 | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Acquisitions of real estate | 0 | ||||||||||||
Additions to real estate | (11,300,000) | ||||||||||||
Proceeds from sales of properties | 12,574,000 | ||||||||||||
Proceeds from financed receivable due from related party | 0 | ||||||||||||
Investment in real estate partnership | 843,000 | ||||||||||||
Proceeds from sales of marketable securities | 30,000 | ||||||||||||
Net cash provided by (used in) investing activities | 2,147,000 | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | (33,642,000) | ||||||||||||
Distributions paid to OP unit holders | (890,000) | ||||||||||||
Payments of exchange offer costs | (128,000) | ||||||||||||
Net proceeds from credit facility | 9,000,000 | ||||||||||||
Repayments of notes payable | (2,949,000) | ||||||||||||
Payments of loan origination costs | (30,000) | ||||||||||||
Repurchase of common shares | (1,699,000) | ||||||||||||
Net cash provided by (used in) financing activities | (30,338,000) | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 4,270,000 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 9,480,000 | 5,210,000 | 5,210,000 | 5,210,000 | 5,210,000 | ||||||||
Cash, cash equivalents and restricted cash at end of period | 9,480,000 | 5,210,000 | 9,480,000 | 5,210,000 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | 19,879,000 | ||||||||||||
Cash paid for taxes | 392,000 | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Disposal of fully depreciated real estate | 963,000 | ||||||||||||
Financed insurance premiums | 1,273,000 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 101,000 | ||||||||||||
Value of common shares exchanged for OP units | 1,545,000 | ||||||||||||
Change in fair value of available-for-sale securities | 18,000 | ||||||||||||
Change in fair value of cash flow hedge | 4,163,000 | ||||||||||||
Reallocation of ownership percentage between parent and subsidiary | 24,000 | ||||||||||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 196,000 | 250,000 | 35,000 | 407,000 | 603,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in earnings of real estate partnership | (502,000) | (586,000) | (674,000) | (1,260,000) | (1,762,000) | ||||||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments, March 31, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 35,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | (947,000) | ||||||||||||
Amortization of deferred loan costs | (25,000) | ||||||||||||
Loss on sale of marketable securities | 0 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | 0 | ||||||||||||
Bad debt expense | (32,000) | ||||||||||||
Share-based compensation | 0 | ||||||||||||
Equity in earnings of real estate partnership | (674,000) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | (1,055,000) | ||||||||||||
Accrued rent and accounts receivable | 534,000 | ||||||||||||
Receivable due from related party | 110,000 | ||||||||||||
Distributions from real estate partnership | 505,000 | ||||||||||||
Unamortized lease commissions | 90,000 | ||||||||||||
Prepaid expenses and other assets | (57,000) | ||||||||||||
Accounts payable and accrued expenses | 1,531,000 | ||||||||||||
Payable due to related party | (980,000) | ||||||||||||
Tenants' security deposits | (71,000) | ||||||||||||
Net cash provided by operating activities | (1,036,000) | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Additions to real estate | 1,047,000 | ||||||||||||
Proceeds from sales of properties | 0 | ||||||||||||
Investment in real estate partnership | 0 | ||||||||||||
Proceeds from sales of marketable securities | 0 | ||||||||||||
Net cash provided by (used in) investing activities | 1,047,000 | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | 0 | ||||||||||||
Distributions paid to OP unit holders | 0 | ||||||||||||
Distributions paid to noncontrolling interest in Consolidated Partnership | 115,000 | ||||||||||||
Net proceeds from credit facility | 0 | ||||||||||||
Repayments of notes payable | 325,000 | ||||||||||||
Payments of loan origination costs | 0 | ||||||||||||
Repurchase of common shares | 0 | ||||||||||||
Net cash provided by (used in) financing activities | 440,000 | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 451,000 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | (2,361,000) | (2,812,000) | (2,812,000) | (2,812,000) | (2,812,000) | ||||||||
Cash, cash equivalents and restricted cash at end of period | (2,361,000) | (2,812,000) | (2,812,000) | ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | (510,000) | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Financed insurance premiums | 0 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 0 | ||||||||||||
Value of common shares exchanged for OP units | 0 | ||||||||||||
Change in fair value of available-for-sale securities | 0 | ||||||||||||
Change in fair value of cash flow hedge | 0 | ||||||||||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments, June 30, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 407,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | (2,050,000) | ||||||||||||
Amortization of deferred loan costs | (50,000) | ||||||||||||
Loss on sale of marketable securities | 0 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | (1,000) | ||||||||||||
Bad debt expense | (99,000) | ||||||||||||
Share-based compensation | 0 | ||||||||||||
Equity in earnings of real estate partnership | (1,260,000) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 0 | ||||||||||||
Accrued rent and accounts receivable | (1,000) | ||||||||||||
Receivable due from related party | 232,000 | ||||||||||||
Distributions from real estate partnership | 505,000 | ||||||||||||
Unamortized lease commissions | 0 | ||||||||||||
Prepaid expenses and other assets | 2,000 | ||||||||||||
Accounts payable and accrued expenses | (40,000) | ||||||||||||
Payable due to related party | (612,000) | ||||||||||||
Tenants' security deposits | 0 | ||||||||||||
Net cash provided by operating activities | (2,967,000) | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Additions to real estate | 1,669,000 | ||||||||||||
Proceeds from sales of properties | 0 | ||||||||||||
Investment in real estate partnership | 649,000 | ||||||||||||
Proceeds from sales of marketable securities | 0 | ||||||||||||
Net cash provided by (used in) investing activities | 2,318,000 | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | 0 | ||||||||||||
Distributions paid to OP unit holders | 0 | ||||||||||||
Payments of exchange offer costs | 0 | ||||||||||||
Net proceeds from credit facility | 0 | ||||||||||||
Repayments of notes payable | 649,000 | ||||||||||||
Repurchase of common shares | 0 | ||||||||||||
Net cash provided by (used in) financing activities | 649,000 | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 0 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ 0 | 0 | 0 | 0 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | (1,022,000) | ||||||||||||
Cash paid for taxes | (88,000) | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Disposal of fully depreciated real estate | (56,000) | ||||||||||||
Financed insurance premiums | 0 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 0 | ||||||||||||
Value of common shares exchanged for OP units | 0 | ||||||||||||
Change in fair value of available-for-sale securities | 0 | ||||||||||||
Change in fair value of cash flow hedge | 0 | ||||||||||||
Reallocation of ownership percentage between parent and subsidiary | 0 | ||||||||||||
Recognition of Pillarstone OP Investment under equity method accounting | Adjustments, September 30, 2018 10-Q | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | 603,000 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | (3,056,000) | ||||||||||||
Amortization of deferred loan costs | (74,000) | ||||||||||||
Loss on sale of marketable securities | 0 | ||||||||||||
Loss (gain) on sale or disposal of assets and properties | (13,000) | ||||||||||||
Bad debt expense | (153,000) | ||||||||||||
Share-based compensation | 0 | ||||||||||||
Equity in earnings of real estate partnership | (1,762,000) | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||
Escrows and acquisition deposits | 0 | ||||||||||||
Accrued rent and accounts receivable | 12,000 | ||||||||||||
Receivable due from related party | 696,000 | ||||||||||||
Distributions from real estate partnership | 505,000 | ||||||||||||
Unamortized lease commissions | (2,000) | ||||||||||||
Prepaid expenses and other assets | 1,000 | ||||||||||||
Accounts payable and accrued expenses | (55,000) | ||||||||||||
Payable due to related party | (403,000) | ||||||||||||
Tenants' security deposits | 0 | ||||||||||||
Net cash provided by operating activities | (3,701,000) | ||||||||||||
Cash flows from investing activities: | |||||||||||||
Acquisitions of real estate | 0 | ||||||||||||
Additions to real estate | 2,567,000 | ||||||||||||
Proceeds from sales of properties | 0 | ||||||||||||
Proceeds from financed receivable due from related party | 1,000,000 | ||||||||||||
Investment in real estate partnership | (843,000) | ||||||||||||
Proceeds from sales of marketable securities | 0 | ||||||||||||
Net cash provided by (used in) investing activities | 2,724,000 | ||||||||||||
Cash flows from financing activities: | |||||||||||||
Distributions paid to common shareholders | 0 | ||||||||||||
Distributions paid to OP unit holders | 0 | ||||||||||||
Payments of exchange offer costs | 0 | ||||||||||||
Net proceeds from credit facility | 0 | ||||||||||||
Repayments of notes payable | 977,000 | ||||||||||||
Payments of loan origination costs | 0 | ||||||||||||
Repurchase of common shares | 0 | ||||||||||||
Net cash provided by (used in) financing activities | 977,000 | ||||||||||||
Net increase in cash, cash equivalents and restricted cash | 0 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 0 | $ 0 | $ 0 | 0 | $ 0 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | 0 | $ 0 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||||
Cash paid for interest | (1,698,000) | ||||||||||||
Cash paid for taxes | (88,000) | ||||||||||||
Non cash investing and financing activities: | |||||||||||||
Disposal of fully depreciated real estate | (59,000) | ||||||||||||
Financed insurance premiums | 0 | ||||||||||||
Value of shares issued under dividend reinvestment plan | 0 | ||||||||||||
Value of common shares exchanged for OP units | 0 | ||||||||||||
Change in fair value of available-for-sale securities | 0 | ||||||||||||
Change in fair value of cash flow hedge | 0 | ||||||||||||
Reallocation of ownership percentage between parent and subsidiary | $ 0 |
Subsequent Events (Details) - Subsequent Event [Member] |
Jan. 31, 2019
USD ($)
|
---|---|
2019 Facility [Member] | |
Subsequent Event [Line Items] | |
Credit facility, covenant, total debt to total assets ratio, maximum | 0.60 |
Credit facility, covenant, secured debt to total assets ratio, maximum | 0.40 |
Credit facility, covenant, EBITDA to fixed charges ratio, minimum | 1.50 |
Credit facility, covenant, other recourse debt to total assets ratio, maximum | 0.15 |
Credit facility, covenant, tangible net worth threshold before percentage of aggregate net proceeds, amount | $ 372,000,000 |
Credit facility, covenant, tangible net worth, percentage of aggregate net proceeds, minimum | 75.00% |
2019 Facility [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Credit facility, accordion feature, increase limit | $ 200,000,000 |
2018 Facility [Member] | |
Subsequent Event [Line Items] | |
Repayments of long-term debt | 446,200,000 |
Unsecured Line of Credit [Member] | 2019 Revolver [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Credit facility, maximum borrowing capacity | 250,000,000.0 |
Unsecured Line of Credit [Member] | Term Loan A [Member] | Term Loan [Member] | |
Subsequent Event [Line Items] | |
Credit facility, maximum borrowing capacity | 165,000,000.0 |
Unsecured Line of Credit [Member] | Term Loan B [Member] | Term Loan [Member] | |
Subsequent Event [Line Items] | |
Credit facility, maximum borrowing capacity | $ 100,000,000.0 |
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Mar. 31, 2018 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Charged to Cost and Expense | $ 446 | $ 662 | $ 970 | $ 1,391 | $ 2,340 | $ 1,585 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | $ 8,608 | $ 8,608 | $ 8,608 | 8,608 | 7,133 | 6,647 |
Deductions from Reserves | (253) | (865) | (1,099) | |||
Balance at End of Year | $ 9,746 | $ 8,608 | $ 7,133 |
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
|
Gross Amount at which Carried at End of Period | ||||
Total | $ 1,149,454,000 | $ 920,310,000 | $ 835,538,000 | $ 1,052,238,000 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of period | 1,149,454,000 | 920,310,000 | 835,538,000 | |
Cumulative effect of accounting change for adoption of ASU 2017-05. | (95,146,000) | 0 | 0 | |
Additions during the period: | ||||
Acquisitions | 0 | 213,545,000 | 69,749,000 | |
Improvements | 11,638,000 | 17,575,000 | 22,036,000 | |
Real estate, total additions | (83,508,000) | 231,120,000 | 91,785,000 | |
Deductions - cost of real estate sold or retired | (13,708,000) | (1,976,000) | (7,013,000) | |
Balance at close of period | $ 1,052,238,000 | $ 1,149,454,000 | $ 920,310,000 | |
New acquisitions through earlier attainment, percent occupancy | 90.00% | |||
New acquisitions through earlier attainment, term of ownership | 18 months | |||
Anthem Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | $ 15,100,000 | |||
BLVD Place [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 80,000,000 | |||
Headquarters Village [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 19,000,000 | |||
Pinnacle of Scottsdale [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,100,000 | |||
Shops at Pecos Ranch [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,000,000 | |||
Shops at Starwood [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,300,000 | |||
Terravita Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 10,500,000 | |||
Village Square at Dana Park [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 2,600,000 | |||
Woodlake Plaza [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 6,500,000 | |||
Various Properties owned in Unconsolidated Real Estate Partnership [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 37,000,000 | |||
Other [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 16,500,000 | |||
Whitestone [Member] | ||||
Initial Cost | ||||
Land | 305,411,000 | |||
Building and Improvements | 670,901,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 73,720,000 | |||
Carrying Costs | 2,206,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 305,411,000 | |||
Building and Improvements | 746,827,000 | |||
Total | $ 1,052,238,000 | 1,052,238,000 | ||
Accumulated Depreciation | 113,300,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,052,238,000 | |||
Aggregate cost of real estate for federal income tax purposes | 1,019,001,000 | |||
Whitestone [Member] | Retail Communities [Member] | ||||
Initial Cost | ||||
Land | 288,815,000 | |||
Building and Improvements | 670,901,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 72,512,000 | |||
Carrying Costs | 2,206,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 288,815,000 | |||
Building and Improvements | 745,619,000 | |||
Total | 1,034,434,000 | 1,034,434,000 | ||
Accumulated Depreciation | 113,300,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,034,434,000 | |||
Whitestone [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,126,000 | |||
Building and Improvements | 4,086,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 320,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,126,000 | |||
Building and Improvements | 4,406,000 | |||
Total | 9,532,000 | 9,532,000 | ||
Accumulated Depreciation | 823,000 | |||
Additions during the period: | ||||
Balance at close of period | 9,532,000 | |||
Whitestone [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 4,790,000 | |||
Building and Improvements | 17,973,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,132,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,790,000 | |||
Building and Improvements | 19,105,000 | |||
Total | 23,895,000 | 23,895,000 | ||
Accumulated Depreciation | 2,659,000 | |||
Additions during the period: | ||||
Balance at close of period | 23,895,000 | |||
Whitestone [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Initial Cost | ||||
Land | 415,000 | |||
Building and Improvements | 1,947,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 469,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 415,000 | |||
Building and Improvements | 2,416,000 | |||
Total | 2,831,000 | 2,831,000 | ||
Accumulated Depreciation | 1,866,000 | |||
Additions during the period: | ||||
Balance at close of period | 2,831,000 | |||
Whitestone [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Initial Cost | ||||
Land | 63,893,000 | |||
Building and Improvements | 90,942,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 513,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 63,893,000 | |||
Building and Improvements | 91,455,000 | |||
Total | 155,348,000 | 155,348,000 | ||
Accumulated Depreciation | 3,740,000 | |||
Additions during the period: | ||||
Balance at close of period | 155,348,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Initial Cost | ||||
Land | 472,000 | |||
Building and Improvements | 1,777,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,614,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 472,000 | |||
Building and Improvements | 4,391,000 | |||
Total | 4,863,000 | 4,863,000 | ||
Accumulated Depreciation | 1,757,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,863,000 | |||
Whitestone [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Initial Cost | ||||
Land | 2,044,000 | |||
Building and Improvements | 4,149,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 98,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,044,000 | |||
Building and Improvements | 4,247,000 | |||
Total | 6,291,000 | 6,291,000 | ||
Accumulated Depreciation | 415,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,291,000 | |||
Whitestone [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Initial Cost | ||||
Land | 11,367,000 | |||
Building and Improvements | 34,101,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,241,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 11,367,000 | |||
Building and Improvements | 35,342,000 | |||
Total | 46,709,000 | 46,709,000 | ||
Accumulated Depreciation | 3,498,000 | |||
Additions during the period: | ||||
Balance at close of period | 46,709,000 | |||
Whitestone [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Initial Cost | ||||
Land | 1,976,000 | |||
Building and Improvements | 1,704,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,796,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,976,000 | |||
Building and Improvements | 3,500,000 | |||
Total | 5,476,000 | 5,476,000 | ||
Accumulated Depreciation | 638,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,476,000 | |||
Whitestone [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Initial Cost | ||||
Land | 16,551,000 | |||
Building and Improvements | 30,746,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 264,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 16,551,000 | |||
Building and Improvements | 31,010,000 | |||
Total | 47,561,000 | 47,561,000 | ||
Accumulated Depreciation | 1,257,000 | |||
Additions during the period: | ||||
Balance at close of period | 47,561,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,113,000 | |||
Building and Improvements | 15,340,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 215,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,113,000 | |||
Building and Improvements | 15,555,000 | |||
Total | 20,668,000 | 20,668,000 | ||
Accumulated Depreciation | 2,167,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,668,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Initial Cost | ||||
Land | 5,573,000 | |||
Building and Improvements | 9,828,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,289,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,573,000 | |||
Building and Improvements | 12,117,000 | |||
Total | 17,690,000 | 17,690,000 | ||
Accumulated Depreciation | 2,293,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,690,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Initial Cost | ||||
Land | 7,604,000 | |||
Building and Improvements | 22,612,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,226,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,604,000 | |||
Building and Improvements | 24,838,000 | |||
Total | 32,442,000 | 32,442,000 | ||
Accumulated Depreciation | 2,561,000 | |||
Additions during the period: | ||||
Balance at close of period | 32,442,000 | |||
Whitestone [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Initial Cost | ||||
Land | 1,767,000 | |||
Building and Improvements | 3,233,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,591,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,767,000 | |||
Building and Improvements | 4,824,000 | |||
Total | 6,591,000 | 6,591,000 | ||
Accumulated Depreciation | 1,453,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,591,000 | |||
Whitestone [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Initial Cost | ||||
Land | 856,000 | |||
Building and Improvements | 794,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 168,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 856,000 | |||
Building and Improvements | 962,000 | |||
Total | 1,818,000 | 1,818,000 | ||
Accumulated Depreciation | 75,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,818,000 | |||
Whitestone [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,209,000 | |||
Building and Improvements | 13,821,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 377,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,209,000 | |||
Building and Improvements | 14,198,000 | |||
Total | 20,407,000 | 20,407,000 | ||
Accumulated Depreciation | 1,713,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,407,000 | |||
Whitestone [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Initial Cost | ||||
Land | 7,171,000 | |||
Building and Improvements | 18,439,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,002,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171,000 | |||
Building and Improvements | 19,441,000 | |||
Total | 26,612,000 | 26,612,000 | ||
Accumulated Depreciation | 3,082,000 | |||
Additions during the period: | ||||
Balance at close of period | 26,612,000 | |||
Whitestone [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Initial Cost | ||||
Land | 5,977,000 | |||
Building and Improvements | 7,577,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 703,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,977,000 | |||
Building and Improvements | 8,280,000 | |||
Total | 14,257,000 | 14,257,000 | ||
Accumulated Depreciation | 715,000 | |||
Additions during the period: | ||||
Balance at close of period | 14,257,000 | |||
Whitestone [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Initial Cost | ||||
Land | 733,000 | |||
Building and Improvements | 1,798,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,989,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 733,000 | |||
Building and Improvements | 3,787,000 | |||
Total | 4,520,000 | 4,520,000 | ||
Accumulated Depreciation | 1,592,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,520,000 | |||
Whitestone [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Initial Cost | ||||
Land | 12,853,000 | |||
Building and Improvements | 24,464,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 834,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 12,853,000 | |||
Building and Improvements | 25,298,000 | |||
Total | 38,151,000 | 38,151,000 | ||
Accumulated Depreciation | 1,484,000 | |||
Additions during the period: | ||||
Balance at close of period | 38,151,000 | |||
Whitestone [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Initial Cost | ||||
Land | 1,546,000 | |||
Building and Improvements | 4,289,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 4,455,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,546,000 | |||
Building and Improvements | 8,744,000 | |||
Total | 10,290,000 | 10,290,000 | ||
Accumulated Depreciation | 4,691,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,290,000 | |||
Whitestone [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Initial Cost | ||||
Land | 1,305,000 | |||
Building and Improvements | 5,324,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,330,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,305,000 | |||
Building and Improvements | 6,654,000 | |||
Total | 7,959,000 | 7,959,000 | ||
Accumulated Depreciation | 1,698,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,959,000 | |||
Whitestone [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 9,710,000 | |||
Building and Improvements | 26,779,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 4,876,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,710,000 | |||
Building and Improvements | 31,655,000 | |||
Total | 41,365,000 | 41,365,000 | ||
Accumulated Depreciation | 5,348,000 | |||
Additions during the period: | ||||
Balance at close of period | 41,365,000 | |||
Whitestone [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Initial Cost | ||||
Land | 8,728,000 | |||
Building and Improvements | 12,560,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,548,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 8,728,000 | |||
Building and Improvements | 14,108,000 | |||
Total | 22,836,000 | 22,836,000 | ||
Accumulated Depreciation | 2,100,000 | |||
Additions during the period: | ||||
Balance at close of period | 22,836,000 | |||
Whitestone [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,155,000 | |||
Building and Improvements | 10,221,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,266,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,155,000 | |||
Building and Improvements | 11,487,000 | |||
Total | 17,642,000 | 17,642,000 | ||
Accumulated Depreciation | 2,097,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,642,000 | |||
Whitestone [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Initial Cost | ||||
Land | 3,877,000 | |||
Building and Improvements | 8,629,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 199,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,877,000 | |||
Building and Improvements | 8,828,000 | |||
Total | 12,705,000 | 12,705,000 | ||
Accumulated Depreciation | 814,000 | |||
Additions during the period: | ||||
Balance at close of period | 12,705,000 | |||
Whitestone [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Initial Cost | ||||
Land | 5,562,000 | |||
Building and Improvements | 27,154,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 160,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,562,000 | |||
Building and Improvements | 27,314,000 | |||
Total | 32,876,000 | 32,876,000 | ||
Accumulated Depreciation | 2,479,000 | |||
Additions during the period: | ||||
Balance at close of period | 32,876,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Initial Cost | ||||
Land | 1,086,000 | |||
Building and Improvements | 7,162,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,149,000 | |||
Carrying Costs | 517,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,086,000 | |||
Building and Improvements | 9,828,000 | |||
Total | 10,914,000 | 10,914,000 | ||
Accumulated Depreciation | 2,822,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,914,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Initial Cost | ||||
Land | 6,648,000 | |||
Building and Improvements | 22,466,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,665,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,648,000 | |||
Building and Improvements | 24,131,000 | |||
Total | 30,779,000 | 30,779,000 | ||
Accumulated Depreciation | 4,648,000 | |||
Additions during the period: | ||||
Balance at close of period | 30,779,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Initial Cost | ||||
Land | 883,000 | |||
Building and Improvements | 4,659,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,998,000 | |||
Carrying Costs | 592,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 883,000 | |||
Building and Improvements | 7,249,000 | |||
Total | 8,132,000 | 8,132,000 | ||
Accumulated Depreciation | 598,000 | |||
Additions during the period: | ||||
Balance at close of period | 8,132,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Initial Cost | ||||
Land | 5,198,000 | |||
Building and Improvements | 13,367,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 661,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,198,000 | |||
Building and Improvements | 14,028,000 | |||
Total | 19,226,000 | 19,226,000 | ||
Accumulated Depreciation | 1,475,000 | |||
Additions during the period: | ||||
Balance at close of period | 19,226,000 | |||
Whitestone [Member] | Retail Communities [Member] | Providence [Member] | ||||
Initial Cost | ||||
Land | 918,000 | |||
Building and Improvements | 3,675,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,321,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 918,000 | |||
Building and Improvements | 5,996,000 | |||
Total | 6,914,000 | 6,914,000 | ||
Accumulated Depreciation | 2,261,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,914,000 | |||
Whitestone [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Initial Cost | ||||
Land | 9,561,000 | |||
Building and Improvements | 28,683,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 640,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,561,000 | |||
Building and Improvements | 29,323,000 | |||
Total | 38,884,000 | 38,884,000 | ||
Accumulated Depreciation | 2,525,000 | |||
Additions during the period: | ||||
Balance at close of period | 38,884,000 | |||
Whitestone [Member] | Retail Communities [Member] | Seville [Member] | ||||
Initial Cost | ||||
Land | 6,913,000 | |||
Building and Improvements | 25,518,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 567,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,913,000 | |||
Building and Improvements | 26,085,000 | |||
Total | 32,998,000 | 32,998,000 | ||
Accumulated Depreciation | 1,541,000 | |||
Additions during the period: | ||||
Balance at close of period | 32,998,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Initial Cost | ||||
Land | 184,000 | |||
Building and Improvements | 633,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 82,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 184,000 | |||
Building and Improvements | 715,000 | |||
Total | 899,000 | 899,000 | ||
Accumulated Depreciation | 358,000 | |||
Additions during the period: | ||||
Balance at close of period | 899,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Initial Cost | ||||
Land | 3,781,000 | |||
Building and Improvements | 15,123,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 744,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,781,000 | |||
Building and Improvements | 15,867,000 | |||
Total | 19,648,000 | 19,648,000 | ||
Accumulated Depreciation | 2,608,000 | |||
Additions during the period: | ||||
Balance at close of period | 19,648,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Initial Cost | ||||
Land | 4,093,000 | |||
Building and Improvements | 11,487,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 415,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,093,000 | |||
Building and Improvements | 11,902,000 | |||
Total | 15,995,000 | 15,995,000 | ||
Accumulated Depreciation | 2,250,000 | |||
Additions during the period: | ||||
Balance at close of period | 15,995,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shops at Starwood Phase III [Member] | ||||
Initial Cost | ||||
Land | 1,818,000 | |||
Building and Improvements | 7,069,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,045,000 | |||
Carrying Costs | 1,097,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,818,000 | |||
Building and Improvements | 10,211,000 | |||
Total | 12,029,000 | 12,029,000 | ||
Accumulated Depreciation | 652,000 | |||
Additions during the period: | ||||
Balance at close of period | 12,029,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Initial Cost | ||||
Land | 5,920,000 | |||
Building and Improvements | 14,297,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 599,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,920,000 | |||
Building and Improvements | 14,896,000 | |||
Total | 20,816,000 | 20,816,000 | ||
Accumulated Depreciation | 1,590,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,816,000 | |||
Whitestone [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Initial Cost | ||||
Land | 778,000 | |||
Building and Improvements | 2,584,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,917,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 778,000 | |||
Building and Improvements | 4,501,000 | |||
Total | 5,279,000 | 5,279,000 | ||
Accumulated Depreciation | 2,319,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,279,000 | |||
Whitestone [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Initial Cost | ||||
Land | 2,340,000 | |||
Building and Improvements | 7,296,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 840,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,340,000 | |||
Building and Improvements | 8,136,000 | |||
Total | 10,476,000 | 10,476,000 | ||
Accumulated Depreciation | 2,116,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,476,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Initial Cost | ||||
Land | 5,805,000 | |||
Building and Improvements | 12,335,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 383,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,805,000 | |||
Building and Improvements | 12,718,000 | |||
Total | 18,523,000 | 18,523,000 | ||
Accumulated Depreciation | 1,486,000 | |||
Additions during the period: | ||||
Balance at close of period | 18,523,000 | |||
Whitestone [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,781,000 | |||
Building and Improvements | 7,125,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,059,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,781,000 | |||
Building and Improvements | 8,184,000 | |||
Total | 9,965,000 | 9,965,000 | ||
Accumulated Depreciation | 3,010,000 | |||
Additions during the period: | ||||
Balance at close of period | 9,965,000 | |||
Whitestone [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Initial Cost | ||||
Land | 276,000 | |||
Building and Improvements | 1,186,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 606,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 276,000 | |||
Building and Improvements | 1,792,000 | |||
Total | 2,068,000 | 2,068,000 | ||
Accumulated Depreciation | 886,000 | |||
Additions during the period: | ||||
Balance at close of period | 2,068,000 | |||
Whitestone [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Initial Cost | ||||
Land | 3,610,000 | |||
Building and Improvements | 2,734,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 736,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,610,000 | |||
Building and Improvements | 3,470,000 | |||
Total | 7,080,000 | 7,080,000 | ||
Accumulated Depreciation | 729,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,080,000 | |||
Whitestone [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Initial Cost | ||||
Land | 7,171,000 | |||
Building and Improvements | 9,392,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 992,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171,000 | |||
Building and Improvements | 10,384,000 | |||
Total | 17,555,000 | 17,555,000 | ||
Accumulated Depreciation | 2,002,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,555,000 | |||
Whitestone [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Initial Cost | ||||
Land | 850,000 | |||
Building and Improvements | 2,911,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 403,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 850,000 | |||
Building and Improvements | 3,314,000 | |||
Total | 4,164,000 | 4,164,000 | ||
Accumulated Depreciation | 2,086,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,164,000 | |||
Whitestone [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Initial Cost | ||||
Land | 10,877,000 | |||
Building and Improvements | 40,250,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,331,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 10,877,000 | |||
Building and Improvements | 43,581,000 | |||
Total | 54,458,000 | 54,458,000 | ||
Accumulated Depreciation | 7,421,000 | |||
Additions during the period: | ||||
Balance at close of period | 54,458,000 | |||
Whitestone [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Initial Cost | ||||
Land | 423,000 | |||
Building and Improvements | 1,751,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,270,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 423,000 | |||
Building and Improvements | 5,021,000 | |||
Total | 5,444,000 | 5,444,000 | ||
Accumulated Depreciation | 2,130,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,444,000 | |||
Whitestone [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,800,000 | |||
Building and Improvements | 14,003,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 381,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,800,000 | |||
Building and Improvements | 14,384,000 | |||
Total | 21,184,000 | 21,184,000 | ||
Accumulated Depreciation | 1,519,000 | |||
Additions during the period: | ||||
Balance at close of period | 21,184,000 | |||
Whitestone [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Initial Cost | ||||
Land | 2,621,000 | |||
Building and Improvements | 10,482,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 8,490,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,621,000 | |||
Building and Improvements | 18,972,000 | |||
Total | 21,593,000 | 21,593,000 | ||
Accumulated Depreciation | 8,638,000 | |||
Additions during the period: | ||||
Balance at close of period | 21,593,000 | |||
Whitestone [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,107,000 | |||
Building and Improvements | 4,426,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,543,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,107,000 | |||
Building and Improvements | 6,969,000 | |||
Total | 8,076,000 | 8,076,000 | ||
Accumulated Depreciation | 2,615,000 | |||
Additions during the period: | ||||
Balance at close of period | 8,076,000 | |||
Whitestone [Member] | Land Held for Development [Member] | ||||
Initial Cost | ||||
Land | 16,596,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,208,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 16,596,000 | |||
Building and Improvements | 1,208,000 | |||
Total | 17,804,000 | 17,804,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 17,804,000 | |||
Whitestone [Member] | Land Held for Development [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 204,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 204,000 | |||
Building and Improvements | 0 | |||
Total | 204,000 | 204,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 204,000 | |||
Whitestone [Member] | Land Held for Development [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 704,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 704,000 | |||
Building and Improvements | 0 | |||
Total | 704,000 | 704,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 704,000 | |||
Whitestone [Member] | Land Held for Development [Member] | BLVD Place Phase II-B [Member] | ||||
Initial Cost | ||||
Land | 10,500,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,155,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 10,500,000 | |||
Building and Improvements | 1,155,000 | |||
Total | 11,655,000 | 11,655,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 11,655,000 | |||
Whitestone [Member] | Land Held for Development [Member] | Dana Park Development [Member] | ||||
Initial Cost | ||||
Land | 4,000,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 25,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,000,000 | |||
Building and Improvements | 25,000 | |||
Total | 4,025,000 | 4,025,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 4,025,000 | |||
Whitestone [Member] | Land Held for Development [Member] | Eldorado Plaza Development [Member] | ||||
Initial Cost | ||||
Land | 911,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 28,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 911,000 | |||
Building and Improvements | 28,000 | |||
Total | 939,000 | 939,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 939,000 | |||
Whitestone [Member] | Land Held for Development [Member] | Fountain Hills [Member] | ||||
Initial Cost | ||||
Land | 277,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 277,000 | |||
Building and Improvements | 0 | |||
Total | 277,000 | 277,000 | ||
Accumulated Depreciation | $ 0 | |||
Additions during the period: | ||||
Balance at close of period | $ 277,000 | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Seville [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shops at Starwood Phase III [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Seville [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shops at Starwood Phase III [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years |
Label | Element | Value | ||
---|---|---|---|---|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 377,523,000 | ||
Additional Paid-in Capital [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 521,314,000 | ||
Retained Earnings [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (157,565,000) | ||
Parent [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 19,119,000 | [1] | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 366,723,000 | ||
Common Stock [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 38,000 | ||
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 39,222,000 | ||
Noncontrolling Interest [Member] | ||||
Units of Partnership Interest, Amount | us-gaap_UnitsOfPartnershipInterestAmount | 1,084,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 10,800,000 | ||
AOCI Attributable to Parent [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 2,936,000 | ||
|
3GNO$AZ&^_YXC='5.1S^ )1B<\D.:#:B43SY %%)W/$>?[8<9&T7$[L
M>J2O"49QNP&HUC G(0#"- 6N ')FEK@"DO)T,C+G"F"_1=)P.6ZX"/@?I6/D
M-^T<@L9$OGU;8%![OO3D&$Q)BUL!@4&1'Y,#.S *8DOGQA84[&1(6AF^<&4D
MS8.G>.H?!CTAYZ/84R,N&5[*.>82=\4%XEQ2HUIB@T/2X7"CFA$P,";HQ(5
M& 6QLDA,)Z>$# "+7DXPX*+.F9%RT-A?:>FO'/=7&K@=/K\"AC0WX@M$*<]G
M%T#YQ(T%@,;.1K"STM)9>>ZLM'0OG@S?TP/*) PNXMH [%["AMX!O
M"_AS 6-Z"X2V0"AM(;8%XC\MY-X"J2V0S@6\[RV0VP+Y7, ="XQ/ZW?<$)/%
M?G%SM=V\#[:G3?VZ.)P=_24W6^[^\.%QAQW_UNR)7?/ICQMMTM7XQZ&B%G-[
MPI@.)G =)
MRLZ!:,HYC#E\D;.=,QBRSR7X6HD#_P_.U^&[586["-]]4GB[3I"L$B21(/E$
M<'?5XEK._541MIBI!EO';7*D,'T;-WD1G1?VD<<[^9<^;OL/86O9.G(R'F\V
MSK\RQ@-*V=S@"C7XP&9'0>6#>8^V'==L=+SIIA?$YF><_P502P,$% @
M#8MO3FIS9(VV 0 T@, !@ !X;"]W;W)K +$9M96J% .V$TL=!5]%.VVQTOJ_H"R4M=/PL_9L9O\+4SY:2J?GO< &)\. $-1HC7?R2YNR\
M41,+6E'\(ZU"QW6<^*]ERP7Y5)#/!7GJ)0E%YY^YYW5IS4ALFOW PR_.=CG.
MI@G).(IXAN8=9B]UL=V4[!*()LP^8?([3#%C&/+/(OFB2!X)-G<$VV6"S2+!
M)A(4=P1/#RX3)DLV=01EVU6V+%,LRA0+,L\/,DN8EP<1=C/]<+E_<'L2VI&C
M\?@CX[@[8SP@WWJ%-Z;']S0'$CH?ML^XM^E6I<";87HP;'ZU]7]02P,$%
M @ #8MO3M:W ZBF P -1 !D !X;"]W;W)K E-:IVN%.S/BE?%>
MBSB),W*U1 OF-&.B#29<$<2PKRDB7XI3]%]XY _?>17N7'C\1N'>3Q!["6)'
ML'M#D/@)]EZ"O4=!^JY'/LS!GR3Q)DD\!)_\!*F7(/UXF0A'C><1XN:*FW$#&
M#60RY&![F6;2A38%W^0$2A0,1B$AFZ50W4Q"(<.@+"6D4J-QUY.45HG#^4TH
MJW'=F9,:@T\B\SMP9P?I;'#1-$@7&0\MSB5D0@*=+QCDT=D2\ED&L[:4D-+:
MP1)?$4/=D:"$?W<\5!3NF(I]+#
MJ?3'&FQG*C.N(, * E\+1X]48&NN_>
5M>T0X!$.W0;0OJ=,AF.KA)&6QV
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MJT'^%_4#$S-U! !MIV6\Q6#@-\H_8V>8"QOB*0QIO@>[J M#\ =/4S'8&1!E!6C&>)%^8%K*E>1I])Y.GV#LE
M6S@98GNMA7D[@L(AHQOZ[GB2=>."@^5I)VKX >YG=S+>8C-+*36T5F)+#%09
MO=D
---/XC-WSC_!U!+ P04 " -BV].%L )7[_=N^-(!S3/M@%PY$6KUF:T<:X[
M,F:+!K2P-]A!ZV\J-%HX;YJ:V]^)\,2;(_>]*8(SMB+>
M>?'6>Z\Y/^Q3=@U$4\QIC.&+F,TTL%7