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Summary of Secured Debt (Detail) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Secured Debt [Member]
Dec. 31, 2012
Secured Debt [Member]
Dec. 31, 2013
Knoxville Portfolio
Property
Dec. 31, 2013
Prudential Portfolio Loan
Dec. 31, 2013
Prudential Portfolio Loan
Secured Debt [Member]
Dec. 31, 2012
Prudential Portfolio Loan
Secured Debt [Member]
Dec. 31, 2013
Dufferin - Toronto - Ontario, Canada
Dec. 31, 2013
Dufferin - Toronto - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2012
Dufferin - Toronto - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2013
Citi Loan
Dec. 31, 2013
Citi Loan
Secured Debt [Member]
Dec. 31, 2012
Citi Loan
Secured Debt [Member]
Dec. 31, 2013
Citi Las Vegas Loan
Dec. 31, 2013
Citi Las Vegas Loan
Secured Debt [Member]
Dec. 31, 2012
Citi Las Vegas Loan
Secured Debt [Member]
Dec. 31, 2013
ING Loan
Dec. 31, 2013
ING Loan
Secured Debt [Member]
Dec. 31, 2012
ING Loan
Secured Debt [Member]
Dec. 31, 2013
Mississauga - Ontario, Canada
Dec. 31, 2013
Mississauga - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2012
Mississauga - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2013
Chantilly - VA
Dec. 31, 2013
Chantilly - VA
Secured Debt [Member]
Dec. 31, 2012
Chantilly - VA
Secured Debt [Member]
Dec. 31, 2013
Citi Stockade Loan - 1
Dec. 31, 2013
Citi Stockade Loan - 1
Secured Debt [Member]
Dec. 31, 2012
Citi Stockade Loan - 1
Secured Debt [Member]
Dec. 31, 2013
KeyBank CMBS Loan
Dec. 31, 2013
KeyBank CMBS Loan
Secured Debt [Member]
Dec. 31, 2012
KeyBank CMBS Loan
Secured Debt [Member]
Dec. 31, 2013
Citi Stockade Loan - 2
Dec. 31, 2013
Citi Stockade Loan - 2
Secured Debt [Member]
Dec. 31, 2012
Citi Stockade Loan - 2
Secured Debt [Member]
Dec. 31, 2013
Montgomery
Dec. 31, 2013
Montgomery
Secured Debt [Member]
Dec. 31, 2012
Montgomery
Secured Debt [Member]
Dec. 31, 2013
Seabrook
Dec. 31, 2013
Seabrook
Secured Debt [Member]
Dec. 31, 2012
Seabrook
Secured Debt [Member]
Dec. 31, 2013
Greenville
Dec. 31, 2013
Greenville
Secured Debt [Member]
Dec. 31, 2012
Greenville
Secured Debt [Member]
Dec. 31, 2013
Kemah
Dec. 31, 2013
Kemah
Secured Debt [Member]
Dec. 31, 2012
Kemah
Secured Debt [Member]
Dec. 31, 2013
Memphis
Dec. 31, 2013
Memphis
Secured Debt [Member]
Dec. 31, 2012
Memphis
Secured Debt [Member]
Dec. 31, 2013
Tallahassee
Dec. 31, 2013
Tallahassee
Secured Debt [Member]
Dec. 31, 2012
Tallahassee
Secured Debt [Member]
Dec. 31, 2013
Houston
Dec. 31, 2013
Houston
Secured Debt [Member]
Dec. 31, 2012
Houston
Secured Debt [Member]
Dec. 31, 2013
San Francisco (consolidated VIE)
Dec. 31, 2013
San Francisco (consolidated VIE)
Secured Debt [Member]
Dec. 31, 2012
San Francisco (consolidated VIE)
Secured Debt [Member]
Dec. 31, 2013
Lake Forest
Dec. 31, 2013
Lake Forest
Secured Debt [Member]
Dec. 31, 2012
Lake Forest
Secured Debt [Member]
Dec. 31, 2013
Las Vegas II
Dec. 31, 2013
Las Vegas II
Secured Debt [Member]
Dec. 31, 2012
Las Vegas II
Secured Debt [Member]
Dec. 31, 2013
Pearland
Dec. 31, 2013
Pearland
Secured Debt [Member]
Dec. 31, 2012
Pearland
Secured Debt [Member]
Dec. 31, 2013
Daphne
Dec. 31, 2013
Daphne
Secured Debt [Member]
Dec. 31, 2012
Daphne
Secured Debt [Member]
Dec. 31, 2013
Mesa
Dec. 31, 2013
Mesa
Secured Debt [Member]
Dec. 31, 2012
Mesa
Secured Debt [Member]
Dec. 31, 2013
Riverdale
Dec. 31, 2013
Riverdale
Secured Debt [Member]
Dec. 31, 2012
Riverdale
Secured Debt [Member]
Dec. 31, 2013
Bank of America Loan - 1
Dec. 31, 2013
Bank of America Loan - 1
Secured Debt [Member]
Dec. 31, 2012
Bank of America Loan - 1
Secured Debt [Member]
Dec. 31, 2013
Bank of America Loan - 2
Dec. 31, 2013
Bank of America Loan - 2
Secured Debt [Member]
Dec. 31, 2012
Bank of America Loan - 2
Secured Debt [Member]
Dec. 31, 2013
Bank of America Loan - 3
Dec. 31, 2013
Bank of America Loan - 3
Secured Debt [Member]
Dec. 31, 2012
Bank of America Loan - 3
Secured Debt [Member]
Dec. 31, 2013
Prudential - Long Beach
Dec. 31, 2013
Prudential - Long Beach
Secured Debt [Member]
Dec. 31, 2012
Prudential - Long Beach
Secured Debt [Member]
Mar. 05, 2013
SF Bay Area - Morgan Hill
Dec. 31, 2013
SF Bay Area - Morgan Hill
Dec. 31, 2012
SF Bay Area - Morgan Hill
Secured Debt [Member]
Dec. 31, 2013
SF Bay Area - Vallejo
Dec. 31, 2013
SF Bay Area - Vallejo
Secured Debt [Member]
Dec. 31, 2012
SF Bay Area - Vallejo
Secured Debt [Member]
Dec. 31, 2013
Ladera Ranch
Dec. 31, 2013
Ladera Ranch
Secured Debt [Member]
Dec. 31, 2012
Ladera Ranch
Secured Debt [Member]
Dec. 31, 2013
SF Bay Area - San Lorenzo
Dec. 31, 2012
SF Bay Area - San Lorenzo
Secured Debt [Member]
Dec. 31, 2013
Las Vegas V
Dec. 31, 2013
Las Vegas V
Secured Debt [Member]
Dec. 31, 2012
Las Vegas V
Secured Debt [Member]
Dec. 31, 2013
Second Restated Key Bank Loan
Dec. 31, 2012
Second Restated Key Bank Loan
Secured Debt [Member]
Dec. 31, 2013
Brampton - Ontario, Canada
Dec. 31, 2013
Brampton - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2012
Brampton - Ontario, Canada
Secured Debt [Member]
Dec. 31, 2013
Bank of America Loan - 4
Dec. 31, 2013
Bank of America Loan - 4
Secured Debt [Member]
Dec. 31, 2012
Bank of America Loan - 4
Secured Debt [Member]
Dec. 31, 2013
Citi SF Bay Area Morgan Hill Loan
Dec. 31, 2013
Citi SF Bay Area Morgan Hill Loan
Secured Debt [Member]
Dec. 31, 2013
KeyBank Revolver
Dec. 31, 2013
KeyBank Revolver
Secured Debt [Member]
Dec. 31, 2013
John Hancock Loan
Dec. 31, 2013
John Hancock Loan
Secured Debt [Member]
Debt Instrument [Line Items]                                                                                                                                                                                                                                          
Carrying value $ 390,371,923           $ 31,044,708 [1],[2] $ 31,547,772 [1],[2]   $ 6,144,911 [3] $ 6,812,855 [3]   $ 28,077,873 [4] $ 28,466,942 [4]   $ 7,434,590 [5] $ 7,545,688 [5]   $ 21,265,500 [6] $ 21,587,669 [6]   $ 6,763,769 [7] $ 6,841,134 [7]   $ 3,421,797 [8] $ 3,474,712 [8]   $ 18,200,000 [9] $ 18,200,000 [9]   $ 30,960,278 [10] $ 31,000,000 [10]   $ 19,362,500 [11] $ 19,362,500 [11]   $ 2,693,364 $ 2,768,704   $ 4,444,137 $ 4,516,470   $ 2,226,986 $ 2,263,211   $ 8,732,981 $ 8,858,838   $ 2,465,045 $ 2,502,922   $ 7,446,178 $ 7,537,926   $ 1,981,095 $ 2,018,754   $ 10,256,163 $ 10,387,192   $ 18,000,000 $ 18,000,000   $ 1,511,958 $ 1,530,923   $ 3,438,473 $ 3,480,298   $ 1,381,213 $ 1,544,325   $ 2,968,060 $ 3,036,098   $ 4,800,000 $ 4,800,000   $ 4,321,842 [12] $ 4,400,398 [12]   $ 6,548,748 [13] $ 6,667,782 [13]   $ 11,770,704 [14] $ 11,984,654 [14]   $ 6,533,640 [15] $ 6,637,926 [15]     $ 2,928,860 [16]   $ 4,295,098 $ 4,390,176   $ 6,691,304 $ 6,821,300   $ 2,099,622   $ 1,628,783 $ 1,667,485   $ 51,666,666 [17]   $ 6,482,879 [18] $ 208,086 [18]   $ 6,394,362 [19] $ 6,459,043 [19]   $ 3,000,000 [16]   $ 71,000,000 [20]   $ 16,682,984 [21]
Net fair value adjustment     913,837 (576,173)                                                                                                                                                                                                                                  
Secured debt $ 391,285,760 $ 353,440,758                                                                                                                                                                                                                                      
Interest Rate           5.42% [1],[2]     5.22% [3]     5.77% [4]     5.26% [5]     5.47% [6]     5.00% [7]     4.75% [8]     4.60% [9]     4.65% [10]     4.61% [11]     6.42%     5.73%     5.65%     6.20%     5.67%     6.16%     5.67%     5.84%     6.47%     5.72%     5.93%     5.47%     5.38%     4.00%     5.18% [12]     5.18% [13]     5.18% [14]     5.27% [15]       5.75% [16]   6.04%     5.84%     6.07%   5.02%     4.67% [17]   5.25% [18]     6.33% [19]     4.08% [16]   1.67% [20]   6.36% [21]  
Maturity date           Sep. 05, 2019 [1],[2]     May 15, 2014 [3]     Feb. 06, 2021 [4]     Jun. 06, 2021 [5]     Jul. 01, 2021 [6]     Oct. 31, 2014 [7]     Jun. 06, 2022 [8]     Oct. 01, 2022 [9]     Nov. 01, 2022 [10]     Nov. 06, 2022 [11]     Jul. 01, 2016     Jan. 01, 2016     Mar. 01, 2016     Jun. 01, 2016     Dec. 01, 2016     Aug. 01, 2016     Feb. 01, 2017     Jan. 01, 2017     Oct. 01, 2017     Jun. 01, 2017     Jul. 01, 2017     Aug. 01, 2020     Apr. 01, 2015     May 14, 2014     Nov. 01, 2015 [12]     Nov. 01, 2015 [13]     Nov. 01, 2015 [14]     Sep. 05, 2019 [15]     Mar. 06, 2023 Apr. 01, 2013 [16]   Jun. 01, 2014     Jun. 01, 2016     Jan. 01, 2014   Jul. 01, 2015     Dec. 24, 2014 [17]   Jun. 30, 2016 [18]     Oct. 01, 2017 [19]     Mar. 06, 2023 [16]   Oct. 25, 2016 [20]   Jun. 01, 2018 [21]  
Maturity of loan                                                                                                                                                                                                               2013-10                          
Number of unencumbered properties         5                                                                                                                                                                                                                                
[1] Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%.
[2] This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten.
[3] On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank's floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%.
[4] This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago - 95th St., Chicago - Western Ave., Chicago - Ogden Ave., Chicago - Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan.
[5] This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan.
[6] This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021.
[7] In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2% (totaling 5.00% as of December 31, 2013).
[8] The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan.
[9] This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan.
[10] This portfolio loan encumbers nine properties (Los Angeles - La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area - Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan.
[11] This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan.
[12] This loan encumbers the Lawrenceville I and II properties.
[13] This loan encumbers the Concord, Hickory and Morganton properties.
[14] This loan encumbers the El Paso II, III, IV & V properties as well as the Dallas property.
[15] This loan is cross-collateralized by the 11 properties discussed in footnote (1) to this table.
[16] The SF Bay Area - Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area - Morgan Hill Loan. For additional discussion, see "Citi SF Bay Area - Morgan Hill Loan" below.
[17] Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below.
[18] In September 2012, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2.25% (totaling 5.25% as of December 31, 2013).
[19] This loan encumbers the Ridgeland and Canton properties.
[20] On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below.
[21] This loan encumbers the Midland I, Coppell, Midland II, Arlington and Weatherford properties.