UNITED STATES | ||||
SECURITIES AND EXCHANGE COMMISSION | ||||
WASHINGTON, D.C. 20549 | ||||
FORM 10-K | ||||
( x ) | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 | ||||
OR | ||||
( ) | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the transition period from to | ||||
COMMISSION FILE NUMBER 1-07094 |
MARYLAND | 13-2711135 |
(State or other jurisdiction | (I.R.S. Employer |
of incorporation or organization) | Identification No.) |
400 W PARKWAY PLACE | |
SUITE 100 | |
RIDGELAND, MISSISSIPPI | 39157 |
(Address of principal executive offices) | (Zip code) |
Registrant’s telephone number: (601) 354-3555 | |
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | |
Title of each class | Name of exchange on which registered |
Common Stock, $.0001 par value | New York Stock Exchange |
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE |
Large Accelerated Filer (x) | Accelerated Filer ( ) | Non-accelerated Filer ( ) | ||
Smaller Reporting Company ( ) | Emerging Growth Company ( ) |
Page | ||
PART I | ||
PART II | ||
PART III | ||
PART IV | ||
• | international, national, regional and local economic conditions; |
• | the general level of interest rates and ability to raise equity capital on attractive terms; |
• | financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; |
• | the competitive environment in which the Company operates; |
• | fluctuations of occupancy or rental rates; |
• | potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants; |
• | potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws or real estate investment trust (“REIT”) or corporate income tax laws, and potential increases in real property tax rates; |
• | our ability to maintain our qualification as a REIT; |
• | acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections; |
• | natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; |
• | the terms of governmental regulations that affect us and interpretations of those regulations, including the costs of compliance with those regulations, changes in real estate and zoning laws and increases in real property tax rates; |
• | credit risk in the event of non-performance by the counterparties to the interest rate swaps; |
• | lack of or insufficient amounts of insurance; |
• | litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; |
• | our ability to retain key personnel; |
• | the consequences of future terrorist attacks or civil unrest; and |
• | environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. |
| we will be required to pay U.S. federal income tax on our undistributed REIT taxable income, including net capital gain; |
| we may be subject to tax at the highest U.S. federal corporate income tax rate on certain income from “foreclosure property” (generally, property acquired by reason of default on a lease or indebtedness held by us); |
| we will be subject to a 100% U.S. federal income tax on net income from “prohibited transactions” (generally, certain sales or other dispositions of property, sometimes referred to as “dealer property,” held primarily for sale to customers in the ordinary course of business, other than foreclosure property) unless the gain is realized in a “taxable REIT subsidiary,” or TRS, or such property has been held by us for at least two years and certain other requirements are satisfied; |
| if we fail to satisfy either the 75% gross income test or the 95% gross income test (discussed below), but nonetheless maintain our qualification as a REIT pursuant to certain relief provisions, we will be subject to a 100% U.S. federal income tax on the greater of (i) the amount by which we fail the 75% gross income test or (ii) the amount by which we fail the 95% gross income test, in either case, multiplied by a fraction intended to reflect our profitability; |
| if we fail to satisfy any of the asset tests, and the failure is not a failure of the 5% or the 10% asset test that qualifies under the De Minimis Exception but the failure does qualify under the General Exception, both as described below under “-Qualification as a REIT-Asset Tests,” then we will have to pay an excise tax equal to the greater of (i) $50,000 and (ii) an amount determined by multiplying the net income generated during a specified period by the assets that caused the failure by the highest U.S. federal corporate income tax rate; |
| if we fail to satisfy any REIT requirements other than the gross income test or asset test requirements, described below under “-Qualification as a REIT-Income Tests” and “-Qualification as a REIT-Asset Tests,” respectively, and we qualify for a reasonable cause exception, then we will have to pay a penalty equal to $50,000 for each such failure; |
| we will be subject to a 4% excise tax on certain undistributed amounts if certain distribution requirements are not satisfied; |
| we may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s shareholders, as described below in “-Recordkeeping Requirements;” |
| if we dispose of an asset acquired by us from a C corporation in a transaction in which we took the C corporation’s tax basis in the asset, we may be subject to tax at the highest U.S. federal corporate income tax rate on the appreciation inherent in such asset as of the date of acquisition by us; |
| we will be required to pay a 100% tax on any redetermined rents, redetermined deductions, excess interest and redetermined TRS service income. In general, redetermined rents are rents from real property that are overstated as a result of services furnished by our TRS. Redetermined deductions and excess interest generally represent amounts that are deducted by a TRS for amounts paid to us that are in excess of the amounts that would have been deducted based on arm’s-length negotiations. Redetermined TRS service income generally means the additional gross income a TRS would recognize if it were paid an arm’s length fee for services provided to, or on behalf of, us; and |
| income earned by our TRS or any other subsidiaries that are taxable as C corporations will be subject to regular U.S. federal corporate income tax. |
| we satisfied the asset tests at the end of the preceding calendar quarter and the discrepancy between the value of our assets and the asset test requirements arose from changes in the market values of our assets and was not wholly or partly caused by the acquisition of one or more non-qualifying assets; or |
| we eliminate any discrepancy within 30 days after the close of the calendar quarter in which it arose. |
| De Minimis Exception: the failure is due to a violation of the 5% or 10% asset tests referenced above and is “de minimis” (meaning that the failure is one that arises from our ownership of assets the total value of which does not exceed the lesser of 1% of the total value of our assets at the end of the quarter in which the failure occurred and $10 million), and we either dispose of the assets that caused the failure or otherwise satisfy the asset tests within six months after the last day of the quarter in which our identification of the failure occurred; or |
| General Exception: all of the following requirements are satisfied: (i) the failure does not qualify for the above De Minimis Exception, (ii) the failure is due to reasonable cause and not willful neglect, (iii) we file a schedule in accordance with the applicable Treasury Regulations providing a description of each asset that caused the failure, and (iv) we either dispose of the assets that caused the failure or otherwise satisfy the asset tests within six months after the last day of the quarter in which our identification of the failure occurred. A REIT that utilizes this general relief provision must pay an excise tax equal to the greater of (a) $50,000 or (b) the product of the net income generated during a specified period by the asset that caused the failure and the highest U.S. federal corporate income tax rate. |
(i) | such distribution is effectively connected with the non-U.S. shareholder’s U.S. trade or business and, if certain treaties apply, is attributable to a U.S. permanent establishment maintained by the non-U.S. shareholder, in which case the non-U.S. shareholder will be subject to tax on a net basis in a manner similar to the taxation of U.S. shareholders with respect to such gain, except that a holder that is a foreign corporation may also be subject to the additional 30% branch profits tax; or |
(ii) | the non-U.S. shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and meets certain other criteria, in which case such nonresident alien individual generally will be subject to a 30% tax on the individual’s net U.S. source capital gain. |
• | population and demographic trends; |
• | employment and personal income trends; |
• | income and other tax laws; |
• | changes in interest rates and availability and costs of financing; |
• | increased operating costs, including insurance premiums, utilities and real estate taxes, due to inflation and other factors which may not necessarily be offset by increased rents; |
• | changes in the price of oil; and |
• | construction costs. |
• | the availability of favorable financing alternatives; |
• | the risk that we may not be able to obtain land on which to develop or that due to the increased cost of land, our activities may not be as profitable; |
• | construction costs exceeding original estimates due to rising interest rates and increases in the costs of materials and labor; |
• | construction and lease-up delays resulting in increased debt service, fixed expenses and construction costs; |
• | expenditure of funds and devotion of management's time to projects that we do not complete; |
• | fluctuations of occupancy and rental rates at newly completed properties, which depend on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and |
• | complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits. |
• | when we are able to locate a desired property, competition from other real estate investors may significantly increase the purchase price; |
• | acquired properties may fail to perform as expected; |
• | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates; |
• | acquired properties may be located in new markets where we face risks associated with an incomplete knowledge or understanding of the local market, a limited number of established business relationships in the area and a relative unfamiliarity with local governmental and permitting procedures; |
• | we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and as a result, our results of operations and financial condition could be adversely affected; and |
• | we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, to the transferor with respect to unknown liabilities. As a result, if a claim were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow. |
• | the REIT ownership limit described above; |
• | special meetings of our stockholders may be called only by the chairman of the board, the chief executive officer, the president, a majority of the board or by stockholders possessing a majority of all the votes entitled to be cast at the meeting; |
• | our Board of Directors may authorize and issue securities without stockholder approval; and |
• | advance-notice requirements for proposals to be presented at stockholder meetings. |
Years Ending December 31, | Number of Leases Expiring | Total Area of Leases Expiring (in Square Feet) | Annualized Current Base Rent of Leases Expiring (1) | % of Total Base Rent of Leases Expiring | |||||||
2019 (2) | 296 | 4,429,000 | $ | 28,660,000 | 12.6% | ||||||
2020 | 300 | 6,243,000 | $ | 37,247,000 | 16.3% | ||||||
2021 | 296 | 7,340,000 | $ | 44,134,000 | 19.3% | ||||||
2022 | 206 | 5,618,000 | $ | 34,081,000 | 14.9% | ||||||
2023 | 179 | 4,544,000 | $ | 27,361,000 | 12.0% | ||||||
2024 | 110 | 4,180,000 | $ | 22,504,000 | 9.9% | ||||||
2025 | 36 | 2,057,000 | $ | 12,329,000 | 5.4% | ||||||
2026 | 30 | 1,054,000 | $ | 6,295,000 | 2.8% | ||||||
2027 | 16 | 848,000 | $ | 5,790,000 | 2.5% | ||||||
2028 and beyond | 34 | 1,860,000 | $ | 9,891,000 | 4.3% |
(1) | Represents the monthly cash rental rates, excluding tenant expense reimbursements, as of December 31, 2018, multiplied by 12 months. |
(2) | Includes month-to-month leases. |
Years Ended December 31, | ||||||
2018 | 2017 | |||||
Common Share Distributions: | (Per share) | |||||
Ordinary dividends | $ | 2.14305 | 2.49146 | |||
Nondividend distributions | — | 0.02686 | ||||
Unrecaptured Section 1250 capital gain | — | — | ||||
Other capital gain | — | 0.00168 | ||||
Total Common Distributions | $ | 2.14305 | 2.52000 |
Fiscal years ended December 31, | ||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||
EastGroup | $ | 100.00 | 113.22 | 103.61 | 142.51 | 175.79 | 187.97 | |||||||||||
FTSE Nareit Equity REITs | 100.00 | 130.14 | 134.30 | 145.74 | 153.36 | 146.27 | ||||||||||||
S&P 500 Total Return | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33 |
Years Ended December 31, | |||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||
OPERATING DATA | (In thousands, except per share data) | ||||||||||||||
REVENUES | |||||||||||||||
Income from real estate operations | $ | 299,018 | 274,031 | 252,961 | 234,918 | 219,706 | |||||||||
Other revenue | 1,374 | 119 | 86 | 90 | 123 | ||||||||||
300,392 | 274,150 | 253,047 | 235,008 | 219,829 | |||||||||||
Expenses | |||||||||||||||
Expenses from real estate operations | 86,394 | 80,108 | 74,347 | 67,402 | 62,797 | ||||||||||
Depreciation and amortization | 91,704 | 83,874 | 77,935 | 73,290 | 70,314 | ||||||||||
General and administrative | 13,738 | 14,972 | 13,232 | 15,091 | 12,726 | ||||||||||
Acquisition costs | — | — | 161 | 164 | 210 | ||||||||||
191,836 | 178,954 | 165,675 | 155,947 | 146,047 | |||||||||||
Operating income | 108,556 | 95,196 | 87,372 | 79,061 | 73,782 | ||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (35,106 | ) | (34,775 | ) | (35,213 | ) | (34,666 | ) | (35,486 | ) | |||||
Gain, net of loss, on sales of real estate investments | 14,273 | 21,855 | 42,170 | 2,903 | 9,188 | ||||||||||
Other | 913 | 1,313 | 1,765 | 1,101 | 989 | ||||||||||
Net income | 88,636 | 83,589 | 96,094 | 48,399 | 48,473 | ||||||||||
Net income attributable to noncontrolling interest in joint ventures | (130 | ) | (406 | ) | (585 | ) | (533 | ) | (532 | ) | |||||
Net income attributable to EastGroup Properties, Inc. common stockholders | 88,506 | 83,183 | 95,509 | 47,866 | 47,941 | ||||||||||
Other comprehensive income (loss) - Cash flow hedges | 1,353 | 3,353 | 5,451 | (1,099 | ) | (3,986 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 89,859 | 86,536 | 100,960 | 46,767 | 43,955 | |||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||
Net income attributable to common stockholders | $ | 2.50 | 2.45 | 2.93 | 1.49 | 1.53 | |||||||||
Weighted average shares outstanding | 35,439 | 33,996 | 32,563 | 32,091 | 31,341 | ||||||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||
Net income attributable to common stockholders | $ | 2.49 | 2.44 | 2.93 | 1.49 | 1.52 | |||||||||
Weighted average shares outstanding | 35,506 | 34,047 | 32,628 | 32,196 | 31,452 | ||||||||||
OTHER PER SHARE DATA | |||||||||||||||
Book value, at end of year | $ | 24.74 | 21.56 | 19.13 | 17.11 | 17.72 | |||||||||
Common distributions declared | 2.72 | 2.52 | 2.44 | 2.34 | 2.22 | ||||||||||
Common distributions paid | 2.00 | 2.52 | 2.44 | 2.34 | 2.22 | ||||||||||
BALANCE SHEET DATA (AT END OF YEAR) | |||||||||||||||
Real estate investments, at cost (1) | $ | 2,827,609 | 2,591,358 | 2,419,461 | 2,232,344 | 2,087,821 | |||||||||
Real estate investments, net of accumulated depreciation (1) | 2,012,694 | 1,841,757 | 1,725,211 | 1,574,890 | 1,487,295 | ||||||||||
Total assets | 2,131,705 | 1,953,221 | 1,825,764 | 1,661,904 | 1,572,112 | ||||||||||
Unsecured bank credit facilities, unsecured debt and secured debt | 1,105,787 | 1,108,282 | 1,101,333 | 1,027,909 | 929,465 | ||||||||||
Total liabilities | 1,227,002 | 1,202,091 | 1,183,898 | 1,102,703 | 996,497 | ||||||||||
Noncontrolling interest in joint ventures | 1,644 | 1,658 | 4,205 | 4,339 | 4,486 | ||||||||||
Total stockholders’ equity | 903,059 | 749,472 | 637,661 | 554,862 | 571,129 |
(1) | Includes mortgage loans receivable and unconsolidated investment. See Notes 3 and 4 in the Notes to Consolidated Financial Statements. |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
Income from real estate operations | $ | 299,018 | 274,031 | 252,961 | |||||
Expenses from real estate operations | (86,394 | ) | (80,108 | ) | (74,347 | ) | |||
Noncontrolling interest in PNOI of consolidated 80% joint ventures | (314 | ) | (633 | ) | (823 | ) | |||
PNOI from 50% owned unconsolidated investment | 869 | 897 | 906 | ||||||
PROPERTY NET OPERATING INCOME (PNOI) | $ | 213,179 | 194,187 | 178,697 |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
NET INCOME | $ | 88,636 | 83,589 | 96,094 | |||||
Net (gain) on sales of real estate investments | (14,273 | ) | (21,855 | ) | (42,170 | ) | |||
Net (gain) on sales of non-operating real estate | (86 | ) | (293 | ) | (733 | ) | |||
Net loss on other | 70 | — | — | ||||||
Interest income | (156 | ) | (247 | ) | (255 | ) | |||
Other revenue | (1,374 | ) | (119 | ) | (86 | ) | |||
Interest rate swap ineffectiveness | — | — | 5 | ||||||
Depreciation and amortization | 91,704 | 83,874 | 77,935 | ||||||
Company's share of depreciation from unconsolidated investment | 128 | 124 | 124 | ||||||
Interest expense | 35,106 | 34,775 | 35,213 | ||||||
General and administrative expense | 13,738 | 14,972 | 13,232 | ||||||
Acquisition costs | — | — | 161 | ||||||
Noncontrolling interest in PNOI of consolidated 80% joint ventures | (314 | ) | (633 | ) | (823 | ) | |||
PROPERTY NET OPERATING INCOME (PNOI) | $ | 213,179 | 194,187 | 178,697 |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands, except per share data) | |||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ | 88,506 | 83,183 | 95,509 | |||||
Depreciation and amortization | 91,704 | 83,874 | 77,935 | ||||||
Company's share of depreciation from unconsolidated investment | 128 | 124 | 124 | ||||||
Depreciation and amortization from noncontrolling interest | (182 | ) | (224 | ) | (214 | ) | |||
Net (gain) on sales of real estate investments | (14,273 | ) | (21,855 | ) | (42,170 | ) | |||
FUNDS FROM OPERATIONS (FFO) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 165,883 | 145,102 | 131,184 | |||||
Net income attributable to common stockholders per diluted share | $ | 2.49 | 2.44 | 2.93 | |||||
Funds from operations (FFO) attributable to common stockholders per diluted share | 4.67 | 4.26 | 4.02 | ||||||
Diluted shares for earnings per share and funds from operations | 35,506 | 34,047 | 32,628 |
• | The FFO change per share represents the increase or decrease in FFO per share from the current year compared to the prior year. For 2018, FFO was $4.67 per share compared with $4.26 per share for 2017, an increase of 9.6%. |
• | For the year ended December 31, 2018, PNOI increased by $18,992,000, or 9.8%, compared to 2017. PNOI increased $11,900,000 from newly developed and value-add properties, $6,712,000 from same property operations and $2,134,000 |
• | The same property net operating income change represents the PNOI increase or decrease for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2017 through December 31, 2018). PNOI, excluding income from lease terminations, from same properties increased 3.8% for the year ended December 31, 2018, compared to 2017. |
• | Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2017 through December 31, 2018). Same property average occupancy for the year ended December 31, 2018, was 96.9% compared to 96.6% for 2017. |
• | Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period. Occupancy at December 31, 2018 was 96.8%. Quarter-end occupancy ranged from 95.7% to 96.4% over the previous four quarters ended December 31, 2017 to September 30, 2018. |
• | Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space. For the year 2018, rental rate increases on new and renewal leases (18.8% of total square footage) averaged 15.8%. |
• | Lease termination fee income is included in Income from real estate operations. For the year 2018, lease termination fee income was $294,000 compared to $468,000 for 2017. |
• | Bad debt expense is included in Expenses from real estate operations. The Company recorded net bad debt expense of $784,000 in 2018 and $499,000 in 2017. |
REAL ESTATE PROPERTIES ACQUIRED IN 2018 | Location | Size | Date Acquired | Cost (1) | |||||||
(Square feet) | (In thousands) | ||||||||||
Gwinnett 316 | Atlanta, GA | 65,000 | 04/24/2018 | $ | 4,147 | ||||||
Eucalyptus Distribution Center | Chino, CA | 182,000 | 06/20/2018 | 22,890 | |||||||
Allen Station I & II | Dallas, TX | 220,000 | 08/29/2018 | 23,424 | |||||||
Greenhill Distribution Center | Austin, TX | 45,000 | 12/04/2018 | 4,076 | |||||||
Total Real Estate Property Acquisitions | 512,000 | $ | 54,537 |
(1) | Total cost of the operating properties acquired was $57,053,000, of which $54,537,000 was allocated to Real estate properties as indicated above. The Company allocated $18,540,000 of the total purchase price to land using third party land valuations for the Atlanta, Dallas, Austin and Chino (Los Angeles) markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 in the Notes to Consolidated Financial Statements for additional information on ASC 820). Intangibles associated with the purchases of real estate were allocated as follows: $4,224,000 to in-place lease intangibles and $21,000 to above market leases (both included in Other assets on the Consolidated Balance Sheets), and $1,729,000 to below market leases (included in Other liabilities on the Consolidated Balance Sheets). |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | |||||||||||||||||
Costs Transferred in 2018 (1) | For the Year Ended 12/31/18 | Cumulative as of 12/31/18 | Estimated Total Costs (2) | Anticipated Building Conversion Date | ||||||||||||||
(In thousands) | ||||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||
Siempre Viva, San Diego, CA | 115,000 | $ | — | 14,075 | 14,075 | 14,400 | 01/19 | |||||||||||
CreekView 121 3 & 4, Dallas, TX | 158,000 | — | 3,489 | 13,800 | 16,200 | 03/19 | ||||||||||||
Falcon Field, Phoenix, AZ | 96,000 | — | 5,285 | 8,232 | 9,400 | 05/19 | ||||||||||||
Gateway 1, Miami, FL | 200,000 | 9,110 | 11,131 | 20,241 | 25,000 | 05/19 | ||||||||||||
Broadmoor 2, Atlanta, GA | 111,000 | 705 | 5,709 | 6,414 | 7,400 | 11/19 | ||||||||||||
Total Lease-Up | 680,000 | 9,815 | 39,689 | 62,762 | 72,400 | |||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||
Horizon XI, Orlando, FL | 135,000 | 3,171 | 5,552 | 8,723 | 10,400 | 01/20 | ||||||||||||
Settlers Crossing 1, Austin, TX | 77,000 | — | 4,704 | 6,260 | 7,400 | 01/20 | ||||||||||||
Settlers Crossing 2, Austin, TX | 83,000 | — | 5,442 | 7,115 | 8,400 | 01/20 | ||||||||||||
SunCoast 5, Ft. Myers, FL | 81,000 | 2,704 | 3,831 | 6,535 | 7,700 | 01/20 | ||||||||||||
Airport Commerce Center 3, Charlotte, NC | 96,000 | — | 4,060 | 5,793 | 7,300 | 02/20 | ||||||||||||
Parc North 5, Dallas, TX | 100,000 | 1,683 | 5,270 | 6,953 | 9,200 | 02/20 | ||||||||||||
Steele Creek V, Charlotte, NC | 54,000 | 1,366 | 1,948 | 3,314 | 5,800 | 03/20 | ||||||||||||
Horizon VI, Orlando, FL | 148,000 | 3,418 | 4,807 | 8,225 | 12,700 | 04/20 | ||||||||||||
Ten West Crossing 8, Houston, TX | 132,000 | 1,947 | 4,643 | 6,590 | 10,900 | 04/20 | ||||||||||||
Tri-County Crossing 1 & 2, San Antonio, TX | 203,000 | 2,012 | 6,883 | 8,895 | 14,600 | 04/20 | ||||||||||||
Eisenhauer Point 7 & 8, San Antonio, TX | 336,000 | 4,916 | 8,174 | 13,090 | 24,500 | 05/20 | ||||||||||||
CreekView 121 5 & 6, Dallas, TX | 139,000 | 3,675 | 1,930 | 5,605 | 14,900 | 07/20 | ||||||||||||
Total Under Construction | 1,584,000 | 24,892 | 57,244 | 87,098 | 133,800 | |||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||
Phoenix, AZ | 315,000 | — | 6,809 | 6,809 | ||||||||||||||
Ft. Myers, FL | 488,000 | (2,704 | ) | 1,914 | 13,322 | |||||||||||||
Miami, FL | 650,000 | (9,110 | ) | 14,565 | 36,331 | |||||||||||||
Orlando, FL | 214,000 | (6,589 | ) | 1,188 | 5,719 | |||||||||||||
Tampa, FL | 32,000 | — | — | 1,560 | ||||||||||||||
Atlanta, GA | 100,000 | (705 | ) | 224 | 726 | |||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||
Charlotte, NC | 600,000 | (1,366 | ) | 1,846 | 7,209 | |||||||||||||
Austin, TX | 180,000 | — | 722 | 3,742 | ||||||||||||||
Dallas, TX | 612,000 | (5,358 | ) | 7,954 | 12,192 | |||||||||||||
Houston, TX (3) | 1,123,000 | (2,969 | ) | (1,782 | ) | 16,439 | ||||||||||||
San Antonio, TX | 908,000 | (6,928 | ) | 4,584 | 9,049 | |||||||||||||
Total Prospective Development | 5,250,000 | (35,729 | ) | 38,024 | 113,804 | |||||||||||||
7,514,000 | $ | (1,022 | ) | 134,957 | 263,664 | |||||||||||||
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2018 | Building Size (Square feet) | Building Conversion Date | ||||||||||||||||
Alamo Ridge IV, San Antonio, TX | 97,000 | $ | — | 320 | 7,417 | 03/18 | ||||||||||||
Oak Creek VII, Tampa, FL | 116,000 | — | 601 | 6,732 | 03/18 | |||||||||||||
Weston, Ft. Lauderdale, FL | 134,000 | — | 222 | 15,742 | 03/18 | |||||||||||||
Progress Center 1 & 2, Atlanta, GA | 132,000 | — | 143 | 10,476 | 04/18 | |||||||||||||
Horizon X, Orlando, FL | 104,000 | — | 3,352 | 6,902 | 05/18 | |||||||||||||
SunCoast 4, Ft. Myers, FL | 93,000 | — | 71 | 9,191 | 05/18 | |||||||||||||
Country Club V, Tucson, AZ | 305,000 | — | 7,078 | 21,029 | 06/18 | |||||||||||||
Eisenhauer Point 3, San Antonio, TX | 71,000 | — | 231 | 6,390 | 06/18 | |||||||||||||
Kyrene 202 III, IV & V, Phoenix, AZ | 166,000 | — | 1,146 | 12,689 | 09/18 | |||||||||||||
Steele Creek VII, Charlotte, NC | 120,000 | — | 795 | 8,592 | 09/18 | |||||||||||||
Eisenhauer Point 6, San Antonio, TX | 85,000 | — | 1,356 | 5,406 | 10/18 | |||||||||||||
Horizon XII, Orlando, FL | 140,000 | — | 653 | 11,883 | 10/18 | |||||||||||||
Eisenhauer Point 5, San Antonio, TX | 98,000 | — | 2,012 | 7,816 | 11/18 | |||||||||||||
West Road 5, Houston, TX | 58,000 | 1,022 | 3,756 | 4,778 | 11/18 | |||||||||||||
Total Transferred to Real Estate Properties | 1,719,000 | $ | 1,022 | 21,736 | 135,043 | (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 $52.4 million and tenant improvement obligations of $13.6 million on properties under development. |
(3) | Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18. |
(4) | Represents cumulative costs at the date of transfer. |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Leasing costs (principally commissions) | $ | 78,985 | 72,722 | |||
Accumulated amortization of leasing costs | (30,185 | ) | (27,973 | ) | ||
Leasing costs (principally commissions), net of accumulated amortization | 48,800 | 44,749 | ||||
Straight-line rents receivable | 36,365 | 31,609 | ||||
Allowance for doubtful accounts on straight-line rents receivable | (343 | ) | (48 | ) | ||
Straight-line rents receivable, net of allowance for doubtful accounts | 36,022 | 31,561 | ||||
Accounts receivable | 6,033 | 6,004 | ||||
Allowance for doubtful accounts on accounts receivable | (600 | ) | (577 | ) | ||
Accounts receivable, net of allowance for doubtful accounts | 5,433 | 5,427 | ||||
Acquired in-place lease intangibles | 21,696 | 20,690 | ||||
Accumulated amortization of acquired in-place lease intangibles | (9,833 | ) | (8,974 | ) | ||
Acquired in-place lease intangibles, net of accumulated amortization | 11,863 | 11,716 | ||||
Acquired above market lease intangibles | 1,465 | 1,550 | ||||
Accumulated amortization of acquired above market lease intangibles | (902 | ) | (794 | ) | ||
Acquired above market lease intangibles, net of accumulated amortization | 563 | 756 | ||||
Mortgage loans receivable | 2,594 | 4,581 | ||||
Interest rate swap assets | 6,701 | 6,034 | ||||
Goodwill | 990 | 990 | ||||
Prepaid expenses and other assets | 8,265 | 10,215 | ||||
Total Other assets | $ | 121,231 | 116,029 |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Property taxes payable | $ | 10,718 | 12,081 | |||
Development costs payable | 15,410 | 9,699 | ||||
Real estate improvements and capitalized leasing costs payable | 3,911 | 3,957 | ||||
Interest payable | 4,067 | 3,744 | ||||
Dividends payable | 27,738 | 1,365 | ||||
Book overdraft (1) | 15,048 | 20,902 | ||||
Other payables and accrued expenses | 9,671 | 13,219 | ||||
Total Accounts payable and accrued expenses | $ | 86,563 | 64,967 |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Security deposits | $ | 18,432 | 16,668 | |||
Prepaid rent and other deferred income | 12,728 | 9,352 | ||||
Acquired below market lease intangibles | 5,891 | 4,135 | ||||
Accumulated amortization of acquired below market lease intangibles | (3,028 | ) | (2,147 | ) | ||
Acquired below market lease intangibles, net of accumulated amortization | 2,863 | 1,988 | ||||
Interest rate swap liabilities | — | 695 | ||||
Prepaid tenant improvement reimbursements | 614 | 124 | ||||
Other liabilities | 15 | 15 | ||||
Total Other liabilities | $ | 34,652 | 28,842 |
Years Ended December 31, | |||||||||
2018 | 2017 | Increase (Decrease) | |||||||
(In thousands) | |||||||||
VARIABLE RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - variable rate (excluding amortization of facility fees and debt issuance costs) | $ | 3,736 | 2,379 | 1,357 | |||||
Amortization of facility fees - unsecured bank credit facilities | 736 | 670 | 66 | ||||||
Amortization of debt issuance costs - unsecured bank credit facilities | 508 | 451 | 57 | ||||||
Total variable rate interest expense | 4,980 | 3,500 | 1,480 | ||||||
FIXED RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - fixed rate (1) (2) (excluding amortization of facility fees and debt issuance costs) | 1,001 | 1,616 | (615 | ) | |||||
Unsecured debt interest (1) (excluding amortization of debt issuance costs) | 24,544 | 22,425 | 2,119 | ||||||
Secured debt interest (excluding amortization of debt issuance costs) | 10,071 | 12,201 | (2,130 | ) | |||||
Amortization of debt issuance costs - unsecured debt | 564 | 479 | 85 | ||||||
Amortization of debt issuance costs - secured debt | 280 | 319 | (39 | ) | |||||
Total fixed rate interest expense | 36,460 | 37,040 | (580 | ) | |||||
Total interest | 41,440 | 40,540 | 900 | ||||||
Less capitalized interest | (6,334 | ) | (5,765 | ) | (569 | ) | |||
TOTAL INTEREST EXPENSE | $ | 35,106 | 34,775 | 331 |
(1) | Includes interest on the Company's unsecured bank credit facilities and unsecured debt with fixed interest rates per the debt agreements or effectively fixed interest rates due to interest rate swaps, as discussed in Note 13 in the Notes to Consolidated Financial Statements. |
(2) | The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. |
Years Ended December 31, | ||||||||||
2018 | 2017 | Increase (Decrease) | ||||||||
(In thousands, except rates of interest) | ||||||||||
Average borrowings on unsecured bank credit facilities - variable rate | $ | 141,223 | 114,751 | 26,472 | ||||||
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) | 2.64 | % | 2.07 | % |
SECURED DEBT REPAID IN 2017 | Interest Rate | Date Repaid | Payoff Amount | |||||
(In thousands) | ||||||||
Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 & 2, 21 & 23 | 5.57% | 08/07/2017 | $ | 45,069 |
NEW UNSECURED DEBT IN 2017 and 2018 | Effective Interest Rate | Date Obtained | Maturity Date | Amount | ||||||
(In thousands) | ||||||||||
$60 Million Senior Unsecured Notes | 3.460% | 12/13/2017 | 12/13/2024 | $ | 60,000 | |||||
$60 Million Senior Unsecured Notes | 3.930% | 04/10/2018 | 04/10/2028 | 60,000 | ||||||
Weighted Average/Total Amount for 2017 and 2018 | 3.695% | $ | 120,000 |
Estimated Useful Life | Years Ended December 31, | |||||||
2018 | 2017 | |||||||
(In thousands) | ||||||||
Upgrade on Acquisitions | 40 yrs | $ | 294 | 161 | ||||
Tenant Improvements: | ||||||||
New Tenants | Lease Life | 12,896 | 11,413 | |||||
Renewal Tenants | Lease Life | 2,926 | 3,357 | |||||
Other: | ||||||||
Building Improvements | 5-40 yrs | 9,012 | 3,362 | |||||
Roofs | 5-15 yrs | 9,053 | 6,197 | |||||
Parking Lots | 3-5 yrs | 2,878 | 1,880 | |||||
Other | 5 yrs | 861 | 1,101 | |||||
Total Real Estate Improvements (1) | $ | 37,920 | 27,471 |
(1) | Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: |
Years Ended December 31, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
Total Real Estate Improvements | $ | 37,920 | 27,471 | ||||
Change in Real Estate Property Payables | 581 | (1,313 | ) | ||||
Change in Construction in Progress | (999 | ) | 1,227 | ||||
Real Estate Improvements on the Consolidated Statements of Cash Flows | $ | 37,502 | 27,385 |
Estimated Useful Life | Years Ended December 31, | |||||||
2018 | 2017 | |||||||
(In thousands) | ||||||||
Development and Value-Add | Lease Life | $ | 4,843 | 5,571 | ||||
New Tenants | Lease Life | 5,880 | 5,782 | |||||
Renewal Tenants | Lease Life | 5,038 | 4,907 | |||||
Total Capitalized Leasing Costs | $ | 15,761 | 16,260 | |||||
Amortization of Leasing Costs | $ | 11,493 | 10,329 |
Years Ended December 31, | |||||||||
2017 | 2016 | Increase (Decrease) | |||||||
(In thousands) | |||||||||
VARIABLE RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - variable rate (excluding amortization of facility fees and debt issuance costs) | $ | 2,379 | 1,583 | 796 | |||||
Amortization of facility fees - unsecured bank credit facilities | 670 | 670 | — | ||||||
Amortization of debt issuance costs - unsecured bank credit facilities | 451 | 450 | 1 | ||||||
Total variable rate interest expense | 3,500 | 2,703 | 797 | ||||||
FIXED RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - fixed rate (1) (excluding amortization of facility fees and debt issuance costs) | 1,616 | 614 | 1,002 | ||||||
Unsecured debt interest (1) (excluding amortization of debt issuance costs) | 22,425 | 19,245 | 3,180 | ||||||
Secured debt interest (excluding amortization of debt issuance costs) | 12,201 | 16,907 | (4,706 | ) | |||||
Amortization of debt issuance costs - unsecured debt | 479 | 700 | (221 | ) | |||||
Amortization of debt issuance costs - secured debt | 319 | 384 | (65 | ) | |||||
Total fixed rate interest expense | 37,040 | 37,850 | (810 | ) | |||||
Total interest | 40,540 | 40,553 | (13 | ) | |||||
Less capitalized interest | (5,765 | ) | (5,340 | ) | (425 | ) | |||
TOTAL INTEREST EXPENSE | $ | 34,775 | 35,213 | (438 | ) |
(1) | Includes interest on the Company's unsecured bank credit facilities and unsecured debt with fixed interest rates per the debt agreements or effectively fixed interest rates due to interest rate swaps, as discussed in Note 13 in the Notes to Consolidated Financial Statements. |
Years Ended December 31, | ||||||||||
2017 | 2016 | Increase (Decrease) | ||||||||
(In thousands, except rates of interest) | ||||||||||
Average borrowings on unsecured bank credit facilities - variable rate | $ | 114,751 | 106,352 | 8,399 | ||||||
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) | 2.07 | % | 1.49 | % |
SECURED DEBT REPAID IN 2016 AND 2017 | Interest Rate | Date Repaid | Payoff Amount | |||||
(In thousands) | ||||||||
Huntwood and Wiegman I | 5.68% | 08/05/2016 | $ | 24,543 | ||||
Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16 | 5.97% | 09/06/2016 | 51,194 | |||||
Weighted Average/Total Amount for 2016 | 5.88% | $ | 75,737 | |||||
Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 & 2, 21 & 23 | 5.57% | 08/07/2017 | $ | 45,069 | ||||
Weighted Average/Total Amount for 2016 and 2017 | 5.76% | $ | 120,806 |
NEW UNSECURED DEBT IN 2016 and 2017 | Effective Interest Rate | Date Obtained | Maturity Date | Amount | ||||||
(In thousands) | ||||||||||
$65 Million Unsecured Term Loan (1) | 2.863% | 04/01/2016 | 04/01/2023 | $ | 65,000 | |||||
$40 Million Unsecured Term Loan (2) | 2.335% | 07/29/2016 | 07/30/2021 | 40,000 | ||||||
$60 Million Senior Unsecured Notes | 3.480% | 12/15/2016 | 12/15/2024 | 60,000 | ||||||
$40 Million Senior Unsecured Notes | 3.750% | 12/15/2016 | 12/15/2026 | 40,000 | ||||||
Weighted Average/Total Amount for 2016 | 3.114% | $ | 205,000 | |||||||
$60 Million Senior Unsecured Notes | 3.460% | 12/13/2017 | 12/13/2024 | $ | 60,000 | |||||
Weighted Average/Total Amount for 2016 and 2017 | 3.192% | $ | 265,000 |
(1) | The interest rate on this unsecured term loan is comprised of LIBOR plus 165 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 2.863% as of December 31, 2017. In February 2018, the Company refinanced this term loan, changing the rate to LIBOR plus 110 basis points which equates to an effective fixed interest rate of 2.313% at December 31, 2018. See Note 13 in the Notes to Consolidated Financial Statements for additional information on the interest rate swaps. |
(2) | The interest rate on this unsecured term loan is comprised of LIBOR plus 110 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 2.335% as of December 31, 2017. See Note 13 in the Notes to Consolidated Financial Statements for additional information on the interest rate swaps. |
Estimated Useful Life | Years Ended December 31, | |||||||
2017 | 2016 | |||||||
(In thousands) | ||||||||
Upgrade on Acquisitions | 40 yrs | $ | 161 | 394 | ||||
Tenant Improvements: | ||||||||
New Tenants | Lease Life | 11,413 | 9,976 | |||||
Renewal Tenants | Lease Life | 3,357 | 2,748 | |||||
Other: | ||||||||
Building Improvements | 5-40 yrs | 3,362 | 5,113 | |||||
Roofs | 5-15 yrs | 6,197 | 2,785 | |||||
Parking Lots | 3-5 yrs | 1,880 | 1,377 | |||||
Other | 5 yrs | 1,101 | 764 | |||||
Total Real Estate Improvements (1) | $ | 27,471 | 23,157 |
(1) | Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: |
Years Ended December 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Total Real Estate Improvements | $ | 27,471 | 23,157 | ||||
Change in Real Estate Property Payables | (1,313 | ) | 621 | ||||
Change in Construction in Progress | 1,227 | 31 | |||||
Real Estate Improvements on the Consolidated Statements of Cash Flows | $ | 27,385 | 23,809 |
Estimated Useful Life | Years Ended December 31, | |||||||
2017 | 2016 | |||||||
(In thousands) | ||||||||
Development and Value-Add | Lease Life | $ | 5,571 | 4,217 | ||||
New Tenants | Lease Life | 5,782 | 5,273 | |||||
Renewal Tenants | Lease Life | 4,907 | 4,978 | |||||
Total Capitalized Leasing Costs | $ | 16,260 | 14,468 | |||||
Amortization of Leasing Costs | $ | 10,329 | 9,932 |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Unsecured bank credit facilities - variable rate, carrying amount | $ | 195,730 | 116,339 | |||
Unsecured bank credit facilities - fixed rate, carrying amount (1) (2) | — | 80,000 | ||||
Unamortized debt issuance costs | (1,804 | ) | (630 | ) | ||
Unsecured bank credit facilities | 193,926 | 195,709 | ||||
Unsecured debt - fixed rate, carrying amount (1) | 725,000 | 715,000 | ||||
Unamortized debt issuance costs | (1,600 | ) | (1,939 | ) | ||
Unsecured debt | 723,400 | 713,061 | ||||
Secured debt - fixed rate, carrying amount (1) | 189,038 | 200,354 | ||||
Unamortized debt issuance costs | (577 | ) | (842 | ) | ||
Secured debt | 188,461 | 199,512 | ||||
Total debt | $ | 1,105,787 | 1,108,282 |
(1) | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
(2) | The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. |
Payments Due by Period | |||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||
(In thousands) | |||||||||||||||
Unsecured Bank Credit Facilities (1) (2) | $ | 195,730 | — | — | 195,730 | — | |||||||||
Interest on Unsecured Bank Credit Facilities (3) | 27,729 | 7,656 | 15,311 | 4,762 | — | ||||||||||
Unsecured Debt (1) | 725,000 | 75,000 | 145,000 | 190,000 | 315,000 | ||||||||||
Interest on Unsecured Debt | 116,884 | 23,343 | 39,617 | 28,921 | 25,003 | ||||||||||
Secured Debt (1) | 189,038 | 55,567 | 98,659 | 32,888 | 1,924 | ||||||||||
Interest on Secured Debt | 16,351 | 7,553 | 8,328 | 269 | 201 | ||||||||||
Dividends Payable (4) | 26,178 | 26,178 | — | — | — | ||||||||||
Operating Lease Obligations: | |||||||||||||||
Office Leases | 1,707 | 382 | 736 | 589 | — | ||||||||||
Ground Leases | 13,298 | 791 | 1,582 | 1,582 | 9,343 | ||||||||||
Real Estate Property Obligations (5) | 2,398 | 2,398 | — | — | — | ||||||||||
Development and Value-Add Obligations (6) | 52,366 | 52,366 | — | — | — | ||||||||||
Tenant Improvements (7) | 19,487 | 19,487 | — | — | — | ||||||||||
Purchase Obligations | 900 | 300 | 600 | — | — | ||||||||||
Total | $ | 1,387,066 | 271,021 | 309,833 | 454,741 | 351,471 |
(1) | These amounts are included on the Consolidated Balance Sheets net of unamortized debt issuance costs. |
(2) | The Company’s balances under its unsecured bank credit facilities change depending on the Company’s cash needs and, as such, both the principal amounts and the interest rates are subject to variability. At December 31, 2018, the weighted average interest rate was 3.508% on the $195,730,000 of variable-rate debt that matures in July 2022. The $350 million unsecured credit facility has options for two six-month extensions (at the Company's election) and a $150 million accordion (with agreement by all parties). The $45 million unsecured credit facility automatically extends for two six-month terms if the extension options in the $350 million revolving facility are exercised. As of December 31, 2018, the interest rate on the $350 million facility was LIBOR plus 100 basis points (weighted average interest rate of 3.508%) with an annual facility fee of 20 basis points, and the interest rate on the $45 million facility, which resets on a daily basis, was LIBOR plus 100 basis points (3.503%) with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. |
(3) | Represents an estimate of interest due on the Company's unsecured bank credit facilities based on the outstanding unsecured credit facilities as of December 31, 2018 and interest rates and maturity dates on the facilities as of December 31, 2018 as discussed in note 2 above. |
(4) | Represents dividends declared during December 2018, which were paid in January 2019. Dividends Payable excludes dividends payable on unvested restricted stock of $1,560,000, which are subject to continued service and will be paid upon vesting in future periods. |
(5) | Represents commitments on real estate properties, except for tenant improvement obligations. |
(6) | Represents commitments on properties in the Company's development and value-add program, except for tenant improvement obligations. |
(7) | Represents tenant improvement allowance obligations. |
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | Fair Value | ||||||||||||||||
Unsecured bank credit facilities - variable rate (in thousands) | $ | — | — | — | 195,730 | (1) | — | — | 195,730 | 196,423 (2) | |||||||||||||
Weighted average interest rate | — | — | — | 3.51 | % | (3) | — | — | 3.51 | % | |||||||||||||
Unsecured debt - fixed rate (in thousands) | $ | 75,000 | 105,000 | 40,000 | 75,000 | 115,000 | 315,000 | 725,000 | 718,364 (4) | ||||||||||||||
Weighted average interest rate | 2.85 | % | 3.55 | % | 2.34 | % | 3.03 | % | 2.96 | % | 3.74 | % | 3.34 | % | |||||||||
Secured debt - fixed rate (in thousands) | $ | 55,567 | 9,096 | 89,563 | 32,769 | 119 | 1,924 | 189,038 | 191,742 (4) | ||||||||||||||
Weighted average interest rate | 7.01 | % | 4.43 | % | 4.55 | % | 4.09 | % | 3.85 | % | 3.85 | % | 5.18 | % |
(1) | The variable-rate unsecured bank credit facilities mature in July 2022 and as of December 31, 2018, have balances of $187,000,000 on the $350 million unsecured bank credit facility and $8,730,000 on the $45 million unsecured bank credit facility. |
(2) | The fair value of the Company’s variable-rate debt is estimated by discounting expected cash flows at current market rates, excluding the effects of debt issuance costs. |
(3) | Represents the weighted average interest rate for the Company's variable rate unsecured bank credit facilities as of December 31, 2018. |
(4) | The fair value of the Company’s fixed-rate debt, including variable-rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers, excluding the effects of debt issuance costs. |
(i) | Disclosure Controls and Procedures. |
(ii) | Internal Control Over Financial Reporting. |
(a) | Management's annual report on internal control over financial reporting. |
(b) | Report of the independent registered public accounting firm. |
(c) | Changes in internal control over financial reporting. |
Financial Statements | Page | |
The following documents are filed as part of this Annual Report on Form 10-K: | ||
Financial Statement Schedules | Page | |
The following documents are filed as part of this Annual Report on Form 10-K: | ||
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted, or the required information is included in the Notes to Consolidated Financial Statements. | ||
Exhibits | ||
The following exhibits are included in this Annual Report on Form 10-K for the fiscal year ended December 31, 2018: |
Exhibit Number | Description |
Articles of Incorporation of EastGroup Properties, Inc. (incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement on Form DEF 14A (File No. 001-07094) filed April 4, 1997). | |
Amended and Restated Bylaws of EastGroup Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed March 3, 2017). | |
EastGroup Properties, Inc. 2004 Equity Incentive Plan (incorporated by reference to Appendix D to the Company’s Definitive Proxy Statement on Form DEF 14A (File No. 001-07094) filed April 21, 2004). | |
Amendment No. 1 to the EastGroup Properties, Inc. 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(f) to the Company’s Annual Report on Form 10-K (File No. 001-07094) filed February 28, 2007). | |
Amendment No. 2 to the EastGroup Properties, Inc. 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10(d) to the Company’s Form 8-K (File No. 001-07094) filed January 8, 2007). | |
EastGroup Properties, Inc. 2013 Equity Incentive Plan, as amended and restated as of March 3, 2017 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K (File No. 001-07094) filed March 3, 2017). | |
Form of Severance and Change in Control Agreement entered into by and between the Company and each of Marshall A. Loeb, Brent W. Wood and John F. Coleman (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed May 18, 2016). | |
Form of Severance and Change in Control Agreement by and between the Company and each of Ryan M. Collins, C. Bruce Corkern and R. Reid Dunbar (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed May 18, 2016). | |
Separation Agreement, effective as of February 21, 2017, by and between the Company and William D. Petsas (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed February 21, 2017). | |
EastGroup Properties, Inc. Director Compensation Program Including the Independent Director Compensation Policy pursuant to the 2013 Equity Incentive Plan (incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K (File No. 001-07094) filed February 14, 2018). | |
Note Purchase Agreement, dated as of August 28, 2013, by and among EastGroup Properties, L.P., the Company and each of the Purchasers of the Notes party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed August 30, 2013). | |
Fourth Amended and Restated Credit Agreement, dated as of June 14, 2018, by and among EastGroup Properties, L.P.; the Company; PNC Bank, National Association, as Administrative Agent; Regions Bank as Syndication Agent; U.S. Bank National Association, Wells Fargo Bank, National Association and Bank of America, N.A., as Co-Documentation Agents; PNC Capital Markets LLC and Regions Capital Markets, as Joint Lead Arrangers and Joint Bookrunners; and the Lenders thereunder (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-07094) filed June 14, 2018). | |
Subsidiaries of the Company (filed herewith). | |
Consent of KPMG LLP (filed herewith). | |
Powers of attorney (included on signature page hereto). | |
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (filed herewith). | |
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Brent W. Wood, Chief Financial Officer (filed herewith). | |
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (furnished herewith). | |
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Brent W. Wood, Chief Financial Officer (furnished herewith). | |
101.1 | The following materials from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) consolidated balance sheets, (ii) consolidated statements of income and comprehensive income, (iii) consolidated statements of changes in equity, (iv) consolidated statements of cash flows, and (v) the notes to these consolidated financial statements. |
* | Indicates a management contract or any compensatory plan, contract or arrangement. |
(Signed) KPMG LLP | |
We have served as the Company's auditor since 1970. | |
Jackson, Mississippi | |
February 14, 2019 |
/s/ EASTGROUP PROPERTIES, INC. | |
Ridgeland, Mississippi | |
February 14, 2019 |
(Signed) KPMG LLP | |
Jackson, Mississippi | |
February 14, 2019 |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands, except share and per share data) | ||||||
ASSETS | ||||||
Real estate properties | $ | 2,553,481 | 2,336,734 | |||
Development and value-add properties | 263,664 | 242,014 | ||||
2,817,145 | 2,578,748 | |||||
Less accumulated depreciation | (814,915 | ) | (749,601 | ) | ||
2,002,230 | 1,829,147 | |||||
Unconsolidated investment | 7,870 | 8,029 | ||||
Cash | 374 | 16 | ||||
Other assets | 121,231 | 116,029 | ||||
TOTAL ASSETS | $ | 2,131,705 | 1,953,221 | |||
LIABILITIES AND EQUITY | ||||||
LIABILITIES | ||||||
Unsecured bank credit facilities | $ | 193,926 | 195,709 | |||
Unsecured debt | 723,400 | 713,061 | ||||
Secured debt | 188,461 | 199,512 | ||||
Accounts payable and accrued expenses | 86,563 | 64,967 | ||||
Other liabilities | 34,652 | 28,842 | ||||
Total Liabilities | 1,227,002 | 1,202,091 | ||||
EQUITY | ||||||
Stockholders’ Equity: | ||||||
Common stock; $.0001 par value; 70,000,000 shares authorized; 36,501,356 shares issued and outstanding at December 31, 2018 and 34,758,167 at December 31, 2017 | 4 | 3 | ||||
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | — | — | ||||
Additional paid-in capital | 1,222,547 | 1,061,153 | ||||
Distributions in excess of earnings | (326,193 | ) | (317,032 | ) | ||
Accumulated other comprehensive income | 6,701 | 5,348 | ||||
Total Stockholders’ Equity | 903,059 | 749,472 | ||||
Noncontrolling interest in joint ventures | 1,644 | 1,658 | ||||
Total Equity | 904,703 | 751,130 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 2,131,705 | 1,953,221 |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands, except per share data) | |||||||||
REVENUES | |||||||||
Income from real estate operations | $ | 299,018 | 274,031 | 252,961 | |||||
Other revenue | 1,374 | 119 | 86 | ||||||
300,392 | 274,150 | 253,047 | |||||||
EXPENSES | |||||||||
Expenses from real estate operations | 86,394 | 80,108 | 74,347 | ||||||
Depreciation and amortization | 91,704 | 83,874 | 77,935 | ||||||
General and administrative | 13,738 | 14,972 | 13,232 | ||||||
Acquisition costs | — | — | 161 | ||||||
191,836 | 178,954 | 165,675 | |||||||
OPERATING INCOME | 108,556 | 95,196 | 87,372 | ||||||
OTHER INCOME (EXPENSE) | |||||||||
Interest expense | (35,106 | ) | (34,775 | ) | (35,213 | ) | |||
Gain, net of loss, on sales of real estate investments | 14,273 | 21,855 | 42,170 | ||||||
Other | 913 | 1,313 | 1,765 | ||||||
NET INCOME | 88,636 | 83,589 | 96,094 | ||||||
Net income attributable to noncontrolling interest in joint ventures | (130 | ) | (406 | ) | (585 | ) | |||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 88,506 | 83,183 | 95,509 | ||||||
Other comprehensive income - cash flow hedges | 1,353 | 3,353 | 5,451 | ||||||
TOTAL COMPREHENSIVE INCOME | $ | 89,859 | 86,536 | 100,960 | |||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Net income attributable to common stockholders | $ | 2.50 | 2.45 | 2.93 | |||||
Weighted average shares outstanding | 35,439 | 33,996 | 32,563 | ||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Net income attributable to common stockholders | $ | 2.49 | 2.44 | 2.93 | |||||
Weighted average shares outstanding | 35,506 | 34,047 | 32,628 |
Common Stock | Additional Paid-In Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Joint Ventures | Total | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||
Balance, December 31, 2015 | $ | 3 | 887,207 | (328,892 | ) | (3,456 | ) | 4,339 | 559,201 | |||||||||
Net income | — | — | 95,509 | — | 585 | 96,094 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | 5,451 | — | 5,451 | ||||||||||||
Common dividends declared – $2.44 per share | — | — | (80,272 | ) | — | — | (80,272 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 5,831 | — | — | — | 5,831 | ||||||||||||
Issuance of 875,052 shares of common stock, common stock offering, net of expenses | — | 59,283 | — | — | — | 59,283 | ||||||||||||
Issuance of 3,326 shares of common stock, dividend reinvestment plan | — | 228 | — | — | — | 228 | ||||||||||||
Withheld 57,316 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (3,231 | ) | — | — | — | (3,231 | ) | ||||||||||
Distributions to noncontrolling interest | — | — | — | — | (719 | ) | (719 | ) | ||||||||||
Balance, December 31, 2016 | 3 | 949,318 | (313,655 | ) | 1,995 | 4,205 | 641,866 | |||||||||||
Net income | — | — | 83,183 | — | 406 | 83,589 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | 3,353 | — | 3,353 | ||||||||||||
Common dividends declared – $2.52 per share | — | — | (86,560 | ) | — | — | (86,560 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 7,012 | — | — | — | 7,012 | ||||||||||||
Issuance of 1,370,457 shares of common stock, common stock offering, net of expenses | — | 109,207 | — | — | — | 109,207 | ||||||||||||
Issuance of 2,744 shares of common stock, dividend reinvestment plan | — | 228 | — | — | — | 228 | ||||||||||||
Withheld 33,695 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,505 | ) | — | — | — | (2,505 | ) | ||||||||||
Purchase of noncontrolling interest in joint venture | — | (2,107 | ) | — | — | (2,597 | ) | (4,704 | ) | |||||||||
Distributions to noncontrolling interest | — | — | — | — | (478 | ) | (478 | ) | ||||||||||
Contributions from noncontrolling interest | — | — | — | — | 122 | 122 | ||||||||||||
Balance, December 31, 2017 | 3 | 1,061,153 | (317,032 | ) | 5,348 | 1,658 | 751,130 | |||||||||||
Net income | — | — | 88,506 | — | 130 | 88,636 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | 1,353 | — | 1,353 | ||||||||||||
Common dividends declared – $2.72 per share | — | — | (97,667 | ) | — | — | (97,667 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 6,103 | — | — | — | 6,103 | ||||||||||||
Issuance of 1,706,474 shares of common stock, common stock offering, net of expenses | 1 | 157,318 | — | — | — | 157,319 | ||||||||||||
Issuance of 1,844 shares of common stock, dividend reinvestment plan | — | 164 | — | — | — | 164 | ||||||||||||
Withheld 23,824 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,055 | ) | — | — | — | (2,055 | ) | ||||||||||
Purchase of noncontrolling interest in joint venture | — | (136 | ) | — | — | — | (136 | ) | ||||||||||
Distributions to noncontrolling interest | — | — | — | — | (194 | ) | (194 | ) | ||||||||||
Contributions from noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||
Balance, December 31, 2018 | $ | 4 | 1,222,547 | (326,193 | ) | 6,701 | 1,644 | 904,703 |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
OPERATING ACTIVITIES | |||||||||
Net income | $ | 88,636 | 83,589 | 96,094 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 91,704 | 83,874 | 77,935 | ||||||
Stock-based compensation expense | 5,283 | 5,521 | 4,590 | ||||||
Net gain on sales of real estate investments and non-operating real estate | (14,359 | ) | (22,148 | ) | (42,903 | ) | |||
Gain on casualties and involuntary conversion | (1,245 | ) | — | — | |||||
Changes in operating assets and liabilities: | |||||||||
Accrued income and other assets | (4,091 | ) | (5,034 | ) | (2,883 | ) | |||
Accounts payable, accrued expenses and prepaid rent | (2,682 | ) | 8,333 | 5,736 | |||||
Other | 1,485 | 879 | 295 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 164,731 | 155,014 | 138,864 | ||||||
INVESTING ACTIVITIES | |||||||||
Development and value-add properties | (167,667 | ) | (124,938 | ) | (203,765 | ) | |||
Purchases of real estate | (57,152 | ) | (55,195 | ) | (27,668 | ) | |||
Real estate improvements | (37,502 | ) | (27,385 | ) | (23,809 | ) | |||
Net proceeds from sales of real estate investments and non-operating real estate | 24,508 | 42,710 | 78,780 | ||||||
Proceeds from casualties and involuntary conversion | 1,635 | — | — | ||||||
Repayments on mortgage loans receivable | 1,987 | 171 | 123 | ||||||
Changes in accrued development costs | 5,711 | (144 | ) | 3,629 | |||||
Changes in other assets and other liabilities | (12,955 | ) | (14,645 | ) | (13,762 | ) | |||
NET CASH USED IN INVESTING ACTIVITIES | (241,435 | ) | (179,426 | ) | (186,472 | ) | |||
FINANCING ACTIVITIES | |||||||||
Proceeds from unsecured bank credit facilities | 448,100 | 391,617 | 608,349 | ||||||
Repayments on unsecured bank credit facilities | (448,709 | ) | (387,298 | ) | (567,165 | ) | |||
Proceeds from unsecured debt | 60,000 | 60,000 | 205,000 | ||||||
Repayments on unsecured debt | (50,000 | ) | — | (80,000 | ) | ||||
Repayments on secured debt | (11,289 | ) | (58,209 | ) | (92,773 | ) | |||
Debt issuance costs | (1,922 | ) | (380 | ) | (1,487 | ) | |||
Distributions paid to stockholders (not including dividends accrued) | (71,294 | ) | (86,725 | ) | (80,899 | ) | |||
Proceeds from common stock offerings | 157,319 | 109,207 | 59,283 | ||||||
Proceeds from dividend reinvestment plan | 221 | 228 | 236 | ||||||
Other | (5,364 | ) | (4,534 | ) | (2,462 | ) | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 77,062 | 23,906 | 48,082 | ||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 358 | (506 | ) | 474 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 16 | 522 | 48 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 374 | 16 | 522 | |||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid for interest, net of amount capitalized of $6,334, $5,765, and $5,340 for 2018, 2017 and 2016, respectively | $ | 33,458 | 33,634 | 33,595 |
(1) | SIGNIFICANT ACCOUNTING POLICIES |
(a) | Principles of Consolidation |
(b) | Income Taxes |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
Common Share Distributions: | (Per share) | ||||||||
Ordinary dividends | $ | 2.14305 | 2.49146 | 2.10494 | |||||
Nondividend distributions | — | 0.02686 | 0.05202 | ||||||
Unrecaptured Section 1250 capital gain | — | — | 0.12872 | ||||||
Other capital gain | — | 0.00168 | 0.15432 | ||||||
Total Common Share Distributions | $ | 2.14305 | 2.52000 | 2.44000 |
(c) | Income Recognition |
(d) | Real Estate Properties |
(e) | Development and Value-Add Properties |
(f) | Real Estate Held for Sale |
(g) | Derivative Instruments and Hedging Activities |
(h) | Cash Equivalents |
(i) | Amortization |
(j) | Real Estate Property Acquisitions and Acquired Intangibles |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 3,614 | ||
2020 | 2,862 | |||
2021 | 2,006 | |||
2022 | 1,161 | |||
2023 | 870 |
(k) | Stock-Based Compensation |
(l) | Earnings Per Share |
(m) | Use of Estimates |
(n) | Risks and Uncertainties |
(o) | Recent Accounting Pronouncements |
(p) | Classification of Book Overdraft on Consolidated Statements of Cash Flows |
(q) | Reclassifications |
(2) | REAL ESTATE PROPERTIES |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Real estate properties: | ||||||
Land | $ | 380,684 | 345,424 | |||
Buildings and building improvements | 1,732,592 | 1,587,130 | ||||
Tenant and other improvements | 440,205 | 404,180 | ||||
Development and value-add properties (1) | 263,664 | 242,014 | ||||
2,817,145 | 2,578,748 | |||||
Less accumulated depreciation | (814,915 | ) | (749,601 | ) | ||
$ | 2,002,230 | 1,829,147 |
(1) | Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. |
Real Estate Properties | Location | Size (in Square Feet) | Date Sold | Net Sales Price | Basis | Recognized Gain (Loss) | |||||||||||
(In thousands) | |||||||||||||||||
2018 | |||||||||||||||||
World Houston 18 | Houston, TX | 33,000 | 01/26/2018 | $ | 2,289 | 1,211 | 1,078 | ||||||||||
56 Commerce Park | Tampa, FL | 181,000 | 03/20/2018 | 12,032 | 2,888 | 9,144 | |||||||||||
35th Avenue Distribution Center | Phoenix, AZ | 125,000 | 07/26/2018 | 7,683 | 3,632 | 4,051 | |||||||||||
Total for 2018 | $ | 22,004 | 7,731 | 14,273 | |||||||||||||
2017 | |||||||||||||||||
Stemmons Circle | Dallas, TX | 99,000 | 05/12/2017 | $ | 5,051 | 1,329 | 3,722 | ||||||||||
Techway Southwest I-IV | Houston, TX | 415,000 | 06/19/2017 | 32,506 | 14,373 | 18,133 | |||||||||||
Total for 2017 | $ | 37,557 | 15,702 | 21,855 | |||||||||||||
2016 | |||||||||||||||||
Northwest Point Distribution and Service Centers | Houston, TX | 232,000 | 02/12/2016 | $ | 15,189 | 5,080 | 10,109 | ||||||||||
North Stemmons III | Dallas, TX | 60,000 | 03/04/2016 | 3,131 | 1,908 | 1,223 | |||||||||||
North Stemmons II | Dallas, TX | 26,000 | 04/12/2016 | 1,203 | 765 | 438 | |||||||||||
Lockwood Distribution Center | Houston, TX | 392,000 | 04/18/2016 | 14,024 | 4,154 | 9,870 | |||||||||||
West Loop Distribution Center 1 & 2 | Houston, TX | 161,000 | 04/19/2016 | 13,154 | 3,564 | 9,590 | |||||||||||
America Plaza | Houston, TX | 121,000 | 04/28/2016 | 7,938 | 3,378 | 4,560 | |||||||||||
Interstate Commons Distribution Center 1 & 2 | Phoenix, AZ | 142,000 | 05/31/2016 | 9,906 | 3,568 | 6,338 | |||||||||||
Castilian Research Center (1) | Santa Barbara, CA | 30,000 | 06/28/2016 | 7,698 | 7,513 | 185 | |||||||||||
Memphis I | Memphis, TN | 92,000 | 12/16/2016 | 1,482 | 1,625 | (143 | ) | ||||||||||
Total for 2016 | $ | 73,725 | 31,555 | 42,170 |
(1) | EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | Anticipated Building Conversion Date | ||||||||||||||||
Costs Transferred in 2018 (1) | For the Year Ended 12/31/18 | Cumulative as of 12/31/18 | Estimated Total Costs (2) | |||||||||||||||
(In thousands) | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||
Siempre Viva, San Diego, CA | 115,000 | $ | — | 14,075 | 14,075 | 14,400 | 01/19 | |||||||||||
CreekView 121 3 & 4, Dallas, TX | 158,000 | — | 3,489 | 13,800 | 16,200 | 03/19 | ||||||||||||
Falcon Field, Phoenix, AZ | 96,000 | — | 5,285 | 8,232 | 9,400 | 05/19 | ||||||||||||
Gateway 1, Miami, FL | 200,000 | 9,110 | 11,131 | 20,241 | 25,000 | 05/19 | ||||||||||||
Broadmoor 2, Atlanta, GA | 111,000 | 705 | 5,709 | 6,414 | 7,400 | 11/19 | ||||||||||||
Total Lease-Up | 680,000 | 9,815 | 39,689 | 62,762 | 72,400 | |||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||
Horizon XI, Orlando, FL | 135,000 | 3,171 | 5,552 | 8,723 | 10,400 | 01/20 | ||||||||||||
Settlers Crossing 1, Austin, TX | 77,000 | — | 4,704 | 6,260 | 7,400 | 01/20 | ||||||||||||
Settlers Crossing 2, Austin, TX | 83,000 | — | 5,442 | 7,115 | 8,400 | 01/20 | ||||||||||||
SunCoast 5, Ft. Myers, FL | 81,000 | 2,704 | 3,831 | 6,535 | 7,700 | 01/20 | ||||||||||||
Airport Commerce Center 3, Charlotte, NC | 96,000 | — | 4,060 | 5,793 | 7,300 | 02/20 | ||||||||||||
Parc North 5, Dallas, TX | 100,000 | 1,683 | 5,270 | 6,953 | 9,200 | 02/20 | ||||||||||||
Steele Creek V, Charlotte, NC | 54,000 | 1,366 | 1,948 | 3,314 | 5,800 | 03/20 | ||||||||||||
Horizon VI, Orlando, FL | 148,000 | 3,418 | 4,807 | 8,225 | 12,700 | 04/20 | ||||||||||||
Ten West Crossing 8, Houston, TX | 132,000 | 1,947 | 4,643 | 6,590 | 10,900 | 04/20 | ||||||||||||
Tri-County Crossing 1 & 2, San Antonio, TX | 203,000 | 2,012 | 6,883 | 8,895 | 14,600 | 04/20 | ||||||||||||
Eisenhauer Point 7 & 8, San Antonio, TX | 336,000 | 4,916 | 8,174 | 13,090 | 24,500 | 05/20 | ||||||||||||
CreekView 121 5 & 6, Dallas, TX | 139,000 | 3,675 | 1,930 | 5,605 | 14,900 | 07/20 | ||||||||||||
Total Under Construction | 1,584,000 | 24,892 | 57,244 | 87,098 | 133,800 | |||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||
Phoenix, AZ | 315,000 | — | 6,809 | 6,809 | ||||||||||||||
Ft. Myers, FL | 488,000 | (2,704 | ) | 1,914 | 13,322 | |||||||||||||
Miami, FL | 650,000 | (9,110 | ) | 14,565 | 36,331 | |||||||||||||
Orlando, FL | 214,000 | (6,589 | ) | 1,188 | 5,719 | |||||||||||||
Tampa, FL | 32,000 | — | — | 1,560 | ||||||||||||||
Atlanta, GA | 100,000 | (705 | ) | 224 | 726 | |||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||
Charlotte, NC | 600,000 | (1,366 | ) | 1,846 | 7,209 | |||||||||||||
Austin, TX | 180,000 | — | 722 | 3,742 | ||||||||||||||
Dallas, TX | 612,000 | (5,358 | ) | 7,954 | 12,192 | |||||||||||||
Houston, TX (3) | 1,123,000 | (2,969 | ) | (1,782 | ) | 16,439 | ||||||||||||
San Antonio, TX | 908,000 | (6,928 | ) | 4,584 | 9,049 | |||||||||||||
Total Prospective Development | 5,250,000 | (35,729 | ) | 38,024 | 113,804 | |||||||||||||
7,514,000 | $ | (1,022 | ) | 134,957 | 263,664 | |||||||||||||
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2018 | Building Size (Square feet) | Building Conversion Date | ||||||||||||||||
Alamo Ridge IV, San Antonio, TX | 97,000 | $ | — | 320 | 7,417 | 03/18 | ||||||||||||
Oak Creek VII, Tampa, FL | 116,000 | — | 601 | 6,732 | 03/18 | |||||||||||||
Weston, Ft. Lauderdale, FL | 134,000 | — | 222 | 15,742 | 03/18 | |||||||||||||
Progress Center 1 & 2, Atlanta, GA | 132,000 | — | 143 | 10,476 | 04/18 | |||||||||||||
Horizon X, Orlando, FL | 104,000 | — | 3,352 | 6,902 | 05/18 | |||||||||||||
SunCoast 4, Ft. Myers, FL | 93,000 | — | 71 | 9,191 | 05/18 | |||||||||||||
Country Club V, Tucson, AZ | 305,000 | — | 7,078 | 21,029 | 06/18 | |||||||||||||
Eisenhauer Point 3, San Antonio, TX | 71,000 | — | 231 | 6,390 | 06/18 | |||||||||||||
Kyrene 202 III, IV & V, Phoenix, AZ | 166,000 | — | 1,146 | 12,689 | 09/18 | |||||||||||||
Steele Creek VII, Charlotte, NC | 120,000 | — | 795 | 8,592 | 09/18 | |||||||||||||
Eisenhauer Point 6, San Antonio, TX | 85,000 | — | 1,356 | 5,406 | 10/18 | |||||||||||||
Horizon XII, Orlando, FL | 140,000 | — | 653 | 11,883 | 10/18 | |||||||||||||
Eisenhauer Point 5, San Antonio, TX | 98,000 | — | 2,012 | 7,816 | 11/18 | |||||||||||||
West Road 5, Houston, TX | 58,000 | 1,022 | 3,756 | 4,778 | 11/18 | |||||||||||||
Total Transferred to Real Estate Properties | 1,719,000 | $ | 1,022 | 21,736 | 135,043 | (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 $52.4 million and tenant improvement obligations of $13.6 million on properties under development. |
(3) | Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18. |
(4) | Represents cumulative costs at the date of transfer. |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 226,330 | ||
2020 | 195,850 | |||
2021 | 151,564 | |||
2022 | 112,007 | |||
2023 | 82,262 | |||
Thereafter | 163,499 | |||
Total minimum receipts | $ | 931,512 |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 791 | ||
2020 | 791 | |||
2021 | 791 | |||
2022 | 791 | |||
2023 | 791 | |||
Thereafter | 9,343 | |||
Total minimum payments | $ | 13,298 |
(3) | UNCONSOLIDATED INVESTMENT |
(4) | MORTGAGE LOANS RECEIVABLE |
(5) | OTHER ASSETS |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Leasing costs (principally commissions) | $ | 78,985 | 72,722 | |||
Accumulated amortization of leasing costs | (30,185 | ) | (27,973 | ) | ||
Leasing costs (principally commissions), net of accumulated amortization | 48,800 | 44,749 | ||||
Straight-line rents receivable | 36,365 | 31,609 | ||||
Allowance for doubtful accounts on straight-line rents receivable | (343 | ) | (48 | ) | ||
Straight-line rents receivable, net of allowance for doubtful accounts | 36,022 | 31,561 | ||||
Accounts receivable | 6,033 | 6,004 | ||||
Allowance for doubtful accounts on accounts receivable | (600 | ) | (577 | ) | ||
Accounts receivable, net of allowance for doubtful accounts | 5,433 | 5,427 | ||||
Acquired in-place lease intangibles | 21,696 | 20,690 | ||||
Accumulated amortization of acquired in-place lease intangibles | (9,833 | ) | (8,974 | ) | ||
Acquired in-place lease intangibles, net of accumulated amortization | 11,863 | 11,716 | ||||
Acquired above market lease intangibles | 1,465 | 1,550 | ||||
Accumulated amortization of acquired above market lease intangibles | (902 | ) | (794 | ) | ||
Acquired above market lease intangibles, net of accumulated amortization | 563 | 756 | ||||
Mortgage loans receivable | 2,594 | 4,581 | ||||
Interest rate swap assets | 6,701 | 6,034 | ||||
Goodwill | 990 | 990 | ||||
Prepaid expenses and other assets | 8,265 | 10,215 | ||||
Total Other assets | $ | 121,231 | 116,029 |
(6) | UNSECURED BANK CREDIT FACILITIES |
(7) | UNSECURED AND SECURED DEBT |
December 31, 2018 | December 31, 2017 | |||||
(In thousands) | ||||||
Unsecured bank credit facilities - variable rate, carrying amount | $ | 195,730 | 116,339 | |||
Unsecured bank credit facilities - fixed rate, carrying amount (1) (2) | — | 80,000 | ||||
Unamortized debt issuance costs | (1,804 | ) | (630 | ) | ||
Unsecured bank credit facilities | 193,926 | 195,709 | ||||
Unsecured debt - fixed rate, carrying amount (1) | 725,000 | 715,000 | ||||
Unamortized debt issuance costs | (1,600 | ) | (1,939 | ) | ||
Unsecured debt | 723,400 | 713,061 | ||||
Secured debt - fixed rate, carrying amount (1) | 189,038 | 200,354 | ||||
Unamortized debt issuance costs | (577 | ) | (842 | ) | ||
Secured debt | 188,461 | 199,512 | ||||
Total debt | $ | 1,105,787 | 1,108,282 |
(1) | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
(2) | The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. |
Balance at December 31, | |||||||||||
Margin Above LIBOR | Interest Rate | Maturity Date | 2018 | 2017 | |||||||
(In thousands) | |||||||||||
$50 Million Unsecured Term Loan | Not applicable | 3.910% | 12/21/2018 | $ | — | 50,000 | |||||
$75 Million Unsecured Term Loan (1) | 1.150% | 2.846% | 07/31/2019 | 75,000 | 75,000 | ||||||
$75 Million Unsecured Term Loan (1) | 1.100% | 3.452% | 12/20/2020 | 75,000 | 75,000 | ||||||
$40 Million Unsecured Term Loan (1) | 1.100% | 2.335% | 07/30/2021 | 40,000 | 40,000 | ||||||
$75 Million Unsecured Term Loan (1) | 1.400% | 3.031% | 02/28/2022 | 75,000 | 75,000 | ||||||
$65 Million Unsecured Term Loan (1) | 1.100% | 2.313% | 04/01/2023 | 65,000 | 65,000 | ||||||
$100 Million Senior Unsecured Notes: | |||||||||||
$30 Million Notes | Not applicable | 3.800% | 08/28/2020 | 30,000 | 30,000 | ||||||
$50 Million Notes | Not applicable | 3.800% | 08/28/2023 | 50,000 | 50,000 | ||||||
$20 Million Notes | Not applicable | 3.800% | 08/28/2025 | 20,000 | 20,000 | ||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.460% | 12/13/2024 | 60,000 | 60,000 | ||||||
$100 Million Senior Unsecured Notes: | |||||||||||
$60 Million Notes | Not applicable | 3.480% | 12/15/2024 | 60,000 | 60,000 | ||||||
$40 Million Notes | Not applicable | 3.750% | 12/15/2026 | 40,000 | 40,000 | ||||||
$25 Million Senior Unsecured Notes | Not applicable | 3.970% | 10/01/2025 | 25,000 | 25,000 | ||||||
$50 Million Senior Unsecured Notes | Not applicable | 3.990% | 10/07/2025 | 50,000 | 50,000 | ||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.930% | 04/10/2028 | 60,000 | — | ||||||
$ | 725,000 | 715,000 |
(1) | The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2018. |
Interest Rate | Monthly P&I Payment | Maturity Date | Carrying Amount of Securing Real Estate at December 31, 2018 | Balance at December 31, | |||||||||||||
Property | 2018 | 2017 | |||||||||||||||
(In thousands) | |||||||||||||||||
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington | 7.50% | 539,747 | 05/05/2019 | $ | 45,420 | 46,725 | 49,580 | ||||||||||
Blue Heron II | 5.39% | 16,176 | 02/29/2020 | 4,555 | 233 | 409 | |||||||||||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 | 4.39% | 463,778 | 01/05/2021 | 66,493 | 52,115 | 55,317 | |||||||||||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) | 4.75% | 420,045 | 06/05/2021 | 53,820 | 47,445 | 50,161 | |||||||||||
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 | 4.09% | 329,796 | 01/05/2022 | 54,679 | 40,046 | 42,315 | |||||||||||
Ramona | 3.85% | 16,287 | 11/30/2026 | 8,890 | 2,474 | 2,572 | |||||||||||
$ | 233,857 | 189,038 | 200,354 |
(1) | Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 130,567 | ||
2020 | 114,096 | |||
2021 | 129,563 | |||
2022 | 107,769 | |||
2023 | 115,119 |
(8) | ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Property taxes payable | $ | 10,718 | 12,081 | |||
Development costs payable | 15,410 | 9,699 | ||||
Real estate improvements and capitalized leasing costs payable | 3,911 | 3,957 | ||||
Interest payable | 4,067 | 3,744 | ||||
Dividends payable | 27,738 | 1,365 | ||||
Book overdraft (1) | 15,048 | 20,902 | ||||
Other payables and accrued expenses | 9,671 | 13,219 | ||||
Total Accounts payable and accrued expenses | $ | 86,563 | 64,967 |
(9) | OTHER LIABILITIES |
December 31, | ||||||
2018 | 2017 | |||||
(In thousands) | ||||||
Security deposits | $ | 18,432 | 16,668 | |||
Prepaid rent and other deferred income | 12,728 | 9,352 | ||||
Acquired below-market lease intangibles | 5,891 | 4,135 | ||||
Accumulated amortization of below-market lease intangibles | (3,028 | ) | (2,147 | ) | ||
Acquired below-market lease intangibles, net of accumulated amortization | 2,863 | 1,988 | ||||
Interest rate swap liabilities | — | 695 | ||||
Prepaid tenant improvement reimbursements | 614 | 124 | ||||
Other liabilities | 15 | 15 | ||||
Total Other liabilities | $ | 34,652 | 28,842 |
(10) | COMMON STOCK ACTIVITY |
Years Ended December 31, | ||||||||
2018 | 2017 | 2016 | ||||||
Common Stock (in shares) | ||||||||
Shares outstanding at beginning of year | 34,758,167 | 33,332,213 | 32,421,460 | |||||
Common stock offerings | 1,706,474 | 1,370,457 | 875,052 | |||||
Dividend reinvestment plan | 1,844 | 2,744 | 3,326 | |||||
Incentive restricted stock granted | 50,217 | 93,285 | 80,529 | |||||
Incentive restricted stock forfeited | — | (16,000 | ) | (910 | ) | |||
Director common stock awarded | 8,478 | 8,881 | 10,072 | |||||
Director restricted stock granted | — | 282 | — | |||||
Restricted stock withheld for tax obligations | (23,824 | ) | (33,695 | ) | (57,316 | ) | ||
Shares outstanding at end of year | 36,501,356 | 34,758,167 | 33,332,213 |
Years Ended December 31, | Number of Shares of Common Stock Issued | Net Proceeds | |||||
(In thousands) | |||||||
2018 | 1,706,474 | $ | 157,319 | ||||
2017 | 1,370,457 | 109,207 | |||||
2016 | 875,052 | 59,283 |
(11) | STOCK-BASED COMPENSATION |
Restricted Stock Activity: | Years Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Unvested at beginning of year | 152,644 | $ | 63.18 | 162,087 | $ | 51.97 | 260,698 | $ | 52.68 | |||||||||||
Granted (1) | 50,217 | 84.09 | 93,285 | 76.70 | 80,529 | 58.81 | ||||||||||||||
Forfeited | — | — | (16,000 | ) | 36.98 | (910 | ) | 52.89 | ||||||||||||
Vested | (59,547 | ) | 63.77 | (86,728 | ) | 61.62 | (178,230 | ) | 56.09 | |||||||||||
Unvested at end of year | 143,314 | 70.26 | 152,644 | 63.18 | 162,087 | 51.97 |
Unvested Shares Vesting Schedule | Number of Shares | ||
2019 | 53,826 | ||
2020 | 50,650 | ||
2021 | 23,167 | ||
2022 | 13,186 | ||
2023 | 2,485 | ||
Total Unvested Shares | 143,314 |
(12) | COMPREHENSIVE INCOME |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): | (In thousands) | ||||||||
Balance at beginning of year | $ | 5,348 | 1,995 | (3,456 | ) | ||||
Change in fair value of interest rate swaps - cash flow hedges | 1,353 | 3,353 | 5,451 | ||||||
Balance at end of year | $ | 6,701 | 5,348 | 1,995 |
(13) | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Interest Rate Derivative | Notional Amount as of December 31, 2018 | Notional Amount as of December 31, 2017 | ||
(In thousands) | ||||
Interest Rate Swap | — | $80,000 | ||
Interest Rate Swap | $75,000 | $75,000 | ||
Interest Rate Swap | $75,000 | $75,000 | ||
Interest Rate Swap | $65,000 | $65,000 | ||
Interest Rate Swap | $60,000 | $60,000 | ||
Interest Rate Swap | $40,000 | $40,000 | ||
Interest Rate Swap | $15,000 | $15,000 |
Derivatives As of December 31, 2018 | Derivatives As of December 31, 2017 | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
(In thousands) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Interest rate swap assets | Other assets | $ | 6,701 | Other assets | $ | 6,034 | |||||
Interest rate swap liabilities | Other liabilities | — | Other liabilities | 695 |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS | |||||||||
Interest Rate Swaps: | |||||||||
Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives | $ | 2,757 | 1,437 | 1,410 | |||||
Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense | (1,404 | ) | 1,916 | 4,041 |
(14) | EARNINGS PER SHARE |
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Numerator – net income attributable to common stockholders | $ | 88,506 | 83,183 | 95,509 | |||||
Denominator – weighted average shares outstanding | 35,439 | 33,996 | 32,563 | ||||||
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Numerator – net income attributable to common stockholders | $ | 88,506 | 83,183 | 95,509 | |||||
Denominator: | |||||||||
Weighted average shares outstanding | 35,439 | 33,996 | 32,563 | ||||||
Unvested restricted stock | 67 | 51 | 65 | ||||||
Total Shares | 35,506 | 34,047 | 32,628 |
(15) | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED |
2018 Quarter Ended | 2017 Quarter Ended | |||||||||||||||||||||||
Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
Revenues | $ | 83,179 | 75,107 | 79,593 | 78,196 | 66,409 | 90,004 | 69,001 | 71,944 | |||||||||||||||
Expenses | (54,431 | ) | (56,843 | ) | (56,552 | ) | (59,613 | ) | (53,436 | ) | (53,027 | ) | (53,029 | ) | (54,277 | ) | ||||||||
Net income | 28,748 | 18,264 | 23,041 | 18,583 | 12,973 | 36,977 | 15,972 | 17,667 | ||||||||||||||||
Net income attributable to noncontrolling interest in joint ventures | (35 | ) | (37 | ) | (31 | ) | (27 | ) | (154 | ) | (87 | ) | (88 | ) | (77 | ) | ||||||||
Net income attributable to EastGroup Properties, Inc. common stockholders | $ | 28,713 | 18,227 | 23,010 | 18,556 | 12,819 | 36,890 | 15,884 | 17,590 | |||||||||||||||
BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 0.83 | 0.52 | 0.64 | 0.51 | 0.38 | 1.09 | 0.46 | 0.51 | |||||||||||||||
Weighted average shares outstanding | 34,689 | 35,196 | 35,716 | 36,135 | 33,361 | 33,987 | 34,215 | 34,406 | ||||||||||||||||
DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 0.83 | 0.52 | 0.64 | 0.51 | 0.38 | 1.08 | 0.46 | 0.51 | |||||||||||||||
Weighted average shares outstanding | 34,736 | 35,259 | 35,798 | 36,232 | 33,409 | 34,040 | 34,290 | 34,505 |
(1) | The above quarterly earnings per share calculations are based on the weighted average number of shares of common stock outstanding during each quarter for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of shares of common stock outstanding during each year for basic earnings per share and the weighted average number of outstanding shares of common stock and common stock share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
(16) | DEFINED CONTRIBUTION PLAN |
(17) | LEGAL MATTERS |
(18) | FAIR VALUE OF FINANCIAL INSTRUMENTS |
December 31, | ||||||||||||
2018 | 2017 | |||||||||||
Carrying Amount (1) | Fair Value | Carrying Amount (1) | Fair Value | |||||||||
(In thousands) | ||||||||||||
Financial Assets: | ||||||||||||
Cash and cash equivalents | $ | 374 | 374 | 16 | 16 | |||||||
Mortgage loans receivable | 2,594 | 2,571 | 4,581 | 4,569 | ||||||||
Interest rate swap assets | 6,701 | 6,701 | 6,034 | 6,034 | ||||||||
Financial Liabilities: | ||||||||||||
Unsecured bank credit facilities - variable rate (2) | 195,730 | 196,423 | 116,339 | 116,277 | ||||||||
Unsecured bank credit facilities - fixed rate (2) | — | — | 80,000 | 80,003 | ||||||||
Unsecured debt (2) | 725,000 | 718,364 | 715,000 | 703,871 | ||||||||
Secured debt (2) | 189,038 | 191,742 | 200,354 | 206,408 | ||||||||
Interest rate swap liabilities | — | — | 695 | 695 |
(1) | Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. |
(2) | Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 6 and 7 for additional information). |
(19) | SUBSEQUENT EVENTS |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Real Estate Properties (c): | |||||||||||||||||||||||||||||
Industrial: | |||||||||||||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
Tampa | |||||||||||||||||||||||||||||
Jetport Commerce Park | $ | — | 1,575 | 6,591 | 6,154 | 1,575 | 12,745 | 14,320 | 8,861 | 1993-99 | 1974-85 | ||||||||||||||||||
Westport Commerce Center | — | 980 | 3,800 | 2,854 | 980 | 6,654 | 7,634 | 4,781 | 1994 | 1983/87 | |||||||||||||||||||
Benjamin Distribution Center I & II | — | 843 | 3,963 | 1,624 | 883 | 5,547 | 6,430 | 3,956 | 1997 | 1996 | |||||||||||||||||||
Benjamin Distribution Center III | — | 407 | 1,503 | 654 | 407 | 2,157 | 2,564 | 1,603 | 1999 | 1988 | |||||||||||||||||||
Palm River Center | — | 1,190 | 4,625 | 2,737 | 1,190 | 7,362 | 8,552 | 5,012 | 1997/98 | 1990/97/98 | |||||||||||||||||||
Palm River North I & III | — | 1,005 | 4,688 | 2,611 | 1,005 | 7,299 | 8,304 | 4,418 | 1998 | 2000 | |||||||||||||||||||
Palm River North II | — | 634 | 4,418 | 406 | 634 | 4,824 | 5,458 | 3,469 | 1997/98 | 1999 | |||||||||||||||||||
Palm River South I | — | 655 | 3,187 | 651 | 655 | 3,838 | 4,493 | 1,918 | 2000 | 2005 | |||||||||||||||||||
Palm River South II | — | 655 | — | 4,411 | 655 | 4,411 | 5,066 | 2,225 | 2000 | 2006 | |||||||||||||||||||
Walden Distribution Center I | — | 337 | 3,318 | 634 | 337 | 3,952 | 4,289 | 2,208 | 1997/98 | 2001 | |||||||||||||||||||
Walden Distribution Center II | — | 465 | 3,738 | 1,492 | 465 | 5,230 | 5,695 | 2,960 | 1998 | 1998 | |||||||||||||||||||
Oak Creek Distribution Center I | — | 1,109 | 6,126 | 1,378 | 1,109 | 7,504 | 8,613 | 4,252 | 1998 | 1998 | |||||||||||||||||||
Oak Creek Distribution Center II | — | 647 | 3,603 | 1,712 | 647 | 5,315 | 5,962 | 2,710 | 2003 | 2001 | |||||||||||||||||||
Oak Creek Distribution Center III | — | 439 | — | 3,200 | 556 | 3,083 | 3,639 | 1,252 | 2005 | 2007 | |||||||||||||||||||
Oak Creek Distribution Center IV | — | 682 | 6,472 | 825 | 682 | 7,297 | 7,979 | 3,008 | 2005 | 2001 | |||||||||||||||||||
Oak Creek Distribution Center V | — | 724 | — | 5,961 | 916 | 5,769 | 6,685 | 2,422 | 2005 | 2007 | |||||||||||||||||||
Oak Creek Distribution Center VI | — | 642 | — | 5,377 | 812 | 5,207 | 6,019 | 1,839 | 2005 | 2008 | |||||||||||||||||||
Oak Creek Distribution Center VII | — | 740 | — | 6,396 | 740 | 6,396 | 7,136 | 200 | 2005 | 2017 | |||||||||||||||||||
Oak Creek Distribution Center VIII | — | 843 | — | 6,236 | 1,051 | 6,028 | 7,079 | 632 | 2005 | 2015 | |||||||||||||||||||
Oak Creek Distribution Center IX | — | 618 | — | 5,104 | 781 | 4,941 | 5,722 | 1,471 | 2005 | 2009 | |||||||||||||||||||
Oak Creek Distribution Center A | — | 185 | — | 1,493 | 185 | 1,493 | 1,678 | 518 | 2005 | 2008 | |||||||||||||||||||
Oak Creek Distribution Center B | — | 227 | — | 1,549 | 227 | 1,549 | 1,776 | 540 | 2005 | 2008 | |||||||||||||||||||
Airport Commerce Center | — | 1,257 | 4,012 | 997 | 1,257 | 5,009 | 6,266 | 2,851 | 1998 | 1998 | |||||||||||||||||||
Westlake Distribution Center | — | 1,333 | 6,998 | 2,595 | 1,333 | 9,593 | 10,926 | 5,696 | 1998 | 1998/99 | |||||||||||||||||||
Expressway Commerce Center I | — | 915 | 5,346 | 1,573 | 915 | 6,919 | 7,834 | 3,517 | 2002 | 2004 | |||||||||||||||||||
Expressway Commerce Center II | — | 1,013 | 3,247 | 785 | 1,013 | 4,032 | 5,045 | 2,031 | 2003 | 2001 | |||||||||||||||||||
Silo Bend Distribution Center | — | 4,131 | 27,497 | 2,714 | 4,132 | 30,210 | 34,342 | 6,982 | 2011 | 1987/90 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Tampa East Distribution Center | — | 791 | 4,758 | 651 | 791 | 5,409 | 6,200 | 1,449 | 2011 | 1984 | |||||||||||||||||||
Tampa West Distribution Center | — | 2,139 | 8,502 | 1,263 | 2,140 | 9,764 | 11,904 | 2,555 | 2011 | 1975/93/94 | |||||||||||||||||||
Madison Distribution Center | — | 495 | 2,779 | 428 | 495 | 3,207 | 3,702 | 881 | 2012 | 2007 | |||||||||||||||||||
Madison Distribution Center II & III | — | 624 | — | 7,004 | 624 | 7,004 | 7,628 | 939 | 2012 | 2015 | |||||||||||||||||||
Madison Distribution Center IV & V | — | 565 | — | 8,212 | 565 | 8,212 | 8,777 | 638 | 2012 | 2016 | |||||||||||||||||||
Orlando | |||||||||||||||||||||||||||||
Chancellor Center | — | 291 | 1,711 | 511 | 291 | 2,222 | 2,513 | 1,346 | 1996/97 | 1996/97 | |||||||||||||||||||
Exchange Distribution Center I | — | 603 | 2,414 | 2,289 | 603 | 4,703 | 5,306 | 3,430 | 1994 | 1975 | |||||||||||||||||||
Exchange Distribution Center II | — | 300 | 945 | 482 | 300 | 1,427 | 1,727 | 862 | 2002 | 1976 | |||||||||||||||||||
Exchange Distribution Center III | — | 320 | 997 | 408 | 320 | 1,405 | 1,725 | 938 | 2002 | 1980 | |||||||||||||||||||
Sunbelt Distribution Center | — | 1,472 | 5,745 | 5,952 | 1,472 | 11,697 | 13,169 | 8,930 | 1989/97/98 | 1974/87/97/98 | |||||||||||||||||||
John Young Commerce Center I | — | 497 | 2,444 | 1,433 | 497 | 3,877 | 4,374 | 2,243 | 1997/98 | 1997/98 | |||||||||||||||||||
John Young Commerce Center II | — | 512 | 3,613 | 532 | 512 | 4,145 | 4,657 | 2,747 | 1998 | 1999 | |||||||||||||||||||
Altamonte Commerce Center I | — | 1,498 | 2,661 | 2,746 | 1,498 | 5,407 | 6,905 | 4,000 | 1999 | 1980/82 | |||||||||||||||||||
Altamonte Commerce Center II | — | 745 | 2,618 | 1,294 | 745 | 3,912 | 4,657 | 2,322 | 2003 | 1975 | |||||||||||||||||||
Sunport Center I | — | 555 | 1,977 | 1,019 | 555 | 2,996 | 3,551 | 1,622 | 1999 | 1999 | |||||||||||||||||||
Sunport Center II | — | 597 | 3,271 | 1,881 | 597 | 5,152 | 5,749 | 3,528 | 1999 | 2001 | |||||||||||||||||||
Sunport Center III | — | 642 | 3,121 | 1,057 | 642 | 4,178 | 4,820 | 2,320 | 1999 | 2002 | |||||||||||||||||||
Sunport Center IV | — | 642 | 2,917 | 1,814 | 642 | 4,731 | 5,373 | 2,548 | 1999 | 2004 | |||||||||||||||||||
Sunport Center V | — | 750 | 2,509 | 2,386 | 750 | 4,895 | 5,645 | 2,818 | 1999 | 2005 | |||||||||||||||||||
Sunport Center VI | — | 672 | — | 3,719 | 672 | 3,719 | 4,391 | 1,461 | 1999 | 2006 | |||||||||||||||||||
Southridge Commerce Park I | — | 373 | — | 4,942 | 373 | 4,942 | 5,315 | 2,934 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park II | — | 342 | — | 4,527 | 342 | 4,527 | 4,869 | 2,300 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park III | — | 547 | — | 5,683 | 547 | 5,683 | 6,230 | 2,290 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park IV (h) | 2,641 | 506 | — | 4,645 | 506 | 4,645 | 5,151 | 1,961 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park V (h) | 2,510 | 382 | — | 4,514 | 382 | 4,514 | 4,896 | 2,169 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park VI | — | 571 | — | 5,344 | 571 | 5,344 | 5,915 | 2,048 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park VII | — | 520 | — | 6,741 | 520 | 6,741 | 7,261 | 2,568 | 2003 | 2008 | |||||||||||||||||||
Southridge Commerce Park VIII | — | 531 | — | 6,353 | 531 | 6,353 | 6,884 | 2,058 | 2003 | 2008 | |||||||||||||||||||
Southridge Commerce Park IX | — | 468 | — | 6,460 | 468 | 6,460 | 6,928 | 1,692 | 2003 | 2012 | |||||||||||||||||||
Southridge Commerce Park X | — | 414 | — | 4,879 | 414 | 4,879 | 5,293 | 986 | 2003 | 2012 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Southridge Commerce Park XI | — | 513 | — | 5,939 | 513 | 5,939 | 6,452 | 1,361 | 2003 | 2012 | |||||||||||||||||||
Southridge Commerce Park XII | — | 2,025 | — | 16,896 | 2,025 | 16,896 | 18,921 | 5,140 | 2005 | 2008 | |||||||||||||||||||
Horizon Commerce Park I | — | 991 | — | 6,528 | 991 | 6,528 | 7,519 | 1,199 | 2008 | 2014 | |||||||||||||||||||
Horizon Commerce Park II | — | 1,111 | — | 7,205 | 1,111 | 7,205 | 8,316 | 1,086 | 2008 | 2014 | |||||||||||||||||||
Horizon Commerce Park III | — | 991 | — | 6,480 | 991 | 6,480 | 7,471 | 706 | 2008 | 2016 | |||||||||||||||||||
Horizon Commerce Park IV | — | 1,097 | — | 8,549 | 1,097 | 8,549 | 9,646 | 998 | 2008 | 2015 | |||||||||||||||||||
Horizon Commerce Park V | — | 1,108 | — | 8,598 | 1,108 | 8,598 | 9,706 | 533 | 2008 | 2017 | |||||||||||||||||||
Horizon Commerce Park VII | — | 962 | — | 7,471 | 962 | 7,471 | 8,433 | 631 | 2008 | 2017 | |||||||||||||||||||
Horizon Commerce Park X | — | 846 | — | 6,601 | 846 | 6,601 | 7,447 | 179 | 2009 | 2018 | |||||||||||||||||||
Horizon Commerce Park XII | — | 1,416 | — | 10,572 | 1,416 | 10,572 | 11,988 | 275 | 2009 | 2017 | |||||||||||||||||||
Jacksonville | |||||||||||||||||||||||||||||
Deerwood Distribution Center | — | 1,147 | 1,799 | 3,397 | 1,147 | 5,196 | 6,343 | 3,474 | 1989 | 1978 | |||||||||||||||||||
Phillips Distribution Center | — | 1,375 | 2,961 | 4,554 | 1,375 | 7,515 | 8,890 | 5,441 | 1994 | 1984/95 | |||||||||||||||||||
Lake Pointe Business Park | — | 3,442 | 6,450 | 9,200 | 3,442 | 15,650 | 19,092 | 11,689 | 1993 | 1986/87 | |||||||||||||||||||
Ellis Distribution Center | — | 540 | 7,513 | 1,909 | 540 | 9,422 | 9,962 | 5,081 | 1997 | 1977 | |||||||||||||||||||
Westside Distribution Center | — | 2,011 | 15,374 | 8,677 | 2,011 | 24,051 | 26,062 | 12,855 | 1997/2008 | 1984/85 | |||||||||||||||||||
Beach Commerce Center | — | 476 | 1,899 | 849 | 476 | 2,748 | 3,224 | 1,456 | 2000 | 2000 | |||||||||||||||||||
Interstate Distribution Center | — | 1,879 | 5,700 | 1,938 | 1,879 | 7,638 | 9,517 | 4,314 | 2005 | 1990 | |||||||||||||||||||
Flagler Center | — | 7,317 | 14,912 | 452 | 7,317 | 15,364 | 22,681 | 1,167 | 2016 | 1997 & 2005 | |||||||||||||||||||
Ft. Lauderdale/Palm Beach area | |||||||||||||||||||||||||||||
Linpro Commerce Center | — | 613 | 2,243 | 3,248 | 616 | 5,488 | 6,104 | 3,355 | 1996 | 1986 | |||||||||||||||||||
Cypress Creek Business Park | — | — | 2,465 | 2,524 | — | 4,989 | 4,989 | 3,144 | 1997 | 1986 | |||||||||||||||||||
Lockhart Distribution Center | — | — | 3,489 | 2,958 | — | 6,447 | 6,447 | 4,471 | 1997 | 1986 | |||||||||||||||||||
Interstate Commerce Center | — | 485 | 2,652 | 1,695 | 485 | 4,347 | 4,832 | 2,179 | 1998 | 1988 | |||||||||||||||||||
Executive Airport Distribution Ctr (f) | 6,456 | 1,991 | 4,857 | 5,303 | 1,991 | 10,160 | 12,151 | 5,096 | 2001 | 2004/06 | |||||||||||||||||||
Sample 95 Business Park | — | 2,202 | 8,785 | 3,617 | 2,202 | 12,402 | 14,604 | 8,240 | 1996/98 | 1990/99 | |||||||||||||||||||
Blue Heron Distribution Center | — | 975 | 3,626 | 1,980 | 975 | 5,606 | 6,581 | 3,722 | 1999 | 1986 | |||||||||||||||||||
Blue Heron Distribution Center II | 233 | 1,385 | 4,222 | 1,665 | 1,385 | 5,887 | 7,272 | 2,717 | 2004 | 1988 | |||||||||||||||||||
Blue Heron Distribution Center III | — | 450 | — | 2,805 | 450 | 2,805 | 3,255 | 977 | 2004 | 2009 | |||||||||||||||||||
Weston Commerce Park | — | 4,163 | 9,951 | 1,691 | 4,163 | 11,642 | 15,805 | 669 | 2016 | 1998 | |||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Ft. Myers | |||||||||||||||||||||||||||||
SunCoast Commerce Center I | — | 911 | — | 4,815 | 928 | 4,798 | 5,726 | 1,857 | 2005 | 2008 | |||||||||||||||||||
SunCoast Commerce Center II | — | 911 | — | 4,999 | 928 | 4,982 | 5,910 | 2,107 | 2005 | 2007 | |||||||||||||||||||
SunCoast Commerce Center III | — | 1,720 | — | 6,673 | 1,763 | 6,630 | 8,393 | 2,407 | 2006 | 2008 | |||||||||||||||||||
SunCoast Commerce Center IV | — | 1,733 | — | 7,537 | 1,762 | 7,508 | 9,270 | 335 | 2006 | 2017 | |||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
San Francisco area | |||||||||||||||||||||||||||||
Wiegman Distribution Center I | — | 2,197 | 8,788 | 2,137 | 2,308 | 10,814 | 13,122 | 6,561 | 1996 | 1986/87 | |||||||||||||||||||
Wiegman Distribution Center II | — | 2,579 | 4,316 | 152 | 2,579 | 4,468 | 7,047 | 824 | 2012 | 1998 | |||||||||||||||||||
Huntwood Distribution Center | — | 3,842 | 15,368 | 3,236 | 3,842 | 18,604 | 22,446 | 11,421 | 1996 | 1988 | |||||||||||||||||||
San Clemente Distribution Center | — | 893 | 2,004 | 944 | 893 | 2,948 | 3,841 | 1,944 | 1997 | 1978 | |||||||||||||||||||
Yosemite Distribution Center | — | 259 | 7,058 | 1,520 | 259 | 8,578 | 8,837 | 4,913 | 1999 | 1974/87 | |||||||||||||||||||
Los Angeles area | |||||||||||||||||||||||||||||
Eucalyptus Distribution Center | — | 11,392 | 11,498 | 7 | 11,392 | 11,505 | 22,897 | 234 | 2018 | 1988 | |||||||||||||||||||
Kingsview Industrial Center (e) | 2,264 | 643 | 2,573 | 883 | 643 | 3,456 | 4,099 | 2,074 | 1996 | 1980 | |||||||||||||||||||
Dominguez Distribution Center (e) | 6,188 | 2,006 | 8,025 | 1,170 | 2,006 | 9,195 | 11,201 | 5,723 | 1996 | 1977 | |||||||||||||||||||
Main Street Distribution Center | — | 1,606 | 4,103 | 831 | 1,606 | 4,934 | 6,540 | 2,877 | 1999 | 1999 | |||||||||||||||||||
Walnut Business Center (e) | 5,940 | 2,885 | 5,274 | 2,593 | 2,885 | 7,867 | 10,752 | 4,478 | 1996 | 1966/90 | |||||||||||||||||||
Washington Distribution Center (e) | 4,025 | 1,636 | 4,900 | 751 | 1,636 | 5,651 | 7,287 | 3,286 | 1997 | 1996/97 | |||||||||||||||||||
Chino Distribution Center | — | 2,544 | 10,175 | 1,623 | 2,544 | 11,798 | 14,342 | 8,401 | 1998 | 1980 | |||||||||||||||||||
Ramona Distribution Center | 2,474 | 3,761 | 5,751 | 25 | 3,761 | 5,776 | 9,537 | 647 | 2014 | 1984 | |||||||||||||||||||
Industry Distribution Center I (e) | 15,111 | 10,230 | 12,373 | 4,750 | 10,230 | 17,123 | 27,353 | 9,392 | 1998 | 1959 | |||||||||||||||||||
Industry Distribution Center III (e) | 1,577 | — | 3,012 | (157 | ) | — | 2,855 | 2,855 | 2,855 | 2007 | 1992 | ||||||||||||||||||
Chestnut Business Center | — | 1,674 | 3,465 | 359 | 1,674 | 3,824 | 5,498 | 1,999 | 1998 | 1999 | |||||||||||||||||||
Los Angeles Corporate Center | — | 1,363 | 5,453 | 3,340 | 1,363 | 8,793 | 10,156 | 6,034 | 1996 | 1986 | |||||||||||||||||||
Santa Barbara | |||||||||||||||||||||||||||||
University Business Center | — | 5,517 | 22,067 | 12,835 | 5,520 | 34,899 | 40,419 | 18,641 | 1996 | 1987/88 | |||||||||||||||||||
Fresno | |||||||||||||||||||||||||||||
Shaw Commerce Center (e) | 11,620 | 2,465 | 11,627 | 6,943 | 2,465 | 18,570 | 21,035 | 11,354 | 1998 | 1978/81/87 | |||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
San Diego | |||||||||||||||||||||||||||||
Eastlake Distribution Center | — | 3,046 | 6,888 | 1,811 | 3,046 | 8,699 | 11,745 | 5,487 | 1997 | 1989 | |||||||||||||||||||
Ocean View Corporate Center (f) | 7,784 | 6,577 | 7,105 | 970 | 6,577 | 8,075 | 14,652 | 2,892 | 2010 | 2005 | |||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||
Dallas | |||||||||||||||||||||||||||||
Allen Station I & II | — | 5,815 | 17,612 | 202 | 5,815 | 17,814 | 23,629 | 272 | 2018 | 2001 | |||||||||||||||||||
Interstate Warehouse I & II (g) | 5,173 | 1,746 | 4,941 | 3,791 | 1,746 | 8,732 | 10,478 | 6,596 | 1988 | 1978 | |||||||||||||||||||
Interstate Warehouse III (g) | 2,027 | 519 | 2,008 | 1,578 | 519 | 3,586 | 4,105 | 2,283 | 2000 | 1979 | |||||||||||||||||||
Interstate Warehouse IV | — | 416 | 2,481 | 596 | 416 | 3,077 | 3,493 | 1,625 | 2004 | 2002 | |||||||||||||||||||
Interstate Warehouse V, VI, & VII (h) | 4,307 | 1,824 | 4,106 | 2,471 | 1,824 | 6,577 | 8,401 | 3,322 | 2009 | 1979/80/81 | |||||||||||||||||||
Venture Warehouses (g) | 3,935 | 1,452 | 3,762 | 2,755 | 1,452 | 6,517 | 7,969 | 5,316 | 1988 | 1979 | |||||||||||||||||||
ParkView Commerce Center 1-3 | — | 2,663 | — | 18,718 | 2,663 | 18,718 | 21,381 | 1,982 | 2014 | 2015 | |||||||||||||||||||
Shady Trail Distribution Center | — | 635 | 3,621 | 1,265 | 635 | 4,886 | 5,521 | 2,573 | 2003 | 1998 | |||||||||||||||||||
Valwood Distribution Center | — | 4,361 | 34,405 | 3,267 | 4,361 | 37,672 | 42,033 | 9,180 | 2012 | 1986/87/97/98 | |||||||||||||||||||
Northfield Distribution Center | — | 12,470 | 50,713 | 3,868 | 12,471 | 54,580 | 67,051 | 13,009 | 2013 | 1999-2001/03/04/08 | |||||||||||||||||||
Parc North 1-4 | — | 4,615 | 26,358 | 5,937 | 4,615 | 32,295 | 36,910 | 2,289 | 2016 | 2016 | |||||||||||||||||||
CreekView 121 1 & 2 | — | 3,275 | — | 14,614 | 3,275 | 14,614 | 17,889 | 1,041 | 2015/16 | 2017 | |||||||||||||||||||
Houston | |||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 1 & 2 | — | 660 | 5,893 | 2,133 | 660 | 8,026 | 8,686 | 4,983 | 1998 | 1996 | |||||||||||||||||||
World Houston Int'l Business Ctr 3, 4 & 5 (g) | 4,445 | 1,025 | 6,413 | 1,564 | 1,025 | 7,977 | 9,002 | 4,946 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 6 (g) | 1,729 | 425 | 2,423 | 655 | 425 | 3,078 | 3,503 | 1,934 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 7 & 8 (g) | 5,043 | 680 | 4,584 | 4,947 | 680 | 9,531 | 10,211 | 5,978 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 9 (g) | 3,582 | 800 | 4,355 | 2,099 | 800 | 6,454 | 7,254 | 3,220 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 10 | — | 933 | 4,779 | 824 | 933 | 5,603 | 6,536 | 2,665 | 2001 | 1999 | |||||||||||||||||||
World Houston Int'l Business Ctr 11 | — | 638 | 3,764 | 1,760 | 638 | 5,524 | 6,162 | 2,911 | 1999 | 1999 | |||||||||||||||||||
World Houston Int'l Business Ctr 12 | — | 340 | 2,419 | 383 | 340 | 2,802 | 3,142 | 1,673 | 2000 | 2002 | |||||||||||||||||||
World Houston Int'l Business Ctr 13 | — | 282 | 2,569 | 427 | 282 | 2,996 | 3,278 | 2,002 | 2000 | 2002 | |||||||||||||||||||
World Houston Int'l Business Ctr 14 | — | 722 | 2,629 | 1,124 | 722 | 3,753 | 4,475 | 2,015 | 2000 | 2003 | |||||||||||||||||||
World Houston Int'l Business Ctr 15 | — | 731 | — | 6,268 | 731 | 6,268 | 6,999 | 3,404 | 2000 | 2007 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
World Houston Int'l Business Ctr 16 | — | 519 | 4,248 | 1,505 | 519 | 5,753 | 6,272 | 3,294 | 2000 | 2005 | |||||||||||||||||||
World Houston Int'l Business Ctr 17 | — | 373 | 1,945 | 799 | 373 | 2,744 | 3,117 | 1,484 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 19 | — | 373 | 2,256 | 1,126 | 373 | 3,382 | 3,755 | 2,023 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 20 | — | 1,008 | 1,948 | 2,053 | 1,008 | 4,001 | 5,009 | 2,146 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 21 | — | 436 | — | 3,982 | 436 | 3,982 | 4,418 | 1,622 | 2000/03 | 2006 | |||||||||||||||||||
World Houston Int'l Business Ctr 22 | — | 436 | — | 4,542 | 436 | 4,542 | 4,978 | 2,224 | 2000 | 2007 | |||||||||||||||||||
World Houston Int'l Business Ctr 23 | — | 910 | — | 7,354 | 910 | 7,354 | 8,264 | 3,150 | 2000 | 2007 | |||||||||||||||||||
World Houston Int'l Business Ctr 24 | — | 837 | — | 5,983 | 838 | 5,982 | 6,820 | 2,526 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 25 | — | 508 | — | 4,032 | 508 | 4,032 | 4,540 | 1,608 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 26 (f) | 1,934 | 445 | — | 3,194 | 445 | 3,194 | 3,639 | 1,191 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 27 | — | 837 | — | 5,011 | 838 | 5,010 | 5,848 | 1,985 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 28 (f) | 2,771 | 550 | — | 4,665 | 550 | 4,665 | 5,215 | 1,809 | 2005 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 29 (f) | 2,635 | 782 | — | 4,177 | 974 | 3,985 | 4,959 | 1,350 | 2007 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 30 (f) | 3,636 | 981 | — | 5,863 | 1,222 | 5,622 | 6,844 | 2,234 | 2007 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 31A | — | 684 | — | 4,092 | 684 | 4,092 | 4,776 | 1,714 | 2008 | 2011 | |||||||||||||||||||
World Houston Int'l Business Ctr 31B | — | 546 | — | 3,551 | 546 | 3,551 | 4,097 | 1,280 | 2008 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 32 (h) | 3,528 | 1,225 | — | 5,655 | 1,526 | 5,354 | 6,880 | 1,404 | 2007 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 33 | — | 1,166 | — | 7,867 | 1,166 | 7,867 | 9,033 | 1,687 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 34 | — | 439 | — | 3,373 | 439 | 3,373 | 3,812 | 820 | 2005 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 35 | — | 340 | — | 2,476 | 340 | 2,476 | 2,816 | 509 | 2005 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 36 | — | 684 | — | 4,882 | 684 | 4,882 | 5,566 | 1,126 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 37 | — | 759 | — | 6,400 | 759 | 6,400 | 7,159 | 1,470 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 38 | — | 1,053 | — | 7,324 | 1,053 | 7,324 | 8,377 | 1,668 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 39 | — | 620 | — | 5,203 | 621 | 5,202 | 5,823 | 840 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 40 | — | 1,072 | — | 9,347 | 1,072 | 9,347 | 10,419 | 1,343 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 41 | — | 649 | — | 5,950 | 649 | 5,950 | 6,599 | 831 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 42 | — | 571 | — | 4,814 | 571 | 4,814 | 5,385 | 575 | 2011 | 2015 | |||||||||||||||||||
Central Green Distribution Center | — | 566 | 4,031 | 1,041 | 566 | 5,072 | 5,638 | 2,534 | 1999 | 1998 | |||||||||||||||||||
Glenmont Business Park | — | 936 | 6,161 | 2,983 | 937 | 9,143 | 10,080 | 5,699 | 1998 | 1999/2000 | |||||||||||||||||||
Beltway Crossing Business Park I | — | 458 | 5,712 | 2,758 | 458 | 8,470 | 8,928 | 5,058 | 2002 | 2001 | |||||||||||||||||||
Beltway Crossing Business Park II | — | 415 | — | 2,997 | 415 | 2,997 | 3,412 | 1,365 | 2005 | 2007 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Beltway Crossing Business Park III | — | 460 | — | 3,361 | 460 | 3,361 | 3,821 | 1,456 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park IV | — | 460 | — | 3,089 | 460 | 3,089 | 3,549 | 1,394 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park V (f) | 3,159 | 701 | — | 5,244 | 701 | 5,244 | 5,945 | 2,203 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park VI (h) | 3,531 | 618 | — | 6,268 | 618 | 6,268 | 6,886 | 2,114 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park VII (h) | 3,452 | 765 | — | 5,968 | 765 | 5,968 | 6,733 | 2,528 | 2005 | 2009 | |||||||||||||||||||
Beltway Crossing Business Park VIII | — | 721 | — | 5,516 | 721 | 5,516 | 6,237 | 1,653 | 2005 | 2011 | |||||||||||||||||||
Beltway Crossing Business Park IX | — | 418 | — | 2,137 | 418 | 2,137 | 2,555 | 549 | 2007 | 2012 | |||||||||||||||||||
Beltway Crossing Business Park X | — | 733 | — | 3,902 | 733 | 3,902 | 4,635 | 922 | 2007 | 2012 | |||||||||||||||||||
Beltway Crossing Business Park XI | — | 690 | — | 4,133 | 690 | 4,133 | 4,823 | 841 | 2007 | 2013 | |||||||||||||||||||
West Road Business Park I | — | 621 | — | 4,031 | 541 | 4,111 | 4,652 | 806 | 2012 | 2014 | |||||||||||||||||||
West Road Business Park II | — | 981 | — | 4,819 | 854 | 4,946 | 5,800 | 793 | 2012 | 2014 | |||||||||||||||||||
West Road Business Park III | — | 597 | — | 4,222 | 520 | 4,299 | 4,819 | 379 | 2012 | 2015 | |||||||||||||||||||
West Road Business Park IV | — | 621 | — | 4,622 | 541 | 4,702 | 5,243 | 664 | 2012 | 2015 | |||||||||||||||||||
West Road Business Park V | — | 484 | — | 4,367 | 421 | 4,430 | 4,851 | 67 | 2012 | 2018 | |||||||||||||||||||
Ten West Crossing 1 | — | 566 | — | 2,997 | 566 | 2,997 | 3,563 | 665 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 2 | — | 829 | — | 4,385 | 833 | 4,381 | 5,214 | 1,241 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 3 | — | 609 | — | 4,362 | 613 | 4,358 | 4,971 | 1,147 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 4 | — | 694 | — | 4,512 | 699 | 4,507 | 5,206 | 1,132 | 2012 | 2014 | |||||||||||||||||||
Ten West Crossing 5 | — | 933 | — | 5,872 | 940 | 5,865 | 6,805 | 1,074 | 2012 | 2014 | |||||||||||||||||||
Ten West Crossing 6 | — | 640 | — | 4,648 | 644 | 4,644 | 5,288 | 777 | 2012 | 2014 | |||||||||||||||||||
Ten West Crossing 7 | — | 584 | — | 5,321 | 589 | 5,316 | 5,905 | 606 | 2012 | 2015 | |||||||||||||||||||
El Paso | |||||||||||||||||||||||||||||
Butterfield Trail | — | — | 20,725 | 9,018 | — | 29,743 | 29,743 | 19,472 | 1997/2000 | 1987/95 | |||||||||||||||||||
Rojas Commerce Park (g) | 4,114 | 900 | 3,659 | 3,774 | 900 | 7,433 | 8,333 | 5,255 | 1999 | 1986 | |||||||||||||||||||
Americas Ten Business Center I | — | 526 | 2,778 | 1,741 | 526 | 4,519 | 5,045 | 2,284 | 2001 | 2003 | |||||||||||||||||||
San Antonio | |||||||||||||||||||||||||||||
Alamo Downs Distribution Center | — | 1,342 | 6,338 | 1,663 | 1,342 | 8,001 | 9,343 | 4,527 | 2004 | 1986/2002 | |||||||||||||||||||
Arion Business Park 1-13, 15 | — | 4,143 | 31,432 | 7,590 | 4,143 | 39,022 | 43,165 | 18,996 | 2005 | 1988-2000/06 | |||||||||||||||||||
Arion Business Park 14 | — | 423 | — | 3,479 | 423 | 3,479 | 3,902 | 1,518 | 2005 | 2006 | |||||||||||||||||||
Arion Business Park 16 | — | 427 | — | 3,712 | 427 | 3,712 | 4,139 | 1,459 | 2005 | 2007 | |||||||||||||||||||
Arion Business Park 17 | — | 616 | — | 4,270 | 616 | 4,270 | 4,886 | 2,409 | 2005 | 2007 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Arion Business Park 18 (h) | 1,444 | 418 | — | 2,399 | 418 | 2,399 | 2,817 | 1,118 | 2005 | 2008 | |||||||||||||||||||
Wetmore Business Center 1-4 | — | 1,494 | 10,804 | 3,616 | 1,494 | 14,420 | 15,914 | 7,644 | 2005 | 1998/99 | |||||||||||||||||||
Wetmore Business Center 5 (f) | 2,270 | 412 | — | 3,861 | 412 | 3,861 | 4,273 | 1,725 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 6 (f) | 2,299 | 505 | — | 3,822 | 505 | 3,822 | 4,327 | 1,535 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 7 (f) | 2,369 | 546 | — | 3,912 | 546 | 3,912 | 4,458 | 1,423 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 8 (f) | 4,986 | 1,056 | — | 8,327 | 1,056 | 8,327 | 9,383 | 2,901 | 2006 | 2008 | |||||||||||||||||||
Fairgrounds Business Park | — | 1,644 | 8,209 | 2,457 | 1,644 | 10,666 | 12,310 | 5,395 | 2007 | 1985/86 | |||||||||||||||||||
Rittiman Distribution Center | — | 1,083 | 6,649 | 337 | 1,083 | 6,986 | 8,069 | 1,568 | 2011 | 2000 | |||||||||||||||||||
Thousand Oaks Distribution Center 1 | — | 607 | — | 4,320 | 607 | 4,320 | 4,927 | 1,468 | 2008 | 2012 | |||||||||||||||||||
Thousand Oaks Distribution Center 2 | — | 794 | — | 4,739 | 794 | 4,739 | 5,533 | 1,310 | 2008 | 2012 | |||||||||||||||||||
Thousand Oaks Distribution Center 3 | — | 772 | — | 4,460 | 772 | 4,460 | 5,232 | 1,180 | 2008 | 2013 | |||||||||||||||||||
Thousand Oaks Distribution Center 4 | — | 753 | — | 4,691 | 753 | 4,691 | 5,444 | 544 | 2013 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park I | — | 623 | — | 8,113 | 623 | 8,113 | 8,736 | 1,366 | 2007 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park II | — | 402 | — | 5,359 | 402 | 5,359 | 5,761 | 623 | 2007 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park III | — | 907 | — | 10,129 | 907 | 10,129 | 11,036 | 691 | 2007 | 2017 | |||||||||||||||||||
Alamo Ridge Business Park IV | — | 354 | — | 7,462 | 355 | 7,461 | 7,816 | 344 | 2007 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 1 & 2 | — | 1,881 | — | 14,717 | 1,881 | 14,717 | 16,598 | 1,382 | 2015 | 2016 | |||||||||||||||||||
Eisenhauer Point Business Park 3 | — | 577 | — | 6,094 | 577 | 6,094 | 6,671 | 303 | 2015 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 4 | — | 555 | — | 4,816 | 555 | 4,816 | 5,371 | 287 | 2015 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 5 | — | 818 | — | 7,017 | 818 | 7,017 | 7,835 | 209 | 2015 | 2018 | |||||||||||||||||||
Eisenhauer Point Business Park 6 | — | 569 | — | 4,859 | 569 | 4,859 | 5,428 | 53 | 2015 | 2018 | |||||||||||||||||||
Austin | |||||||||||||||||||||||||||||
Colorado Crossing Distribution Center (g) | 12,112 | 4,602 | 19,757 | 173 | 4,594 | 19,938 | 24,532 | 4,782 | 2014 | 2009 | |||||||||||||||||||
Greenhill Distribution Center | — | 802 | 3,273 | — | 802 | 3,273 | 4,075 | 10 | 2018 | 1999 | |||||||||||||||||||
Southpark Corporate Center 3 & 4 | — | 2,670 | 14,756 | 1,467 | 2,670 | 16,223 | 18,893 | 2,856 | 2015 | 1995 | |||||||||||||||||||
Southpark Corporate Center 5-7 | — | 1,301 | 7,589 | 812 | 1,301 | 8,401 | 9,702 | 679 | 2017 | 1995 | |||||||||||||||||||
Springdale Business Center | — | 2,824 | 8,398 | 339 | 2,824 | 8,737 | 11,561 | 1,414 | 2015 | 2000 | |||||||||||||||||||
ARIZONA | |||||||||||||||||||||||||||||
Phoenix area | |||||||||||||||||||||||||||||
Broadway Industrial Park I | — | 837 | 3,349 | 1,075 | 837 | 4,424 | 5,261 | 2,933 | 1996 | 1971 | |||||||||||||||||||
Broadway Industrial Park II | — | 455 | 482 | 306 | 455 | 788 | 1,243 | 470 | 1999 | 1971 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Broadway Industrial Park III | — | 775 | 1,742 | 543 | 775 | 2,285 | 3,060 | 1,456 | 2000 | 1983 | |||||||||||||||||||
Broadway Industrial Park IV | — | 380 | 1,652 | 789 | 380 | 2,441 | 2,821 | 1,641 | 2000 | 1986 | |||||||||||||||||||
Broadway Industrial Park V | — | 353 | 1,090 | 728 | 353 | 1,818 | 2,171 | 738 | 2002 | 1980 | |||||||||||||||||||
Broadway Industrial Park VI | — | 599 | 1,855 | 758 | 599 | 2,613 | 3,212 | 1,680 | 2002 | 1979 | |||||||||||||||||||
Broadway Industrial Park VII | — | 450 | 650 | 243 | 450 | 893 | 1,343 | 261 | 2011 | 1999 | |||||||||||||||||||
Kyrene Distribution Center | — | 1,490 | 4,453 | 1,868 | 1,490 | 6,321 | 7,811 | 4,050 | 1999 | 1981/2001 | |||||||||||||||||||
Southpark Distribution Center | — | 918 | 2,738 | 1,934 | 918 | 4,672 | 5,590 | 2,111 | 2001 | 2000 | |||||||||||||||||||
Santan 10 Distribution Center I | — | 846 | 2,647 | 658 | 846 | 3,305 | 4,151 | 1,571 | 2001 | 2005 | |||||||||||||||||||
Santan 10 Distribution Center II | — | 1,088 | — | 5,163 | 1,088 | 5,163 | 6,251 | 2,351 | 2004 | 2007 | |||||||||||||||||||
Chandler Freeways | — | 1,525 | — | 7,381 | 1,525 | 7,381 | 8,906 | 1,428 | 2012 | 2013 | |||||||||||||||||||
Kyrene 202 Business Park I | — | 653 | — | 5,777 | 653 | 5,777 | 6,430 | 816 | 2011 | 2014 | |||||||||||||||||||
Kyrene 202 Business Park II | — | 387 | — | 3,414 | 387 | 3,414 | 3,801 | 473 | 2011 | 2014 | |||||||||||||||||||
Kyrene 202 Business Park III, IV, & V | — | 1,244 | — | 11,684 | 1,244 | 11,684 | 12,928 | 340 | 2011 | 2018 | |||||||||||||||||||
Kyrene 202 Business Park VI | — | 936 | — | 8,333 | 936 | 8,333 | 9,269 | 781 | 2011 | 2015 | |||||||||||||||||||
Metro Business Park | — | 1,927 | 7,708 | 7,457 | 1,927 | 15,165 | 17,092 | 10,834 | 1996 | 1977/79 | |||||||||||||||||||
51st Avenue Distribution Center | — | 300 | 2,029 | 1,085 | 300 | 3,114 | 3,414 | 2,089 | 1998 | 1987 | |||||||||||||||||||
East University Distribution Center I and II | — | 1,120 | 4,482 | 1,915 | 1,120 | 6,397 | 7,517 | 4,416 | 1998 | 1987/89 | |||||||||||||||||||
East University Distribution Center III | — | 444 | 698 | 423 | 444 | 1,121 | 1,565 | 411 | 2010 | 1981 | |||||||||||||||||||
55th Avenue Distribution Center | — | 912 | 3,717 | 1,116 | 917 | 4,828 | 5,745 | 3,477 | 1998 | 1987 | |||||||||||||||||||
Interstate Commons Distribution Center I | — | 311 | 1,416 | 718 | 311 | 2,134 | 2,445 | 1,417 | 1999 | 1988 | |||||||||||||||||||
Interstate Commons Distribution Center III | — | 242 | — | 3,075 | 242 | 3,075 | 3,317 | 1,118 | 2000 | 2008 | |||||||||||||||||||
Airport Commons Distribution Center | — | 1,000 | 1,510 | 1,605 | 1,000 | 3,115 | 4,115 | 2,007 | 2003 | 1971 | |||||||||||||||||||
40th Avenue Distribution Center (f) | 3,594 | 703 | — | 6,061 | 703 | 6,061 | 6,764 | 2,276 | 2004 | 2008 | |||||||||||||||||||
Sky Harbor Business Park | — | 5,839 | — | 21,855 | 5,839 | 21,855 | 27,694 | 7,795 | 2006 | 2008 | |||||||||||||||||||
Sky Harbor Business Park 6 | — | 807 | — | 2,177 | 807 | 2,177 | 2,984 | 265 | 2014 | 2015 | |||||||||||||||||||
Ten Sky Harbor Business Center | — | 1,568 | — | 5,125 | 1,569 | 5,124 | 6,693 | 329 | 2015 | 2016 | |||||||||||||||||||
Tucson | |||||||||||||||||||||||||||||
Country Club Commerce Center I | — | 506 | 3,564 | 3,766 | 693 | 7,143 | 7,836 | 2,911 | 1997/2003 | 1994/2003 | |||||||||||||||||||
Country Club Commerce Center II | — | 442 | 3,381 | 1,061 | 709 | 4,175 | 4,884 | 1,329 | 2007 | 2000 | |||||||||||||||||||
Country Club Commerce Center III & IV | — | 1,407 | — | 12,127 | 1,575 | 11,959 | 13,534 | 4,579 | 2007 | 2009 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Country Club Commerce Center V | — | 2,885 | — | 21,633 | 2,886 | 21,632 | 24,518 | 384 | 2016 | 2018 | |||||||||||||||||||
Airport Distribution Center | — | 1,403 | 4,672 | 1,834 | 1,403 | 6,506 | 7,909 | 3,970 | 1998/2000 | 1995 | |||||||||||||||||||
Southpointe Distribution Center | — | — | 3,982 | 2,950 | — | 6,932 | 6,932 | 4,562 | 1999 | 1989 | |||||||||||||||||||
Benan Distribution Center | — | 707 | 1,842 | 697 | 707 | 2,539 | 3,246 | 1,482 | 2005 | 2001 | |||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Charlotte area | |||||||||||||||||||||||||||||
NorthPark Business Park | — | 2,758 | 15,932 | 5,026 | 2,758 | 20,958 | 23,716 | 10,071 | 2006 | 1987-89 | |||||||||||||||||||
Lindbergh Business Park | — | 470 | 3,401 | 555 | 470 | 3,956 | 4,426 | 1,716 | 2007 | 2001/03 | |||||||||||||||||||
Commerce Park Center I | — | 765 | 4,303 | 1,064 | 765 | 5,367 | 6,132 | 2,179 | 2007 | 1983 | |||||||||||||||||||
Commerce Park Center II (h) | 1,150 | 335 | 1,603 | 304 | 335 | 1,907 | 2,242 | 697 | 2010 | 1987 | |||||||||||||||||||
Commerce Park Center III (h) | 1,925 | 558 | 2,225 | 971 | 558 | 3,196 | 3,754 | 1,095 | 2010 | 1981 | |||||||||||||||||||
Nations Ford Business Park | — | 3,924 | 16,171 | 4,130 | 3,924 | 20,301 | 24,225 | 9,497 | 2007 | 1989/94 | |||||||||||||||||||
Airport Commerce Center | — | 1,454 | 10,136 | 2,394 | 1,454 | 12,530 | 13,984 | 4,742 | 2008 | 2001/02 | |||||||||||||||||||
Interchange Park I (f) | 5,071 | 986 | 7,949 | 608 | 986 | 8,557 | 9,543 | 2,998 | 2008 | 1989 | |||||||||||||||||||
Interchange Park II | — | 746 | 1,456 | 65 | 746 | 1,521 | 2,267 | 276 | 2013 | 2000 | |||||||||||||||||||
Ridge Creek Distribution Center I | — | 1,284 | 13,163 | 1,067 | 1,284 | 14,230 | 15,514 | 4,525 | 2008 | 2006 | |||||||||||||||||||
Ridge Creek Distribution Center II (h) | 8,534 | 3,033 | 11,497 | 2,116 | 3,033 | 13,613 | 16,646 | 3,197 | 2011 | 2003 | |||||||||||||||||||
Ridge Creek Distribution Center III | — | 2,459 | 11,147 | 538 | 2,459 | 11,685 | 14,144 | 1,830 | 2014 | 2013 | |||||||||||||||||||
Lakeview Business Center (h) | 3,785 | 1,392 | 5,068 | 922 | 1,392 | 5,990 | 7,382 | 1,711 | 2011 | 1996 | |||||||||||||||||||
Steele Creek Commerce Park I (g) | 2,621 | 993 | — | 4,315 | 1,010 | 4,298 | 5,308 | 969 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park II (g) | 2,666 | 941 | — | 4,459 | 957 | 4,443 | 5,400 | 1,000 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park III | — | 1,464 | — | 6,412 | 1,469 | 6,407 | 7,876 | 1,190 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park IV | — | 684 | — | 3,945 | 687 | 3,942 | 4,629 | 684 | 2013 | 2015 | |||||||||||||||||||
Steele Creek Commerce Park VI | — | 867 | — | 6,978 | 869 | 6,976 | 7,845 | 534 | 2013/14 | 2016 | |||||||||||||||||||
Steele Creek Commerce Park VII | — | 1,207 | — | 7,936 | 1,210 | 7,933 | 9,143 | 181 | 2013/14/15 | 2017 | |||||||||||||||||||
Waterford Distribution Center | — | 654 | 3,392 | 822 | 654 | 4,214 | 4,868 | 1,425 | 2008 | 2000 | |||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
Atlanta | |||||||||||||||||||||||||||||
Shiloh 400 Business Center I & II | — | 3,092 | 14,216 | 1,874 | 3,092 | 16,090 | 19,182 | 1,356 | 2017 | 2008 | |||||||||||||||||||
Broadmoor Commerce Park I | — | 1,307 | 3,560 | 587 | 1,307 | 4,147 | 5,454 | 541 | 2017 | 1999 | |||||||||||||||||||
Gwinnett 316 | — | 531 | 3,617 | 21 | 531 | 3,638 | 4,169 | 77 | 2018 | 1990 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Hurricane Shoals I & II | — | 4,284 | 12,449 | 1,822 | 4,284 | 14,271 | 18,555 | 517 | 2017 | 2017 | |||||||||||||||||||
Progress Center I & II | — | 1,297 | 9,015 | 209 | 1,297 | 9,224 | 10,521 | 457 | 2017 | 2017 | |||||||||||||||||||
LOUISIANA | |||||||||||||||||||||||||||||
New Orleans | |||||||||||||||||||||||||||||
Elmwood Business Park | — | 2,861 | 6,337 | 5,533 | 2,861 | 11,870 | 14,731 | 8,253 | 1997 | 1979 | |||||||||||||||||||
Riverbend Business Park | — | 2,557 | 17,623 | 8,835 | 2,557 | 26,458 | 29,015 | 15,659 | 1997 | 1984 | |||||||||||||||||||
COLORADO | |||||||||||||||||||||||||||||
Denver | |||||||||||||||||||||||||||||
Rampart Distribution Center I | — | 1,023 | 3,861 | 2,314 | 1,023 | 6,175 | 7,198 | 4,590 | 1988 | 1987 | |||||||||||||||||||
Rampart Distribution Center II | — | 230 | 2,977 | 1,589 | 230 | 4,566 | 4,796 | 2,888 | 1996/97 | 1997 | |||||||||||||||||||
Rampart Distribution Center III | — | 1,098 | 3,884 | 2,434 | 1,098 | 6,318 | 7,416 | 3,323 | 1997/98 | 1999 | |||||||||||||||||||
Rampart Distribution Center IV | — | 590 | — | 8,340 | 590 | 8,340 | 8,930 | 969 | 2012 | 2014 | |||||||||||||||||||
Concord Distribution Center (h) | 3,237 | 1,051 | 4,773 | 490 | 1,051 | 5,263 | 6,314 | 2,107 | 2007 | 2000 | |||||||||||||||||||
Centennial Park (f) | 3,151 | 750 | 3,319 | 1,861 | 750 | 5,180 | 5,930 | 1,957 | 2007 | 1990 | |||||||||||||||||||
NEVADA | |||||||||||||||||||||||||||||
Las Vegas | |||||||||||||||||||||||||||||
Arville Distribution Center | — | 4,933 | 5,094 | 442 | 4,933 | 5,536 | 10,469 | 1,967 | 2009 | 1997 | |||||||||||||||||||
Jones Corporate Park | — | 13,068 | 26,325 | 1,913 | 13,068 | 28,238 | 41,306 | 1,687 | 2016 | 2016 | |||||||||||||||||||
MISSISSIPPI | |||||||||||||||||||||||||||||
Jackson area | |||||||||||||||||||||||||||||
Interchange Business Park | — | 343 | 5,007 | 4,682 | 343 | 9,689 | 10,032 | 5,908 | 1997 | 1981 | |||||||||||||||||||
Tower Automotive | — | — | 9,958 | 1,937 | 17 | 11,878 | 11,895 | 5,255 | 2001 | 2002 | |||||||||||||||||||
Metro Airport Commerce Center I | — | 303 | 1,479 | 1,254 | 303 | 2,733 | 3,036 | 1,610 | 2001 | 2003 | |||||||||||||||||||
189,038 | 378,543 | 1,077,934 | 1,097,004 | 380,684 | 2,172,797 | 2,553,481 | 814,731 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Development and Value-Add Properties (d): | |||||||||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
Siempre Viva Distribution Center | — | 4,723 | 9,211 | 141 | 4,723 | 9,352 | 14,075 | 115 | 2018 | 2003 | |||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
Oak Creek Distribution Center land | — | 841 | — | 719 | 707 | 853 | 1,560 | — | 2005 | n/a | |||||||||||||||||||
SunCoast Commerce Center land | — | 7,648 | — | 5,674 | 7,978 | 5,344 | 13,322 | — | 2006 | n/a | |||||||||||||||||||
SunCoast Commerce Center V | — | 1,511 | — | 5,024 | 1,594 | 4,941 | 6,535 | — | 2006 | n/a | |||||||||||||||||||
Horizon Commerce Park land | — | 3,339 | — | 2,380 | 2,240 | 3,479 | 5,719 | — | 2008/09 | n/a | |||||||||||||||||||
Horizon Commerce Park VI | — | 1,099 | — | 7,126 | 1,099 | 7,126 | 8,225 | — | 2008/09 | n/a | |||||||||||||||||||
Horizon Commerce Park XI | — | 1,101 | — | 7,622 | 1,101 | 7,622 | 8,723 | — | 2008/09 | n/a | |||||||||||||||||||
Gateway Commerce Park I | — | 5,746 | — | 14,495 | 5,746 | 14,495 | 20,241 | — | 2016 | 2018 | |||||||||||||||||||
Gateway Commerce Park land | — | 21,132 | — | 15,199 | 21,132 | 15,199 | 36,331 | — | 2016 | n/a | |||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||
CreekView 121 3 & 4 | — | 2,600 | — | 11,200 | 2,600 | 11,200 | 13,800 | 35 | 2015/16 | 2018 | |||||||||||||||||||
CreekView 121 5 & 6 | — | 2,681 | — | 2,924 | 2,681 | 2,924 | 5,605 | — | 2015/16 | n/a | |||||||||||||||||||
CreekView 121 land | — | 2,640 | — | 946 | 2,640 | 946 | 3,586 | — | 2015/16 | n/a | |||||||||||||||||||
LakePort 2499 Land | — | 5,700 | — | 354 | 5,700 | 354 | 6,054 | — | 2018 | n/a | |||||||||||||||||||
Parc North 5 | — | 1,286 | — | 5,667 | 1,286 | 5,667 | 6,953 | — | 2016 | n/a | |||||||||||||||||||
Parc North land | — | 1,233 | — | 1,319 | 1,233 | 1,319 | 2,552 | — | 2016 | n/a | |||||||||||||||||||
Lee Road Land | — | 2,989 | — | (300 | ) | 1,960 | 729 | 2,689 | — | 2007 | n/a | ||||||||||||||||||
Ten West Crossing 8 | — | 1,126 | — | 5,464 | 1,135 | 5,455 | 6,590 | — | 2012 | n/a | |||||||||||||||||||
World Houston Int'l Business Ctr land - 2011 expansion | — | 1,636 | — | 4,356 | 2,921 | 3,071 | 5,992 | — | 2011 | n/a | |||||||||||||||||||
World Houston Int'l Business Ctr land - 2015 expansion | — | 6,041 | — | 1,717 | 6,041 | 1,717 | 7,758 | — | 2015 | n/a | |||||||||||||||||||
Eisenhauer Point 7 & 8 | — | 999 | — | 12,091 | 2,593 | 10,497 | 13,090 | — | 2016 | n/a | |||||||||||||||||||
Eisenhauer Point Land | — | 632 | — | 521 | 632 | 521 | 1,153 | — | 2016 | n/a | |||||||||||||||||||
Ridgeview 35 Land | — | 3,273 | — | 101 | 3,273 | 101 | 3,374 | — | 2018 | n/a | |||||||||||||||||||
Tri-County Crossing 1 and 2 | — | 1,623 | — | 7,272 | 1,623 | 7,272 | 8,895 | — | 2017 | n/a | |||||||||||||||||||
Tri-County Crossing land | — | 3,637 | — | 885 | 3,637 | 885 | 4,522 | — | 2017 | n/a | |||||||||||||||||||
Settlers Crossing 1 | — | 1,211 | — | 5,049 | 1,211 | 5,049 | 6,260 | — | 2017 | n/a | |||||||||||||||||||
Settlers Crossing 2 | — | 1,306 | — | 5,809 | 1,306 | 5,809 | 7,115 | — | 2017 | n/a | |||||||||||||||||||
Settlers Crossing land | — | 2,774 | — | 968 | 2,774 | 968 | 3,742 | — | 2017 | n/a |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2018 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
ARIZONA | |||||||||||||||||||||||||||||
Falcon Field Business Center | — | 1,312 | — | 6,920 | 1,312 | 6,920 | 8,232 | 34 | 2015 | 2018 | |||||||||||||||||||
Gilbert Crossroads Land | — | 6,534 | — | 275 | 6,534 | 275 | 6,809 | — | 2018 | n/a | |||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Airport Commerce Center III | — | 855 | — | 4,938 | 855 | 4,938 | 5,793 | — | 2008 | n/a | |||||||||||||||||||
Steele Creek Commerce Park 5 | — | 611 | — | 2,703 | 611 | 2,703 | 3,314 | — | 2013 | n/a | |||||||||||||||||||
Steele Creek Commerce Park Land | — | 4,574 | — | 2,635 | 4,592 | 2,617 | 7,209 | — | 2016/17 | n/a | |||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
Broadmoor Commerce Park 2 | — | 519 | — | 5,895 | 519 | 5,895 | 6,414 | — | 2017 | 2018 | |||||||||||||||||||
Hurricane Shoals Land | — | 497 | — | 229 | 497 | 229 | 726 | — | 2017 | n/a | |||||||||||||||||||
MISSISSIPPI | |||||||||||||||||||||||||||||
Metro Airport Commerce Center II land | — | 307 | — | 399 | 307 | 399 | 706 | — | 2001 | n/a | |||||||||||||||||||
— | 105,736 | 9,211 | 148,717 | 106,793 | 156,871 | 263,664 | 184 | ||||||||||||||||||||||
Total real estate owned (a)(b) | $ | 189,038 | 484,279 | 1,087,145 | 1,245,721 | 487,477 | 2,329,668 | 2,817,145 | 814,915 | ||||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm. |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 2,578,748 | 2,407,029 | 2,219,465 | |||||
Purchases of real estate properties | 54,537 | 51,802 | 22,228 | ||||||
Development of real estate properties and value-add properties | 167,667 | 124,938 | 203,765 | ||||||
Improvements to real estate properties | 36,921 | 28,698 | 23,188 | ||||||
Carrying amount of investments sold | (18,372 | ) | (32,787 | ) | (61,121 | ) | |||
Write-off of improvements | (2,356 | ) | (932 | ) | (496 | ) | |||
Balance at end of year (1) | $ | 2,817,145 | 2,578,748 | 2,407,029 |
(1) | Includes 20% noncontrolling interest in University Business Center of $3,296,000 and $3,217,000 at December 31, 2018 and 2017, respectively. |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 749,601 | 694,250 | 657,454 | |||||
Depreciation expense | 76,007 | 69,010 | 63,793 | ||||||
Accumulated depreciation on assets sold | (8,670 | ) | (12,735 | ) | (26,501 | ) | |||
Other | (2,023 | ) | (924 | ) | (496 | ) | |||
Balance at end of year | $ | 814,915 | 749,601 | 694,250 |
(b) | The estimated aggregate cost of real estate properties at December 31, 2018 for federal income tax purposes was approximately $2,771,697,000 before estimated accumulated tax depreciation of $573,441,000. The federal income tax return for the year ended December 31, 2018, has not been filed and accordingly, this estimate is based on preliminary data. |
(c) | The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). |
(d) | Effective January 1, 2018, the Company began transferring development projects from Development and value-add properties to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction. Prior to 2018, the Company transferred development projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. |
(e) | EastGroup has a $46,725,000 non-recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. |
(f) | EastGroup has a $52,115,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30. |
(g) | EastGroup has a $47,445,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9. Subsequent to December 31, 2018, the Company executed a collateral release for World Houston 5; this property is no longer considered to be collateral securing this loan. |
(h) | EastGroup has a $40,046,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. |
Number of Loans | Interest Rate | Maturity Date | Periodic Payment Terms | ||||||
First mortgage loan: | |||||||||
JCB Limited - California | 1 | 5.15 | % | December 2022 | Principal and interest due monthly | ||||
Total mortgage loans (a) | 1 |
Face Amount of Mortgages Dec. 31, 2018 | Carrying Amount of Mortgages | Principal Amount of Loans Subject to Delinquent Principal or Interest (b) | |||||||
(In thousands) | |||||||||
First mortgage loans: | |||||||||
JCB Limited - California | $ | 2,594 | 2,594 | — | |||||
Total mortgage loans | $ | 2,594 | 2,594 | (c)(d) | — |
(a) | Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. |
(b) | Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. |
(c) | Changes in mortgage loans follow: |
Years Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 4,581 | 4,752 | 4,875 | |||||
Payments on mortgage loans receivable | (1,987 | ) | (171 | ) | (123 | ) | |||
Balance at end of year | $ | 2,594 | 4,581 | 4,752 |
EASTGROUP PROPERTIES, INC. | ||
By: /s/ MARSHALL A. LOEB | ||
Marshall A. Loeb, Chief Executive Officer, President and Director | ||
February 14, 2019 |
/s/ D. Pike Aloian | /s/ H. C. Bailey, Jr. | |
D. Pike Aloian, Director | H. C. Bailey, Jr., Director | |
February 14, 2019 | February 14, 2019 | |
/s/ H. Eric Bolton, Jr. | /s/ Donald F. Colleran | |
H. Eric Bolton, Jr., Director | Donald F. Colleran, Director | |
February 14, 2019 | February 14, 2019 | |
/s/ Hayden C. Eaves III | /s/ Fredric H. Gould | |
Hayden C. Eaves III, Director | Fredric H. Gould, Director | |
February 14, 2019 | February 14, 2019 | |
/s/ Mary Elizabeth McCormick | /s/ Leland R. Speed | |
Mary Elizabeth McCormick, Director | Leland R. Speed, Chairman Emeritus of the Board | |
February 14, 2019 | February 14, 2019 | |
/s/ David H. Hoster II | ||
David H. Hoster II, Chairman of the Board | ||
February 14, 2019 |
/s/ MARSHALL A. LOEB | |
Marshall A. Loeb, Chief Executive Officer, | |
President and Director | |
(Principal Executive Officer) | |
February 14, 2019 | |
/s/ BRUCE CORKERN | |
Bruce Corkern, Sr. Vice-President, Chief Accounting Officer | |
and Secretary | |
(Principal Accounting Officer) | |
February 14, 2019 | |
/s/ BRENT W. WOOD | |
Brent W. Wood, Executive Vice-President, | |
Chief Financial Officer and Treasurer | |
(Principal Financial Officer) | |
February 14, 2019 |
Exhibit 21.1 | ||
LIST OF SUBSIDIARIES (States of Formation) |
(Signed) KPMG LLP | |
Jackson, Mississippi | |
February 14, 2019 |
Certification of Chief Executive Officer | Exhibit 31.1 |
EastGroup Properties, Inc. |
1. | I have reviewed this annual report on Form 10-K of EastGroup Properties, Inc.; |
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. |
By: /s/ MARSHALL A. LOEB | |
MARSHALL A. LOEB | |
Chief Executive Officer | |
February 14, 2019 |
Certification of Chief Financial Officer | Exhibit 31.2 |
EastGroup Properties, Inc. |
1. | I have reviewed this annual report on Form 10-K of EastGroup Properties, Inc.; |
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. |
By: /s/ BRENT W. WOOD | |
BRENT W. WOOD | |
Chief Financial Officer | |
February 14, 2019 |
Certification of Chief Executive Officer | Exhibit 32.1 |
EastGroup Properties, Inc. |
By: /s/ MARSHALL A. LOEB | |
MARSHALL A. LOEB | |
Chief Executive Officer | |
February 14, 2019 | |
Certification of Chief Financial Officer | Exhibit 32.2 |
EastGroup Properties, Inc. |
By: /s/ BRENT W. WOOD | |
BRENT W. WOOD | |
Chief Financial Officer | |
February 14, 2019 |
[AE"S#^6_'+Z6?A[X$<2Y+PIQ%EG$6=9MFF!HYOBJ>18
M? U*>5937Q5?"4,1B*F.QV"C6Q->KA<4Z."H.4_9T'4KU*$:N&]O\;Q'QME?
M#>+P^"Q5'%XFO6IQKSCA8TG[&A* .QV+JQHX;"
MX:C%SJ5JU2;48PC%>K=HQ3DTGE6K4L/2J5Z]2%*C2@YU*E22C"$(J[E*3T27
M_ 6IX'\1O!'PE^&WAT^._CIKOB_XR:C#?6MOHNE>-+YM?CU_Q3?$QZ9X=\%?
M"G1X=+\$7&LZI=D1Z;:1>&[FXMD7[3=7Z6MK/=+J?"OX1>(/$&N:/\7?C18V
M5GXETM)S\,_A3IIMG\&_!/1[R-(HXK*WMHHK/5OB# +_#OAW5KOQZ^NZ-;7^0#^H^BLCP^F
ML1Z'H\?B&:UN->32].36Y[%&CLIM72S@74Y;-&562TEOA<26R%5*P-&NU<8&
MO0 4444 %%%% !1110 4444 %%%% "9'J/SI"Z@9R.JCJ/XF _K^-?,?Q/\
MV93\3?%UWXM_X:"_:=^'WVNST^T_X1GX8_%C_A$_"-M]@MQ;_:K31?\ A']0
M\F\O<>=J$WVEOM-QF3:GW:\];]B9@/\ D[C]MWJH_P"2^D=6 _Z%(^O3OTXZ
MU]O@)Q>$P<*#Q.)PV$=##U:=*='"5)4(2
M@XTYS@HR?]M^'' ^7\"<(<-Y'1RW)L+FF7<.Y'EF=8W*,%1P\,SS++LLPN$Q
M>,G7CAL-B,6JV(H5*L*V+IQKSC)2J1A-RBBBBBO@S[P***XGXA_$/PI\+O"F
MI^,O&6IIIFC:8D:DK&]S>ZA>W#B&PTC2+"$&YU36=4N2EIINFVB/T*YMI;+7OMXMXFU276([Z?59%,
MNI2W
:H<=%#X6\-6^LMXB@\/:'#KSVZ6CZU%
MI&G1ZNUJD*6Z6S:FEJM\T"01QPK";@Q+$B1J@154;U% &;J6C:1K*VJ:OI>G
M:HEC>P:C9+J-C:WRVFH6NXVU]:K=0S"WO+EVMS#H6DQ7%OIM
M_+<3WVGP31V:RPV5Y/=W4UU:1.EO
7
M<683RXIEX^4JN,CC&*_//_A_OJG_ $3>T&/^HD<#_P =XJY??\%VO$>E0I)=
M?"DVT
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 13, 2019 |
Jun. 29, 2018 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EastGroup Properties Inc | ||
Entity Central Index Key | 0000049600 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3,331,265,000 | ||
Entity Common Stock, Shares Outstanding | 36,479,324 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | Q4 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS - USD ($) |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|---|
ASSETS | |||||
Real estate properties | $ 2,553,481,000 | $ 2,336,734,000 | |||
Development and value-add properties | [1] | 263,664,000 | 242,014,000 | ||
Real estate, development and value-add properties | 2,817,145,000 | 2,578,748,000 | |||
Less accumulated depreciation | (814,915,000) | (749,601,000) | |||
Real estate, net | 2,002,230,000 | 1,829,147,000 | |||
Unconsolidated investment | 7,870,000 | 8,029,000 | |||
Cash | 374,000 | 16,000 | |||
Other assets | 121,231,000 | 116,029,000 | |||
TOTAL ASSETS | 2,131,705,000 | 1,953,221,000 | |||
LIABILITIES | |||||
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | |||
Unsecured debt | 723,400,000 | 713,061,000 | |||
Secured debt | 188,461,000 | 199,512,000 | |||
Accounts payable and accrued expenses | 86,563,000 | 64,967,000 | |||
Other liabilities | 34,652,000 | 28,842,000 | |||
Total Liabilities | 1,227,002,000 | 1,202,091,000 | |||
Stockholders’ Equity: | |||||
Common shares; $.0001 par value; 70,000,000 shares authorized; 36,501,356 shares issued and outstanding at December 31, 2018 and 34,758,167 at December 31, 2017 | 4,000 | 3,000 | |||
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | |||
Additional paid-in capital | 1,222,547,000 | 1,061,153,000 | |||
Distributions in excess of earnings | (326,193,000) | (317,032,000) | |||
Accumulated Other Comprehensive Income | 6,701,000 | 5,348,000 | $ 1,995,000 | ||
Total Stockholders’ Equity | 903,059,000 | 749,472,000 | |||
Noncontrolling interest in joint ventures | 1,644,000 | 1,658,000 | |||
Total Equity | 904,703,000 | 751,130,000 | $ 641,866,000 | ||
TOTAL LIABILITIES AND EQUITY | $ 2,131,705,000 | $ 1,953,221,000 | |||
|
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized | 70,000,000 | 70,000,000 |
Common shares, issued | 36,501,356 | 34,758,167 |
Common shares, outstanding | 36,501,356 | 34,758,167 |
Excess shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Excess shares, authorized | 30,000,000 | 30,000,000 |
Excess shares, issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 2.72 | $ 2.52 | $ 2.44 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 0 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 23,824 | 33,695 | 57,316 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 6,334 | $ 5,765 | $ 5,340 |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2016, the Company had a controlling interest in one joint venture, the 80% owned University Business Center. During the fourth quarter of 2017, EastGroup closed the acquisition of the 20% noncontrolling interest in two of the four University Business Center buildings; the Company now owns 100% of University Business Center 125 and 175. As of December 31, 2018 and 2017, EastGroup had an 80% controlling interest in University Business Center 120 and 130. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.
EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2018, 2017 and 2016 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2018, 2017 and 2016. Federal Income Tax Treatment of Share Distributions
EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2014 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2018 and 2017. The Company’s income may differ for tax and financial reporting purposes principally because of (i) the timing of the deduction for the provision for possible losses and losses on investments, (ii) the timing of the recognition of gains or losses from the sale of investments, (iii) different income recognition methods for rental income, (iv) different depreciation methods and lives, (v) real estate properties having a different basis for tax and financial reporting purposes, (vi) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (vii) differences in book and tax allowances and timing for stock-based compensation expense.
Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the asset at the close of the transaction. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized in the future when the criteria for gain recognition have been met. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. As of December 31, 2018 and 2017, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2018 and 2017, the Company determined that no allowance for collectibility of the mortgage loans receivable was necessary.
EastGroup has one reportable segment–industrial properties. These properties are primarily located in major Sunbelt regions of the United States. The Company's properties have similar economic characteristics and as a result, have been aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2018 and 2017, the Company did not identify any impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $76,007,000, $69,010,000 and $63,793,000 for 2018, 2017 and 2016, respectively.
For properties under development and value-add properties (defined in Note 2) acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. Effective January 1, 2018, the Company began transferring properties from the development program to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction (formerly, the Company transferred at the earlier of 80% occupancy or one year after completion of the shell construction). This change did not materially impact the comparability of the Company's financial statements. Upon transfer, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).
The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In accordance with FASB Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.
EastGroup applies ASC 815, Derivatives and Hedging, which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 13 for a discussion of the Company's derivative instruments and hedging activities.
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. Amortization of debt issuance costs was $1,352,000, $1,250,000 and $1,534,000 for 2018, 2017 and 2016, respectively. Amortization of facility fees was $736,000, $670,000 and $670,000 for 2018, 2017 and 2016, respectively. Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. Leasing costs amortization expense was $11,493,000, $10,329,000 and $9,932,000 for 2018, 2017 and 2016, respectively. Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles.
Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. Beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup determined that its real estate property acquisitions in 2018, 2017 and the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2018, 2017 and fourth quarter 2016 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill for business combinations is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $667,000, $529,000 and $488,000 in 2018, 2017 and 2016, respectively. Amortization expense for in-place lease intangibles was $4,204,000, $4,535,000 and $4,210,000 for 2018, 2017 and 2016, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2018 is as follows:
During 2018, the Company acquired the following operating properties: Gwinnett 316 in Atlanta; Eucalyptus Distribution Center in Chino (Los Angeles); Allen Station I & II in Dallas; and Greenhill Distribution Center in Austin. The Company also acquired one value-add property, Siempre Viva Distribution Center in San Diego. At the time of acquisition, Siempre Viva was classified in the lease-up phase. The total cost for the properties acquired by the Company was $71,086,000, of which $54,537,000 was allocated to Real estate properties and $13,934,000 was allocated to Development and value-add properties. EastGroup allocated $23,263,000 of the total purchase price to land using third party land valuations for the Atlanta, Dallas, Austin, San Diego and Chino (Los Angeles) markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $4,350,000 to in-place lease intangibles and $21,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $1,756,000 to below market leases (included in Other liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2017, the Company acquired the following operating properties: Shiloh 400, Broadmoor Commerce Park and Hurricane Shoals 1 & 2 in Atlanta and Southpark Corporate Center 5-7 in Austin. The Company also acquired one development stage property, Progress Center 1 & 2 in Atlanta. At the time of acquisition, Progress Center 1 & 2 was classified in the lease-up phase of development. The total cost for the properties acquired by the Company was $65,243,000, of which $51,539,000 was allocated to Real estate properties and $10,312,000 was allocated to Development and value-add properties. EastGroup allocated $11,281,000 of the total purchase price to land using third party land valuations for the Atlanta and Austin markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,662,000 to in-place lease intangibles and $115,000 to above market leases and $385,000 to below market leases. During 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three-building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000, of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development and value-add properties. EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,941,000 to in-place lease intangibles, $393,000 to above market leases and $894,000 to below market leases. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill and other intangibles existed at December 31, 2018 and 2017.
In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest.
The Company applies ASC 260, Earnings Per Share, which requires companies to present basic and diluted earnings per share ("EPS"). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations.
EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. The new standard was effective for the Company on January 1, 2018, and the Company used the modified retrospective approach upon adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup adopted ASU 2016-01 effective January 1, 2018. The adoption of ASU 2016-01 did not have a material impact on the Company's financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and while the adoption of ASU 2016-02 will impact the Company's accounting for office and ground leases, the Company anticipates the impact will not be material to its overall financial condition and results of operations. The Company anticipates the right-of-use asset and lease liability values for its office and ground leases will be less than 1% of Total assets. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting includes the new standard's narrow definition of initial direct costs for leases. The new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. EastGroup estimates the new definition of initial direct costs will result in an increase of expenses, and therefore a decrease in earnings, of approximately $200,000 on an annual basis. EastGroup has elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components of a contract from the lease component to which they relate when specific criteria are met (the Company believes its leases meet the criteria). Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup adopted ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies what constitutes a modification of a share-based payment award. The ASU is intended to provide clarity and reduce both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018; the adoption of ASU 2017-09 did not have a material impact on its financial condition or results of operations, as the Company has not had any modifications to share-based payment awards. However, if the Company does have a modification to an award in the future, it will follow the guidance in ASU 2017-09. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU is intended to better align a company's financial reporting for hedging activities with the economic objectives of those activities. The transition method is a modified retrospective approach that will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year the entity adopts the ASU. The primary provision in the ASU that will require an adjustment to beginning retained earnings is the change in timing and income statement presentation for ineffectiveness related to cash flow and net investment hedges. As a result of the transition guidance in the ASU, cumulative ineffectiveness that has previously been recognized on cash flow and net investment hedges that are still outstanding and designated as of the date of adoption will be adjusted and removed from beginning retained earnings and placed in Accumulated other comprehensive income. ASU 2017-12 is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2017-12 on January 1, 2019; the adoption of ASU 2017-12 did not have a material impact on its financial condition, results of operations or disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU is intended to improve the effectiveness of fair value measurement disclosures. ASU 2018-13 is effective for all entities for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted; however, the Company plans to adopt ASU 2018-13 on January 1, 2020. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU applies to all entities that elect to apply hedge accounting to benchmark interest rates under Topic 815 and permits the use of the OIS rate based on SOFR as a United States (U.S.) benchmark rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Inter-bank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 is effective upon adoption of ASU 2017-12. The Company adopted ASU 2017-12 and ASU 2018-16 on January 1, 2019, and the Company believes the adoption of both ASUs did not have a material impact on its financial condition, results of operation or disclosures.
The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows.
Certain reclassifications have been made in the 2017 and 2016 consolidated financial statements to conform to the 2018 presentation. |
REAL ESTATE PROPERTIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2018 and 2017 were as follows:
EastGroup acquired operating properties during 2018, 2017 and 2016 as discussed in Note 1(j). The Company sold operating properties during 2018, 2017 and 2016 as shown in the table below. The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain, net of loss, on sales of real estate investments. The Company did not classify any properties as held for sale as of December 31, 2018 and 2017. Sales of Real Estate A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2018, 2017 and 2016 follows:
The table above includes sales of operating properties; the Company also sold parcels of land during the years presented. During the year ended December 31, 2018, the Company sold a parcel of land in Houston generating gross proceeds of $2,577,000 and recognized a gain of $86,000. During the year ended December 31, 2017, EastGroup sold parcels of land in El Paso and Dallas for $3,778,000 and recognized a net gain of $293,000. During the year ended December 31, 2016, EastGroup sold parcels of land in Houston, Dallas and Orlando for $5,400,000 and recognized net gains of $733,000. The net gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. Development and Value-Add Properties The Company’s development and value-add program as of December 31, 2018, was comprised of the properties detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development projects for 2018 were $6,334,000 compared to $5,765,000 for 2017 and $5,340,000 for 2016. In addition, EastGroup capitalized internal development costs of $4,696,000 during the year ended December 31, 2018, compared to $4,754,000 during 2017 and $3,789,000 in 2016. Total capital invested for development and value-add properties during 2018 was $167,667,000, which primarily consisted of costs of $134,957,000 and $21,736,000 as detailed in the Development and Value-Add Properties Activity table below and costs of $8,556,000 on projects subsequent to transfer to Real estate properties. The capitalized costs incurred on development projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).
Footnotes for the Development and Value-Add Properties Activity table are on the following page.
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, 2018:
Ground Leases As of December 31, 2018, the Company owned two properties in Florida, two properties in Texas and one property in Arizona that are subject to ground leases. These leases have terms of 40 to 50 years, expiration dates of August 2031 to November 2037, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. Total ground lease expenditures for the years ended December 31, 2018, 2017 and 2016 were $783,000, $760,000 and $756,000, respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2018: Future Minimum Ground Lease Payments
|
UNCONSOLIDATED INVESTMENT |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED INVESTMENT | UNCONSOLIDATED INVESTMENT The Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California. The building was constructed in 1998 and is 100% leased through December 2021 to a single tenant who owns the other 50% interest in the property. This investment is accounted for under the equity method of accounting and had a carrying value of $7,870,000 at December 31, 2018, and $8,029,000 at December 31, 2017. |
MORTGAGE LOANS RECEIVABLE |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE As of December 31, 2016, the Company had two mortgage loans receivable, both of which were classified as first mortgage loans, with effective interest rates of 5.25% and maturity dates in October 2017. During 2017, the loan agreements were amended and restated. As of December 31, 2017, EastGroup had two mortgage loans receivable, both of which were classified as first mortgage loans, with effective interest rates of 5.15% and maturity dates in December 2022. In March of 2018, one of the notes was repaid in full. As of December 31, 2018, the Company had one mortgage loan receivable which was classified as a first mortgage loan with an effective interest rate of 5.15% and a maturity date in December 2022. Mortgage loans receivable are included in Other assets on the Consolidated Balance Sheets. See Note 5 for a summary of Other assets. |
OTHER ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows:
|
UNSECURED BANK CREDIT FACILITIES |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | Until June 14, 2018, EastGroup had $300 million and $35 million unsecured bank credit facilities with margins over LIBOR of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2019. The Company amended and restated these credit facilities on June 14, 2018, expanding the capacity to $350 million and $45 million, as detailed below. The $350 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2022. The credit facility contains options for two six-month extensions (at the Company's election) and a $150 million accordion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of December 31, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. As of December 31, 2018, the Company had $187,000,000 of variable rate borrowings outstanding on this unsecured bank credit facility with a weighted average interest rate of 3.508%. The Company has a standby letter of credit of $674,000 pledged on this facility. The Company's $45 million unsecured bank credit facility has a maturity date of July 30, 2022, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $350 million facility are exercised. The interest rate is reset on a daily basis and as of December 31, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. As of December 31, 2018, the interest rate was 3.503% on a balance of $8,730,000. Average unsecured bank credit facilities borrowings were $141,223,000 in 2018, $114,751,000 in 2017 and $106,352,000 in 2016, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 2.64% in 2018, 2.07% in 2017 and 1.49% in 2016. Amortization of facility fees was $736,000, $670,000 and $670,000 for 2018, 2017 and 2016, respectively. Amortization of debt issuance costs for the Company's unsecured bank credit facilities was $508,000, $451,000 and $450,000 for 2018, 2017 and 2016, respectively. The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2018. See Note 7 for a detail of the outstanding balances of the Company's Unsecured bank credit facilities as of December 31, 2018 and 2017. |
UNSECURED AND SECURED DEBT |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURED AND UNSECURED DEBT | The Company's debt is detailed below. EastGroup presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets as detailed below.
A summary of the carrying amount of Unsecured debt follows:
In February 2018, the Company refinanced a $65 million unsecured term loan, resulting in a 55 basis point reduction in the loan's interest rate. The loan, which has a maturity date of April 1, 2023, now has an effectively fixed interest rate of 2.313%. In April, the Company closed $60 million of senior unsecured private placement notes with an insurance company. The notes have a ten-year term and a fixed interest rate of 3.93% with semi-annual interest payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. In June, the Company repaid (with no penalty) a $50 million senior unsecured term loan with an interest rate of 3.91% and an original maturity date of December 21, 2018. The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2018. A summary of the carrying amount of Secured debt follows:
The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), due during the next five years as of December 31, 2018 are as follows:
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts payable and accrued expenses follows:
(1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company's working cash line of credit. See Note 1(p). |
OTHER LIABILITIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows:
|
COMMON STOCK ACTIVITY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2018:
Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2018:
Dividend Reinvestment Plan The Company has a dividend reinvestment plan that allows stockholders to reinvest cash distributions in new shares of the Company. |
STOCK-BASED COMPENSATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. Equity Incentive Plan In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan (the “2004 Plan”) that authorized the issuance of up to 1,900,000 shares of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. The 2004 Plan was further amended by the Board of Directors in September 2005 and December 2006. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. The 2013 Equity Plan permits the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. There were 1,629,281, 1,671,981 and 1,752,345 total shares available for grant under the 2013 Equity Plan as of December 31, 2018, 2017 and 2016, respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $5,322,000, $6,309,000 and $5,184,000 for 2018, 2017 and 2016, respectively, of which $1,173,000, $1,458,000 and $1,183,000 were capitalized as part of the Company’s development costs for the respective years. Employee Equity Awards The Company's restricted stock program is designed to provide incentives for management to achieve goals established by the Compensation Committee of the Company's Board of Directors (the Committee). The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management's interests with the long-term interests of shareholders. The vesting periods of the Company’s restricted stock plans vary, as determined by the Compensation Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Compensation Committee. Restricted stock is granted to non-executive officers subject only to continued service. The cost for market-based awards and awards that only require service is amortized on a straight-line basis over the requisite service periods. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. In the second quarter of 2017, the Committee approved an equity compensation plan for certain of its executive officers based upon certain annual performance measures for 2017, including funds from operations (FFO) per share, same property net operating income change, general and administrative costs, and fixed charge coverage. During the first quarter of 2018, the Committee measured the Company's performance for 2017 against bright-line tests established by the Committee on the grant date of May 10, 2017, and determined that 21,097 shares were earned. These shares, which have a grant date fair value of $78.18, vested 20% on the date shares were determined and will vest 20% per year on each January 1 for the subsequent four years. On the grant date of May 10, 2017, the Company began recognizing expense for its estimate of the shares that may have been earned pursuant to these awards; the shares are being expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. Also in the second quarter of 2017, the Committee approved an equity compensation plan for certain of its executive officers based upon the achievement of individual goals for each of the officers included in the plan. On March 1, 2018, the Committee evaluated the performance of the officers and, in its discretion, awarded 4,554 shares with a grant date fair value of $80.93. These shares vested 20% on the date shares were determined and awarded and will vest 20% per year on each January 1 for the subsequent four years. The Company began recognizing expense for the shares awarded on the grant date of March 1, 2018, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the second quarter of 2017, the Committee approved a long-term equity compensation plan for certain of the Company’s executive officers that includes three components based on total shareholder return and one component based only on continued service as of the vesting dates. The three long-term equity compensation plan components based on total shareholder return are subject to bright-line tests that will compare the Company's total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The first plan measured the bright-line tests over the one-year period ended December 31, 2017. During the first quarter of 2018, the Committee measured the Company's performance for the one-year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares determined on the measurement date was 4,257. These shares vested 100% on March 1, 2018, the date the earned shares were determined. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The second plan will measure the bright-line tests over the two-year period ended December 31, 2018. During the first quarter of 2019, the Committee will measure the Company's performance for the two-year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares to be earned on the measurement date could range from zero to 9,460. These shares would vest 100% on the date the earned shares are determined. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The third plan will measure the bright-line tests over the three-year period ending December 31, 2019. During the first quarter of 2020, the Committee will measure the Company's performance for the three-year period against bright-line tests established by the Committee on the grant date of May 10, 2017. The number of shares to be earned on the measurement date could range from zero to 18,917. These shares would vest 75% on the date the earned shares are determined in the first quarter of 2020 and 25% on January 1, 2021. On the grant date of May 10, 2017, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The component of the long-term equity compensation plan based only on continued service as of the vesting dates was awarded on May 10, 2017. On that date, 5,406 shares were granted to certain executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $78.18 per share, vested 25% in the first quarter of 2018 and will vest 25% on January 1 in years 2019, 2020 and 2021. The shares are being expensed on a straight-line basis over the remaining service period. In the second quarter of 2018, the Committee approved an equity compensation plan for the Company's executive officers based upon certain annual performance measures for 2018, including FFO per share, same property net operating income change, general and administrative costs, and fixed charge coverage. During the first quarter of 2019, the Committee will measure the Company's performance for 2018 against bright-line tests established by the Committee on the grant date of June 1, 2018. The number of shares that may be earned for the achievement of the annual performance measures could range from zero to 24,690. These shares, which have a grant date fair value of $95.19, would vest 20% on the date shares are determined and 20% per year on each January 1 for the subsequent four years. On the grant date of June 1, 2018, the Company began recognizing expense for its estimate of the shares that may be earned pursuant to these awards; the shares are being expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. Also in the second quarter of 2018, the Committee approved an equity compensation plan for EastGroup's executive officers based upon the achievement of individual goals for each of the officers included in the plan. Any shares issued pursuant to the individual goals in this compensation plan will be determined by the Committee in its discretion and issued in the first quarter of 2019. The number of shares to be issued on the grant date for the achievement of individual goals could range from zero to 6,173. These shares would vest 20% on the date shares are determined and awarded and 20% per year on each January 1 for the subsequent four years. The Company will begin recognizing the expense for any shares awarded on the grant date in the first quarter of 2019, and the shares will be expensed on a straight-line basis over the remaining service period. Also in the second quarter of 2018, the Committee approved a long-term equity compensation plan for the Company’s executive officers that includes one component based on total shareholder return and one component based only on continued service as of the vesting dates. The component of the long-term equity compensation plan based on total shareholder return is subject to bright-line tests that will compare the Company's total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The plan will measure the bright-line tests over the three-year period ending December 31, 2020. During the first quarter of 2021, the Committee will measure the Company's performance for the three-year period against bright-line tests established by the Committee on the grant date of June 1, 2018. The number of shares to be earned on the measurement date could range from zero to 27,596. These shares would vest 75% on the date the earned shares are determined in the first quarter of 2021 and 25% on January 1, 2022. On the grant date of June 1, 2018, the Company began recognizing expense for this plan based on the grant date fair value of the awards which was determined using a simulation pricing model developed to specifically accommodate the unique features of the award. The component of the long-term equity compensation plan based only on continued service as of the vesting dates was awarded on June 1, 2018. On that date, 7,884 shares were granted to the Company's executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $95.19, will vest 25% in the first quarter of 2019 and 25% on January 1 in years 2020, 2021 and 2022. The shares are being expensed on a straight-line basis over the remaining service period. Also during the second quarter of 2018, 12,425 shares were granted to certain non-executive officers subject only to continued service as of the vesting dates. These shares, which have a grant date fair value of $95.17, will vest 20% on January 1 in years 2019, 2020, 2021, 2022 and 2023. The shares are being expensed on a straight-line basis over the remaining service period. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. For shares subject to contingencies, dividends are accrued based upon the number of shares expected to be awarded. Share certificates and dividends are delivered to the employee as they vest. As of December 31, 2018, there was $5,785,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.5 years. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2018, 2017 and 2016. Of the shares that vested in 2018, 2017 and 2016, 23,824 shares, 33,695 shares and 57,316 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. As of the grant date, the fair value of shares that were granted during 2018, 2017 and 2016 was $4,223,000, $7,155,000 and $4,736,000, respectively. As of the vesting date, the fair value of shares that vested during 2018, 2017 and 2016 was $5,149,000, $6,441,000 and $10,013,000, respectively.
(1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for long-term performance and in 2018 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 86,836. Following is a vesting schedule of the total unvested shares as of December 31, 2018:
Directors Equity Awards The Company has a directors equity plan that was approved by stockholders and adopted in 2013 (the "2013 Equity Plan"). The Board of Directors has adopted a policy under the 2013 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual retainer share award to each non-employee Director who has been elected or reelected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $86,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual retainer share award shall be pro rated. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company's Common Stock on such date. These restricted shares will vest over a four-year period upon the performance of future service as a Director, subject to certain exceptions. Directors were issued 8,478 shares, 8,881 shares and 10,072 shares of common stock as annual retainer awards for 2018, 2017 and 2016, respectively. During the third quarter of 2017, 282 shares were granted to a newly elected non-employee Director subject only to continued service as of the vesting date. The shares, which have a grant date fair value of $88.86 per share, vested 25% on September 8, 2018, and will vest 25% per year on September 8 in years 2019, 2020 and 2021. The shares are being expensed on a straight-line basis over the remaining service period. During 2013, 417 shares were granted to a newly elected non-employee Director subject only to continued service as of the vesting date. The shares, which have a grant date fair value of $59.97 per share, vested 25% on each of December 6, 2014, 2015, 2016 and 2017. As of the vesting date, the fair value of shares that vested during 2018, 2017 and 2016 was $7,000, $9,000 and $8,000, respectively. Stock-based compensation expense for directors was $1,134,000, $670,000 and $589,000 for 2018, 2017 and 2016, respectively. |
COMPREHENSIVE INCOME |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated other comprehensive income (loss) for 2018, 2017 and 2016 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps.
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company's known or expected cash payments principally related to certain of the Company's borrowings. The Company's objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018, EastGroup had six interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company's interest rate swaps convert the related loans' LIBOR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Other comprehensive income (loss) and is subsequently reclassified into earnings through interest expense as interest payments are made in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for the periods reported, is recognized directly in earnings (included in Other on the Consolidated Statements of Income and Comprehensive Income). Amounts reported in Other comprehensive income (loss) related to derivatives will be reclassified to Interest expense as interest payments are made or received on the Company's variable-rate debt. The Company estimates the swap interest receipts will be $2,532,000 over the next twelve months. These receipts approximate the expected cash interest receipts due from counterparties for the swaps. Since the interest payments and receipts on the swaps in combination with the associated debt have been effectively fixed, this estimate is not in addition to the Company's total expected combined interest payments or expense for the next twelve months. The Company's valuation methodology for over-the-counter ("OTC") derivatives is to discount cash flows based on Overnight Index Swap ("OIS") rates. Uncollateralized or partially-collateralized trades are discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. The Company calculates its derivative values using mid-market prices. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. The Company has material contracts that are indexed to USD-LIBOR and is monitoring this activity and evaluating the related risks. As of December 31, 2018 and 2017, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:
The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2018 and 2017. See Note 18 for additional information on the fair value of the Company's interest rate swaps.
The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2018, 2017 and 2016:
See Note 12 for additional information on the Company's Accumulated other comprehensive income (loss) resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2018, the fair value of derivatives in a net liability position related to these agreements was $0. |
EARNINGS PER SHARE |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share, which requires companies to present basic and diluted EPS. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows:
|
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED
|
DEFINED CONTRIBUTION PLAN |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Defined Contribution Plan [Abstract] | |
DEFINED CONTRIBUTION PLAN | DEFINED CONTRIBUTION PLAN EastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50% of the employee’s contribution (limited to 10% of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $769,000, $672,000 and $675,000 for 2018, 2017 and 2016, respectively. |
LEGAL MATTERS |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Loss Contingency [Abstract] | |
LEGAL MATTERS | LEGAL MATTERS The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business. An action is pending against the Company and certain of the Company’s officers relating to the Company’s November 2016 purchase of a land parcel, alleging breach of contract and other claims in law and in equity. The Company has asserted numerous affirmative defenses and believes the lawsuit lacks merit. While discovery is ongoing, as are efforts to reach a mediated resolution of the dispute, in an effort to resolve this litigation, the Company made a settlement offer for $497,000 and has reserved such amount as of December 31, 2018. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2018 and 2017.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. |
SUBSEQUENT EVENTS |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 29, 2019, EastGroup closed the sale of World Houston 5, a 51,000 square foot, non-EastGroup developed, single-tenant building in Houston, for $3.8 million. The transaction generated a gain on sale which will be recognized in the first quarter of 2019. Subsequent to December 31, 2018, the Company executed a commitment letter for $80 million of senior unsecured private placement notes with an insurance company. The notes, which are expected to close in March 2019, have a 10-year term and a fixed interest rate of 4.27% with semi-annual interest payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. |
SCHEDULE III |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III |
(a) Changes in Real Estate Properties follow:
Changes in the accumulated depreciation on real estate properties follow:
|
SCHEDULE IV |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE IV | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2018
(d) The aggregate cost for federal income tax purposes is approximately $2.59 million. The federal income tax return for the year ended December 31, 2018, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2018, is based on preliminary data. See accompanying Report of Independent Registered Public Accounting Firm. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2016, the Company had a controlling interest in one joint venture, the 80% owned University Business Center. During the fourth quarter of 2017, EastGroup closed the acquisition of the 20% noncontrolling interest in two of the four University Business Center buildings; the Company now owns 100% of University Business Center 125 and 175. As of December 31, 2018 and 2017, EastGroup had an 80% controlling interest in University Business Center 120 and 130. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2018, 2017 and 2016 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2018, 2017 and 2016. Federal Income Tax Treatment of Share Distributions
EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2014 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2018 and 2017. The Company’s income may differ for tax and financial reporting purposes principally because of (i) the timing of the deduction for the provision for possible losses and losses on investments, (ii) the timing of the recognition of gains or losses from the sale of investments, (iii) different income recognition methods for rental income, (iv) different depreciation methods and lives, (v) real estate properties having a different basis for tax and financial reporting purposes, (vi) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (vii) differences in book and tax allowances and timing for stock-based compensation expense. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Recognition | Income Recognition Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the asset at the close of the transaction. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized in the future when the criteria for gain recognition have been met. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties | Real Estate Properties EastGroup has one reportable segment–industrial properties. These properties are primarily located in major Sunbelt regions of the United States. The Company's properties have similar economic characteristics and as a result, have been aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2018 and 2017, the Company did not identify any impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development | Development and Value-Add Properties For properties under development and value-add properties (defined in Note 2) acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. Effective January 1, 2018, the Company began transferring properties from the development program to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction (formerly, the Company transferred at the earlier of 80% occupancy or one year after completion of the shell construction). This change did not materially impact the comparability of the Company's financial statements. Upon transfer, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Held for Sale | Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In accordance with FASB Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging, which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Origination Costs | Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing Costs | Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Property Acquisitions and Acquired Intangibles | Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. Beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup determined that its real estate property acquisitions in 2018, 2017 and the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2018, 2017 and fourth quarter 2016 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill for business combinations is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $667,000, $529,000 and $488,000 in 2018, 2017 and 2016, respectively. Amortization expense for in-place lease intangibles was $4,204,000, $4,535,000 and $4,210,000 for 2018, 2017 and 2016, respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2018 is as follows:
During 2018, the Company acquired the following operating properties: Gwinnett 316 in Atlanta; Eucalyptus Distribution Center in Chino (Los Angeles); Allen Station I & II in Dallas; and Greenhill Distribution Center in Austin. The Company also acquired one value-add property, Siempre Viva Distribution Center in San Diego. At the time of acquisition, Siempre Viva was classified in the lease-up phase. The total cost for the properties acquired by the Company was $71,086,000, of which $54,537,000 was allocated to Real estate properties and $13,934,000 was allocated to Development and value-add properties. EastGroup allocated $23,263,000 of the total purchase price to land using third party land valuations for the Atlanta, Dallas, Austin, San Diego and Chino (Los Angeles) markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $4,350,000 to in-place lease intangibles and $21,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $1,756,000 to below market leases (included in Other liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2017, the Company acquired the following operating properties: Shiloh 400, Broadmoor Commerce Park and Hurricane Shoals 1 & 2 in Atlanta and Southpark Corporate Center 5-7 in Austin. The Company also acquired one development stage property, Progress Center 1 & 2 in Atlanta. At the time of acquisition, Progress Center 1 & 2 was classified in the lease-up phase of development. The total cost for the properties acquired by the Company was $65,243,000, of which $51,539,000 was allocated to Real estate properties and $10,312,000 was allocated to Development and value-add properties. EastGroup allocated $11,281,000 of the total purchase price to land using third party land valuations for the Atlanta and Austin markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurement (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $3,662,000 to in-place lease intangibles and $115,000 to above market leases and $385,000 to below market leases. During 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three-building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000, of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development and value-add properties. EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,941,000 to in-place lease intangibles, $393,000 to above market leases and $894,000 to below market leases. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill and other intangibles existed at December 31, 2018 and 2017. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company applies ASC 260, Earnings Per Share, which requires companies to present basic and diluted earnings per share ("EPS"). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. The new standard was effective for the Company on January 1, 2018, and the Company used the modified retrospective approach upon adoption. The adoption of ASU 2014-09 did not have a material impact on the Company's financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup adopted ASU 2016-01 effective January 1, 2018. The adoption of ASU 2016-01 did not have a material impact on the Company's financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and while the adoption of ASU 2016-02 will impact the Company's accounting for office and ground leases, the Company anticipates the impact will not be material to its overall financial condition and results of operations. The Company anticipates the right-of-use asset and lease liability values for its office and ground leases will be less than 1% of Total assets. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting includes the new standard's narrow definition of initial direct costs for leases. The new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. EastGroup estimates the new definition of initial direct costs will result in an increase of expenses, and therefore a decrease in earnings, of approximately $200,000 on an annual basis. EastGroup has elected the practical expedient permitting lessors to make an accounting policy election by class of underlying asset to not separate non-lease components of a contract from the lease component to which they relate when specific criteria are met (the Company believes its leases meet the criteria). Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup adopted ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies what constitutes a modification of a share-based payment award. The ASU is intended to provide clarity and reduce both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018; the adoption of ASU 2017-09 did not have a material impact on its financial condition or results of operations, as the Company has not had any modifications to share-based payment awards. However, if the Company does have a modification to an award in the future, it will follow the guidance in ASU 2017-09. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The ASU is intended to better align a company's financial reporting for hedging activities with the economic objectives of those activities. The transition method is a modified retrospective approach that will require the Company to recognize the cumulative effect of initially applying the ASU as an adjustment to Accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year the entity adopts the ASU. The primary provision in the ASU that will require an adjustment to beginning retained earnings is the change in timing and income statement presentation for ineffectiveness related to cash flow and net investment hedges. As a result of the transition guidance in the ASU, cumulative ineffectiveness that has previously been recognized on cash flow and net investment hedges that are still outstanding and designated as of the date of adoption will be adjusted and removed from beginning retained earnings and placed in Accumulated other comprehensive income. ASU 2017-12 is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2017-12 on January 1, 2019; the adoption of ASU 2017-12 did not have a material impact on its financial condition, results of operations or disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU is intended to improve the effectiveness of fair value measurement disclosures. ASU 2018-13 is effective for all entities for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted; however, the Company plans to adopt ASU 2018-13 on January 1, 2020. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU applies to all entities that elect to apply hedge accounting to benchmark interest rates under Topic 815 and permits the use of the OIS rate based on SOFR as a United States (U.S.) benchmark rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Inter-bank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 is effective upon adoption of ASU 2017-12. The Company adopted ASU 2017-12 and ASU 2018-16 on January 1, 2019, and the Company believes the adoption of both ASUs did not have a material impact on its financial condition, results of operation or disclosures. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of Book Overdraft on Consolidated Statements of Cash Flows | Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | Reclassifications Certain reclassifications have been made in the 2017 and 2016 consolidated financial statements to conform to the 2018 presentation. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Income Tax Treatment of Share Distributions | The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2018, 2017 and 2016. Federal Income Tax Treatment of Share Distributions
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected amortization of in-place lease intangibles for the next five years | Projected amortization of in-place lease intangibles for the next five years as of December 31, 2018 is as follows:
|
REAL ESTATE PROPERTIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2018 and 2017 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain, net of loss, on Sales of Real Estate | A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2018, 2017 and 2016 follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development |
Footnotes for the Development and Value-Add Properties Activity table are on the following page.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2018: Future Minimum Ground Lease Payments
|
OTHER ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | A summary of the Company’s Other assets follows:
|
UNSECURED AND SECURED DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt instruments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of unsecured debt [Table Text Block] | A summary of the carrying amount of Unsecured debt follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured debt | A summary of the carrying amount of Secured debt follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), due during the next five years as of December 31, 2018 are as follows:
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounts Payable and Accrued Expenses | A summary of the Company’s Accounts payable and accrued expenses follows:
(1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company's working cash line of credit. See Note 1(p). |
OTHER LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other liabilities | A summary of the Company’s Other liabilities follows:
|
COMMON STOCK ACTIVITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2018:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2018:
|
STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Activity |
(1) Does not include the restricted shares that may be earned if the performance goals established in 2017 for long-term performance and in 2018 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 86,836. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2018:
|
COMPREHENSIVE INCOME (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive income (loss) for 2018, 2017 and 2016 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps.
|
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2018 and 2017, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2018 and 2017. See Note 18 for additional information on the fair value of the Company's interest rate swaps.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2018, 2017 and 2016:
|
EARNINGS PER SHARE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows:
|
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly results of operations |
|
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2018 and 2017.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. |
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2018 | ||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary taxable income distribution requirement | 90.00% | ||
Common Stock | |||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary dividends (in dollars per share) | $ 2.14305 | $ 2.49146 | $ 2.10494 |
Nondividend distributions (in dollars per share) | 0.00000 | 0.02686 | 0.05202 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0.00000 | 0.00000 | 0.12872 |
Other capital gain (in dollars per share) | 0.00000 | 0.00168 | 0.15432 |
Total Common Share Distributions | $ 2.14305 | $ 2.52000 | $ 2.44000 |
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accounting Policies [Abstract] | |||
Amortization of debt issuance costs | $ 1,352,000 | $ 1,250,000 | $ 1,534,000 |
Amortization of facility fees | 736,000 | 670,000 | 670,000 |
Leasing costs amortization expense | $ 11,493,000 | $ 10,329,000 | $ 9,932,000 |
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 1 (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
Property, Plant and Equipment [Line Items] | ||||
Percentage of occupancy to qualify as value-add property | 75.00% | |||
portion of acquisition cost spent to qualify as value-add | 20.00% | |||
Land | $ 380,684 | $ 345,424 | ||
Investment Building and Building Improvements | 1,732,592 | 1,587,130 | ||
Tenant Improvements | 440,205 | 404,180 | ||
Development and value-add properties | [1] | 263,664 | 242,014 | |
Real estate, development and value-add properties | 2,817,145 | 2,578,748 | ||
Real Estate Investment Property, Accumulated Depreciation | (814,915) | (749,601) | ||
Real Estate Investment Property, Net | $ 2,002,230 | $ 1,829,147 | ||
|
REAL ESTATE PROPERTIES 3 (Details) |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
ft²
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Interest costs capitalized on development properties | $ 6,334,000 | $ 5,765,000 | $ 5,340,000 | |||||||||
Internal Development Costs Capitalized During Period | 4,696,000 | 4,754,000 | 3,789,000 | |||||||||
Improvements on developments transferred to real estate properties | 8,556,000 | |||||||||||
Development costs incurred, for the period | 167,667,000 | $ 124,938,000 | $ 203,765,000 | |||||||||
Future Minimum payments receivable [Abstract] | ||||||||||||
2019 | 226,330,000 | |||||||||||
2020 | 195,850,000 | |||||||||||
2021 | 151,564,000 | |||||||||||
2022 | 112,007,000 | |||||||||||
2023 | 82,262,000 | |||||||||||
Thereafter | 163,499,000 | |||||||||||
Total minimum receipts | $ 931,512,000 | |||||||||||
Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 680,000 | |||||||||||
Development Costs Transferred | [1] | $ 9,815,000 | ||||||||||
Development costs incurred, for the period | 39,689,000 | |||||||||||
Development and value-add properties | 62,762,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 72,400,000 | ||||||||||
Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 1,584,000 | |||||||||||
Development Costs Transferred | [1] | $ 24,892,000 | ||||||||||
Development costs incurred, for the period | 57,244,000 | |||||||||||
Development and value-add properties | 87,098,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 133,800,000 | ||||||||||
Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 5,250,000 | |||||||||||
Development Costs Transferred | [1] | $ (35,729,000) | ||||||||||
Development costs incurred, for the period | 38,024,000 | |||||||||||
Development and value-add properties | $ 113,804,000 | |||||||||||
Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 1,719,000 | |||||||||||
Development Costs Transferred | [1] | $ 1,022,000 | ||||||||||
Development costs incurred, for the period | 21,736,000 | |||||||||||
Development and value-add properties | [3] | $ 135,043,000 | ||||||||||
Lease Up Construction And Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 7,514,000 | |||||||||||
Development Costs Transferred | [1] | $ (1,022,000) | ||||||||||
Development costs incurred, for the period | 134,957,000 | |||||||||||
Development and value-add properties | 263,664,000 | |||||||||||
Development obligations | 52,400,000 | |||||||||||
Tenant improvement obligations | $ 13,600,000 | |||||||||||
Phoenix Area [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 315,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 6,809,000 | |||||||||||
Development and value-add properties | $ 6,809,000 | |||||||||||
Fort Myers [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 488,000 | |||||||||||
Development Costs Transferred | [1] | $ (2,704,000) | ||||||||||
Development costs incurred, for the period | 1,914,000 | |||||||||||
Development and value-add properties | $ 13,322,000 | |||||||||||
Miami [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 650,000 | |||||||||||
Development Costs Transferred | [1] | $ (9,110,000) | ||||||||||
Development costs incurred, for the period | 14,565,000 | |||||||||||
Development and value-add properties | $ 36,331,000 | |||||||||||
Orlando [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 214,000 | |||||||||||
Development Costs Transferred | [1] | $ (6,589,000) | ||||||||||
Development costs incurred, for the period | 1,188,000 | |||||||||||
Development and value-add properties | $ 5,719,000 | |||||||||||
Tampa [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 32,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 0 | |||||||||||
Development and value-add properties | $ 1,560,000 | |||||||||||
Atlanta [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 100,000 | |||||||||||
Development Costs Transferred | [1] | $ (705,000) | ||||||||||
Development costs incurred, for the period | 224,000 | |||||||||||
Development and value-add properties | $ 726,000 | |||||||||||
Jackson area [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 28,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 0 | |||||||||||
Development and value-add properties | $ 706,000 | |||||||||||
Charlotte [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 600,000 | |||||||||||
Development Costs Transferred | [1] | $ (1,366,000) | ||||||||||
Development costs incurred, for the period | 1,846,000 | |||||||||||
Development and value-add properties | $ 7,209,000 | |||||||||||
Austin [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 180,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 722,000 | |||||||||||
Development and value-add properties | $ 3,742,000 | |||||||||||
Dallas [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 612,000 | |||||||||||
Development Costs Transferred | [1] | $ (5,358,000) | ||||||||||
Development costs incurred, for the period | 7,954,000 | |||||||||||
Development and value-add properties | $ 12,192,000 | |||||||||||
Houston [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | [4] | 1,123,000 | ||||||||||
Development Costs Transferred | [1],[4] | $ (2,969,000) | ||||||||||
Development costs incurred, for the period | [4] | (1,782,000) | ||||||||||
Development and value-add properties | [4] | $ 16,439,000 | ||||||||||
San Antonio [Member] | Prospective Development [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 908,000 | |||||||||||
Development Costs Transferred | [1] | $ (6,928,000) | ||||||||||
Development costs incurred, for the period | 4,584,000 | |||||||||||
Development and value-add properties | $ 9,049,000 | |||||||||||
Siempre Viva Distribution Center [Member] | Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 115,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 14,075,000 | |||||||||||
Development and value-add properties | 14,075,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 14,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/19 | |||||||||||
Creekview 121 3 & 4 [Member] | Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 158,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 3,489,000 | |||||||||||
Development and value-add properties | 13,800,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 16,200,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/19 | |||||||||||
Falcon Field [Member] | Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 5,285,000 | |||||||||||
Development and value-add properties | 8,232,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 9,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/19 | |||||||||||
Gateway Commerce Park I [Member] | Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 200,000 | |||||||||||
Development Costs Transferred | [1] | $ 9,110,000 | ||||||||||
Development costs incurred, for the period | 11,131,000 | |||||||||||
Development and value-add properties | 20,241,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 25,000,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/19 | |||||||||||
Broadmoor Commerce Park II [Member] | Lease Up [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 111,000 | |||||||||||
Development Costs Transferred | [1] | $ 705,000 | ||||||||||
Development costs incurred, for the period | 5,709,000 | |||||||||||
Development and value-add properties | 6,414,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 7,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/19 | |||||||||||
Horizon XI [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 135,000 | |||||||||||
Development Costs Transferred | [1] | $ 3,171,000 | ||||||||||
Development costs incurred, for the period | 5,552,000 | |||||||||||
Development and value-add properties | 8,723,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 10,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||||||||||
Settlers Crossing 1 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 77,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 4,704,000 | |||||||||||
Development and value-add properties | 6,260,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 7,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||||||||||
Settlers Crossing 2 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 83,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 5,442,000 | |||||||||||
Development and value-add properties | 7,115,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 8,400,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||||||||||
SunCoast 5 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 81,000 | |||||||||||
Development Costs Transferred | [1] | $ 2,704,000 | ||||||||||
Development costs incurred, for the period | 3,831,000 | |||||||||||
Development and value-add properties | 6,535,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 7,700,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/20 | |||||||||||
Airport Commerce Center 3 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 4,060,000 | |||||||||||
Development and value-add properties | 5,793,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 7,300,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/20 | |||||||||||
Parc North 5 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 100,000 | |||||||||||
Development Costs Transferred | [1] | $ 1,683,000 | ||||||||||
Development costs incurred, for the period | 5,270,000 | |||||||||||
Development and value-add properties | 6,953,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 9,200,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/20 | |||||||||||
Steele Creek V [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 54,000 | |||||||||||
Development Costs Transferred | [1] | $ 1,366,000 | ||||||||||
Development costs incurred, for the period | 1,948,000 | |||||||||||
Development and value-add properties | 3,314,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 5,800,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/20 | |||||||||||
Horizon VI [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 148,000 | |||||||||||
Development Costs Transferred | [1] | $ 3,418,000 | ||||||||||
Development costs incurred, for the period | 4,807,000 | |||||||||||
Development and value-add properties | 8,225,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 12,700,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||||||||||
Ten West Crossing 8 [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 132,000 | |||||||||||
Development Costs Transferred | [1] | $ 1,947,000 | ||||||||||
Development costs incurred, for the period | 4,643,000 | |||||||||||
Development and value-add properties | 6,590,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 10,900,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||||||||||
Tri-County Crossing 1 & 2 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 203,000 | |||||||||||
Development Costs Transferred | [1] | $ 2,012,000 | ||||||||||
Development costs incurred, for the period | 6,883,000 | |||||||||||
Development and value-add properties | 8,895,000 | |||||||||||
Estimated Total Cumulative Development Costs | [1] | $ 14,600,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/20 | |||||||||||
Eisenhauer Point 7 & 8 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 336,000 | |||||||||||
Development Costs Transferred | [1] | $ 4,916,000 | ||||||||||
Development costs incurred, for the period | 8,174,000 | |||||||||||
Development and value-add properties | 13,090,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 24,500,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/20 | |||||||||||
Creekview 121 5 & 6 [Member] | Under construction [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 139,000 | |||||||||||
Development Costs Transferred | [1] | $ 3,675,000 | ||||||||||
Development costs incurred, for the period | 1,930,000 | |||||||||||
Development and value-add properties | 5,605,000 | |||||||||||
Estimated Total Cumulative Development Costs | [2] | $ 14,900,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/20 | |||||||||||
Alamo Ridge IV [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 97,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 320,000 | |||||||||||
Development and value-add properties | [3] | $ 7,417,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||||||||||
Oak Creek VII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 116,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 601,000 | |||||||||||
Development and value-add properties | [3] | $ 6,732,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||||||||||
Weston [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 134,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 222,000 | |||||||||||
Development and value-add properties | [3] | $ 15,742,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/18 | |||||||||||
Progress Center 1 & 2 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 132,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 143,000 | |||||||||||
Development and value-add properties | [3] | $ 10,476,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||||||||||
Horizon X [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 104,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 3,352,000 | |||||||||||
Development and value-add properties | [3] | $ 6,902,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/18 | |||||||||||
SunCoast 4 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 93,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 71,000 | |||||||||||
Development and value-add properties | [3] | $ 9,191,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 05/18 | |||||||||||
Country Club V [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 305,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 7,078,000 | |||||||||||
Development and value-add properties | [3] | $ 21,029,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||||||||||
Eisenhauer Point 3 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 71,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 231,000 | |||||||||||
Development and value-add properties | [3] | $ 6,390,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/18 | |||||||||||
Kyrene 202 III, IV & V [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 166,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 1,146,000 | |||||||||||
Development and value-add properties | [3] | $ 12,689,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/18 | |||||||||||
Steele Creek VII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 120,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 795,000 | |||||||||||
Development and value-add properties | [3] | $ 8,592,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/18 | |||||||||||
Eisenhauer Point 6 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 85,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 1,356,000 | |||||||||||
Development and value-add properties | [3] | $ 5,406,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/18 | |||||||||||
Horizon XII [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 140,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 653,000 | |||||||||||
Development and value-add properties | [3] | $ 11,883,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/18 | |||||||||||
Eisenhauer Point 5 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 98,000 | |||||||||||
Development Costs Transferred | [1] | $ 0 | ||||||||||
Development costs incurred, for the period | 2,012,000 | |||||||||||
Development and value-add properties | [3] | $ 7,816,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/18 | |||||||||||
West Road 5 [Member] | Development and value-add completed and transferred to Real estate properties [Member] | ||||||||||||
DEVELOPMENT [Abstract] | ||||||||||||
Size (Unaudited) (Square feet) | ft² | 58,000 | |||||||||||
Development Costs Transferred | [1] | $ 1,022,000 | ||||||||||
Development costs incurred, for the period | 3,756,000 | |||||||||||
Development and value-add properties | [3] | $ 4,778,000 | ||||||||||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 11/18 | |||||||||||
|
REAL ESTATE PROPERTIES 4 (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
State or Province [Line Items] | |||
Leases terms minimum (in years) | 40 years | ||
Leases terms maximum (in years) | 50 years | ||
Renewal period option minimum (in years) | 15 years | ||
Renewal period option maximum (in years) | 35 years | ||
Total ground lease expenditures for continuing and discontinued operations | $ 783,000 | $ 760,000 | $ 756,000 |
Payment increase interval minimum (in years) | 3 years | ||
Payment increase interval maximum (in years) | 10 years | ||
Future Total Minimum Ground Lease Payments [Abstract] | |||
2019 | $ 791,000 | ||
2020 | 791,000 | ||
2021 | 791,000 | ||
2022 | 791,000 | ||
2023 | 791,000 | ||
Thereafter | 9,343,000 | ||
Total minimum payments | $ 13,298,000 | ||
ARIZONA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 1 | ||
TEXAS | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 | ||
FLORIDA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 |
UNCONSOLIDATED INVESTMENT (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
ft²
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | |||
Year Constructed | 1998 | ||
Investment's carrying value under the equity method of accounting | $ 7,870,000 | $ 8,029,000 | |
Industry Distribution Center II - undivided tenant [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage (in hundredths) | 50.00% | 50.00% | 50.00% |
Size (in square feet) | ft² | 309,000 | ||
Building lease percentage | 100.00% | ||
Investment's carrying value under the equity method of accounting | $ 7,870,000 | $ 8,029,000 | |
Industry Distribution Center II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Single tenant joint partner ownership (in hundredths) | 50.00% |
MORTGAGE LOANS RECEIVABLE (Details) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | [1],[2] | $ 2,594 | ||||||
Mortgage recourse loan | 2,594 | |||||||
First Mortgage [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | $ 2,594 | $ 4,581 | $ 4,752 | $ 4,875 | ||||
Number of mortgage loans receivable | 1 | 2 | 2 | |||||
Effective interest rate (in hundredths) | 5.15% | 5.15% | 5.25% | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Dec. 21, 2022 | Oct. 25, 2017 | |||||
|
OTHER ASSETS (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 78,985 | $ 72,722 |
Accumulated amortization of leasing costs | (30,185) | (27,973) |
Leasing costs (principally commissions), net of accumulated amortization | 48,800 | 44,749 |
Straight-line rents receivable | 36,365 | 31,609 |
Allowance for doubtful accounts on straight-line rents receivable | (343) | (48) |
Straight-line rents receivable, net of allowance for doubtful accounts | 36,022 | 31,561 |
Accounts receivable | 6,033 | 6,004 |
Allowance for doubtful accounts on accounts receivable | (600) | (577) |
Accounts receivable, net of allowance for doubtful accounts | 5,433 | 5,427 |
Acquired in-place lease intangibles | 21,696 | 20,690 |
Accumulated amortization of acquired in-place lease intangibles | (9,833) | (8,974) |
Acquired In Place Lease Intangibles Net Of Accumulated Amortization | 11,863 | 11,716 |
Acquired above market lease intangibles | 1,465 | 1,550 |
Accumulated amortization of acquired above market lease intangibles | (902) | (794) |
Acquired above market lease intangibles, net of accumulated amortization | 563 | 756 |
Mortgage loans receivable | 2,594 | 4,581 |
Interest rate swap assets | 6,701 | 6,034 |
Goodwill | 990 | 990 |
Prepaid expenses and other assets | 8,265 | 10,215 |
Other Assets Total | $ 121,231 | $ 116,029 |
UNSECURED BANK CREDIT FACILITIES (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
Integer
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Line of Credit Facility [Line Items] | |||
Average bank borrowings | $ 141,223,000 | $ 114,751,000 | $ 106,352,000 |
Weighted average interest rates (in hundredths) | 2.64% | 2.07% | 1.49% |
Amortization of facility fees | $ 736,000 | $ 670,000 | $ 670,000 |
Amortization of bank loan costs | 508,000 | 451,000 | $ 450,000 |
Unsecured bank credit facilities | 193,926,000 | $ 195,709,000 | |
Former credit facility - $35 million [Member] | Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2019 | ||
Former facility - $300 million [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2019 | ||
Bank credit facility obtained in 2018 - $350 million [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 350,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2022 | ||
Credit facility, extension option | two six-month extensions | ||
Banks included in the unsecured revolving credit facility group | Integer | 9 | ||
Line of Credit Facility, Interest Rate at Period End | 3.508% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 187,000,000 | ||
Letters of Credit Outstanding, Amount | 674,000 | ||
Expansion option on credit facility | $ 150,000,000 | ||
$80 million interest rate swap [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date, Description | 8/15/2018 | ||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||
Unsecured bank credit facilities | $ 80,000,000 | ||
Credit facility obtained in 2018 - $45 million [Member] | Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 45,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Debt Instrument, Maturity Date, Description | Jul. 30, 2022 | ||
Credit facility, extension option | two six-month extensions | ||
Line of Credit Facility, Interest Rate at Period End | 3.503% | ||
Unsecured bank credit facilities - variable rate, carrying amount | $ 8,730,000 |
UNSECURED AND SECURED DEBT (Details) |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
Integer
|
Dec. 31, 2017
USD ($)
|
||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Carrying Amount of Securing Real Estate | $ 233,857,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Unsecured debt, carrying amount | 725,000,000 | $ 715,000,000 | |||||||||
Secured debt, carrying amount | 189,038,000 | 200,354,000 | |||||||||
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | |||||||||
Unsecured debt | 723,400,000 | 713,061,000 | |||||||||
Secured debt | 188,461,000 | 199,512,000 | |||||||||
Total debt | 1,105,787,000 | 1,108,282,000 | |||||||||
Secured and unsecured debt [Member] | |||||||||||
Payments of principal over the next five years [Abstract] | |||||||||||
2019 | 130,567,000 | ||||||||||
2020 | 114,096,000 | ||||||||||
2021 | 129,563,000 | ||||||||||
2022 | 107,769,000 | ||||||||||
2023 | $ 115,119,000 | ||||||||||
$50 Million Unsecured Term Loan [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.91% | ||||||||||
Debt Instrument, Maturity Date | Dec. 21, 2018 | ||||||||||
Unsecured debt, carrying amount | $ 0 | 50,000,000 | |||||||||
Unsecured debt, amount repaid during period | $ 50,000,000 | ||||||||||
Seventy-Five Million Unsecured Term Loan (closed in 2014) [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.15% | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | [1] | 2.846% | |||||||||
Debt Instrument, Maturity Date | [1] | Jul. 31, 2019 | |||||||||
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 | ||||||||
$75 Million Unsecured Term Loan [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | [1] | 3.452% | |||||||||
Debt Instrument, Maturity Date | [1] | Dec. 20, 2020 | |||||||||
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 | ||||||||
$40 million term loan (2016) [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | [1] | 2.335% | |||||||||
Debt Instrument, Maturity Date | [1] | Jul. 30, 2021 | |||||||||
Unsecured debt, carrying amount | [1] | $ 40,000,000 | 40,000,000 | ||||||||
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.40% | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | [1] | 3.031% | |||||||||
Debt Instrument, Maturity Date | [1] | Feb. 28, 2022 | |||||||||
Unsecured debt, carrying amount | [1] | $ 75,000,000 | 75,000,000 | ||||||||
Sixty-five million term loan (2016) [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | [1] | 2.313% | |||||||||
Debt Instrument, Maturity Date | [1] | Apr. 01, 2023 | |||||||||
Unsecured debt, carrying amount | [1] | $ 65,000,000 | 65,000,000 | ||||||||
Spread over LIBOR, reduction in interest rate (in basis points) | Integer | 55 | ||||||||||
Thirty million senior unsecured notes [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.80% | ||||||||||
Debt Instrument, Maturity Date | Aug. 28, 2020 | ||||||||||
Unsecured debt, carrying amount | $ 30,000,000 | 30,000,000 | |||||||||
Fifty million senior unsecured notes [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.80% | ||||||||||
Debt Instrument, Maturity Date | Aug. 28, 2023 | ||||||||||
Unsecured debt, carrying amount | $ 50,000,000 | 50,000,000 | |||||||||
Twenty million senior unsecured notes [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.80% | ||||||||||
Debt Instrument, Maturity Date | Aug. 28, 2025 | ||||||||||
Unsecured debt, carrying amount | $ 20,000,000 | 20,000,000 | |||||||||
Sixty million senior unsecured notes (executed in 2017) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.46% | ||||||||||
Debt Instrument, Maturity Date | Dec. 13, 2024 | ||||||||||
Unsecured debt, carrying amount | $ 60,000,000 | 60,000,000 | |||||||||
Sixty million senior unsecured notes (executed in 2016) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.48% | ||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||||||||||
Unsecured debt, carrying amount | $ 60,000,000 | 60,000,000 | |||||||||
Forty million senior unsecured notes (executed in 2016) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.75% | ||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2026 | ||||||||||
Unsecured debt, carrying amount | $ 40,000,000 | 40,000,000 | |||||||||
Twenty-five million senior unsecured notes (executed in 2015) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.97% | ||||||||||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||||||||||
Unsecured debt, carrying amount | $ 25,000,000 | 25,000,000 | |||||||||
Fifty million senior unsecured notes (executed in 2015) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.99% | ||||||||||
Debt Instrument, Maturity Date | Oct. 07, 2025 | ||||||||||
Unsecured debt, carrying amount | $ 50,000,000 | 50,000,000 | |||||||||
Sixty million senior unsecured notes (executed in 2018) [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Effective interest rate (in hundredths) | 3.93% | ||||||||||
Debt Instrument, Maturity Date | Apr. 10, 2028 | ||||||||||
Unsecured debt, carrying amount | $ 60,000,000 | 0 | |||||||||
Long-term Debt, Maturities, Repayment Terms | 10 | ||||||||||
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | 7.50% | ||||||||||
Monthly P & I Payment | $ 539,747 | ||||||||||
Maturity Date | 5/5/2019 | ||||||||||
Carrying Amount of Securing Real Estate | $ 45,420,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | $ 46,725,000 | 49,580,000 | |||||||||
Blue Heron Distribution Center II [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | 5.39% | ||||||||||
Monthly P & I Payment | $ 16,176 | ||||||||||
Maturity Date | 2/29/2020 | ||||||||||
Carrying Amount of Securing Real Estate | $ 4,555,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | $ 233,000 | 409,000 | |||||||||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 and 30 [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | 4.39% | ||||||||||
Monthly P & I Payment | $ 463,778 | ||||||||||
Maturity Date | 1/5/2021 | ||||||||||
Carrying Amount of Securing Real Estate | $ 66,493,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | $ 52,115,000 | 55,317,000 | |||||||||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | [2] | 4.75% | |||||||||
Monthly P & I Payment | [2] | $ 420,045 | |||||||||
Maturity Date | [2] | 6/5/2021 | |||||||||
Carrying Amount of Securing Real Estate | [2] | $ 53,820,000 | |||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | [2] | $ 47,445,000 | 50,161,000 | ||||||||
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Distribution Center, Interstate Distribution Center V, VI & VII, Lakeview Business Center, Ridge Creek Distribution Center II, Southridge IV & V and World Houston 32 [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | 4.09% | ||||||||||
Monthly P & I Payment | $ 329,796 | ||||||||||
Maturity Date | 1/5/2022 | ||||||||||
Carrying Amount of Securing Real Estate | $ 54,679,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | $ 40,046,000 | 42,315,000 | |||||||||
Ramona Distribution Center [Member] | |||||||||||
Secured and Unsecured Debt [Line Items] | |||||||||||
Interest Rate (in hundredths) | 3.85% | ||||||||||
Monthly P & I Payment | $ 16,287 | ||||||||||
Maturity Date | 11/30/2026 | ||||||||||
Carrying Amount of Securing Real Estate | $ 8,890,000 | ||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt | 2,474,000 | 2,572,000 | |||||||||
Notes Payable to Banks [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Unsecured bank credit facilities - variable rate, carrying amount | 195,730,000 | 116,339,000 | |||||||||
Unsecured bank credit facilities - fixed rate, carrying amount | [3],[4] | 0 | 80,000,000 | ||||||||
Unamortized debt issuance costs | (1,804,000) | (630,000) | |||||||||
Unsecured bank credit facilities | 193,926,000 | 195,709,000 | |||||||||
Unsecured Debt [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Unsecured debt, carrying amount | [4] | 725,000,000 | 715,000,000 | ||||||||
Unamortized debt issuance costs | (1,600,000) | (1,939,000) | |||||||||
Unsecured debt | 723,400,000 | 713,061,000 | |||||||||
Secured Debt [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Secured debt, carrying amount | [4] | 189,038,000 | 200,354,000 | ||||||||
Unamortized debt issuance costs | (577,000) | (842,000) | |||||||||
Secured debt | 188,461,000 | $ 199,512,000 | |||||||||
Nine bank group unsecured revolving credit facility [Member] | $80 million interest rate swap [Member] | |||||||||||
Loans Payable, Noncurrent [Abstract] | |||||||||||
Unsecured bank credit facilities | $ 80,000,000 | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||||||||||
Debt Instrument, Maturity Date, Description | 8/15/2018 | ||||||||||
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Accounts Payable and Accrued Liabilities [Abstract] | ||||
Property taxes payable | $ 10,718 | $ 12,081 | ||
Development costs payable | 15,410 | 9,699 | ||
Real estate improvements and capitalized leasing costs payable | 3,911 | 3,957 | ||
Interest payable | 4,067 | 3,744 | ||
Dividends payable | 27,738 | 1,365 | ||
Book overdraft | [1] | 15,048 | 20,902 | |
Other payables and accrued expenses | 9,671 | 13,219 | ||
Accounts payable and accrued expenses | $ 86,563 | $ 64,967 | ||
|
OTHER LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 18,432 | $ 16,668 |
Prepaid rent and other deferred income | 12,728 | 9,352 |
Acquired below market lease intangibles | 5,891 | 4,135 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (3,028) | (2,147) |
Acquired below market lease intangibles, net of accumulated amortization | 2,863 | 1,988 |
Interest rate swap liabilities | 0 | 695 |
Prepaid tenant improvement reimbursements | 614 | 124 |
Other liabilities | 15 | 15 |
Total Other Liabilities | $ 34,652 | $ 28,842 |
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 34,758,167 | ||
Common stock offerings (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Stock Issued During Period, Value, New Issues | $ 157,319 | $ 109,207 | $ 59,283 |
Dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Shares outstanding at end of year (in shares) | 36,501,356 | 34,758,167 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 34,758,167 | 33,332,213 | 32,421,460 |
Common stock offerings (in shares) | 1,706,474 | 1,370,457 | 875,052 |
Dividend reinvestment plan (in shares) | 1,844 | 2,744 | 3,326 |
Incentive restricted stock granted (in shares) | 50,217 | 93,285 | 80,529 |
Incentive restricted stock forfeited (in shares) | 0 | (16,000) | (910) |
Director common stock awarded (in shares) | 8,478 | 8,881 | 10,072 |
Stock issued during period, restricted stock awarded to directors | 0 | 282 | 0 |
Restricted stock withheld for tax obligations (in shares) | (23,824) | (33,695) | (57,316) |
Shares outstanding at end of year (in shares) | 36,501,356 | 34,758,167 | 33,332,213 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 157,318 | $ 109,207 | $ 59,283 |
STOCK-BASED COMPENSATION (Details) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
$ / shares
shares
|
Dec. 31, 2018
USD ($)
Integer
$ / shares
shares
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2013
$ / shares
shares
|
Dec. 31, 2018
USD ($)
shares
|
Dec. 31, 2017
shares
|
Dec. 31, 2016
shares
|
|
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 6,103,000 | $ 7,012,000 | $ 5,831,000 | |||||
Award Recipient Type Employee [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | 5,322,000 | 6,309,000 | 5,184,000 | |||||
Stock based compensation cost capitalized as development costs | $ | $ 1,173,000 | $ 1,458,000 | $ 1,183,000 | |||||
Share awards granted (in shares) | 50,217 | 93,285 | 80,529 | |||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 84.09 | $ 76.70 | $ 58.81 | |||||
Compensation is recognized over a weighted average period (in years) | 2 years 6 months 11 days | |||||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ | $ 5,785,000 | |||||||
Shares withheld to satisfy the tax obligations (in shares) | 23,824 | 33,695 | 57,316 | |||||
Fair value of shares granted | $ | $ 4,223,000 | $ 7,155,000 | $ 4,736,000 | |||||
Fair value of shares vested as of the vesting date | $ | $ 5,149,000 | $ 6,441,000 | $ 10,013,000 | |||||
Restricted Stock Activity [Roll Forward] | ||||||||
Unvested at beginning of year (in shares) | 152,644 | 162,087 | 260,698 | |||||
Granted (in shares) | 50,217 | 93,285 | 80,529 | |||||
Forfeited (in shares) | 0 | 16,000 | 910 | |||||
Vested (in shares) | (59,547) | (86,728) | (178,230) | |||||
Unvested at end of year (in shares) | 143,314 | 152,644 | 162,087 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Unvested at beginning of year (in dollars per share) | $ / shares | $ 63.18 | $ 51.97 | $ 52.68 | |||||
Granted (in dollars per share) | $ / shares | 84.09 | 76.70 | 58.81 | |||||
Forfeited (in dollars per share) | $ / shares | 0.00 | 36.98 | 52.89 | |||||
Vested (in dollars per share) | $ / shares | 63.77 | 61.62 | 56.09 | |||||
Unvested at end of year (in dollars per share) | $ / shares | $ 70.26 | $ 63.18 | $ 51.97 | |||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
2019 (in shares) | 53,826 | |||||||
2020 (in shares) | 50,650 | |||||||
2021 (in shares) | 23,167 | |||||||
2022 (in shares) | 13,186 | |||||||
2023 (in shares) | 2,485 | |||||||
Total Nonvested Shares (in shares) | 152,644 | 162,087 | 260,698 | 143,314 | 152,644 | 162,087 | ||
Award Recipient Type Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Annual Director Retainer Stock Award Amount | $ | $ 86,000 | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Stock-based compensation cost | $ | $ 1,134,000 | $ 670,000 | $ 589,000 | |||||
Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Fair value of shares vested as of the vesting date | $ | $ 7,000 | $ 9,000 | $ 8,000 | |||||
Management Incentive Plan 2004 [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Authorized shares of common stock (in shares) | 1,900,000 | |||||||
Equity Incentive Plan 2013 [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Authorized shares of common stock (in shares) | 2,000,000 | |||||||
Shares available for grant (in shares) | 1,629,281 | 1,671,981 | 1,752,345 | |||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 86,836 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Service Condition Only Awards [Member] | Non Executive Officers [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 12,425 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 12,425 | |||||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.17 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 95.17 | |||||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | 25.00% | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 282 | 417 | ||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 88.86 | $ 59.97 | ||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 282 | 417 | ||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 88.86 | $ 59.97 | ||||||
Award Recipient Type Director [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Shares issued to directors (in shares) | 8,478 | 8,881 | 10,072 | |||||
New Director Stock Awards to be Issued in Future Periods [Member] | Award Recipient Type Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
New Director Restricted Stock Award Amount to be Awarded in Future Periods | $ | $ 25,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Equity Instruments other than options, number of plans | Integer | 3 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Service Condition Only Awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 5,406 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 78.18 | |||||||
Equity Instruments other than options, number of plans | Integer | 1 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 5,406 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 78.18 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 20.00% | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 20.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 21,097 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 78.18 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 21,097 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 78.18 | |||||||
2017 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Individual performance awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 20.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 4,554 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 80.93 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 4,554 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 80.93 | |||||||
2017 Awards [Member] | One year period [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 100.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 4,257 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 4,257 | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 1 | |||||||
2017 Awards [Member] | Two year period [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 9,460 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 100.00% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 2 | |||||||
2017 Awards [Member] | Three year period [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 18,917 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 75.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 25.00% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 3 | |||||||
2018 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Equity Instruments other than options, number of plans | Integer | 1 | |||||||
2018 Awards [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Service Condition Only Awards [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share awards granted (in shares) | 7,884 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.19 | |||||||
Restricted Stock Activity [Roll Forward] | ||||||||
Granted (in shares) | 7,884 | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 95.19 | |||||||
2018 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 24,690 | |||||||
Grant date fair value of shares issued (in dollars per share) | $ / shares | $ 95.19 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 20.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||||
Restricted stock activity weighted average price [Abstract] | ||||||||
Granted (in dollars per share) | $ / shares | $ 95.19 | |||||||
2018 Awards [Member] | Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Individual performance awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 6,173 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 20.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||||
2018 Awards [Member] | Three year period [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||||
Stock Compensation Plan disclosure [Abstract] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 27,596 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 75.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 25.00% | |||||||
Nonvested Shares Vesting Schedule [Abstract] | ||||||||
Number of years in total shareholder return performance period | Integer | 3 |
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss) - beginning balance | $ 5,348 | $ 1,995 | $ (3,456) |
Change in fair value of interest rate swaps - cash flow hedges | 1,353 | 3,353 | 5,451 |
Accumulated other comprehensive income (loss) - ending balance | $ 6,701 | $ 5,348 | $ 1,995 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
Integer
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Derivative [Line Items] | |||
Document Fiscal Year Focus | 2018 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 6,701,000 | $ 6,034,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | $ 0 | 695,000 | |
Number of interest rate swaps | Integer | 6 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items] | $ 2,532,000 | ||
Amount of (income) loss recognized in Other Comprehensive Income (Loss) on derivative | 2,757,000 | 1,437,000 | $ 1,410,000 |
Amount of (income) loss reclassified from accumulated other comprehensive income (loss) to interest expense | (1,404,000) | 1,916,000 | $ 4,041,000 |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 0 | ||
$80 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 0 | 80,000,000 | |
$75 million interest rate swap executed in 2014 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 75,000,000 | |
$75 million interest rate swap executed in 2015 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 75,000,000 | |
$65 million interest rate swap executed in 2016 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 65,000,000 | 65,000,000 | |
$60 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 60,000,000 | 60,000,000 | |
$40 million interest rate swap (2016) [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 40,000,000 | 40,000,000 | |
$15 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 15,000,000 | $ 15,000,000 |
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||||
Numerator - net income available to common stockholders | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||||
Denominator - weighted average shares outstanding (in shares) | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 | ||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||||
Numerator - net income available to common stockholders | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||||
Denominator: [Abstract] | |||||||||||||||||||||
Weighted average shares outstanding | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 | ||
Unvested restricted stock (in shares) | 67 | 51 | 65 | ||||||||||||||||||
Total Shares (in shares) | 36,232 | [1] | 35,798 | [1] | 35,259 | [1] | 34,736 | [1] | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 35,506 | 34,047 | 32,628 | ||
|
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Revenues | $ 78,196 | $ 79,593 | $ 75,107 | $ 83,179 | $ 71,944 | $ 69,001 | $ 90,004 | $ 66,409 | |||||||||||||
Expenses | (59,613) | (56,552) | (56,843) | (54,431) | (54,277) | (53,029) | (53,027) | (53,436) | |||||||||||||
NET INCOME | 18,583 | 23,041 | 18,264 | 28,748 | 17,667 | 15,972 | 36,977 | 12,973 | $ 88,636 | $ 83,589 | $ 96,094 | ||||||||||
Net income attributable to noncontrolling interest in joint ventures | (27) | (31) | (37) | (35) | (77) | (88) | (87) | (154) | (130) | (406) | (585) | ||||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 18,556 | $ 23,010 | $ 18,227 | $ 28,713 | $ 17,590 | $ 15,884 | $ 36,890 | $ 12,819 | $ 88,506 | $ 83,183 | $ 95,509 | ||||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.51 | [1] | $ 0.64 | [1] | $ 0.52 | [1] | $ 0.83 | [1] | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.09 | [1] | $ 0.38 | [1] | $ 2.50 | $ 2.45 | $ 2.93 | ||
Weighted average shares outstanding | 36,135 | [1] | 35,716 | [1] | 35,196 | [1] | 34,689 | [1] | 34,406 | [1] | 34,215 | [1] | 33,987 | [1] | 33,361 | [1] | 35,439 | 33,996 | 32,563 | ||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.51 | [1] | $ 0.64 | [1] | $ 0.52 | [1] | $ 0.83 | [1] | $ 0.51 | [1] | $ 0.46 | [1] | $ 1.08 | [1] | $ 0.38 | [1] | $ 2.49 | $ 2.44 | $ 2.93 | ||
Weighted average shares outstanding | 36,232 | [1] | 35,798 | [1] | 35,259 | [1] | 34,736 | [1] | 34,505 | [1] | 34,290 | [1] | 34,040 | [1] | 33,409 | [1] | 35,506 | 34,047 | 32,628 | ||
|
DEFINED CONTRIBUTION PLAN (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Contribution Plan [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Eligible for Matching Contribution (maximum) | 10.00% | ||
Defined contribution expense | $ 769,000 | $ 672,000 | $ 675,000 |
LEGAL MATTERS Legal Matters (Details) |
Dec. 31, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 497,000 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|---|---|
Financial Assets [Abstract] | |||||||||
Cash and Cash Equivalents | $ 374 | $ 16 | $ 522 | $ 48 | |||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||||
Financial Assets [Abstract] | |||||||||
Cash and Cash Equivalents | [1] | 374 | 16 | ||||||
Mortgage loans receivable | [1] | 2,594 | 4,581 | ||||||
Interest Rate Swap Assets | [1] | 6,701 | 6,034 | ||||||
Financial Liabilities [Abstract] | |||||||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 195,730 | 116,339 | ||||||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [1],[2] | 0 | 80,000 | ||||||
Unsecured debt | [1],[2] | 725,000 | 715,000 | ||||||
Secured debt | [1],[2] | 189,038 | 200,354 | ||||||
Interest rate swap liabilities | [1] | 0 | 695 | ||||||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||||
Financial Assets [Abstract] | |||||||||
Cash and cash equivalents | 374 | 16 | |||||||
Mortgage loans receivable | 2,571 | 4,569 | |||||||
Interest Rate Swap Assets | 6,701 | 6,034 | |||||||
Financial Liabilities [Abstract] | |||||||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 196,423 | 116,277 | ||||||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [2] | 0 | 80,003 | ||||||
Unsecured debt | [2] | 718,364 | 703,871 | ||||||
Secured debt | [2] | 191,742 | 206,408 | ||||||
Interest rate swap liabilities | $ 0 | $ 695 | |||||||
|
SUBSEQUENT EVENTS Subsequent Events (Details) $ in Millions |
2 Months Ended | ||
---|---|---|---|
Feb. 14, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
Integer
|
Jan. 29, 2019
ft²
|
|
$80 million senior unsecured private placement notes (2019) [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Debt, term (in years) | Integer | 10 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | ||
Unsecured debt, notional amount | $ 80.0 | ||
World Houston International Business Ctr 5 [Member] | |||
Subsequent Event [Line Items] | |||
Size (in square feet) | ft² | 51,000 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 3.8 |
SCHEDULE III (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | $ 189,038 | |||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [1],[2] | 484,279 | ||||||||||||||||||||||
Buildings and Improvements | [1],[2] | 1,087,145 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 1,245,721 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [1],[2] | 487,477 | ||||||||||||||||||||||
Buildings and Improvements | [1],[2] | 2,329,668 | ||||||||||||||||||||||
Total | [3] | 2,817,145 | [1],[2] | $ 2,578,748 | $ 2,407,029 | $ 2,219,465 | ||||||||||||||||||
Accumulated Depreciation | $ 814,915 | [1],[2] | $ 749,601 | $ 694,250 | $ 657,454 | |||||||||||||||||||
Year Constructed | 1998 | |||||||||||||||||||||||
Industrial [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | $ 189,038 | |||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | 378,543 | |||||||||||||||||||||||
Buildings and Improvements | 1,077,934 | |||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | 1,097,004 | |||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | 380,684 | |||||||||||||||||||||||
Buildings and Improvements | 2,172,797 | |||||||||||||||||||||||
Total | 2,553,481 | |||||||||||||||||||||||
Accumulated Depreciation | 814,731 | |||||||||||||||||||||||
Industrial Development [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 105,736 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 9,211 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 148,717 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 106,793 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 156,871 | ||||||||||||||||||||||
Total | [4] | 263,664 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | 184 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Jetport Commerce Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,575 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,591 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,154 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,575 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 12,745 | ||||||||||||||||||||||
Total | [5] | 14,320 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 8,861 | ||||||||||||||||||||||
Year Acquired | [5] | 1993-99 | ||||||||||||||||||||||
Year Constructed | [5] | 1974-85 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westport Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 980 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,800 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,854 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 980 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,654 | ||||||||||||||||||||||
Total | [5] | 7,634 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,781 | ||||||||||||||||||||||
Year Acquired | [5] | 1994 | ||||||||||||||||||||||
Year Constructed | [5] | 1983/87 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center I and II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 843 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,963 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,624 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 883 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,547 | ||||||||||||||||||||||
Total | [5] | 6,430 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,956 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1996 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 407 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,503 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 654 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 407 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,157 | ||||||||||||||||||||||
Total | [5] | 2,564 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,603 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,190 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,625 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,737 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,190 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,362 | ||||||||||||||||||||||
Total | [5] | 8,552 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,012 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1990/97/98 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North I and III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,005 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,688 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,611 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,005 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,299 | ||||||||||||||||||||||
Total | [5] | 8,304 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,418 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 634 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,418 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 406 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 634 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,824 | ||||||||||||||||||||||
Total | [5] | 5,458 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,469 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 655 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,187 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 651 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 655 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,838 | ||||||||||||||||||||||
Total | [5] | 4,493 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,918 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2005 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 655 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,411 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 655 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,411 | ||||||||||||||||||||||
Total | [5] | 5,066 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,225 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 337 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,318 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 634 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 337 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,952 | ||||||||||||||||||||||
Total | [5] | 4,289 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,208 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/98 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 465 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,738 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,492 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 465 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,230 | ||||||||||||||||||||||
Total | [5] | 5,695 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,960 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,109 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,126 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,378 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,109 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,504 | ||||||||||||||||||||||
Total | [5] | 8,613 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,252 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 647 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,603 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,712 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 647 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,315 | ||||||||||||||||||||||
Total | [5] | 5,962 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,710 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 439 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,200 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 556 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,083 | ||||||||||||||||||||||
Total | [5] | 3,639 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,252 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 682 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,472 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 825 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 682 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,297 | ||||||||||||||||||||||
Total | [5] | 7,979 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,008 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 724 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,961 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 916 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,769 | ||||||||||||||||||||||
Total | [5] | 6,685 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,422 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 642 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,377 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 812 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,207 | ||||||||||||||||||||||
Total | [5] | 6,019 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,839 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 740 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,396 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 740 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,396 | ||||||||||||||||||||||
Total | [5] | 7,136 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 200 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VIII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 843 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,236 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,051 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,028 | ||||||||||||||||||||||
Total | [5] | 7,079 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 632 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IX [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 618 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,104 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 781 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,941 | ||||||||||||||||||||||
Total | [5] | 5,722 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,471 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2009 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center A [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 185 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,493 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 185 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,493 | ||||||||||||||||||||||
Total | [5] | 1,678 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 518 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center B [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 227 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,549 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 227 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,549 | ||||||||||||||||||||||
Total | [5] | 1,776 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 540 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Airport Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,257 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,012 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 997 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,257 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,009 | ||||||||||||||||||||||
Total | [5] | 6,266 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,851 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westlake Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,333 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,998 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,595 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,333 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,593 | ||||||||||||||||||||||
Total | [5] | 10,926 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,696 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1998/99 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 915 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,346 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,573 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 915 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,919 | ||||||||||||||||||||||
Total | [5] | 7,834 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,517 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 2004 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,013 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,247 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 785 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,013 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,032 | ||||||||||||||||||||||
Total | [5] | 5,045 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,031 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Silo Bend Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,131 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 27,497 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,714 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,132 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 30,210 | ||||||||||||||||||||||
Total | [5] | 34,342 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 6,982 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 1987/90 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa East Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 791 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,758 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 651 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 791 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,409 | ||||||||||||||||||||||
Total | [5] | 6,200 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,449 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 1984 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa West Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,139 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,502 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,263 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,140 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,764 | ||||||||||||||||||||||
Total | [5] | 11,904 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,555 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 1975/93/94 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 495 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,779 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 428 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 495 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,207 | ||||||||||||||||||||||
Total | [5] | 3,702 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 881 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison II & III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 624 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,004 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 624 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,004 | ||||||||||||||||||||||
Total | [5] | 7,628 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 939 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison IV & V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 565 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,212 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 565 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,212 | ||||||||||||||||||||||
Total | [5] | 8,777 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 638 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Chancellor Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 291 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,711 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 511 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 291 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,222 | ||||||||||||||||||||||
Total | [5] | 2,513 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,346 | ||||||||||||||||||||||
Year Acquired | [5] | 1996/97 | ||||||||||||||||||||||
Year Constructed | [5] | 1996/97 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 603 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,414 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,289 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 603 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,703 | ||||||||||||||||||||||
Total | [5] | 5,306 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,430 | ||||||||||||||||||||||
Year Acquired | [5] | 1994 | ||||||||||||||||||||||
Year Constructed | [5] | 1975 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 300 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 945 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 482 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 300 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,427 | ||||||||||||||||||||||
Total | [5] | 1,727 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 862 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 1976 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 320 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 997 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 408 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 320 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,405 | ||||||||||||||||||||||
Total | [5] | 1,725 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 938 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 1980 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunbelt Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,472 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,745 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,952 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,472 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,697 | ||||||||||||||||||||||
Total | [5] | 13,169 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 8,930 | ||||||||||||||||||||||
Year Acquired | [5] | 1989/97/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1974/87/97/98 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 497 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,444 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,433 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 497 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,877 | ||||||||||||||||||||||
Total | [5] | 4,374 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,243 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1997/98 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 512 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,613 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 532 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 512 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,145 | ||||||||||||||||||||||
Total | [5] | 4,657 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,747 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,498 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,661 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,746 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,498 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,407 | ||||||||||||||||||||||
Total | [5] | 6,905 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,000 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1980/82 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 745 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,618 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,294 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 745 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,912 | ||||||||||||||||||||||
Total | [5] | 4,657 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,322 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 1975 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 555 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,977 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,019 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 555 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,996 | ||||||||||||||||||||||
Total | [5] | 3,551 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,622 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 597 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,271 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,881 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 597 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,152 | ||||||||||||||||||||||
Total | [5] | 5,749 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,528 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 642 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,121 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,057 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 642 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,178 | ||||||||||||||||||||||
Total | [5] | 4,820 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,320 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 2002 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 642 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,917 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,814 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 642 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,731 | ||||||||||||||||||||||
Total | [5] | 5,373 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,548 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 2004 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 750 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,509 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,386 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 750 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,895 | ||||||||||||||||||||||
Total | [5] | 5,645 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,818 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 2005 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 672 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,719 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 672 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,719 | ||||||||||||||||||||||
Total | [5] | 4,391 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,461 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,942 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,942 | ||||||||||||||||||||||
Total | [5] | 5,315 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,934 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 342 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,527 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 342 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,527 | ||||||||||||||||||||||
Total | [5] | 4,869 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,300 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 547 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,683 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 547 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,683 | ||||||||||||||||||||||
Total | [5] | 6,230 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,290 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 2,641 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 506 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,645 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 506 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 4,645 | ||||||||||||||||||||||
Total | [5],[6] | 5,151 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 1,961 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2003 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2006 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 2,510 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 382 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 4,514 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 382 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 4,514 | ||||||||||||||||||||||
Total | [5],[6] | 4,896 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 2,169 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2003 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2006 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 571 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,344 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 571 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,344 | ||||||||||||||||||||||
Total | [5] | 5,915 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,048 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 520 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,741 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 520 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,741 | ||||||||||||||||||||||
Total | [5] | 7,261 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,568 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VIII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 531 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,353 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 531 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,353 | ||||||||||||||||||||||
Total | [5] | 6,884 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,058 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IX [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 468 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,460 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 468 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,460 | ||||||||||||||||||||||
Total | [5] | 6,928 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,692 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park X [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 414 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,879 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 414 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,879 | ||||||||||||||||||||||
Total | [5] | 5,293 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 986 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 513 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,939 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 513 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,939 | ||||||||||||||||||||||
Total | [5] | 6,452 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,361 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,025 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 16,896 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,025 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 16,896 | ||||||||||||||||||||||
Total | [5] | 18,921 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,140 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 991 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,528 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 991 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,528 | ||||||||||||||||||||||
Total | [5] | 7,519 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,199 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,111 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,205 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,111 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,205 | ||||||||||||||||||||||
Total | [5] | 8,316 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,086 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 991 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,480 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 991 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,480 | ||||||||||||||||||||||
Total | [5] | 7,471 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 706 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,097 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,549 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,097 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,549 | ||||||||||||||||||||||
Total | [5] | 9,646 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 998 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,108 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,598 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,108 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,598 | ||||||||||||||||||||||
Total | [5] | 9,706 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 533 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 962 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,471 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 962 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,471 | ||||||||||||||||||||||
Total | [5] | 8,433 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 631 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon X [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 846 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,601 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 846 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,601 | ||||||||||||||||||||||
Total | [5] | 7,447 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 179 | ||||||||||||||||||||||
Year Acquired | [5] | 2009 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon XII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,416 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,572 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,416 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,572 | ||||||||||||||||||||||
Total | [5] | 11,988 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 275 | ||||||||||||||||||||||
Year Acquired | [5] | 2009 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Deerwood Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,147 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,799 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,397 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,147 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,196 | ||||||||||||||||||||||
Total | [5] | 6,343 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,474 | ||||||||||||||||||||||
Year Acquired | [5] | 1989 | ||||||||||||||||||||||
Year Constructed | [5] | 1978 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Phillips Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,375 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,961 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,554 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,375 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,515 | ||||||||||||||||||||||
Total | [5] | 8,890 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,441 | ||||||||||||||||||||||
Year Acquired | [5] | 1994 | ||||||||||||||||||||||
Year Constructed | [5] | 1984/95 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Lake Pointe Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,442 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,450 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 9,200 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,442 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,650 | ||||||||||||||||||||||
Total | [5] | 19,092 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 11,689 | ||||||||||||||||||||||
Year Acquired | [5] | 1993 | ||||||||||||||||||||||
Year Constructed | [5] | 1986/87 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Ellis Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 540 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,513 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,909 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 540 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,422 | ||||||||||||||||||||||
Total | [5] | 9,962 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,081 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1977 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Westside Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,011 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,374 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,677 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,011 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 24,051 | ||||||||||||||||||||||
Total | [5] | 26,062 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 12,855 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/2008 | ||||||||||||||||||||||
Year Constructed | [5] | 1984/85 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Beach Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 476 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,899 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 849 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 476 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,748 | ||||||||||||||||||||||
Total | [5] | 3,224 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,456 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Interstate Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,879 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,700 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,938 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,879 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,638 | ||||||||||||||||||||||
Total | [5] | 9,517 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,314 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 1990 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Flagler Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 7,317 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,912 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 452 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 7,317 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,364 | ||||||||||||||||||||||
Total | [5] | 22,681 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,167 | ||||||||||||||||||||||
Year Acquired | [5] | 2016 | ||||||||||||||||||||||
Year Constructed | [5] | 1997 & 2005 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Linpro Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 613 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,243 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,248 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 616 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,488 | ||||||||||||||||||||||
Total | [5] | 6,104 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,355 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Cypress Creek Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,465 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,524 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,989 | ||||||||||||||||||||||
Total | [5] | 4,989 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,144 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Lockhart Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,489 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,958 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,447 | ||||||||||||||||||||||
Total | [5] | 6,447 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,471 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Interstate Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 485 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,652 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,695 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 485 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,347 | ||||||||||||||||||||||
Total | [5] | 4,832 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,179 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Executive Airport Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 6,456 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 1,991 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 4,857 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,303 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 1,991 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 10,160 | ||||||||||||||||||||||
Total | [5],[7] | 12,151 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 5,096 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2001 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2004/06 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Sample 95 Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,202 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,785 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,617 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,202 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 12,402 | ||||||||||||||||||||||
Total | [5] | 14,604 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 8,240 | ||||||||||||||||||||||
Year Acquired | [5] | 1996/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1990/99 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 975 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,626 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,980 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 975 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,606 | ||||||||||||||||||||||
Total | [5] | 6,581 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,722 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 233 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,385 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,222 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,665 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,385 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,887 | ||||||||||||||||||||||
Total | [5] | 7,272 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,717 | ||||||||||||||||||||||
Year Acquired | [5] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center III | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 450 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,805 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 450 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,805 | ||||||||||||||||||||||
Total | [5] | 3,255 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 977 | ||||||||||||||||||||||
Year Acquired | [5] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 2009 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Weston [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,163 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,951 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,691 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,163 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,642 | ||||||||||||||||||||||
Total | [5] | 15,805 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 669 | ||||||||||||||||||||||
Year Acquired | [5] | 2016 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 911 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,815 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 928 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,798 | ||||||||||||||||||||||
Total | [5] | 5,726 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,857 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 911 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,999 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 928 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,982 | ||||||||||||||||||||||
Total | [5] | 5,910 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,107 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,720 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,673 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,763 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,630 | ||||||||||||||||||||||
Total | [5] | 8,393 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,407 | ||||||||||||||||||||||
Year Acquired | [5] | 2006 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,733 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,537 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,762 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,508 | ||||||||||||||||||||||
Total | [5] | 9,270 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 335 | ||||||||||||||||||||||
Year Acquired | [5] | 2006 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Oak Creek land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 841 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 719 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 707 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 853 | ||||||||||||||||||||||
Total | [4] | 1,560 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2005 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | SunCoast 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,511 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,024 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,594 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 4,941 | ||||||||||||||||||||||
Total | [4] | 6,535 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2006 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Horizon land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 3,339 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,380 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,240 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 3,479 | ||||||||||||||||||||||
Total | [4] | 5,719 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2008/09 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Horizon VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,099 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,126 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,099 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 7,126 | ||||||||||||||||||||||
Total | [4] | 8,225 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2008/09 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Horizon XI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,101 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,622 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,101 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 7,622 | ||||||||||||||||||||||
Total | [4] | 8,723 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2008/09 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | SunCoast land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 7,648 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,674 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 7,978 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,344 | ||||||||||||||||||||||
Total | [4] | 13,322 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2006 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 5,746 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 14,495 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 5,746 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 14,495 | ||||||||||||||||||||||
Total | [4] | 20,241 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | 2018 | ||||||||||||||||||||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 21,132 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 15,199 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 21,132 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 15,199 | ||||||||||||||||||||||
Total | [4] | 36,331 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,197 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,788 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,137 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,308 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,814 | ||||||||||||||||||||||
Total | [5] | 13,122 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 6,561 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1986/87 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,579 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,316 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 152 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,579 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,468 | ||||||||||||||||||||||
Total | [5] | 7,047 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 824 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Huntwood Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,842 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,368 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,236 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,842 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 18,604 | ||||||||||||||||||||||
Total | [5] | 22,446 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 11,421 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | San Clemente Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 893 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,004 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 944 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 893 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,948 | ||||||||||||||||||||||
Total | [5] | 3,841 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,944 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1978 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Yosemite Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 259 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,058 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,520 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 259 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,578 | ||||||||||||||||||||||
Total | [5] | 8,837 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,913 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1974/87 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Eucalyptus Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 11,392 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,498 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 11,392 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,505 | ||||||||||||||||||||||
Total | [5] | 22,897 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 234 | ||||||||||||||||||||||
Year Acquired | [5] | 2018 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 2,264 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 643 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 2,573 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 883 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 643 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 3,456 | ||||||||||||||||||||||
Total | [5],[8] | 4,099 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 2,074 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1996 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1980 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Dominguez Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 6,188 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,006 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 8,025 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 1,170 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,006 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 9,195 | ||||||||||||||||||||||
Total | [5],[8] | 11,201 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 5,723 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1996 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1977 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Main Street Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,606 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,103 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 831 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,606 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,934 | ||||||||||||||||||||||
Total | [5] | 6,540 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,877 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Walnut Business Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 5,940 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,885 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 5,274 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 2,593 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,885 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 7,867 | ||||||||||||||||||||||
Total | [5],[8] | 10,752 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 4,478 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1996 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1966/90 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Washington Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 4,025 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 1,636 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 4,900 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 751 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 1,636 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 5,651 | ||||||||||||||||||||||
Total | [5],[8] | 7,287 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 3,286 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1997 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1996/97 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chino Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,544 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,175 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,623 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,544 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,798 | ||||||||||||||||||||||
Total | [5] | 14,342 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 8,401 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1980 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Ramona Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 2,474 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,761 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,751 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 25 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,761 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,776 | ||||||||||||||||||||||
Total | [5] | 9,537 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 647 | ||||||||||||||||||||||
Year Acquired | [5] | 2014 | ||||||||||||||||||||||
Year Constructed | [5] | 1984 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 15,111 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 10,230 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 12,373 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 4,750 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 10,230 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 17,123 | ||||||||||||||||||||||
Total | [5],[8] | 27,353 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 9,392 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1959 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 1,577 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 3,012 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | (157) | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 2,855 | ||||||||||||||||||||||
Total | [5],[8] | 2,855 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 2,855 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1992 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chestnut Business Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,674 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,465 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 359 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,674 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,824 | ||||||||||||||||||||||
Total | [5] | 5,498 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,999 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Los Angeles Corporate Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,363 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,453 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,340 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,363 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,793 | ||||||||||||||||||||||
Total | [5] | 10,156 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 6,034 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Santa Barbara [Member] | University Business Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,517 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 22,067 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 12,835 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,520 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 34,899 | ||||||||||||||||||||||
Total | [5] | 40,419 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 18,641 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1987/88 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | Fresno [Member] | Shaw Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[8] | $ 11,620 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,465 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 11,627 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[8] | 6,943 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[8] | 2,465 | ||||||||||||||||||||||
Buildings and Improvements | [5],[8] | 18,570 | ||||||||||||||||||||||
Total | [5],[8] | 21,035 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[8] | $ 11,354 | ||||||||||||||||||||||
Year Acquired | [5],[8] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[8] | 1978/81/87 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Eastlake Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,046 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,888 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,811 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,046 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,699 | ||||||||||||||||||||||
Total | [5] | 11,745 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,487 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1989 | ||||||||||||||||||||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Ocean View Corporate Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 7,784 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 6,577 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 7,105 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 970 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 6,577 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 8,075 | ||||||||||||||||||||||
Total | [5],[7] | 14,652 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,892 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2010 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2005 | ||||||||||||||||||||||
CALIFORNIA | Industrial Development [Member] | Siempre Viva Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 4,723 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 9,211 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 141 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 4,723 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 9,352 | ||||||||||||||||||||||
Total | [4] | 14,075 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 115 | ||||||||||||||||||||||
Year Acquired | [4] | 2018 | ||||||||||||||||||||||
Year Constructed | [4] | 2003 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Allen Station I & II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,815 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 17,612 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 202 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,815 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 17,814 | ||||||||||||||||||||||
Total | [5] | 23,629 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 272 | ||||||||||||||||||||||
Year Acquired | [5] | 2018 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center I and II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 5,173 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,746 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 4,941 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 3,791 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,746 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 8,732 | ||||||||||||||||||||||
Total | [5],[9] | 10,478 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 6,596 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1988 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1978 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 2,027 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 2,008 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,578 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 3,586 | ||||||||||||||||||||||
Total | [5],[9] | 4,105 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 2,283 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 2000 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1979 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 416 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,481 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 596 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 416 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,077 | ||||||||||||||||||||||
Total | [5] | 3,493 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,625 | ||||||||||||||||||||||
Year Acquired | [5] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 2002 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center V, VI, VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 4,307 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,824 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 4,106 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,471 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,824 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 6,577 | ||||||||||||||||||||||
Total | [5],[6] | 8,401 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 3,322 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2009 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 1979/80/81 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Venture Warehouses [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 3,935 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,452 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 3,762 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 2,755 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,452 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 6,517 | ||||||||||||||||||||||
Total | [5],[9] | 7,969 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 5,316 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1988 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1979 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | ParkView 1-3 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,663 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 18,718 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,663 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 18,718 | ||||||||||||||||||||||
Total | [5] | 21,381 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,982 | ||||||||||||||||||||||
Year Acquired | [5] | 2014 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Shady Trail Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 635 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,621 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,265 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 635 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,886 | ||||||||||||||||||||||
Total | [5] | 5,521 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,573 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Valwood Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,361 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 34,405 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,267 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,361 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 37,672 | ||||||||||||||||||||||
Total | [5] | 42,033 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 9,180 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 1986/87/97/98 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Northfield Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 12,470 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 50,713 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,868 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 12,471 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 54,580 | ||||||||||||||||||||||
Total | [5] | 67,051 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 13,009 | ||||||||||||||||||||||
Year Acquired | [5] | 2013 | ||||||||||||||||||||||
Year Constructed | [5] | 1999-2001/03/04/08 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | Parc North 1-4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,615 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 26,358 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,937 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,615 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 32,295 | ||||||||||||||||||||||
Total | [5] | 36,910 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,289 | ||||||||||||||||||||||
Year Acquired | [5] | 2016 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Dallas [Member] | CreekView 121 1&2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,275 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,614 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,275 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,614 | ||||||||||||||||||||||
Total | [5] | 17,889 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,041 | ||||||||||||||||||||||
Year Acquired | [5] | 2015/16 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 660 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,893 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,133 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 660 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,026 | ||||||||||||||||||||||
Total | [5] | 8,686 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,983 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1996 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 3, 4 and 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 4,445 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,025 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 6,413 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 1,564 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,025 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 7,977 | ||||||||||||||||||||||
Total | [5],[9] | 9,002 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 4,946 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 1,729 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 425 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 2,423 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 655 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 425 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 3,078 | ||||||||||||||||||||||
Total | [5],[9] | 3,503 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 1,934 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 5,043 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 680 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 4,584 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,947 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 680 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 9,531 | ||||||||||||||||||||||
Total | [5],[9] | 10,211 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 5,978 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 9 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 3,582 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 800 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 4,355 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 2,099 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 800 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 6,454 | ||||||||||||||||||||||
Total | [5],[9] | 7,254 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 3,220 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1998 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 10 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 933 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,779 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 824 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 933 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,603 | ||||||||||||||||||||||
Total | [5] | 6,536 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,665 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 11 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 638 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,764 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,760 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 638 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,524 | ||||||||||||||||||||||
Total | [5] | 6,162 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,911 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 12 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 340 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,419 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 383 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 340 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,802 | ||||||||||||||||||||||
Total | [5] | 3,142 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,673 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2002 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 13 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 282 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,569 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 427 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 282 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,996 | ||||||||||||||||||||||
Total | [5] | 3,278 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,002 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2002 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 14 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 722 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,629 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,124 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 722 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,753 | ||||||||||||||||||||||
Total | [5] | 4,475 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,015 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2003 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 15 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 731 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,268 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 731 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,268 | ||||||||||||||||||||||
Total | [5] | 6,999 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,404 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 16 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,248 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,505 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,753 | ||||||||||||||||||||||
Total | [5] | 6,272 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,294 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2005 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 17 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,945 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 799 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,744 | ||||||||||||||||||||||
Total | [5] | 3,117 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,484 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2004 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 19 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,256 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,126 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 373 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,382 | ||||||||||||||||||||||
Total | [5] | 3,755 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,023 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2004 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 20 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,008 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,948 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,053 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,008 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,001 | ||||||||||||||||||||||
Total | [5] | 5,009 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,146 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2004 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 21 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 436 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,982 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 436 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,982 | ||||||||||||||||||||||
Total | [5] | 4,418 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,622 | ||||||||||||||||||||||
Year Acquired | [5] | 2000/03 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 22 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 436 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,542 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 436 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,542 | ||||||||||||||||||||||
Total | [5] | 4,978 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,224 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 23 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 910 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,354 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 910 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,354 | ||||||||||||||||||||||
Total | [5] | 8,264 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,150 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 24 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 837 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,983 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 838 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,982 | ||||||||||||||||||||||
Total | [5] | 6,820 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,526 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 25 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 508 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,032 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 508 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,032 | ||||||||||||||||||||||
Total | [5] | 4,540 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,608 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 26 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 1,934 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 445 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,194 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 445 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,194 | ||||||||||||||||||||||
Total | [5],[7] | 3,639 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,191 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 27 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 837 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,011 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 838 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,010 | ||||||||||||||||||||||
Total | [5] | 5,848 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,985 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 28 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 2,771 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 550 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 4,665 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 550 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 4,665 | ||||||||||||||||||||||
Total | [5],[7] | 5,215 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,809 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2009 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 29 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 2,635 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 782 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 4,177 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 974 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,985 | ||||||||||||||||||||||
Total | [5],[7] | 4,959 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,350 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2009 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 30 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 3,636 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 981 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,863 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 1,222 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 5,622 | ||||||||||||||||||||||
Total | [5],[7] | 6,844 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,234 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2009 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr31a Member | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 684 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,092 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 684 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,092 | ||||||||||||||||||||||
Total | [5] | 4,776 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,714 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2011 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 31B [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 546 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,551 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 546 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,551 | ||||||||||||||||||||||
Total | [5] | 4,097 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,280 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 32 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 3,528 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,225 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 5,655 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,526 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 5,354 | ||||||||||||||||||||||
Total | [5],[6] | 6,880 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 1,404 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 33 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,166 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,867 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,166 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,867 | ||||||||||||||||||||||
Total | [5] | 9,033 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,687 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 34 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 439 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,373 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 439 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,373 | ||||||||||||||||||||||
Total | [5] | 3,812 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 820 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 35 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 340 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,476 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 340 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,476 | ||||||||||||||||||||||
Total | [5] | 2,816 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 509 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 36 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 684 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,882 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 684 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,882 | ||||||||||||||||||||||
Total | [5] | 5,566 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,126 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 37 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 759 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,400 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 759 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,400 | ||||||||||||||||||||||
Total | [5] | 7,159 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,470 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 38 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,053 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,324 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,053 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,324 | ||||||||||||||||||||||
Total | [5] | 8,377 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,668 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 39 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 620 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,203 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 621 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,202 | ||||||||||||||||||||||
Total | [5] | 5,823 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 840 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 40 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,072 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 9,347 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,072 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,347 | ||||||||||||||||||||||
Total | [5] | 10,419 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,343 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 41 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 649 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,950 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 649 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,950 | ||||||||||||||||||||||
Total | [5] | 6,599 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 831 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 42 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 571 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,814 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 571 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,814 | ||||||||||||||||||||||
Total | [5] | 5,385 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 575 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Central Green Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 566 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,031 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,041 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 566 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,072 | ||||||||||||||||||||||
Total | [5] | 5,638 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,534 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1998 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Glenmont Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 936 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,161 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,983 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 937 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,143 | ||||||||||||||||||||||
Total | [5] | 10,080 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,699 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1999/2000 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 458 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,712 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,758 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 458 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,470 | ||||||||||||||||||||||
Total | [5] | 8,928 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,058 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 415 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,997 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 415 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,997 | ||||||||||||||||||||||
Total | [5] | 3,412 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,365 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 460 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,361 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 460 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,361 | ||||||||||||||||||||||
Total | [5] | 3,821 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,456 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 460 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,089 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 460 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,089 | ||||||||||||||||||||||
Total | [5] | 3,549 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,394 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 3,159 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 701 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 5,244 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 701 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 5,244 | ||||||||||||||||||||||
Total | [5],[7] | 5,945 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,203 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 3,531 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 618 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 6,268 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 618 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 6,268 | ||||||||||||||||||||||
Total | [5],[6] | 6,886 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 2,114 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 3,452 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 765 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 5,968 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 765 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 5,968 | ||||||||||||||||||||||
Total | [5],[6] | 6,733 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 2,528 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2009 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VIII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 721 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,516 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 721 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,516 | ||||||||||||||||||||||
Total | [5] | 6,237 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,653 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2011 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IX [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 418 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,137 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 418 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,137 | ||||||||||||||||||||||
Total | [5] | 2,555 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 549 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing X [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 733 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,902 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 733 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,902 | ||||||||||||||||||||||
Total | [5] | 4,635 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 922 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing XI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 690 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,133 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 690 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,133 | ||||||||||||||||||||||
Total | [5] | 4,823 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 841 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | West Road I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 621 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,031 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 541 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,111 | ||||||||||||||||||||||
Total | [5] | 4,652 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 806 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | West Road II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 981 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,819 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 854 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,946 | ||||||||||||||||||||||
Total | [5] | 5,800 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 793 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | West Road III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 597 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,222 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 520 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,299 | ||||||||||||||||||||||
Total | [5] | 4,819 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 379 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | West Road IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 621 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,622 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 541 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,702 | ||||||||||||||||||||||
Total | [5] | 5,243 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 664 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | West Road 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 484 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,367 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 421 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,430 | ||||||||||||||||||||||
Total | [5] | 4,851 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 67 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 1 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 566 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,997 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 566 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,997 | ||||||||||||||||||||||
Total | [5] | 3,563 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 665 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 829 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,385 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 833 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,381 | ||||||||||||||||||||||
Total | [5] | 5,214 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,241 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 3 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 609 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,362 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 613 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,358 | ||||||||||||||||||||||
Total | [5] | 4,971 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,147 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 694 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,512 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 699 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,507 | ||||||||||||||||||||||
Total | [5] | 5,206 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,132 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 933 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,872 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 940 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,865 | ||||||||||||||||||||||
Total | [5] | 6,805 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,074 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 640 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,648 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 644 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,644 | ||||||||||||||||||||||
Total | [5] | 5,288 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 777 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 7 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 584 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,321 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 589 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,316 | ||||||||||||||||||||||
Total | [5] | 5,905 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 606 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | El Paso [Member] | Butterfield Trail [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 20,725 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 9,018 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 29,743 | ||||||||||||||||||||||
Total | [5] | 29,743 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 19,472 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/2000 | ||||||||||||||||||||||
Year Constructed | [5] | 1987/95 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | El Paso [Member] | Rojas Commerce Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 4,114 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 900 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 3,659 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 3,774 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 900 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 7,433 | ||||||||||||||||||||||
Total | [5],[9] | 8,333 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 5,255 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 1999 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 1986 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | El Paso [Member] | Americas Ten Business Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 526 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,778 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,741 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 526 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,519 | ||||||||||||||||||||||
Total | [5] | 5,045 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,284 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 2003 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Downs Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,342 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,338 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,663 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,342 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,001 | ||||||||||||||||||||||
Total | [5] | 9,343 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,527 | ||||||||||||||||||||||
Year Acquired | [5] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 1986/2002 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion Business Park 1-13, 15 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,143 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 31,432 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,590 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,143 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 39,022 | ||||||||||||||||||||||
Total | [5] | 43,165 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 18,996 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 1988-2000/06 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 14 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 423 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,479 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 423 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,479 | ||||||||||||||||||||||
Total | [5] | 3,902 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,518 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 16 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 427 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,712 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 427 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,712 | ||||||||||||||||||||||
Total | [5] | 4,139 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,459 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 17 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 616 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,270 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 616 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,270 | ||||||||||||||||||||||
Total | [5] | 4,886 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,409 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 18 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 1,444 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 418 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,399 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 418 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 2,399 | ||||||||||||||||||||||
Total | [5],[6] | 2,817 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 1,118 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2005 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 1-4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,494 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,804 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,616 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,494 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,420 | ||||||||||||||||||||||
Total | [5] | 15,914 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 7,644 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 1998/99 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 2,270 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 412 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,861 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 412 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,861 | ||||||||||||||||||||||
Total | [5],[7] | 4,273 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,725 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2006 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 2,299 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 505 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,822 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 505 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,822 | ||||||||||||||||||||||
Total | [5],[7] | 4,327 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,535 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2006 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 7 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 2,369 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 546 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 3,912 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 546 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,912 | ||||||||||||||||||||||
Total | [5],[7] | 4,458 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,423 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2006 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 8 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 4,986 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 1,056 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 8,327 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 1,056 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 8,327 | ||||||||||||||||||||||
Total | [5],[7] | 9,383 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,901 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2006 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 2008 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Fairgrounds Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,644 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,209 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,457 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,644 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,666 | ||||||||||||||||||||||
Total | [5] | 12,310 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,395 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 1985/86 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Rittiman Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,083 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,649 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 337 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,083 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,986 | ||||||||||||||||||||||
Total | [5] | 8,069 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,568 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 607 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,320 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 607 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,320 | ||||||||||||||||||||||
Total | [5] | 4,927 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,468 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 794 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,739 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 794 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,739 | ||||||||||||||||||||||
Total | [5] | 5,533 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,310 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2012 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 3 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 772 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,460 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 772 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,460 | ||||||||||||||||||||||
Total | [5] | 5,232 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,180 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 753 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,691 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 753 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,691 | ||||||||||||||||||||||
Total | [5] | 5,444 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 544 | ||||||||||||||||||||||
Year Acquired | [5] | 2013 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 623 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,113 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 623 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,113 | ||||||||||||||||||||||
Total | [5] | 8,736 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,366 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 402 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,359 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 402 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,359 | ||||||||||||||||||||||
Total | [5] | 5,761 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 623 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 907 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 10,129 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 907 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,129 | ||||||||||||||||||||||
Total | [5] | 11,036 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 691 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 1 & 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,881 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 14,717 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,881 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,717 | ||||||||||||||||||||||
Total | [5] | 16,598 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,382 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 555 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,816 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 555 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,816 | ||||||||||||||||||||||
Total | [5] | 5,371 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 287 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 354 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,462 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 355 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,461 | ||||||||||||||||||||||
Total | [5] | 7,816 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 344 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 3 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 577 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,094 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 577 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,094 | ||||||||||||||||||||||
Total | [5] | 6,671 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 303 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 818 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,017 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 818 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,017 | ||||||||||||||||||||||
Total | [5] | 7,835 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 209 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | San Antonio [Member] | Eisenhauer Point 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 569 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,859 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 569 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,859 | ||||||||||||||||||||||
Total | [5] | 5,428 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 53 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 12,112 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 4,602 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 19,757 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 173 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 4,594 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 19,938 | ||||||||||||||||||||||
Total | [5],[9] | 24,532 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 4,782 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 2014 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 2009 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Austin [Member] | Greenhill Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 802 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,273 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 0 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 802 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,273 | ||||||||||||||||||||||
Total | [5] | 4,075 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 10 | ||||||||||||||||||||||
Year Acquired | [5] | 2018 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 3 & 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,670 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,756 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,467 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,670 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 16,223 | ||||||||||||||||||||||
Total | [5] | 18,893 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,856 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 1995 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center 5-7 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,301 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,589 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 812 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,301 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,401 | ||||||||||||||||||||||
Total | [5] | 9,702 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 679 | ||||||||||||||||||||||
Year Acquired | [5] | 2017 | ||||||||||||||||||||||
Year Constructed | [5] | 1995 | ||||||||||||||||||||||
TEXAS | Industrial [Member] | Austin [Member] | Springdale Business Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,824 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,398 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 339 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,824 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,737 | ||||||||||||||||||||||
Total | [5] | 11,561 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,414 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | CreekView 121 3 & 4 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,600 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,200 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,600 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 11,200 | ||||||||||||||||||||||
Total | [4] | 13,800 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 35 | ||||||||||||||||||||||
Year Acquired | [4] | 2015/16 | ||||||||||||||||||||||
Year Constructed | [4] | 2018 | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Creekview 121 5 & 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,681 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,924 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,681 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 2,924 | ||||||||||||||||||||||
Total | [4] | 5,605 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2015/16 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | CreekView 121 land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,640 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 946 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,640 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 946 | ||||||||||||||||||||||
Total | [4] | 3,586 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2015/16 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | LakePort 2499 Land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 5,700 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 354 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 5,700 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 354 | ||||||||||||||||||||||
Total | [4] | 6,054 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2018 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Parc North 5 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,286 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,667 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,286 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,667 | ||||||||||||||||||||||
Total | [4] | 6,953 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Parc North land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,233 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,319 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,233 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 1,319 | ||||||||||||||||||||||
Total | [4] | 2,552 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Lee road land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,989 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | (300) | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,960 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 729 | ||||||||||||||||||||||
Total | [4] | 2,689 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2007 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr land-2011 expansion [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,636 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,356 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,921 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 3,071 | ||||||||||||||||||||||
Total | [4] | 5,992 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2011 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | World Houston Int'l Business Center land - 2015 expansion [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 6,041 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,717 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 6,041 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 1,717 | ||||||||||||||||||||||
Total | [4] | 7,758 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2015 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Ten West Crossing 8 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,126 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,464 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,135 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,455 | ||||||||||||||||||||||
Total | [4] | 6,590 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2012 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 7 & 8 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 999 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 12,091 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,593 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 10,497 | ||||||||||||||||||||||
Total | [4] | 13,090 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Eisenhauer Point Business Park land phase 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 632 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 521 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 632 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 521 | ||||||||||||||||||||||
Total | [4] | 1,153 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Ridgeview 35 Land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 3,273 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 101 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 3,273 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 101 | ||||||||||||||||||||||
Total | [4] | 3,374 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2018 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Tri-County Crossing 1 & 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,623 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,272 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,623 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 7,272 | ||||||||||||||||||||||
Total | [4] | 8,895 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Tri-County Crossing Land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 3,637 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 885 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 3,637 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 885 | ||||||||||||||||||||||
Total | [4] | 4,522 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Settlers Crossing 1 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,211 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,049 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,211 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,049 | ||||||||||||||||||||||
Total | [4] | 6,260 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Settlers Crossing 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,306 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,809 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,306 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,809 | ||||||||||||||||||||||
Total | [4] | 7,115 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
TEXAS | Industrial Development [Member] | Settlers Crossing land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,774 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 968 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 2,774 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 968 | ||||||||||||||||||||||
Total | [4] | 3,742 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 837 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,349 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,075 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 837 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,424 | ||||||||||||||||||||||
Total | [5] | 5,261 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,933 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1971 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 455 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 482 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 306 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 455 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 788 | ||||||||||||||||||||||
Total | [5] | 1,243 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 470 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1971 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 775 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,742 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 543 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 775 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,285 | ||||||||||||||||||||||
Total | [5] | 3,060 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,456 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 1983 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 380 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,652 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 789 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 380 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,441 | ||||||||||||||||||||||
Total | [5] | 2,821 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,641 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 1986 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 353 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,090 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 728 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 353 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,818 | ||||||||||||||||||||||
Total | [5] | 2,171 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 738 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 1980 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 599 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,855 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 758 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 599 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,613 | ||||||||||||||||||||||
Total | [5] | 3,212 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,680 | ||||||||||||||||||||||
Year Acquired | [5] | 2002 | ||||||||||||||||||||||
Year Constructed | [5] | 1979 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 450 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 650 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 243 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 450 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 893 | ||||||||||||||||||||||
Total | [5] | 1,343 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 261 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,490 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,453 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,868 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,490 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,321 | ||||||||||||||||||||||
Total | [5] | 7,811 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,050 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1981/2001 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Southpark Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 918 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,738 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,934 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 918 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,672 | ||||||||||||||||||||||
Total | [5] | 5,590 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,111 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 846 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,647 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 658 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 846 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,305 | ||||||||||||||||||||||
Total | [5] | 4,151 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,571 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 2005 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,088 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,163 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,088 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,163 | ||||||||||||||||||||||
Total | [5] | 6,251 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,351 | ||||||||||||||||||||||
Year Acquired | [5] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 2007 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Chandler Freeways [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,525 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,381 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,525 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,381 | ||||||||||||||||||||||
Total | [5] | 8,906 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,428 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 653 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,777 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 653 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,777 | ||||||||||||||||||||||
Total | [5] | 6,430 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 816 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 387 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,414 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 387 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,414 | ||||||||||||||||||||||
Total | [5] | 3,801 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 473 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 936 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,333 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 936 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,333 | ||||||||||||||||||||||
Total | [5] | 9,269 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 781 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Metro Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,927 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,708 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,457 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,927 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,165 | ||||||||||||||||||||||
Total | [5] | 17,092 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 10,834 | ||||||||||||||||||||||
Year Acquired | [5] | 1996 | ||||||||||||||||||||||
Year Constructed | [5] | 1977/79 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 51st Avenue Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 300 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,029 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,085 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 300 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,114 | ||||||||||||||||||||||
Total | [5] | 3,414 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,089 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1987 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center I and II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,120 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,482 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,915 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,120 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,397 | ||||||||||||||||||||||
Total | [5] | 7,517 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,416 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1987/89 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 444 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 698 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 423 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 444 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,121 | ||||||||||||||||||||||
Total | [5] | 1,565 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 411 | ||||||||||||||||||||||
Year Acquired | [5] | 2010 | ||||||||||||||||||||||
Year Constructed | [5] | 1981 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 55th Avenue Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 912 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,717 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,116 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 917 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,828 | ||||||||||||||||||||||
Total | [5] | 5,745 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,477 | ||||||||||||||||||||||
Year Acquired | [5] | 1998 | ||||||||||||||||||||||
Year Constructed | [5] | 1987 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 311 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,416 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 718 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 311 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,134 | ||||||||||||||||||||||
Total | [5] | 2,445 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,417 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1988 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 242 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,075 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 242 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,075 | ||||||||||||||||||||||
Total | [5] | 3,317 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,118 | ||||||||||||||||||||||
Year Acquired | [5] | 2000 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Airport Commons [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,000 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,510 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,605 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,000 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,115 | ||||||||||||||||||||||
Total | [5] | 4,115 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,007 | ||||||||||||||||||||||
Year Acquired | [5] | 2003 | ||||||||||||||||||||||
Year Constructed | [5] | 1971 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 40th Avenue Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 3,594 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 703 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 6,061 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 703 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 6,061 | ||||||||||||||||||||||
Total | [5],[7] | 6,764 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,276 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2004 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,839 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 21,855 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 5,839 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 21,855 | ||||||||||||||||||||||
Total | [5] | 27,694 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 7,795 | ||||||||||||||||||||||
Year Acquired | [5] | 2006 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor 6 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 807 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,177 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 807 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,177 | ||||||||||||||||||||||
Total | [5] | 2,984 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 265 | ||||||||||||||||||||||
Year Acquired | [5] | 2014 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Ten Sky Harbor [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,568 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,125 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,569 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,124 | ||||||||||||||||||||||
Total | [5] | 6,693 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 329 | ||||||||||||||||||||||
Year Acquired | [5] | 2015 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 III, IV & V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,244 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 11,684 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,244 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,684 | ||||||||||||||||||||||
Total | [5] | 12,928 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 340 | ||||||||||||||||||||||
Year Acquired | [5] | 2011 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 506 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,564 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,766 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 693 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,143 | ||||||||||||||||||||||
Total | [5] | 7,836 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,911 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/2003 | ||||||||||||||||||||||
Year Constructed | [5] | 1994/2003 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 442 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,381 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,061 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 709 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,175 | ||||||||||||||||||||||
Total | [5] | 4,884 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,329 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club III and IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,407 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 12,127 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,575 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,959 | ||||||||||||||||||||||
Total | [5] | 13,534 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,579 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2009 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Airport Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,403 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,672 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,834 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,403 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,506 | ||||||||||||||||||||||
Total | [5] | 7,909 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,970 | ||||||||||||||||||||||
Year Acquired | [5] | 1998/2000 | ||||||||||||||||||||||
Year Constructed | [5] | 1995 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Southpointe Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,982 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,950 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,932 | ||||||||||||||||||||||
Total | [5] | 6,932 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,562 | ||||||||||||||||||||||
Year Acquired | [5] | 1999 | ||||||||||||||||||||||
Year Constructed | [5] | 1989 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Benan Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 707 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,842 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 697 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 707 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,539 | ||||||||||||||||||||||
Total | [5] | 3,246 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,482 | ||||||||||||||||||||||
Year Acquired | [5] | 2005 | ||||||||||||||||||||||
Year Constructed | [5] | 2001 | ||||||||||||||||||||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,885 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 21,633 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,886 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 21,632 | ||||||||||||||||||||||
Total | [5] | 24,518 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 384 | ||||||||||||||||||||||
Year Acquired | [5] | 2016 | ||||||||||||||||||||||
Year Constructed | [5] | 2018 | ||||||||||||||||||||||
ARIZONA | Industrial Development [Member] | Falcon Field [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,312 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,920 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 1,312 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 6,920 | ||||||||||||||||||||||
Total | [4] | 8,232 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 34 | ||||||||||||||||||||||
Year Acquired | [4] | 2015 | ||||||||||||||||||||||
Year Constructed | [4] | 2018 | ||||||||||||||||||||||
ARIZONA | Industrial Development [Member] | Gilbert Crossroads Land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 6,534 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 275 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 6,534 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 275 | ||||||||||||||||||||||
Total | [4] | 6,809 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2018 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Airport Commerce Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,454 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 10,136 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,394 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,454 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 12,530 | ||||||||||||||||||||||
Total | [5] | 13,984 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,742 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2001/02 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | NorthPark Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,758 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 15,932 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,026 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,758 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 20,958 | ||||||||||||||||||||||
Total | [5] | 23,716 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 10,071 | ||||||||||||||||||||||
Year Acquired | [5] | 2006 | ||||||||||||||||||||||
Year Constructed | [5] | 1987-89 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lindbergh Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 470 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,401 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 555 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 470 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,956 | ||||||||||||||||||||||
Total | [5] | 4,426 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,716 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 2001/03 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 765 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,303 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,064 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 765 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,367 | ||||||||||||||||||||||
Total | [5] | 6,132 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,179 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 1983 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Broadmoor Commerce Park II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 1,150 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 335 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 1,603 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 304 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 335 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 1,907 | ||||||||||||||||||||||
Total | [5],[6] | 2,242 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 697 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2010 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 1987 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 1,925 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 558 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 2,225 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 971 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 558 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 3,196 | ||||||||||||||||||||||
Total | [5],[6] | 3,754 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 1,095 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2010 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 1981 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Nations Ford Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,924 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 16,171 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,130 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,924 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 20,301 | ||||||||||||||||||||||
Total | [5] | 24,225 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 9,497 | ||||||||||||||||||||||
Year Acquired | [5] | 2007 | ||||||||||||||||||||||
Year Constructed | [5] | 1989/94 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 5,071 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 986 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 7,949 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 608 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 986 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 8,557 | ||||||||||||||||||||||
Total | [5],[7] | 9,543 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 2,998 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2008 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 1989 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 746 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,456 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 65 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 746 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,521 | ||||||||||||||||||||||
Total | [5] | 2,267 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 276 | ||||||||||||||||||||||
Year Acquired | [5] | 2013 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,284 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 13,163 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,067 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,284 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,230 | ||||||||||||||||||||||
Total | [5] | 15,514 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,525 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2006 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 8,534 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 3,033 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 11,497 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 2,116 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 3,033 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 13,613 | ||||||||||||||||||||||
Total | [5],[6] | 16,646 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 3,197 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2011 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2003 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,459 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,147 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 538 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,459 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,685 | ||||||||||||||||||||||
Total | [5] | 14,144 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,830 | ||||||||||||||||||||||
Year Acquired | [5] | 2014 | ||||||||||||||||||||||
Year Constructed | [5] | 2013 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lakeview Business [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 3,785 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,392 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 5,068 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 922 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,392 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 5,990 | ||||||||||||||||||||||
Total | [5],[6] | 7,382 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 1,711 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2011 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 1996 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 2,621 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 993 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,315 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 1,010 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 4,298 | ||||||||||||||||||||||
Total | [5],[9] | 5,308 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 969 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 2013 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 2014 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[9] | $ 2,666 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 941 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[9] | 4,459 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[9] | 957 | ||||||||||||||||||||||
Buildings and Improvements | [5],[9] | 4,443 | ||||||||||||||||||||||
Total | [5],[9] | 5,400 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[9] | $ 1,000 | ||||||||||||||||||||||
Year Acquired | [5],[9] | 2013 | ||||||||||||||||||||||
Year Constructed | [5],[9] | 2014 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,464 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,412 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,469 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,407 | ||||||||||||||||||||||
Total | [5] | 7,876 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,190 | ||||||||||||||||||||||
Year Acquired | [5] | 2013 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 684 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 3,945 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 687 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,942 | ||||||||||||||||||||||
Total | [5] | 4,629 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 684 | ||||||||||||||||||||||
Year Acquired | [5] | 2013 | ||||||||||||||||||||||
Year Constructed | [5] | 2015 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VI [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 867 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 6,978 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 869 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,976 | ||||||||||||||||||||||
Total | [5] | 7,845 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 534 | ||||||||||||||||||||||
Year Acquired | [5] | 2013/14 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Waterford Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 654 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,392 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 822 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 654 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,214 | ||||||||||||||||||||||
Total | [5] | 4,868 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,425 | ||||||||||||||||||||||
Year Acquired | [5] | 2008 | ||||||||||||||||||||||
Year Constructed | [5] | 2000 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek VII [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,207 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 7,936 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,210 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 7,933 | ||||||||||||||||||||||
Total | [5] | 9,143 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 181 | ||||||||||||||||||||||
Year Acquired | [5] | 2013/14/15 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek V [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 611 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,703 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 611 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 2,703 | ||||||||||||||||||||||
Total | [4] | 3,314 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2013 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
NORTH CAROLINA | Industrial Development [Member] | Airport Commerce Center 3 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 855 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,938 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 855 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 4,938 | ||||||||||||||||||||||
Total | [4] | 5,793 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2008 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek Commerce Park Land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 4,574 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,635 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 4,592 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 2,617 | ||||||||||||||||||||||
Total | [4] | 7,209 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2016/17 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Shiloh 400 I & II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,092 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,216 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,874 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 3,092 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 16,090 | ||||||||||||||||||||||
Total | [5] | 19,182 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,356 | ||||||||||||||||||||||
Year Acquired | [5] | 2017 | ||||||||||||||||||||||
Year Constructed | [5] | 2008 | ||||||||||||||||||||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Broadmoor Commerce Park I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,307 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,560 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 587 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,307 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,147 | ||||||||||||||||||||||
Total | [5] | 5,454 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 541 | ||||||||||||||||||||||
Year Acquired | [5] | 2017 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Gwinnett 316 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 531 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,617 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 21 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 531 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,638 | ||||||||||||||||||||||
Total | [5] | 4,169 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 77 | ||||||||||||||||||||||
Year Acquired | [5] | 2018 | ||||||||||||||||||||||
Year Constructed | [5] | 1990 | ||||||||||||||||||||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Hurricane Shoals I & II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,284 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 12,449 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,822 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,284 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 14,271 | ||||||||||||||||||||||
Total | [5] | 18,555 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 517 | ||||||||||||||||||||||
Year Acquired | [5] | 2017 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
GEORGIA | Industrial [Member] | Atlanta [Member] | Progress Center 1 & 2 [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,297 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,015 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 209 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,297 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,224 | ||||||||||||||||||||||
Total | [5] | 10,521 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 457 | ||||||||||||||||||||||
Year Acquired | [5] | 2017 | ||||||||||||||||||||||
Year Constructed | [5] | 2017 | ||||||||||||||||||||||
GEORGIA | Industrial Development [Member] | Broadmoor Commerce Park II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,895 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 519 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 5,895 | ||||||||||||||||||||||
Total | [4] | 6,414 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | 2018 | ||||||||||||||||||||||
GEORGIA | Industrial Development [Member] | Hurricane Shoals land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 497 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 229 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 497 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 229 | ||||||||||||||||||||||
Total | [4] | 726 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2017 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Elmwood Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,861 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,337 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 5,533 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,861 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,870 | ||||||||||||||||||||||
Total | [5] | 14,731 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 8,253 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1979 | ||||||||||||||||||||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Riverbend Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,557 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 17,623 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,835 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 2,557 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 26,458 | ||||||||||||||||||||||
Total | [5] | 29,015 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 15,659 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1984 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,023 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,861 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,314 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,023 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,175 | ||||||||||||||||||||||
Total | [5] | 7,198 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 4,590 | ||||||||||||||||||||||
Year Acquired | [5] | 1988 | ||||||||||||||||||||||
Year Constructed | [5] | 1987 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center II [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 230 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,977 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,589 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 230 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 4,566 | ||||||||||||||||||||||
Total | [5] | 4,796 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 2,888 | ||||||||||||||||||||||
Year Acquired | [5] | 1996/97 | ||||||||||||||||||||||
Year Constructed | [5] | 1997 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center III [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,098 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 3,884 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 2,434 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 1,098 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 6,318 | ||||||||||||||||||||||
Total | [5] | 7,416 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 3,323 | ||||||||||||||||||||||
Year Acquired | [5] | 1997/98 | ||||||||||||||||||||||
Year Constructed | [5] | 1999 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center IV [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 590 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 8,340 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 590 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 8,340 | ||||||||||||||||||||||
Total | [5] | 8,930 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 969 | ||||||||||||||||||||||
Year Acquired | [5] | 2012 | ||||||||||||||||||||||
Year Constructed | [5] | 2014 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[6] | $ 3,237 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,051 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 4,773 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[6] | 490 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[6] | 1,051 | ||||||||||||||||||||||
Buildings and Improvements | [5],[6] | 5,263 | ||||||||||||||||||||||
Total | [5],[6] | 6,314 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[6] | $ 2,107 | ||||||||||||||||||||||
Year Acquired | [5],[6] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[6] | 2000 | ||||||||||||||||||||||
COLORADO | Industrial [Member] | Denver [Member] | Centennial Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5],[7] | $ 3,151 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 750 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 3,319 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5],[7] | 1,861 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5],[7] | 750 | ||||||||||||||||||||||
Buildings and Improvements | [5],[7] | 5,180 | ||||||||||||||||||||||
Total | [5],[7] | 5,930 | ||||||||||||||||||||||
Accumulated Depreciation | [5],[7] | $ 1,957 | ||||||||||||||||||||||
Year Acquired | [5],[7] | 2007 | ||||||||||||||||||||||
Year Constructed | [5],[7] | 1990 | ||||||||||||||||||||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Arville Distribution Center [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,933 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,094 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 442 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 4,933 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,536 | ||||||||||||||||||||||
Total | [5] | 10,469 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,967 | ||||||||||||||||||||||
Year Acquired | [5] | 2009 | ||||||||||||||||||||||
Year Constructed | [5] | 1997 | ||||||||||||||||||||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Jones Corporate Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 13,068 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 26,325 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,913 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 13,068 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 28,238 | ||||||||||||||||||||||
Total | [5] | 41,306 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,687 | ||||||||||||||||||||||
Year Acquired | [5] | 2016 | ||||||||||||||||||||||
Year Constructed | [5] | 2016 | ||||||||||||||||||||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Interchange Business Park [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 343 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 5,007 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 4,682 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 343 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,689 | ||||||||||||||||||||||
Total | [5] | 10,032 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,908 | ||||||||||||||||||||||
Year Acquired | [5] | 1997 | ||||||||||||||||||||||
Year Constructed | [5] | 1981 | ||||||||||||||||||||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Tower Automotive [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 0 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 9,958 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,937 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 17 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 11,878 | ||||||||||||||||||||||
Total | [5] | 11,895 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 5,255 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 2002 | ||||||||||||||||||||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Metro Airport Commerce Center I [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [5] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [5] | 303 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 1,479 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 1,254 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [5] | 303 | ||||||||||||||||||||||
Buildings and Improvements | [5] | 2,733 | ||||||||||||||||||||||
Total | [5] | 3,036 | ||||||||||||||||||||||
Accumulated Depreciation | [5] | $ 1,610 | ||||||||||||||||||||||
Year Acquired | [5] | 2001 | ||||||||||||||||||||||
Year Constructed | [5] | 2003 | ||||||||||||||||||||||
MISSISSIPPI | Industrial Development [Member] | Metro Airport Commerce Center II land [Member] | ||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||
Encumbrances | [4] | $ 0 | ||||||||||||||||||||||
Initial Cost to the Company [Abstract] | ||||||||||||||||||||||||
Land | [4] | 307 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 0 | ||||||||||||||||||||||
Costs Capitalized Subsequent to Acquisition | [4] | 399 | ||||||||||||||||||||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||||||||||||||||||||
Land | [4] | 307 | ||||||||||||||||||||||
Buildings and Improvements | [4] | 399 | ||||||||||||||||||||||
Total | [4] | 706 | ||||||||||||||||||||||
Accumulated Depreciation | [4] | $ 0 | ||||||||||||||||||||||
Year Acquired | [4] | 2001 | ||||||||||||||||||||||
Year Constructed | [4] | n/a | ||||||||||||||||||||||
|
SCHEDULE III SCHEDULE III (Details2) - USD ($) |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||||
Year Constructed | 1998 | ||||||||||||||
Encumbrances | $ 189,038,000 | ||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||
Balance at beginning of year | [1] | 2,578,748,000 | $ 2,407,029,000 | $ 2,219,465,000 | |||||||||||
Purchases of real estate properties | 54,537,000 | 51,802,000 | 22,228,000 | ||||||||||||
Development of real estate properties | 167,667,000 | 124,938,000 | 203,765,000 | ||||||||||||
Improvements to real estate properties | 36,921,000 | 28,698,000 | 23,188,000 | ||||||||||||
Carrying amount of investments sold | (18,372,000) | (32,787,000) | (61,121,000) | ||||||||||||
Write-off of improvements | (2,356,000) | (932,000) | (496,000) | ||||||||||||
Balance at end of year | [1] | 2,817,145,000 | [2],[3] | 2,578,748,000 | 2,407,029,000 | ||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Balance at beginning of year | 749,601,000 | 694,250,000 | 657,454,000 | ||||||||||||
Depreciation expense | 76,007,000 | 69,010,000 | 63,793,000 | ||||||||||||
Accumulated depreciation on assets sold | (8,670,000) | (12,735,000) | (26,501,000) | ||||||||||||
Other | (2,023,000) | (924,000) | (496,000) | ||||||||||||
Balance at end of year | 814,915,000 | [2],[3] | $ 749,601,000 | $ 694,250,000 | |||||||||||
Estimated aggregate cost of real estate properties for federal income tax purposes | 2,771,697,000 | ||||||||||||||
Estimated accumulated tax depreciation | $ 573,441,000 | ||||||||||||||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 90.00% | 80.00% | |||||||||||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | 1 year | |||||||||||||
Secured debt | $ 188,461,000 | $ 199,512,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | [2],[3] | 484,279,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | [2],[3] | 1,087,145,000 | |||||||||||||
Costs Capitalized Subsequent to Acquisition | [2],[3] | 1,245,721,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | [2],[3] | 487,477,000 | |||||||||||||
Buildings and Improvements | [2],[3] | $ 2,329,668,000 | |||||||||||||
University Business Center [Member] | |||||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||
Noncontrolling Interests (in hundreths) | 20.00% | 20.00% | |||||||||||||
Noncontrolling Interests | $ 3,296,000 | $ 3,217,000 | |||||||||||||
Buildings [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Estimated useful life (in years) | 40 years | ||||||||||||||
Minimum [Member] | Improvements and Personal Property [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Estimated useful life (in years) | 3 years | ||||||||||||||
Maximum [Member] | Improvements and Personal Property [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Estimated useful life (in years) | 15 years | ||||||||||||||
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Secured debt | $ 46,725,000 | 49,580,000 | |||||||||||||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Secured debt | [4] | 47,445,000 | 50,161,000 | ||||||||||||
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Dist Ctr, Interstate Dist Ctr V, VI & VII, Lakeview Business Ctr, Ridge Creek Distribution Ctr II, Southridge IV & V and World Houston 32 [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Secured debt | 40,046,000 | 42,315,000 | |||||||||||||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 and 30 [Member] | |||||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Secured debt | 52,115,000 | $ 55,317,000 | |||||||||||||
Industrial Development [Member] | |||||||||||||||
Encumbrances | [5] | 0 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||||||||||
Balance at end of year | [5] | 263,664,000 | |||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||||||||||
Balance at end of year | [5] | 184,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | [5] | 105,736,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | [5] | 9,211,000 | |||||||||||||
Costs Capitalized Subsequent to Acquisition | [5] | 148,717,000 | |||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | [5] | 106,793,000 | |||||||||||||
Buildings and Improvements | [5] | $ 156,871,000 | |||||||||||||
|
SCHEDULE IV (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Number of Loans | [1] | 1 | |||||||||||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 2,594 | ||||||||||||
Carrying Amount of Mortgages | [2],[3] | $ 2,594 | 2,594 | ||||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | 0 | |||||||||||
Changes in the mortgage loans [Roll Forward] | |||||||||||||
Balance at end of year | [2],[3] | $ 2,594 | |||||||||||
Income Tax Basis of Mortgage Loans on Real Estate | 2,590 | ||||||||||||
First Mortgage [Member] | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | Dec. 21, 2022 | Oct. 25, 2017 | ||||||||||
Effective interest rate (in hundredths) | 5.15% | 5.15% | 5.25% | ||||||||||
Carrying Amount of Mortgages | $ 4,581 | $ 4,752 | $ 4,875 | 2,594 | |||||||||
Changes in the mortgage loans [Roll Forward] | |||||||||||||
Balance at beginning of year | 4,581 | 4,752 | 4,875 | ||||||||||
Payments on mortgage loans receivable | (1,987) | (171) | (123) | ||||||||||
Balance at end of year | $ 2,594 | $ 4,581 | $ 4,752 | ||||||||||
JCB Limited - California - B [Member] | First Mortgage [Member] | Buildings [Member] | |||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||
Number of Loans | 1 | ||||||||||||
Stated interest rate (in hundredths) | 5.15% | ||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Final Maturity Date | Dec. 21, 2022 | ||||||||||||
Periodic Payment Terms | Principal and interest due monthly | ||||||||||||
Non-recourse first mortgage loan Face Amount, Total mortgage | 2,594 | ||||||||||||
Carrying Amount of Mortgages | $ 2,594 | 2,594 | |||||||||||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | |||||||||||
Changes in the mortgage loans [Roll Forward] | |||||||||||||
Balance at end of year | $ 2,594 | ||||||||||||
|
RF$7P;V.L[\?&L?)'O\7IZ>+K>];JS;9^]#/C.PF
M1"X0N!%9[/PV@N1&V$D2+O\[P!,E%-)0,(CF12@V337&JV6:B7C-QNLQ7B_C
M#9JF" ?U(R$,H2! T&L,H89.8P CI+,A\04!A%YC":')+;BR$-90TDB%
M(Z%'EH)[FA32TR)+OXHK,]D%) Q='?*^U<#_/H.R0TRU]
7C?VOC/& J217.$(-
M?K#94%#Y<-SCV8YC-AK>=-,/8O,WSO\"4$L#!!0 ( !B'3DXUY* 0M $
M -(# 9 >&PO=V]R:W-H965T
,P*5]9?^0>L=>SL+#HU4_
M9!7:G-Y34D$M>A6>[? 1IGYN*9F:_PP74)@>E6"-TBJ?OJ3L?;!Z8D$I6KR.
MIS3I'";^*VP=P"< ?P-@8Z&D_$D$463.#L2-L^]$O.+M@>-LRAA,HTC_4+S'
MZ*7@_"YCET@TY1S''+[(V
,U<"W0.$F:,F\&