REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Schedule of Real Estate Properties

The Company’s Real estate properties and Development at December 31, 2015 and 2014 were as follows:

	December 31,
	2015			2014
	(In thousands)
Real estate properties:
Land	$	301,435		283,116
Buildings and building improvements	1,393,688			1,284,961
Tenant and other improvements	353,884			326,896
Development	170,441			179,973
	2,219,448			2,074,946
Less accumulated depreciation	(657,454		)	(600,526	)
	$	1,561,994		1,474,420

Gain on Sales of Real Estate

A summary of Gain on sales of real estate investments for the years ended December 31, 2015, 2014 and 2013 follows:

Real Estate Properties	Location	Size (in Square Feet)	Date Sold	Net Sales Price		Basis	Recognized Gain
				(In thousands)
2015
Ambassador Row Warehouse	Dallas, TX	185,000	04/13/2015	$	4,998	2,095	2,903
2014
Northpoint Commerce Center	Oklahoma City, OK	58,000	03/28/2014	$	3,471	3,376	95
Tampa West Distribution Center VI	Tampa, FL	9,000	07/08/2014	682		446	236
Clay Campbell Distribution Center	Houston, TX	118,000	09/30/2014	7,690		2,826	4,864
Kirby Business Park	Houston, TX	125,000	09/30/2014	5,306		2,989	2,317
Ambassador Row Warehouses	Dallas, TX	132,000	12/30/2014	3,358		1,682	1,676
Total for 2014				$	20,507	11,319	9,188
2013
Tampa West Distribution Center V	Tampa, FL	12,000	12/20/2013	$	609	442	167
Tampa West Distribution Center VII	Tampa, FL	6,000	12/20/2013	422		417	5
Tampa East Distribution Center II	Tampa, FL	31,000	12/30/2013	1,929		1,303	626
Total for 2013				$	2,960	2,162	798

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following table presents the components of revenues and expenses for the properties sold or held for sale during 2013.

DISCONTINUED OPERATIONS	Year Ended December 31, 2013
	(In thousands)
Income from real estate operations	$	306
Expenses from real estate operations	(87		)
Property net operating income from discontinued operations	219
Depreciation and amortization	(130		)
Income from real estate operations	89
Gain on sales of real estate investments	798
Income from discontinued operations	$	887

Development

DEVELOPMENT		Costs Incurred							Anticipated Building Conversion Date
		Costs Transferred  in 2015 (1)			For the Year Ended 12/31/15		Cumulative as of 12/31/15	Estimated Total Costs (2)
		(In thousands)
	(Unaudited)							(Unaudited)	(Unaudited)
LEASE-UP	Building Size (Square feet)
Alamo Ridge I, San Antonio, TX	96,000	$	—		1,877		7,352	8,500	02/16
Alamo Ridge II, San Antonio, TX	62,000	—			773		4,139	4,700	02/16
Madison II & III, Tampa, FL	127,000	—			3,737		7,417	8,000	02/16
West Road III, Houston, TX	78,000	—			917		4,782	5,000	03/16
Ten West Crossing 7, Houston, TX	68,000	—			902		4,072	4,900	04/16
West Road IV, Houston, TX	65,000	1,292			3,393		4,685	5,400	08/16
Kyrene 202 VI, Phoenix, AZ	123,000	1,515			5,505		7,020	9,500	09/16
ParkView 1-3, Dallas, TX	276,000	—			13,180		17,256	19,600	10/16
Total Lease-Up	895,000	2,807			30,284		56,723	65,600
UNDER CONSTRUCTION
Alamo Ridge III, San Antonio, TX	135,000	2,120			260		2,380	12,200	10/16
South 35th Avenue, Phoenix, AZ (3)	124,000	—			1,171		1,171	1,200	01/17
Eisenhauer Point 1 & 2, San Antonio, TX	201,000	1,880			4,880		6,760	13,500	02/17
Horizon III, Orlando, FL	109,000	2,399			3,716		6,115	7,800	02/17
Ten Sky Harbor, Phoenix, AZ	64,000	1,653			1,999		3,652	6,000	03/17
Steele Creek VI, Charlotte, NC	137,000	1,273			1,631		2,904	7,600	05/17
Total Under Construction	770,000	9,325			13,657		22,982	48,300
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)	Estimated Building Size (Square feet)
Phoenix, AZ	261,000	(3,168		)	3,192		3,487
Tucson, AZ	70,000	—			—		417
Fort Myers, FL	663,000	—			—		17,858
Orlando, FL	912,000	(5,015		)	1,535		20,371
Tampa, FL	290,000	(2,255		)	710		4,639
Jackson, MS	28,000	—			—		706
Charlotte, NC	281,000	(1,273		)	711		4,421
Dallas, TX	519,000	—			6,477		8,126
El Paso, TX	251,000	—			—		2,444
Houston, TX	1,607,000	(2,581		)	5,458		24,587
San Antonio, TX	453,000	(4,000		)	4,858		3,680
Total Prospective Development	5,335,000	(18,292		)	22,941		90,736
	7,000,000	$	(6,160	)	66,882		170,441
DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2015	Building Size (Square feet)								Building Conversion Date
Horizon I, Orlando, FL	109,000	$	—		(16	)	7,096		02/15
Kyrene 202 II, Phoenix, AZ	45,000	—			61		3,470		02/15
Steele Creek III, Charlotte, NC	108,000	—			(179	)	7,141		02/15
Steele Creek II, Charlotte, NC	71,000	—			22		4,945		03/15
World Houston 39, Houston, TX	94,000	—			420		5,476		06/15
World Houston 42, Houston, TX	94,000	1,289			3,733		5,022		07/15
World Houston 41, Houston, TX	104,000	—			603		5,949		08/15
Horizon II, Orlando, FL	123,000	—			232		7,892		09/15
Sky Harbor 6, Phoenix, AZ	31,000	—			1,352		2,972		10/15
Ten West Crossing 6, Houston, TX	64,000	—			470		4,712		10/15
Thousand Oaks 4, San Antonio, TX	66,000	—			1,576		4,519		10/15
West Road I, Houston, TX	63,000	—			662		4,939		10/15
Kyrene 202 I, Phoenix, AZ	75,000	—			195		6,134		11/15
Rampart IV, Denver, CO	84,000	—			1,178		8,125		11/15
Oak Creek VIII, Tampa, FL	108,000	2,255			3,074		5,329		12/15
Steele Creek IV, Charlotte, NC	57,000	—			736		4,196		12/15
Horizon IV, Orlando, FL	123,000	2,616			6,276		8,892		12/15
Total Transferred to Real Estate Properties	1,419,000	$	6,160		20,395		96,809	(4)

(1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction.

(2) Included in these costs are development obligations of$12.0 million and tenant improvement obligations of $4.3 million on properties under development.

(3) This property is a manufacturing building undergoing redevelopment to a multi-tenant use building.

(4) Represents cumulative costs at the date of transfer.

Future Minimum Rental Receipts Under Non-cancelable Leases

The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2015:

Future Minimum Rental Receipts Under Non-Cancelable Leases

Years Ending December 31,	(In thousands)
2016	$	176,082
2017	144,173
2018	110,845
2019	84,253
2020	58,448
Thereafter	87,841
Total minimum receipts	$	661,642

Future Minimum Ground Lease Payments

The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2015:

Future Minimum Ground Lease Payments

Years Ending December 31,	(In thousands)
2016	$	756
2017	756
2018	756
2019	756
2020	756
Thereafter	11,186
Total minimum payments	$	14,966