ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland (First Industrial Realty Trust, Inc.) | 36-3935116 (First Industrial Realty Trust, Inc.) | |
Delaware ( First Industrial, L.P.) | 36-3924586 (First Industrial, L.P.) | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
311 S. Wacker Drive, Suite 3900, Chicago, Illinois | 60606 | |
(Address of principal executive offices) | (Zip Code) |
First Industrial Realty Trust, Inc. | Yes þ No o |
First Industrial, L.P. | Yes þ No o |
First Industrial Realty Trust, Inc. | Yes o No þ |
First Industrial, L.P. | Yes o No þ |
First Industrial Realty Trust, Inc. | Yes þ No o |
First Industrial, L.P. | Yes þ No o |
First Industrial Realty Trust, Inc. | Yes þ No o |
First Industrial, L.P. | Yes þ No o |
First Industrial Realty Trust, Inc.: | |||||||
Large accelerated filer | þ | Accelerated filer | o | ||||
Non-accelerated filer | o | Smaller reporting company | o | ||||
(Do not check if a smaller reporting company) | Emerging growth company | o |
First Industrial, L.P.: | |||||||
Large accelerated filer | o | Accelerated filer | þ | ||||
Non-accelerated filer | o | Smaller reporting company | o | ||||
(Do not check if a smaller reporting company) | Emerging growth company | o |
First Industrial Realty Trust, Inc. | o |
First Industrial, L.P. | o |
First Industrial Realty Trust, Inc. | Yes o No þ |
First Industrial, L.P. | Yes o No þ |
• | Stockholders’ Equity, Noncontrolling Interest and Partners’ Capital. The 3.2% equity interest in the Operating Partnership held by entities other than the Company are classified within partners’ capital in the Operating Partnership’s financial statements and as a noncontrolling interest in the Company's financial statements. |
• | Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, though operations are also conducted through eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements. |
• | Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership’s balance sheet but is eliminated on the Company’s consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company. |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business; |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and |
• | eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company’s disclosure applies to both the Company and the Operating Partnership. |
• | consolidated financial statements; |
• | a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, as applicable; and |
• | a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity. |
Page | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Item 15. | ||
Item 16. | ||
• | changes in national, international, regional and local economic conditions generally and real estate markets specifically; |
• | changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; |
• | our ability to qualify and maintain our status as a real estate investment trust; |
• | the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; |
• | the availability and attractiveness of terms of additional debt repurchases; |
• | changes in our credit agency ratings; |
• | our ability to comply with applicable financial covenants; |
• | our competitive environment; |
• | changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; |
• | difficulties in identifying and consummating acquisitions and dispositions; |
• | our ability to manage the integration of properties we acquire; |
• | potential liability relating to environmental matters; |
• | defaults on or non-renewal of leases by our tenants; |
• | decreased rental rates or increased vacancy rates; |
• | higher-than-expected real estate construction costs and delays in development or lease-up schedules; |
• | changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; and |
• | other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in this report as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the “SEC”). |
Item 1. | Business |
• | Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; and (iv) renovating existing properties. |
• | External Growth. We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible joint venture investments. |
• | Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth. |
• | Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. |
• | Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity. |
• | Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants. |
• | Acquisition/Development Strategy. Our acquisition/development strategy is to invest in industrial properties in the top industrial real estate markets in the United States. |
• | Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. |
• | Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. As of February 23, 2018, we had approximately $720.8 million available for additional borrowings under the Unsecured Credit Facility. |
Item 1A. | Risk Factors |
• | general economic conditions; |
• | local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties; |
• | local conditions such as oversupply or a reduction in demand in an area; |
• | increasing labor and material costs; |
• | the ability to collect on a timely basis all rents from tenants; |
• | changes in tenant operations, real estate needs and credit; |
• | changes in interest rates and in the availability, cost and terms of mortgage funding; |
• | zoning or other regulatory restrictions; |
• | competition from other available real estate; |
• | operating costs, including maintenance, insurance premiums and real estate taxes; and |
• | other factors that are beyond our control. |
• | we may not be able to obtain financing for these projects on favorable terms; |
• | we may not complete construction on schedule or within budget; |
• | we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations; |
• | contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and |
• | properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties. |
• | interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates; |
• | available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought; |
• | the duration of the hedge may not match the duration of the related liability; |
• | the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT subsidiaries) is limited by U.S. federal tax provisions governing REITs; |
• | the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction; |
• | the party owing money in the hedging transaction may default on its obligation to pay; |
• | we could incur significant costs associated with the settlement of the agreements; |
• | the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally accepted accounting practices; and |
• | a court could rule that such an agreement is not legally enforceable. |
• | joint venturers may share certain approval rights over major decisions; |
• | joint venturers might become bankrupt or otherwise fail to fund their share of any required capital commitments; |
• | joint venturers might have economic or other business interests or goals that are competitive or inconsistent with our business interests or goals that would affect our ability to operate the property; |
• | joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT; |
• | the joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms; |
• | disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and |
• | we may in certain circumstances be liable for the actions of our joint venturers. |
Item 1B. | Unresolved SEC Comments |
Item 2. | Properties |
• | Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space; |
• | Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space; |
• | Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space; and |
• | R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space. |
Bulk Warehouse | Regional Warehouse | Light Industrial | R&D/Flex | Total | ||||||||||||||||||||||||||||
Metropolitan Area | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | Occupancy at 12/31/17 | |||||||||||||||||||||
Atlanta, GA | 3,859 | 13 | 704 | 5 | 347 | 5 | — | — | 4,910 | 23 | 90 | % | ||||||||||||||||||||
Baltimore, MD | 1,579 | 5 | 96 | 1 | 453 | 8 | 140 | 4 | 2,268 | 18 | 98 | % | ||||||||||||||||||||
Central/Eastern PA (a) | 5,957 | 14 | 580 | 6 | 346 | 7 | — | — | 6,883 | 27 | 98 | % | ||||||||||||||||||||
Chicago, IL | 4,134 | 13 | 326 | 6 | 255 | 5 | 86 | 1 | 4,801 | 25 | 98 | % | ||||||||||||||||||||
Cincinnati, OH | 683 | 3 | 310 | 3 | 278 | 5 | 100 | 2 | 1,371 | 13 | 98 | % | ||||||||||||||||||||
Cleveland, OH | 1,128 | 6 | — | — | — | — | — | — | 1,128 | 6 | 100 | % | ||||||||||||||||||||
Dallas/Ft. Worth, TX | 3,781 | 24 | 524 | 7 | 1,224 | 29 | 151 | 5 | 5,680 | 65 | 98 | % | ||||||||||||||||||||
Denver, CO | 579 | 4 | 633 | 6 | 1,132 | 25 | 156 | 5 | 2,500 | 40 | 100 | % | ||||||||||||||||||||
Detroit, MI | 399 | 3 | 510 | 11 | 681 | 29 | 136 | 3 | 1,726 | 46 | 100 | % | ||||||||||||||||||||
Houston, TX | 2,591 | 12 | 377 | 5 | 470 | 8 | — | — | 3,438 | 25 | 99 | % | ||||||||||||||||||||
Indianapolis, IN | 1,968 | 6 | 603 | 7 | 179 | 5 | 20 | 1 | 2,770 | 19 | 95 | % | ||||||||||||||||||||
Miami, FL | 315 | 2 | 345 | 7 | 82 | 1 | — | — | 742 | 10 | 98 | % | ||||||||||||||||||||
Milwaukee, WI | 873 | 4 | 90 | 1 | — | — | — | — | 963 | 5 | 100 | % | ||||||||||||||||||||
Minneapolis/St. Paul, MN | 2,778 | 13 | 145 | 2 | 322 | 4 | 406 | 5 | 3,651 | 24 | 98 | % | ||||||||||||||||||||
Nashville, TN | 980 | 3 | — | — | 164 | 2 | — | — | 1,144 | 5 | 100 | % | ||||||||||||||||||||
New Jersey (a) | 1,120 | 4 | 112 | 1 | 865 | 15 | 172 | 3 | 2,269 | 23 | 98 | % | ||||||||||||||||||||
Orlando, FL | 427 | 3 | 86 | 1 | 79 | 1 | — | — | 592 | 5 | 100 | % | ||||||||||||||||||||
Phoenix, AZ | 1,707 | 7 | 452 | 7 | 39 | 1 | — | — | 2,198 | 15 | 97 | % | ||||||||||||||||||||
Seattle, WA | 101 | 1 | 127 | 2 | — | — | — | — | 228 | 3 | 100 | % | ||||||||||||||||||||
Southern California (a) | 4,190 | 16 | 914 | 14 | 891 | 22 | — | — | 5,995 | 52 | 97 | % | ||||||||||||||||||||
St. Louis, MO | 1,238 | 2 | — | — | 381 | 5 | 192 | 2 | 1,811 | 9 | 98 | % | ||||||||||||||||||||
Tampa, FL | 209 | 1 | — | — | 213 | 6 | 354 | 14 | 776 | 21 | 95 | % | ||||||||||||||||||||
Other (b) | 1,441 | 5 | — | — | — | — | — | — | 1,441 | 5 | 100 | % | ||||||||||||||||||||
Total | 42,037 | 164 | 6,934 | 92 | 8,401 | 183 | 1,913 | 45 | 59,285 | 484 | 97.3 | % | ||||||||||||||||||||
Occupancy by Industrial Property Type | 98.1 | % | 98.3 | % | 94.4 | % | 90.8 | % | 97.3 | % |
(a) | Southern California includes the markets of Los Angeles, the Inland Empire and San Diego. Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Southern New Jersey. |
(b) | Properties are located in Kansas City, MO; Jefferson County, KY; Greenville, KY; Winchester, VA; and Salt Lake City, UT. |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/17 | |||||||
Chicago, IL | 1 | 99,838 | Regional Warehouse | 100 | % | ||||||
Denver, CO | 1 | 181,348 | Bulk Warehouse | 100 | % | ||||||
Miami, FL | 1 | 172,120 | Bulk Warehouse | 100 | % | ||||||
New Jersey | 1 | 213,000 | Bulk Warehouse | 100 | % | ||||||
Orlando, FL | 2 | 188,808 | Regional Warehouse, Bulk Warehouse | 100 | % | ||||||
Southern California | 2 | 229,909 | Bulk Warehouse, Light Industrial | 100 | % | ||||||
8 | 1,085,023 |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/17 | |||||||
Phoenix, AZ | 1 | 618,350 | Bulk Warehouse | 100 | % |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/17 | ||||||
Chicago, IL | 1 | 602,348 | Bulk Warehouse | 50% | ||||||
Southern California | 1 | 242,580 | Bulk Warehouse | 0% | ||||||
2 | 844,928 |
Metropolitan Area | Number of Properties | GLA | Property Type | Anticipated Quarter of Building Completion | ||||||
Chicago, IL | 1 | 355,199 | Bulk Warehouse | Q2 2018 | ||||||
Phoenix, AZ | 1 | 640,000 | Bulk Warehouse | Q2 2018 | ||||||
Southern California | 6 | 936,000 | Bulk Warehouse, Regional Warehouse | Q2 2018 | ||||||
Houston, TX | 1 | 126,000 | Bulk Warehouse | Q3 2018 | ||||||
Central/Eastern PA | 1 | 738,720 | Bulk Warehouse | Q4 2018 | ||||||
Southern California | 1 | 1,387,899 | Bulk Warehouse | Q4 2018 | ||||||
11 | 4,183,818 |
Metropolitan Area | Number of Properties | GLA | Property Type | |||||
Atlanta, GA | 4 | 470,611 | Bulk Warehouse, Regional Warehouse, Light Industrial | |||||
Central/Eastern PA | 6 | 389,056 | Bulk Warehouse, Regional Warehouse, Light Industrial | |||||
Chicago, IL | 1 | 38,793 | R & D/Flex | |||||
Cincinnati, OH | 1 | 185,580 | Regional Warehouse | |||||
Cleveland, OH | 1 | 190,188 | Bulk Warehouse | |||||
Dallas/Ft. Worth | 1 | 25,000 | Light Industrial | |||||
Denver, CO | 1 | 15,767 | Light Industrial | |||||
Detroit, MI | 10 | 424,847 | Bulk Warehouse, Regional Warehouse, Light Industrial | |||||
Houston, TX | 2 | 483,950 | Bulk Warehouse, Regional Warehouse | |||||
Indianapolis, IN | 8 | 452,080 | Bulk Warehouse, Light Industrial, R & D/Flex | |||||
Milwaukee, WI | 1 | 36,608 | Light Industrial | |||||
Minneapolis/St. Paul, MN | 6 | 1,067,283 | Bulk Warehouse, Light Industrial | |||||
New Jersey | 1 | 45,054 | R & D/Flex | |||||
Phoenix, AZ | 1 | 131,000 | Bulk Warehouse | |||||
St. Louis, MO | 1 | 22,411 | Light Industrial | |||||
Other (a) | 15 | 669,927 | Bulk Warehouse, Regional Warehouse, Light Industrial, R & D/Flex | |||||
Total | 60 | 4,648,155 |
(a) | Properties were located in Birmingham, AL; Fort Smith, AR; San Antonio, TX; and Salt Lake City, UT. |
Number of Leases Commenced | Square Feet Commenced (in 000’s) | Net Rent Per Square Foot (1) | Straight Line Basis Rent Growth (2) | Weighted Average Lease Term (3) | Lease Costs Per Square Foot (4) | Weighted Average Tenant Retention (5) | ||||||||||||||||
New Leases | 140 | 3,066 | $ | 5.09 | 23.0 | % | 5.4 | $ | 4.11 | N/A | ||||||||||||
Renewal Leases | 196 | 6,332 | $ | 5.09 | 15.9 | % | 3.8 | $ | 0.91 | 76.4 | % | |||||||||||
Development / Not In Service Acquisition Leases | 12 | 1,638 | $ | 5.13 | N/A | 7.0 | N/A | N/A | ||||||||||||||
Total / Weighted Average | 348 | 11,036 | $ | 5.10 | 18.2 | % | 4.7 | $ | 1.96 | N/A |
(1) | Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease. |
(2) | Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded. |
(3) | The lease term is expressed in years. Assumes no exercise of lease renewal options, if any. |
(4) | Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period. |
(5) | Represents the weighted average square feet of tenants renewing their respective leases. |
Year of Expiration (1) | Number of Leases Expiring | GLA Expiring (2) | Percentage of GLA Expiring (2) | Annualized Base Rent Under Expiring Leases (In thousands) (3) | Percentage of Total Annualized Base Rent Expiring (3) | |||||||||||
2018 | 208 | 4,919,990 | 9 | % | $ | 25,924 | 9 | % | ||||||||
2019 | 285 | 8,366,318 | 15 | % | 44,772 | 15 | % | |||||||||
2020 | 254 | 8,145,276 | 14 | % | 42,315 | 15 | % | |||||||||
2021 | 206 | 9,827,533 | 17 | % | 48,171 | 17 | % | |||||||||
2022 | 162 | 5,902,494 | 10 | % | 31,308 | 11 | % | |||||||||
2023 | 110 | 5,390,628 | 9 | % | 26,978 | 9 | % | |||||||||
2024 | 40 | 3,378,055 | 6 | % | 15,925 | 5 | % | |||||||||
2025 | 35 | 2,830,726 | 5 | % | 13,771 | 5 | % | |||||||||
2026 | 36 | 3,289,380 | 6 | % | 15,072 | 5 | % | |||||||||
2027 | 18 | 2,725,988 | 5 | % | 13,802 | 5 | % | |||||||||
Thereafter | 15 | 2,091,531 | 4 | % | 10,802 | 4 | % | |||||||||
Total | 1,369 | 56,867,919 | 100 | % | $ | 288,840 | 100 | % |
(1) | Includes leases that expire on or after January 1, 2018 and assumes tenants do not exercise existing renewal, termination or purchase options. |
(2) | Does not include existing vacancies of 1,584,920 aggregate square feet and December 31, 2017 move outs of 832,394 aggregate square feet. |
(3) | Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2017, multiplied by 12. If free rent is granted, then the first positive rent value is used. |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities |
Quarter Ended | Closing High | Closing Low | Dividend/Distribution Declared | |||||||||
December 31, 2017 | $ | 32.82 | $ | 30.49 | $ | 0.2100 | ||||||
September 30, 2017 | $ | 31.74 | $ | 28.21 | $ | 0.2100 | ||||||
June 30, 2017 | $ | 30.04 | $ | 26.88 | $ | 0.2100 | ||||||
March 31, 2017 | $ | 28.66 | $ | 25.35 | $ | 0.2100 | ||||||
December 31, 2016 | $ | 28.12 | $ | 25.35 | $ | 0.1900 | ||||||
September 30, 2016 | $ | 29.61 | $ | 27.00 | $ | 0.1900 | ||||||
June 30, 2016 | $ | 27.82 | $ | 22.36 | $ | 0.1900 | ||||||
March 31, 2016 | $ | 22.98 | $ | 19.32 | $ | 0.1900 |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Further Issuance Under Equity Compensation Plans | |||||||
Equity Compensation Plans Approved by Security Holders | 704,580 | $ | — | 1,945,642 | ||||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | |||||||
Total | 704,580 | $ | — | 1,945,642 |
* | $100 invested on 12/31/12 in stock or index, including reinvestment of dividends. Fiscal year ending December 31. |
12/12 | 12/13 | 12/14 | 12/15 | 12/16 | 12/17 | ||||||||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC. | $ | 100.00 | $ | 126.53 | $ | 152.33 | $ | 168.04 | $ | 219.21 | $ | 253.14 | |||||||||||
S&P 500 | $ | 100.00 | $ | 132.39 | $ | 150.51 | $ | 152.59 | $ | 170.84 | $ | 208.14 | |||||||||||
FTSE NAREIT Equity REITs | $ | 100.00 | $ | 102.47 | $ | 133.35 | $ | 137.61 | $ | 149.33 | $ | 157.14 |
* | The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such. |
Item 6. | Selected Financial Data |
Year Ended 12/31/17 | Year Ended 12/31/16 | Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 396,402 | $ | 378,020 | $ | 365,823 | $ | 346,709 | $ | 320,808 | |||||||||
Income from Continuing Operations | 208,301 | 125,684 | 76,705 | 23,182 | 4,862 | ||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | 201,456 | 121,232 | 73,802 | 46,629 | 25,907 | ||||||||||||||
Basic Per Share Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | $ | 0.18 | $ | (0.09 | ) | ||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 1.70 | 1.05 | 0.67 | 0.42 | 0.24 | ||||||||||||||
Diluted Per Share Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.69 | $ | 1.05 | $ | 0.66 | $ | 0.18 | $ | (0.09 | ) | ||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 1.69 | 1.05 | 0.66 | 0.42 | 0.24 | ||||||||||||||
Dividends/Distributions Per Share | $ | 0.84 | $ | 0.76 | $ | 0.51 | $ | 0.41 | $ | 0.34 | |||||||||
Basic Weighted Average Shares | 118,272 | 115,030 | 110,352 | 109,922 | 106,995 | ||||||||||||||
Diluted Weighted Average Shares | 118,787 | 115,370 | 110,781 | 110,325 | 106,995 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,495,745 | $ | 3,384,914 | $ | 3,293,968 | $ | 3,183,369 | $ | 3,119,547 | |||||||||
Total Assets | 2,941,062 | 2,793,263 | 2,709,808 | 2,574,911 | 2,590,690 | ||||||||||||||
Indebtedness | 1,296,997 | 1,347,092 | 1,434,168 | 1,342,762 | 1,289,986 | ||||||||||||||
Total Equity | 1,475,877 | 1,284,625 | 1,115,135 | 1,090,827 | 1,171,219 | ||||||||||||||
Cash Flow Data: | |||||||||||||||||||
Cash Flow From Operating Activities | $ | 191,109 | $ | 173,335 | $ | 162,149 | $ | 137,176 | $ | 125,751 | |||||||||
Cash Flow From Investing Activities | (96,228 | ) | (110,992 | ) | (197,074 | ) | (69,069 | ) | (61,313 | ) | |||||||||
Cash Flow From Financing Activities | (83,593 | ) | (56,471 | ) | 29,426 | (66,166 | ) | (61,748 | ) | ||||||||||
Other Data: | |||||||||||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities (1) | $ | 186,496 | $ | 167,811 | $ | 140,841 | $ | 127,890 | $ | 105,011 |
(1) | Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry. See definition and a complete reconciliation of FFO to Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities under the caption "Supplemental Earnings Measure" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." |
Year Ended 12/31/17 | Year Ended 12/31/16 | Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/13 | |||||||||||||||
(In thousands, except per Unit data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 396,402 | $ | 378,020 | $ | 365,823 | $ | 346,709 | $ | 320,808 | |||||||||
Income from Continuing Operations | 208,301 | 125,684 | 76,820 | 23,434 | 4,908 | ||||||||||||||
Net Income Available to Unitholders and Participating Securities | 208,158 | 125,547 | 76,682 | 48,704 | 27,033 | ||||||||||||||
Basic Per Unit Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | $ | 0.18 | $ | (0.09 | ) | ||||||||
Net Income Available to Unitholders | 1.70 | 1.05 | 0.67 | 0.42 | 0.24 | ||||||||||||||
Diluted Per Unit Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.69 | $ | 1.05 | $ | 0.66 | $ | 0.18 | $ | (0.09 | ) | ||||||||
Net Income Available to Unitholders | 1.69 | 1.05 | 0.66 | 0.42 | 0.24 | ||||||||||||||
Distributions Per Unit | $ | 0.84 | $ | 0.76 | $ | 0.51 | $ | 0.41 | $ | 0.34 | |||||||||
Basic Weighted Average Units | 122,306 | 119,274 | 114,709 | 114,388 | 111,646 | ||||||||||||||
Diluted Weighted Average Units | 122,821 | 119,614 | 115,138 | 114,791 | 111,646 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,495,745 | $ | 3,384,914 | $ | 3,293,968 | $ | 3,183,369 | $ | 3,119,547 | |||||||||
Total Assets | 2,951,180 | 2,803,701 | 2,720,523 | 2,585,624 | 2,601,291 | ||||||||||||||
Indebtedness | 1,296,997 | 1,347,092 | 1,434,168 | 1,342,762 | 1,289,986 | ||||||||||||||
Total Partners' Capital | 1,485,995 | 1,295,063 | 1,125,850 | 1,101,590 | 1,181,817 | ||||||||||||||
Cash Flow Data: | |||||||||||||||||||
Cash Flow From Operating Activities | $ | 191,428 | $ | 173,612 | $ | 162,286 | $ | 137,918 | $ | 126,410 | |||||||||
Cash Flow From Investing Activities | (96,228 | ) | (110,992 | ) | (197,074 | ) | (69,724 | ) | (61,926 | ) | |||||||||
Cash Flow From Financing Activities | (83,913 | ) | (56,748 | ) | 29,304 | (66,253 | ) | (61,800 | ) |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | We acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels for an aggregate purchase price of approximately $174.2 million. |
• | We placed in-service a development project totaling approximately 0.6 million square feet of GLA at a total cost of approximately $45.4 million. The occupancy of this development project is 100% at December 31, 2017. |
• | We sold 60 industrial properties comprising approximately 4.6 million square feet of GLA for total gross sales proceeds of approximately $236.1 million. |
• | We issued ten-year, $125.0 million private placement unsecured notes at a fixed rate of 4.30% and twelve-year, $75.0 million private placement unsecured notes at a fixed rate of 4.40%. Also, subsequent to year-end, we issued $150 million of 3.86% fixed rate senior unsecured notes with a 10-year term and $150 million of 3.96% fixed rate senior unsecured notes with a 12-year term. See Subsequent Events. |
• | We amended the terms of our revolving line of credit to, among other things, decrease the interest spread, based on our current leverage, by five basis points, increase available capacity by $100 million and extend the maturity to October 2021, with a one-year extension option. |
• | We amended the terms of both term loan agreements to, among other things, decrease by 50 basis points the interest spread on our $200 million term loan, which matures in January 2021, and decrease by a 40 basis points the interest spread on our $260 million term loan, which matures in September 2022. |
• | We paid off and retired $156.9 million of unsecured notes with an average interest rate of 6.49% as well as $36.1 million in mortgage loans payable with an average interest rate of 5.58%. |
• | We issued 2,560,000 shares of the Company's common stock in an underwritten public offering for proceeds, net of underwriting discounts and commissions, of $74.9 million. |
• | We declared an annual cash dividend of $0.84 per common share or Unit, an increase of 10.5% from 2016. |
2017 | 2016 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
REVENUES | ||||||||||||||
Same Store Properties | $ | 339,403 | $ | 329,704 | $ | 9,699 | 2.9 | % | ||||||
Acquired Properties | 9,021 | 2,409 | 6,612 | 274.5 | % | |||||||||
Sold Properties | 17,010 | 33,260 | (16,250 | ) | (48.9 | )% | ||||||||
(Re) Developments | 26,850 | 10,036 | 16,814 | 167.5 | % | |||||||||
Other | 4,118 | 2,611 | 1,507 | 57.7 | % | |||||||||
Total Revenues | $ | 396,402 | $ | 378,020 | $ | 18,382 | 4.9 | % |
2017 | 2016 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 90,755 | $ | 88,218 | $ | 2,537 | 2.9 | % | ||||||
Acquired Properties | 2,462 | 600 | 1,862 | 310.3 | % | |||||||||
Sold Properties | 5,527 | 11,684 | (6,157 | ) | (52.7 | )% | ||||||||
(Re) Developments | 5,797 | 2,449 | 3,348 | 136.7 | % | |||||||||
Other | 8,953 | 9,373 | (420 | ) | (4.5 | )% | ||||||||
Total Property Expenses | $ | 113,494 | $ | 112,324 | $ | 1,170 | 1.0 | % |
2017 | 2016 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||
Same Store Properties | $ | 97,516 | $ | 98,909 | $ | (1,393 | ) | (1.4 | )% | |||||
Acquired Properties | 4,874 | 1,358 | 3,516 | 258.9 | % | |||||||||
Sold Properties | 4,305 | 9,352 | (5,047 | ) | (54.0 | )% | ||||||||
(Re) Developments | 7,223 | 5,404 | 1,819 | 33.7 | % | |||||||||
Corporate Furniture, Fixtures and Equipment and Other | 2,446 | 2,259 | 187 | 8.3 | % | |||||||||
Total Depreciation and Other Amortization | $ | 116,364 | $ | 117,282 | $ | (918 | ) | (0.8 | )% |
2016 | 2015 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
REVENUES | ||||||||||||||
Same Store Properties | $ | 335,674 | $ | 324,280 | $ | 11,394 | 3.5 | % | ||||||
Acquired Properties | 10,367 | 2,189 | 8,178 | 373.6 | % | |||||||||
Sold Properties | 9,429 | 32,222 | (22,793 | ) | (70.7 | )% | ||||||||
(Re) Developments | 20,297 | 5,129 | 15,168 | 295.7 | % | |||||||||
Other | 2,253 | 2,003 | 250 | 12.5 | % | |||||||||
Total Revenues | $ | 378,020 | $ | 365,823 | $ | 12,197 | 3.3 | % |
2016 | 2015 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 91,462 | $ | 90,241 | $ | 1,221 | 1.4 | % | ||||||
Acquired Properties | 3,098 | 516 | 2,582 | 500.4 | % | |||||||||
Sold Properties | 3,925 | 12,779 | (8,854 | ) | (69.3 | )% | ||||||||
(Re) Developments | 5,240 | 2,122 | 3,118 | 146.9 | % | |||||||||
Other | 8,599 | 8,970 | (371 | ) | (4.1 | )% | ||||||||
Total Property Expenses | $ | 112,324 | $ | 114,628 | $ | (2,304 | ) | (2.0 | )% |
2016 | 2015 | $ Change | % Change | |||||||||||
(In thousands) | ||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||
Same Store Properties | $ | 97,773 | $ | 98,691 | $ | (918 | ) | (0.9 | )% | |||||
Acquired Properties | 7,085 | 1,782 | 5,303 | 297.6 | % | |||||||||
Sold Properties | 2,767 | 10,036 | (7,269 | ) | (72.4 | )% | ||||||||
(Re) Developments | 8,592 | 2,354 | 6,238 | 265.0 | % | |||||||||
Corporate Furniture, Fixtures and Equipment and Other | 1,065 | 951 | 114 | 12.0 | % | |||||||||
Total Depreciation and Other Amortization | $ | 117,282 | $ | 113,814 | $ | 3,468 | 3.0 | % |
• | Accounts Receivable: We are subject to tenant defaults and bankruptcies that could affect the collection of rent due under our outstanding accounts receivable, including straight-line rent. In order to mitigate these risks, we perform credit reviews on all prospective tenants meeting certain financial thresholds before leases are executed. We closely monitor all existing tenants and maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging, customer credit-worthiness and historical bad debts. |
• | Investment in Real Estate: We allocate purchase price of acquired properties to tangible (land, building, tenant improvements) and identified intangible assets (leasing commissions, in-place leases, tenant relationships, above and below market leases and below market ground lease obligations). Above-market and below-market lease and below market ground lease obligation values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Leasing commission, in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. |
• | Capitalization of Costs: We capitalize costs incurred in developing and expanding real estate assets as part of the investment basis. During the construction period, we capitalize interest costs, real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We also capitalize internal and external costs incurred to successfully originate a lease that result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets. The determination and calculation of certain costs requires estimates by us. |
• | Impairment of Real Estate Assets: We review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. The judgments regarding whether the carrying amounts of these assets may not be recoverable are based on estimates of future undiscounted cash flows from properties which include estimates of future operating performance and market conditions. If any real estate investment is considered permanently impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value. Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. |
• | Deferred Tax Assets and Liabilities: We account for income taxes related to one of our TRSs under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequents of events that have been included in the financial statements. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Company's inability to qualify as a REIT and changes in tax laws. Adjustments required in any given period are included within the income tax provision. In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made. |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
(In millions) | ||||||||
Net cash provided by operating activities | $ | 191.1 | $ | 173.3 | ||||
Net cash used in investing activities | (96.2 | ) | (111.0 | ) | ||||
Net cash used in financing activities | (83.6 | ) | (56.5 | ) |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
(In millions) | ||||||||
Net cash provided by operating activities | $ | 191.4 | $ | 173.6 | ||||
Net cash used in investing activities | (96.2 | ) | (111.0 | ) | ||||
Net cash used in financing activities | (83.9 | ) | (56.7 | ) |
• | Increase in NOI generated from recently developed properties of $13.5 million, an increase in NOI from same store properties due to an increase in rental rates of $7.2 million and an increase in NOI from acquired properties of $4.8 million offset by decreases in NOI due to building disposals of $10.1 million. |
• | Decrease of $38.5 million due to higher proceeds received from the disposition of real estate in 2017 less cash held at our 1031 intermediary; and |
• | Decrease of $34.0 million due to less building, tenant improvement and leasing commission expenditures; and |
• | Insurance proceeds of $10.1 million received in 2017 related to casualty losses related to fires at two of our buildings. |
• | Increase of $67.8 million due to an increase in real estate acquisitions in 2017. |
• | Increase in net debt repayments aggregating to $155.6 million; and |
• | Decrease of $50.1 million in proceeds related to the issuance of common stock in underwritten public offerings; and |
• | Increase of $17.8 million in the payment of common stock dividends and distributions. |
• | The issuance of unsecured private placement notes in 2017 aggregating to $200.0 million. |
Payments Due by Period (In thousands) | |||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | |||||||||||||||
Operating and Ground Leases(1)(2) | $ | 31,297 | $ | 1,495 | $ | 1,450 | $ | 1,213 | $ | 27,139 | |||||||||
Real Estate Development Costs(1)(3) | 175,800 | 175,800 | — | — | — | ||||||||||||||
Long Term Debt | 1,304,673 | 165,449 | 138,091 | 752,562 | 248,571 | ||||||||||||||
Interest Expense on Long Term Debt(1)(4) | 235,176 | 46,869 | 75,156 | 46,266 | 66,885 | ||||||||||||||
Total | $ | 1,746,946 | $ | 389,613 | $ | 214,697 | $ | 800,041 | $ | 342,595 |
(1) | Not on balance sheet. |
(2) | Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $0.8 million due in the future under non-cancelable subleases. |
(3) | Represents estimated remaining costs on the completion of development projects under construction. |
(4) | Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate protection agreements which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility. |
Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 201,456 | $ | 121,232 | $ | 73,802 | $ | 46,629 | $ | 25,907 | |||||||||
Adjustments: | |||||||||||||||||||
Depreciation and Other Amortization of Real Estate | 115,617 | 116,506 | 113,126 | 111,371 | 106,333 | ||||||||||||||
Depreciation and Other Amortization of Real Estate Included in Discontinued Operations | — | — | — | 2,388 | 7,727 | ||||||||||||||
Equity in Depreciation and Other Amortization of Joint Ventures | — | — | 17 | 117 | 273 | ||||||||||||||
Impairment of Depreciable Real Estate | — | — | 626 | — | — | ||||||||||||||
Impairment of Depreciable Real Estate Included in Discontinued Operations | — | — | — | — | 2,652 | ||||||||||||||
Gain on Sale of Depreciable Real Estate | (131,058 | ) | (68,202 | ) | (44,022 | ) | (25,988 | ) | (34,344 | ) | |||||||||
Gain on Sale of Depreciable Real Estate from Joint Ventures | — | — | (63 | ) | (3,346 | ) | (111 | ) | |||||||||||
Noncontrolling Interest Share of Adjustments | 481 | (1,725 | ) | (2,645 | ) | (3,281 | ) | (3,426 | ) | ||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 186,496 | $ | 167,811 | $ | 140,841 | $ | 127,890 | $ | 105,011 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Same Store Revenues | $ | 339,403 | $ | 329,704 | |||
Same Store Property Expenses | 90,755 | 88,218 | |||||
Same Store Net Operating Income Before Same Store Adjustments | $ | 248,648 | $ | 241,486 | |||
Same Store Adjustments: | |||||||
Lease Inducement Amortization | 719 | 862 | |||||
Straight-line Rent | 1,015 | (2,903 | ) | ||||
Above / Below Market Rent Amortization | (1,035 | ) | (1,088 | ) | |||
Lease Termination Fees | (806 | ) | (394 | ) | |||
Same Store Net Operating Income | $ | 248,541 | $ | 237,963 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10, 11, 12, 13 and 14. | Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
Exhibits | Description | |
10.1 | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | |
Exhibits | Description | |
Exhibits | Description | |
101.1* | The following financial statements from First Industrial Realty Trust, Inc.’s and First Industrial L.P.'s Annual Report on Form 10-K for the year ended December 31, 2017, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity / Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited) |
* | Filed herewith. |
** | Furnished herewith. |
† | Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
Item 16. | Form 10-K Summary |
Page | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
CONSOLIDATED FINANCIAL STATEMENTS | |
First Industrial Realty Trust, Inc. | |
First Industrial, L.P. | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
FINANCIAL STATEMENT SCHEDULE | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
December 31, 2017 | December 31, 2016 | ||||||
(In thousands, except share and per share data) | |||||||
ASSETS | |||||||
Assets: | |||||||
Investment in Real Estate: | |||||||
Land | $ | 864,813 | $ | 794,821 | |||
Buildings and Improvements | 2,521,457 | 2,523,015 | |||||
Construction in Progress | 109,475 | 67,078 | |||||
Less: Accumulated Depreciation | (789,919 | ) | (796,492 | ) | |||
Net Investment in Real Estate | 2,705,826 | 2,588,422 | |||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $1,471 | — | 2,354 | |||||
Cash and Cash Equivalents | 21,146 | 9,859 | |||||
Restricted Cash | 25,336 | 11,602 | |||||
Tenant Accounts Receivable, Net | 4,873 | 4,757 | |||||
Deferred Rent Receivable, Net | 70,254 | 67,382 | |||||
Deferred Leasing Intangibles, Net | 30,481 | 29,499 | |||||
Prepaid Expenses and Other Assets, Net | 83,146 | 79,388 | |||||
Total Assets | $ | 2,941,062 | $ | 2,793,263 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Indebtedness: | |||||||
Mortgage Loans Payable, Net | $ | 450,056 | $ | 495,956 | |||
Senior Unsecured Notes, Net | 246,673 | 204,998 | |||||
Unsecured Term Loans, Net | 455,768 | 456,638 | |||||
Unsecured Credit Facility | 144,500 | 189,500 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 86,532 | 84,412 | |||||
Deferred Leasing Intangibles, Net | 10,355 | 10,400 | |||||
Rents Received in Advance and Security Deposits | 44,285 | 43,300 | |||||
Dividends and Distributions Payable | 27,016 | 23,434 | |||||
Total Liabilities | 1,465,185 | 1,508,638 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
First Industrial Realty Trust Inc.’s Stockholders’ Equity: | |||||||
Common Stock ($0.01 par value, 225,000,000 and 150,000,000 shares authorized and 119,883,180 and 117,107,746 shares issued and outstanding) | 1,199 | 1,172 | |||||
Additional Paid-in-Capital | 1,967,110 | 1,886,771 | |||||
Distributions in Excess of Accumulated Earnings | (541,847 | ) | (641,859 | ) | |||
Accumulated Other Comprehensive Income (Loss) | 1,338 | (4,643 | ) | ||||
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity | 1,427,800 | 1,241,441 | |||||
Noncontrolling Interest | 48,077 | 43,184 | |||||
Total Equity | 1,475,877 | 1,284,625 | |||||
Total Liabilities and Equity | $ | 2,941,062 | $ | 2,793,263 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands, except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 303,874 | $ | 289,858 | $ | 281,186 | |||||
Tenant Recoveries and Other Income | 92,528 | 88,162 | 84,637 | ||||||||
Total Revenues | 396,402 | 378,020 | 365,823 | ||||||||
Expenses: | |||||||||||
Property Expenses | 113,494 | 112,324 | 114,628 | ||||||||
General and Administrative | 28,079 | 26,703 | 25,362 | ||||||||
Acquisition Costs | — | 491 | 1,403 | ||||||||
Impairment of Real Estate | — | — | 626 | ||||||||
Depreciation and Other Amortization | 116,364 | 117,282 | 113,814 | ||||||||
Total Expenses | 257,937 | 256,800 | 255,833 | ||||||||
Other Income (Expense): | |||||||||||
Gain on Sale of Real Estate | 131,269 | 68,202 | 48,906 | ||||||||
Interest Expense | (57,199 | ) | (59,430 | ) | (67,424 | ) | |||||
Amortization of Debt Issuance Costs | (3,162 | ) | (3,219 | ) | (3,159 | ) | |||||
Settlement Gain (Loss) on Interest Rate Protection Agreements | 1,896 | — | (11,546 | ) | |||||||
Loss from Retirement of Debt | (1,775 | ) | — | — | |||||||
Total Other Income (Expense) | 71,029 | 5,553 | (33,223 | ) | |||||||
Income from Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 209,494 | 126,773 | 76,767 | ||||||||
Equity in Income of Joint Ventures | — | — | 55 | ||||||||
Income Tax Provision | (1,193 | ) | (1,089 | ) | (117 | ) | |||||
Net Income | 208,301 | 125,684 | 76,705 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (6,845 | ) | (4,452 | ) | (2,903 | ) | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | 201,456 | 121,232 | 73,802 | ||||||||
Basic Earnings Per Share: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | |||||
Diluted Earnings Per Share: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.69 | $ | 1.05 | $ | 0.66 | |||||
Dividends/Distributions Per Share | $ | 0.84 | $ | 0.76 | $ | 0.51 | |||||
Weighted Average Shares Outstanding - Basic | 118,272 | 115,030 | 110,352 | ||||||||
Weighted Average Shares Outstanding - Diluted | 118,787 | 115,370 | 110,781 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
Net Income | $ | 208,301 | $ | 125,684 | $ | 76,705 | |||||
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 5,981 | 4,849 | (9,155 | ) | |||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — | — | 12,990 | ||||||||
Amortization of Interest Rate Protection Agreements | 205 | 390 | 524 | ||||||||
Foreign Currency Translation Adjustment | — | — | 15 | ||||||||
Comprehensive Income | 214,487 | 130,923 | 81,079 | ||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (6,642 | ) | (4,638 | ) | (3,069 | ) | |||||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 207,845 | $ | 126,285 | $ | 78,010 |
Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,106 | $ | 1,751,059 | $ | (689,348 | ) | $ | (13,867 | ) | $ | 41,877 | $ | 1,090,827 | |||||||||
Stock Based Compensation Activity | 4 | 4,656 | (2,417 | ) | — | — | 2,243 | ||||||||||||||||
Conversion of Limited Partner Units to Common Stock | 1 | 672 | — | — | (673 | ) | — | ||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | 28 | — | — | (28 | ) | — | ||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | (56,796 | ) | — | (2,218 | ) | (59,014 | ) | ||||||||||||||
Net Income | — | — | 73,802 | — | 2,903 | 76,705 | |||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | (8 | ) | 8 | — | ||||||||||||||||
Other Comprehensive Income | — | — | — | 4,208 | 166 | 4,374 | |||||||||||||||||
Balance as of December 31, 2015 | $ | 1,111 | $ | 1,756,415 | $ | (674,759 | ) | $ | (9,667 | ) | $ | 42,035 | $ | 1,115,135 | |||||||||
Issuance of Common Stock, Net of Issuance Costs | 56 | 124,528 | — | — | — | 124,584 | |||||||||||||||||
Stock Based Compensation Activity | 2 | 5,516 | (217 | ) | — | — | 5,301 | ||||||||||||||||
Conversion of Limited Partner Units to Common Stock | 3 | 2,859 | — | — | (2,862 | ) | — | ||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | (2,547 | ) | — | — | 2,547 | — | ||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | (88,115 | ) | — | (3,203 | ) | (91,318 | ) | ||||||||||||||
Net Income | — | — | 121,232 | — | 4,452 | 125,684 | |||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | (29 | ) | 29 | — | ||||||||||||||||
Other Comprehensive Income | — | — | — | 5,053 | 186 | 5,239 | |||||||||||||||||
Balance as of December 31, 2016 | $ | 1,172 | $ | 1,886,771 | $ | (641,859 | ) | $ | (4,643 | ) | $ | 43,184 | $ | 1,284,625 | |||||||||
Issuance of Common Stock, Net of Issuance Costs | 25 | 74,636 | — | — | — | 74,661 | |||||||||||||||||
Stock Based Compensation Activity | 2 | 6,932 | (724 | ) | — | — | 6,210 | ||||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 364 | — | — | (364 | ) | — | ||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | (1,593 | ) | — | — | 1,593 | — | ||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | (100,720 | ) | — | (3,386 | ) | (104,106 | ) | ||||||||||||||
Net Income | — | — | 201,456 | — | 6,845 | 208,301 | |||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | (408 | ) | 408 | — | ||||||||||||||||
Other Comprehensive Income | — | — | — | 6,389 | (203 | ) | 6,186 | ||||||||||||||||
Balance as of December 31, 2017 | $ | 1,199 | $ | 1,967,110 | $ | (541,847 | ) | $ | 1,338 | $ | 48,077 | $ | 1,475,877 |
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 208,301 | $ | 125,684 | $ | 76,705 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 94,078 | 95,514 | 92,955 | ||||||||
Amortization of Debt Issuance Costs | 3,162 | 3,219 | 3,159 | ||||||||
Other Amortization, including Stock Based Compensation | 29,252 | 28,403 | 28,359 | ||||||||
Impairment of Real Estate | — | — | 626 | ||||||||
Provision for Bad Debt | 177 | 563 | 954 | ||||||||
Gain on Sale of Real Estate | (131,269 | ) | (68,202 | ) | (48,906 | ) | |||||
Loss from Retirement of Debt | 1,775 | — | — | ||||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | — | — | 11,546 | ||||||||
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,829 | ) | 965 | (2,686 | ) | ||||||
Increase in Deferred Rent Receivable, Net | (5,299 | ) | (6,602 | ) | (6,181 | ) | |||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (465 | ) | (5,655 | ) | 5,673 | ||||||
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (1,453 | ) | (554 | ) | — | ||||||
Gain on Casualty and Involuntary Conversion | (1,321 | ) | — | — | |||||||
Other Operating Activity | — | — | (55 | ) | |||||||
Net Cash Provided by Operating Activities | 191,109 | 173,335 | 162,149 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (175,303 | ) | (107,484 | ) | (168,122 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (146,003 | ) | (179,994 | ) | (150,079 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 228,102 | 163,435 | 154,024 | ||||||||
Proceeds from Casualty and Involuntary Conversion | 10,094 | — | — | ||||||||
Settlement of Interest Rate Protection Agreements | — | — | (11,546 | ) | |||||||
(Increase) Decrease in Escrows | (13,169 | ) | 13,008 | (24,037 | ) | ||||||
Other Investing Activity | 51 | 43 | 2,686 | ||||||||
Net Cash Used in Investing Activities | (96,228 | ) | (110,992 | ) | (197,074 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Debt and Equity Issuance Costs | (6,864 | ) | (375 | ) | (5,158 | ) | |||||
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount | 74,880 | 124,936 | — | ||||||||
Repurchase and Retirement of Restricted Stock | (2,401 | ) | (5,242 | ) | (2,101 | ) | |||||
Common Stock Dividends and Unit Distributions Paid | (100,524 | ) | (82,696 | ) | (55,811 | ) | |||||
Repayments on Mortgage Loans Payable | (46,832 | ) | (70,969 | ) | (35,004 | ) | |||||
Proceeds from Senior Unsecured Notes | 200,000 | — | — | ||||||||
Repayments of Senior Unsecured Notes | (156,852 | ) | (159,125 | ) | — | ||||||
Proceeds from Unsecured Term Loans | — | — | 260,000 | ||||||||
Proceeds from Unsecured Credit Facility | 429,000 | 442,000 | 321,500 | ||||||||
Repayments on Unsecured Credit Facility | (474,000 | ) | (305,000 | ) | (454,000 | ) | |||||
Net Cash (Used in) Provided by Financing Activities | (83,593 | ) | (56,471 | ) | 29,426 | ||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (14 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 11,287 | 5,872 | (5,499 | ) | |||||||
Cash and Cash Equivalents, Beginning of Year | 9,859 | 3,987 | 9,500 | ||||||||
Cash and Cash Equivalents, End of Year | $ | 21,146 | $ | 9,859 | $ | 3,987 | |||||
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | |||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 56,844 | $ | 63,600 | $ | 66,452 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 4,353 | $ | 3,523 | $ | 2,453 | |||||
Income Taxes Paid | $ | 769 | $ | 1,358 | $ | 23 | |||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
Common Stock Dividends and Unit Distributions Payable | $ | 27,016 | $ | 23,434 | $ | 14,812 | |||||
Exchange of Limited Partnership Units for Common Stock: | |||||||||||
Noncontrolling Interest | $ | (364 | ) | $ | (2,862 | ) | $ | (673 | ) | ||
Common Stock | — | 3 | 1 | ||||||||
Additional Paid-in-Capital | 364 | 2,859 | 672 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,269 | $ | 5,405 | $ | 2,090 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 38,597 | $ | 32,712 | $ | 25,747 | |||||
Write-off of Fully Depreciated Assets | $ | (35,560 | ) | $ | (44,080 | ) | $ | (45,457 | ) |
December 31, 2017 | December 31, 2016 | ||||||
(In thousands, except Unit data) | |||||||
ASSETS | |||||||
Assets: | |||||||
Investment in Real Estate: | |||||||
Land | $ | 864,813 | $ | 794,821 | |||
Buildings and Improvements | 2,521,457 | 2,523,015 | |||||
Construction in Progress | 109,475 | 67,078 | |||||
Less: Accumulated Depreciation | (789,919 | ) | (796,492 | ) | |||
Net Investment in Real Estate (including $270,708 and $278,398 related to consolidated variable interest entities, see Note 5) | 2,705,826 | 2,588,422 | |||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $1,471 | — | 2,354 | |||||
Cash and Cash Equivalents | 21,146 | 9,859 | |||||
Restricted Cash | 25,336 | 11,602 | |||||
Tenant Accounts Receivable, Net | 4,873 | 4,757 | |||||
Deferred Rent Receivable, Net | 70,254 | 67,382 | |||||
Deferred Leasing Intangibles, Net | 30,481 | 29,499 | |||||
Prepaid Expenses and Other Assets, Net | 93,264 | 89,826 | |||||
Total Assets | $ | 2,951,180 | $ | 2,803,701 | |||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||
Liabilities: | |||||||
Indebtedness: | |||||||
Mortgage Loans Payable, Net (including $61,256 and $70,366 related to consolidated variable interest entities, see Note 5) | $ | 450,056 | $ | 495,956 | |||
Senior Unsecured Notes, Net | 246,673 | 204,998 | |||||
Unsecured Term Loans, Net | 455,768 | 456,638 | |||||
Unsecured Credit Facility | 144,500 | 189,500 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 86,532 | 84,412 | |||||
Deferred Leasing Intangibles, Net | 10,355 | 10,400 | |||||
Rents Received in Advance and Security Deposits | 44,285 | 43,300 | |||||
Distributions Payable | 27,016 | 23,434 | |||||
Total Liabilities | 1,465,185 | 1,508,638 | |||||
Commitments and Contingencies | — | — | |||||
Partners’ Capital: | |||||||
First Industrial L.P.'s Partners' Capital: | |||||||
General Partner Units (119,883,180 and 117,107,746 units outstanding) | 1,401,583 | 1,219,755 | |||||
Limited Partners Units (4,008,221 and 4,039,375 units outstanding) | 82,251 | 79,156 | |||||
Accumulated Other Comprehensive Income (Loss) | 1,382 | (4,804 | ) | ||||
Total First Industrial L.P.'s Partners’ Capital | 1,485,216 | 1,294,107 | |||||
Noncontrolling Interest | 779 | 956 | |||||
Total Partners’ Capital | 1,485,995 | 1,295,063 | |||||
Total Liabilities and Partners’ Capital | $ | 2,951,180 | $ | 2,803,701 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands, except per Unit data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 303,874 | $ | 289,858 | $ | 281,186 | |||||
Tenant Recoveries and Other Income | 92,528 | 88,162 | 84,637 | ||||||||
Total Revenues | 396,402 | 378,020 | 365,823 | ||||||||
Expenses: | |||||||||||
Property Expenses | 113,494 | 112,324 | 114,628 | ||||||||
General and Administrative | 28,079 | 26,703 | 25,247 | ||||||||
Acquisition Costs | — | 491 | 1,403 | ||||||||
Impairment of Real Estate | — | — | 626 | ||||||||
Depreciation and Other Amortization | 116,364 | 117,282 | 113,814 | ||||||||
Total Expenses | 257,937 | 256,800 | 255,718 | ||||||||
Other Income (Expense): | |||||||||||
Gain on Sale of Real Estate | 131,269 | 68,202 | 48,906 | ||||||||
Interest Expense | (57,199 | ) | (59,430 | ) | (67,424 | ) | |||||
Amortization of Debt Issuance Costs | (3,162 | ) | (3,219 | ) | (3,159 | ) | |||||
Settlement Gain (Loss) on Interest Rate Protection Agreements | 1,896 | — | (11,546 | ) | |||||||
Loss from Retirement of Debt | (1,775 | ) | — | — | |||||||
Total Other Income (Expense) | 71,029 | 5,553 | (33,223 | ) | |||||||
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 209,494 | 126,773 | 76,882 | ||||||||
Equity in Income of Joint Ventures | — | — | 55 | ||||||||
Income Tax Provision | (1,193 | ) | (1,089 | ) | (117 | ) | |||||
Net Income | 208,301 | 125,684 | 76,820 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (143 | ) | (137 | ) | (138 | ) | |||||
Net Income Available to Unitholders and Participating Securities | $ | 208,158 | $ | 125,547 | $ | 76,682 | |||||
Basic Earnings Per Unit: | |||||||||||
Net Income Available to Unitholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | |||||
Diluted Earnings Per Unit: | |||||||||||
Net Income Available to Unitholders | $ | 1.69 | $ | 1.05 | $ | 0.66 | |||||
Distributions Per Unit | $ | 0.84 | $ | 0.76 | $ | 0.51 | |||||
Weighted Average Units Outstanding - Basic | 122,306 | 119,274 | 114,709 | ||||||||
Weighted Average Units Outstanding - Diluted | 122,821 | 119,614 | 115,138 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
Net Income | $ | 208,301 | $ | 125,684 | $ | 76,820 | |||||
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 5,981 | 4,849 | (9,155 | ) | |||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — | — | 12,990 | ||||||||
Amortization of Interest Rate Protection Agreements | 205 | 390 | 524 | ||||||||
Foreign Currency Translation Adjustment | — | — | (26 | ) | |||||||
Comprehensive Income | $ | 214,487 | $ | 130,923 | $ | 81,153 | |||||
Comprehensive Income Attributable to Noncontrolling Interest | (143 | ) | (137 | ) | (138 | ) | |||||
Comprehensive Income Attributable to Unitholders | $ | 214,344 | $ | 130,786 | $ | 81,015 |
General Partner Units | Limited Partner Units | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | |||||||||||||||
Balance as of December 31, 2014 | $ | 1,034,129 | $ | 80,757 | $ | (14,376 | ) | $ | 1,080 | $ | 1,101,590 | ||||||||
Stock Based Compensation Activity | 2,243 | — | — | — | 2,243 | ||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 673 | (673 | ) | — | — | — | |||||||||||||
Unit Distributions | (56,796 | ) | (2,218 | ) | — | — | (59,014 | ) | |||||||||||
Contributions from Noncontrolling Interest | — | — | — | 67 | 67 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (189 | ) | (189 | ) | ||||||||||||
Net Income | 73,779 | 2,903 | — | 138 | 76,820 | ||||||||||||||
Other Comprehensive Income | — | — | 4,333 | — | 4,333 | ||||||||||||||
Balance as of December 31, 2015 | $ | 1,054,028 | $ | 80,769 | $ | (10,043 | ) | $ | 1,096 | $ | 1,125,850 | ||||||||
Issuance of General Partner Units, Net of Issuance Costs | 124,584 | — | — | — | 124,584 | ||||||||||||||
Stock Based Compensation Activity | 5,301 | — | — | — | 5,301 | ||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 2,862 | (2,862 | ) | — | — | — | |||||||||||||
Unit Distributions | (88,115 | ) | (3,203 | ) | — | — | (91,318 | ) | |||||||||||
Contributions from Noncontrolling Interest | — | — | — | 123 | 123 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (400 | ) | (400 | ) | ||||||||||||
Net Income | 121,095 | 4,452 | — | 137 | 125,684 | ||||||||||||||
Other Comprehensive Income | — | — | 5,239 | — | 5,239 | ||||||||||||||
Balance as of December 31, 2016 | $ | 1,219,755 | $ | 79,156 | $ | (4,804 | ) | $ | 956 | $ | 1,295,063 | ||||||||
Contribution of General Partner Units, Net of Issuance Costs | 74,661 | — | — | — | 74,661 | ||||||||||||||
Stock Based Compensation Activity | 6,210 | — | — | — | 6,210 | ||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 364 | (364 | ) | — | — | — | |||||||||||||
Unit Distributions | (100,720 | ) | (3,386 | ) | — | — | (104,106 | ) | |||||||||||
Contributions from Noncontrolling Interest | — | — | — | 40 | 40 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (360 | ) | (360 | ) | ||||||||||||
Net Income | 201,313 | 6,845 | — | 143 | 208,301 | ||||||||||||||
Other Comprehensive Income | — | — | 6,186 | — | 6,186 | ||||||||||||||
Balance as of December 31, 2017 | $ | 1,401,583 | $ | 82,251 | $ | 1,382 | $ | 779 | $ | 1,485,995 |
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 208,301 | $ | 125,684 | $ | 76,820 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 94,078 | 95,514 | 92,955 | ||||||||
Amortization of Debt Issuance Costs | 3,162 | 3,219 | 3,159 | ||||||||
Other Amortization, including Stock Based Compensation | 29,252 | 28,403 | 28,359 | ||||||||
Impairment of Real Estate | — | — | 626 | ||||||||
Provision for Bad Debt | 177 | 563 | 954 | ||||||||
Gain on Sale of Real Estate | (131,269 | ) | (68,202 | ) | (48,906 | ) | |||||
Loss from Retirement of Debt | 1,775 | — | — | ||||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | — | — | 11,546 | ||||||||
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,510 | ) | 1,242 | (2,673 | ) | ||||||
Increase in Deferred Rent Receivable, Net | (5,299 | ) | (6,602 | ) | (6,181 | ) | |||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (465 | ) | (5,655 | ) | 5,682 | ||||||
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (1,453 | ) | (554 | ) | — | ||||||
Gain on Casualty and Involuntary Conversion | (1,321 | ) | — | — | |||||||
Other Operating Activity | — | — | (55 | ) | |||||||
Net Cash Provided by Operating Activities | 191,428 | 173,612 | 162,286 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (175,303 | ) | (107,484 | ) | (168,122 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (146,003 | ) | (179,994 | ) | (150,079 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 228,102 | 163,435 | 154,024 | ||||||||
Proceeds from Casualty and Involuntary Conversion | 10,094 | — | — | ||||||||
Settlement of Interest Rate Protection Agreements | — | — | (11,546 | ) | |||||||
(Increase) Decrease in Escrows | (13,169 | ) | 13,008 | (24,037 | ) | ||||||
Other Investing Activity | 51 | 43 | 2,686 | ||||||||
Net Cash Used in Investing Activities | (96,228 | ) | (110,992 | ) | (197,074 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Debt and Equity Issuance Costs | (6,864 | ) | (375 | ) | (5,158 | ) | |||||
Contribution of General Partner Units | 74,880 | 124,936 | — | ||||||||
Repurchase and Retirement of Restricted Units | (2,401 | ) | (5,242 | ) | (2,101 | ) | |||||
Unit Distributions Paid | (100,524 | ) | (82,696 | ) | (55,811 | ) | |||||
Contributions from Noncontrolling Interests | 40 | 123 | 67 | ||||||||
Distributions to Noncontrolling Interests | (360 | ) | (400 | ) | (189 | ) | |||||
Repayments on Mortgage Loans Payable | (46,832 | ) | (70,969 | ) | (35,004 | ) | |||||
Proceeds from Senior Unsecured Notes | 200,000 | — | — | ||||||||
Repayments of Senior Unsecured Notes | (156,852 | ) | (159,125 | ) | — | ||||||
Proceeds from Unsecured Term Loans | — | — | 260,000 | ||||||||
Proceeds from Unsecured Credit Facility | 429,000 | 442,000 | 321,500 | ||||||||
Repayments on Unsecured Credit Facility | (474,000 | ) | (305,000 | ) | (454,000 | ) | |||||
Net Cash (Used in) Provided by Financing Activities | (83,913 | ) | (56,748 | ) | 29,304 | ||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | (14 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 11,287 | 5,872 | (5,484 | ) | |||||||
Cash and Cash Equivalents, Beginning of Year | 9,859 | 3,987 | 9,485 | ||||||||
Cash and Cash Equivalents, End of Year | $ | 21,146 | $ | 9,859 | $ | 3,987 | |||||
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | |||||||||||
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
(In thousands) | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 56,844 | $ | 63,600 | $ | 66,452 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 4,353 | $ | 3,523 | $ | 2,453 | |||||
Income Taxes Paid | $ | 769 | $ | 1,358 | $ | 23 | |||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
General and Limited Partner Unit Distributions Payable | $ | 27,016 | $ | 23,434 | $ | 14,812 | |||||
Exchange of Limited Partner Units for General Partner Units: | |||||||||||
Limited Partner Units | $ | (364 | ) | $ | (2,862 | ) | $ | (673 | ) | ||
General Partner Units | 364 | 2,862 | 673 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,269 | $ | 5,405 | $ | 2,090 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 38,597 | $ | 32,712 | $ | 25,747 | |||||
Write-off of Fully Depreciated Assets | $ | (35,560 | ) | $ | (44,080 | ) | $ | (45,457 | ) |
Years | |
Buildings and Improvements | 7 to 50 |
Land Improvements | 5 to 20 |
Furniture, Fixtures and Equipment | 3 to 10 |
Tenant Improvements | Lease Term |
December 31, 2017 | December 31, 2016 | ||||||
In-Place Leases | $ | 19,921 | $ | 17,529 | |||
Above Market Leases | 2,298 | 2,373 | |||||
Below Market Ground Lease Obligation | 1,688 | 1,733 | |||||
Tenant Relationships | 6,574 | 7,864 | |||||
Total Included in Total Assets, Net of $29,604 and $27,336 of Accumulated Amortization | $ | 30,481 | $ | 29,499 | |||
Below Market Leases | $ | 10,355 | $ | 10,400 | |||
Total Included in Total Liabilities, Net of $10,578 and $10,193 of Accumulated Amortization | $ | 10,355 | $ | 10,400 |
Estimated Amortization of In-Place Leases and Tenant Relationships | Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases | ||||||
2018 | $ | 5,648 | $ | 1,009 | |||
2019 | $ | 4,753 | $ | 1,019 | |||
2020 | $ | 3,982 | $ | 914 | |||
2021 | $ | 2,590 | $ | 845 | |||
2022 | $ | 2,339 | $ | 833 |
• | Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; |
• | Level 2 - inputs other than quoted prices within Level 1 that are either directly or indirectly observable for the asset or liability; and |
• | Level 3 - unobservable inputs in which little or no market data exists for the asset or liability. |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Number of Industrial Properties Acquired | 8 | 6 | 8 | ||||||||
GLA (in millions) | 1.1 | 0.7 | 1.9 | ||||||||
Purchase Price (A) | $ | 174,209 | $ | 111,130 | $ | 169,218 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Land | $ | 92,810 | $ | 70,380 | |||
Building and Improvements | 73,028 | 37,031 | |||||
Other Assets | 1,659 | 781 | |||||
In-Place Leases | 7,905 | 3,253 | |||||
Above Market Leases | 227 | 214 | |||||
Below Market Leases | (1,420 | ) | — | ||||
Assumed Mortgage Loan Premium (See Note 4) | — | (529 | ) | ||||
Total Purchase Price | $ | 174,209 | $ | 111,130 | |||
Assumed Mortgage Loan (See Note 4) | — | (4,513 | ) | ||||
Total Net Assets Acquired | $ | 174,209 | $ | 106,617 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Number of Industrial Properties Sold | 60 | 63 | 66 | ||||||||
GLA (in millions) | 4.6 | 3.9 | 3.8 | ||||||||
Gross Proceeds from the Sale of Real Estate (A) | $ | 236,059 | $ | 169,911 | $ | 158,429 | |||||
Gain on Sale of Real Estate (A) | $ | 131,269 | $ | 68,202 | $ | 48,906 |
Outstanding Balance at | Interest Rate at December 31, 2017 | Effective Interest Rate at Issuance | Maturity Date | ||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||
Mortgage Loans Payable, Gross | $ | 451,602 | $ | 498,435 | 4.03% – 8.26% | 3.82% – 8.26% | June 2018 – September 2022 | ||||||
Unamortized Debt Issuance Costs | (1,806 | ) | (2,905 | ) | |||||||||
Unamortized Premiums | 260 | 426 | |||||||||||
Mortgage Loans Payable, Net | $ | 450,056 | $ | 495,956 | |||||||||
Senior Unsecured Notes, Gross | |||||||||||||
2017 Notes | — | 54,981 | N/A | N/A | 12/1/2017 | ||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | ||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | ||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | ||||||||
2017 II Notes | — | 101,871 | N/A | N/A | 5/15/2017 | ||||||||
2027 Private Placement Notes | 125,000 | — | 4.30% | 4.30% | 4/20/2027 | ||||||||
2029 Private Placement Notes | 75,000 | — | 4.40% | 4.40% | 4/20/2029 | ||||||||
Subtotal | $ | 248,571 | $ | 205,423 | |||||||||
Unamortized Debt Issuance Costs | (1,814 | ) | (320 | ) | |||||||||
Unamortized Discounts | (84 | ) | (105 | ) | |||||||||
Senior Unsecured Notes, Net | $ | 246,673 | $ | 204,998 | |||||||||
Unsecured Term Loans, Gross | |||||||||||||
2014 Unsecured Term Loan (A) | $ | 200,000 | $ | 200,000 | 3.49% | N/A | 1/29/2021 | ||||||
2015 Unsecured Term Loan (A) | 260,000 | 260,000 | 2.99% | N/A | 9/12/2022 | ||||||||
Subtotal | $ | 460,000 | $ | 460,000 | |||||||||
Unamortized Debt Issuance Costs | (4,232 | ) | (3,362 | ) | |||||||||
Unsecured Term Loans, Net | $ | 455,768 | $ | 456,638 | |||||||||
Unsecured Credit Facility (B) | $ | 144,500 | $ | 189,500 | 2.46% | N/A | 10/29/2021 |
Amount | |||
2018 | $ | 165,449 | |
2019 | 79,329 | ||
2020 | 58,762 | ||
2021 | 411,318 | ||
2022 | 341,244 | ||
Thereafter | 248,571 | ||
Total | $ | 1,304,673 |
December 31, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||
Mortgage Loans Payable, Net | $ | 451,862 | $ | 467,303 | $ | 498,861 | $ | 513,540 | |||||||
Senior Unsecured Notes, Net | 248,487 | 269,731 | 205,318 | 222,469 | |||||||||||
Unsecured Term Loans | 460,000 | 460,000 | 460,000 | 458,602 | |||||||||||
Unsecured Credit Facility | 144,500 | 144,500 | 189,500 | 189,500 | |||||||||||
Total | $ | 1,304,849 | $ | 1,341,534 | $ | 1,353,679 | $ | 1,384,111 |
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Assets: | |||||||
Net Investment in Real Estate | $ | 270,708 | $ | 278,398 | |||
Other Assets, Net | 23,530 | 24,401 | |||||
Total Assets | $ | 294,238 | $ | 302,799 | |||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||
Liabilities: | |||||||
Mortgage Loans Payable, Net | $ | 61,256 | $ | 70,366 | |||
Other Liabilities, Net | 9,283 | 9,138 | |||||
Partners’ Capital | 223,699 | 223,295 | |||||
Total Liabilities and Partners’ Capital | $ | 294,238 | $ | 302,799 |
Shares of Common Stock Outstanding | General Partner and Limited Partner Units Outstanding | ||||
Balance at December 31, 2014 | 110,600,866 | 114,975,503 | |||
Vesting of LTIP Unit Awards (As Defined in Note 11) | 224,990 | 224,990 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 234,360 | 234,360 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (101,921 | ) | (101,921 | ) | |
Conversion of Limited Partner Units | 68,930 | — | |||
Balance at December 31, 2015 | 111,027,225 | 115,332,932 | |||
Issuance of Common Stock/Contribution of General Partner Units | 5,600,000 | 5,600,000 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 322,833 | 322,833 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (108,644 | ) | (108,644 | ) | |
Conversion of Limited Partner Units | 266,332 | — | |||
Balance at December 31, 2016 | 117,107,746 | 121,147,121 | |||
Issuance of Common Stock/Contribution of General Partner Units | 2,560,000 | 2,560,000 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 275,793 | 275,793 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (91,513 | ) | (91,513 | ) | |
Conversion of Limited Partner Units | 31,154 | — | |||
Balance at December 31, 2017 | 119,883,180 | 123,891,401 |
2017 Total Dividend/ Distribution | 2016 Total Dividend/ Distribution | 2015 Total Dividend/ Distribution | |||||||||
Common Stock/Operating Partnership Units | $ | 104,106 | $ | 91,318 | $ | 59,014 |
Interest Rate Protection Agreements | Total for Operating Partnership | Comprehensive Loss Attributable to Noncontrolling Interest | Total for Company | ||||||||||||
Balance as of December 31, 2015 | $ | (10,043 | ) | $ | (10,043 | ) | $ | 376 | $ | (9,667 | ) | ||||
Other Comprehensive (Loss) Before Reclassifications | (2,274 | ) | (2,274 | ) | (215 | ) | (2,489 | ) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7,513 | 7,513 | — | 7,513 | |||||||||||
Net Current Period Other Comprehensive Income | 5,239 | 5,239 | (215 | ) | 5,024 | ||||||||||
Balance as of December 31, 2016 | $ | (4,804 | ) | $ | (4,804 | ) | $ | 161 | $ | (4,643 | ) | ||||
Other Comprehensive Income Before Reclassifications | 1,645 | 1,645 | (205 | ) | 1,440 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,541 | 4,541 | — | 4,541 | |||||||||||
Net Current Period Other Comprehensive Income | 6,186 | 6,186 | (205 | ) | 5,981 | ||||||||||
Balance as of December 31, 2017 | $ | 1,382 | $ | 1,382 | $ | (44 | ) | $ | 1,338 |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Affected Line Items in the Consolidated Statements of Operations | ||||||||||
Interest Rate Protection Agreements: | ||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreement | $ | — | $ | — | $ | 12,990 | Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | |||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | 205 | 390 | 524 | Interest Expense | ||||||||||
Settlement Payments to our Counterparties | 4,336 | 7,123 | 5,529 | Interest Expense | ||||||||||
$ | 4,541 | $ | 7,513 | $ | 19,043 | Total |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Numerator: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 201,456 | $ | 121,232 | $ | 73,802 | |||||
Net Income Allocable to Participating Securities | (646 | ) | (411 | ) | (248 | ) | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 200,810 | $ | 120,821 | $ | 73,554 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Shares - Basic | 118,272 | 115,030 | 110,352 | ||||||||
Effect of Dilutive Securities: | |||||||||||
LTIP Unit Awards (As Defined in Note 11) | 515 | 340 | 429 | ||||||||
Weighted Average Shares - Diluted | 118,787 | 115,370 | 110,781 | ||||||||
Basic EPS: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | |||||
Diluted EPS: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.69 | $ | 1.05 | $ | 0.66 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||
Numerator: | |||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 208,158 | $ | 125,547 | $ | 76,682 | |||||
Net Income Allocable to Participating Securities | (646 | ) | (410 | ) | (248 | ) | |||||
Net Income Available to Unitholders | $ | 207,512 | $ | 125,137 | $ | 76,434 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Units - Basic | 122,306 | 119,274 | 114,709 | ||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | |||||||||||
LTIP Unit Awards (As Defined in Note 11) | 515 | 340 | 429 | ||||||||
Weighted Average Units - Diluted | 122,821 | 119,614 | 115,138 | ||||||||
Basic EPU: | |||||||||||
Net Income Available to Unitholders | $ | 1.70 | $ | 1.05 | $ | 0.67 | |||||
Diluted EPU: | |||||||||||
Net Income Available to Unitholders | $ | 1.69 | $ | 1.05 | $ | 0.66 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Current: | |||||||||||
Federal | $ | (859 | ) | $ | (656 | ) | $ | 68 | |||
State | (344 | ) | (251 | ) | (297 | ) | |||||
Deferred: | |||||||||||
State | 10 | (182 | ) | 112 | |||||||
$ | (1,193 | ) | $ | (1,089 | ) | $ | (117 | ) |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Impairment of Real Estate | $ | 1,267 | $ | 2,051 | |||
Other - Temporary Differences | 233 | 433 | |||||
Valuation Allowance | (984 | ) | (2,181 | ) | |||
Total Deferred Income Tax Assets, Net of Allowance | $ | 516 | $ | 303 | |||
Straight-line Rent | $ | (40 | ) | $ | (51 | ) | |
Basis Difference - Real Estate Properties | (488 | ) | (260 | ) | |||
Other - Temporary Differences | (172 | ) | (186 | ) | |||
Total Deferred Income Tax Liabilities | $ | (700 | ) | $ | (497 | ) | |
Total Net Deferred Income Tax Liabilities | $ | (184 | ) | $ | (194 | ) |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations | $ | (1,416 | ) | $ | (1,764 | ) | $ | 64 | |||
Change in Effective Tax Rate | (609 | ) | — | — | |||||||
State Tax Provision, Net of Federal Benefit | (376 | ) | (462 | ) | (212 | ) | |||||
Non-deductible Permanent Items, Net | — | 7 | 10 | ||||||||
Change in Valuation Allowance | 1,197 | 1,256 | 787 | ||||||||
Other | 11 | (126 | ) | (766 | ) | ||||||
Net Income Tax Provision | $ | (1,193 | ) | $ | (1,089 | ) | $ | (117 | ) |
2017 | As a Percentage of Distributions | 2016 | As a Percentage of Distributions | 2015 | As a Percentage of Distributions | |||||||||||||||
Ordinary Income | $ | 0.6552 | 74.23 | % | $ | 0.6935 | 82.53 | % | $ | 0.2629 | 67.93 | % | ||||||||
Unrecaptured Section 1250 Gain | 0.1627 | 18.43 | % | 0.1130 | 13.45 | % | 0.1241 | 32.07 | % | |||||||||||
Capital Gain | 0.0648 | 7.34 | % | 0.0066 | 0.78 | % | — | 0.00 | % | |||||||||||
Nondividend Distribution - Return of Capital | — | 0.00 | % | 0.0272 | 3.24 | % | — | 0.00 | % | |||||||||||
$ | 0.8827 | 100.00 | % | $ | 0.8403 | 100.00 | % | $ | 0.3870 | 100.00 | % |
2018 | $ | 287,809 | |
2019 | 254,064 | ||
2020 | 216,135 | ||
2021 | 170,559 | ||
2022 | 132,118 | ||
Thereafter | 356,402 | ||
Total | $ | 1,417,087 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||
Expected dividend yield | 2.71 | % | 2.31 | % | |
Expected volatility - range used | 21.50% - 21.80% | 21.01% - 21.19% | |||
Expected volatility - weighted average | 21.68 | % | 20.92 | % | |
Risk-free interest rate | 0.66% - 1.58% | 0.48% - 1.43% |
Awards | Weighted Average Grant Date Fair Value | |||||
Outstanding at December 31, 2016 | 917,532 | $ | 14.35 | |||
Issued | 471,744 | $ | 20.70 | |||
Forfeited | (8,034 | ) | $ | 19.61 | ||
Vested | (268,414 | ) | $ | 21.36 | ||
Outstanding at December 31, 2017 | 1,112,828 | $ | 15.31 |
Fair Value Measurements at Reporting Date Using: | ||||||||||||||
Description | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||
Derivatives designated as a hedging instrument: | ||||||||||||||
Assets: | ||||||||||||||
2015 Swaps | $ | 3,860 | — | $ | 3,860 | — | ||||||||
Liabilities: | ||||||||||||||
2014 Swaps | $ | (1,474 | ) | — | $ | (1,474 | ) | — |
2018 | $ | 1,495 | |
2019 | 772 | ||
2020 | 678 | ||
2021 | 630 | ||
2022 | 583 | ||
Thereafter | 27,139 | ||
Total (A) | $ | 31,297 |
(A) | Minimum rental payments have not been reduced by minimum sublease rentals of $783 due in the future under non-cancelable subleases. |
Year Ended December 31, 2017 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 97,383 | $ | 97,579 | $ | 99,310 | $ | 102,130 | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 22,709 | $ | 37,562 | $ | 43,198 | $ | 97,987 | |||||||
Net Income Allocable to Participating Securities | (67 | ) | (129 | ) | (145 | ) | (331 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 22,642 | $ | 37,433 | $ | 43,053 | $ | 97,656 | |||||||
Basic EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.19 | $ | 0.32 | $ | 0.36 | $ | 0.82 | |||||||
Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.19 | $ | 0.32 | $ | 0.36 | $ | 0.81 | |||||||
Weighted Average Shares Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 116,837 | 117,299 | 119,446 | 119,462 | |||||||||||
Weighted Average Shares - Diluted | 117,261 | 117,779 | 119,990 | 120,076 |
Year Ended December 31, 2016 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 93,467 | $ | 93,015 | $ | 93,562 | $ | 97,976 | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 15,688 | $ | 50,229 | $ | 31,519 | $ | 23,796 | |||||||
Net Income Allocable to Participating Securities | (63 | ) | (180 | ) | (110 | ) | (82 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 15,625 | $ | 50,049 | $ | 31,409 | $ | 23,714 | |||||||
Basic EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | |||||||
Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | |||||||
Weighted Average Shares Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 110,793 | 116,191 | 116,467 | 116,636 | |||||||||||
Weighted Average Shares - Diluted | 110,985 | 116,558 | 116,864 | 117,042 |
Year Ended December 31, 2017 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 97,383 | $ | 97,579 | $ | 99,310 | $ | 102,130 | |||||||
Net Income Available to Unitholders and Participating Securities | $ | 23,464 | $ | 38,827 | $ | 44,613 | $ | 101,254 | |||||||
Net Income Allocable to Participating Securities | (66 | ) | (129 | ) | (145 | ) | (331 | ) | |||||||
Net Income Available to Unitholders | $ | 23,398 | $ | 38,698 | $ | 44,468 | $ | 100,923 | |||||||
Basic EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.19 | $ | 0.32 | $ | 0.36 | $ | 0.82 | |||||||
Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.19 | $ | 0.32 | $ | 0.36 | $ | 0.81 | |||||||
Weighted Average Units Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 120,877 | 121,339 | 123,483 | 123,483 | |||||||||||
Weighted Average Units - Diluted | 121,301 | 121,819 | 124,027 | 124,097 |
Year Ended December 31, 2016 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 93,467 | $ | 93,015 | $ | 93,562 | $ | 97,976 | |||||||
Net Income Available to Unitholders and Participating Securities | $ | 16,281 | $ | 52,048 | $ | 32,630 | $ | 24,588 | |||||||
Net Income Allocable to Participating Securities | (63 | ) | (180 | ) | (110 | ) | (83 | ) | |||||||
Net Income Available to Unitholders | $ | 16,218 | $ | 51,868 | $ | 32,520 | $ | 24,505 | |||||||
Basic EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | |||||||
Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | |||||||
Weighted Average Units Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 115,096 | 120,486 | 120,740 | 120,740 | |||||||||||
Weighted Average Units - Diluted | 115,288 | 120,853 | 121,137 | 121,146 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||
1650 Highway 155 | McDonough, GA | — | 779 | 4,544 | (755 | ) | 356 | 4,212 | 4,568 | 2,467 | 1994 | (i) | ||||||||||||||||||
4051 Southmeadow Parkway | Atlanta, GA | — | 726 | 4,130 | 1,662 | 726 | 5,792 | 6,518 | 2,881 | 1994 | (i) | |||||||||||||||||||
4071 Southmeadow Parkway | Atlanta, GA | — | 750 | 4,460 | 1,835 | 828 | 6,217 | 7,045 | 3,313 | 1994 | (i) | |||||||||||||||||||
4081 Southmeadow Parkway | Atlanta, GA | — | 1,012 | 5,918 | 2,088 | 1,157 | 7,861 | 9,018 | 4,077 | 1994 | (i) | |||||||||||||||||||
5570 Tulane Drive | (d) | Atlanta, GA | 2,131 | 527 | 2,984 | 1,232 | 546 | 4,197 | 4,743 | 1,976 | 1996 | (i) | ||||||||||||||||||
955 Cobb Place | Kennesaw, GA | 2,803 | 780 | 4,420 | 1,036 | 804 | 5,432 | 6,236 | 2,613 | 1997 | (i) | |||||||||||||||||||
1005 Sigman Road | Conyers, GA | 2,192 | 566 | 3,134 | 1,176 | 574 | 4,302 | 4,876 | 1,628 | 1999 | (i) | |||||||||||||||||||
2050 East Park Drive | Conyers, GA | — | 452 | 2,504 | 860 | 459 | 3,357 | 3,816 | 1,346 | 1999 | (i) | |||||||||||||||||||
3060 South Park Blvd | Ellenwood, GA | — | 1,600 | 12,464 | 3,202 | 1,604 | 15,662 | 17,266 | 5,482 | 2003 | (i) | |||||||||||||||||||
175 Greenwood Industrial Parkway | McDonough, GA | 4,127 | 1,550 | — | 7,632 | 1,550 | 7,632 | 9,182 | 2,603 | 2004 | (i) | |||||||||||||||||||
5095 Phillip Lee Drive | Atlanta, GA | 3,630 | 735 | 3,627 | 493 | 740 | 4,115 | 4,855 | 3,182 | 2005 | (i) | |||||||||||||||||||
6514 Warren Drive | Norcross, GA | — | 510 | 1,250 | 133 | 513 | 1,380 | 1,893 | 560 | 2005 | (i) | |||||||||||||||||||
6544 Warren Drive | Norcross, GA | — | 711 | 2,310 | 334 | 715 | 2,640 | 3,355 | 1,183 | 2005 | (i) | |||||||||||||||||||
5356 E. Ponce De Leon | Stone Mountain, GA | — | 604 | 3,888 | 3 | 610 | 3,885 | 4,495 | 2,271 | 2005 | (i) | |||||||||||||||||||
5390 E. Ponce De Leon | Stone Mountain, GA | — | 397 | 1,791 | 206 | 402 | 1,992 | 2,394 | 951 | 2005 | (i) | |||||||||||||||||||
195 & 197 Collins Boulevard | Athens, GA | — | 1,410 | 5,344 | 539 | 989 | 6,304 | 7,293 | 4,078 | 2005 | (i) | |||||||||||||||||||
1755 Enterprise Drive | Buford, GA | 1,181 | 712 | 2,118 | (202 | ) | 716 | 1,912 | 2,628 | 825 | 2006 | (i) | ||||||||||||||||||
4555 Atwater Court | Buford, GA | 2,035 | 881 | 3,550 | 96 | 885 | 3,642 | 4,527 | 1,402 | 2006 | (i) | |||||||||||||||||||
80 Liberty Industrial Parkway | McDonough, GA | — | 756 | 3,695 | (1,392 | ) | 467 | 2,592 | 3,059 | 1,105 | 2007 | (i) | ||||||||||||||||||
596 Bonnie Valentine | Pendergrass, GA | — | 2,580 | 21,730 | 2,537 | 2,594 | 24,253 | 26,847 | 6,929 | 2007 | (i) | |||||||||||||||||||
11415 Old Roswell Road | Alpharetta, GA | — | 2,403 | 1,912 | 808 | 2,428 | 2,695 | 5,123 | 867 | 2008 | (i) | |||||||||||||||||||
1281 Highway 155 S. | McDonough, GA | — | 2,501 | — | 17,055 | 2,501 | 17,055 | 19,556 | 592 | 2016 | (i) | |||||||||||||||||||
Baltimore | ||||||||||||||||||||||||||||||
9700 Martin Luther King Hwy | Lanham, MD | — | 700 | 1,920 | 638 | 700 | 2,558 | 3,258 | 1,077 | 2003 | (i) | |||||||||||||||||||
9730 Martin Luther King Hwy | Lanham, MD | — | 500 | 955 | 433 | 500 | 1,388 | 1,888 | 644 | 2003 | (i) | |||||||||||||||||||
4621 Boston Way | Lanham, MD | — | 1,100 | 3,070 | 1,084 | 1,100 | 4,154 | 5,254 | 1,815 | 2003 | (i) | |||||||||||||||||||
4720 Boston Way | Lanham, MD | — | 1,200 | 2,174 | 838 | 1,200 | 3,012 | 4,212 | 1,310 | 2003 | (i) | |||||||||||||||||||
22520 Randolph Drive | Dulles, VA | — | 3,200 | 8,187 | 187 | 3,208 | 8,366 | 11,574 | 2,245 | 2004 | (i) | |||||||||||||||||||
22630 Dulles Summit Court | Dulles, VA | — | 2,200 | 9,346 | (903 | ) | 2,206 | 8,437 | 10,643 | 2,531 | 2004 | (i) | ||||||||||||||||||
4370-4383 Lottsford Vista Road | Lanham, MD | — | 279 | 1,358 | 63 | 296 | 1,404 | 1,700 | 471 | 2005 | (i) | |||||||||||||||||||
4400 Lottsford Vista Road | Lanham, MD | — | 351 | 1,955 | (21 | ) | 372 | 1,913 | 2,285 | 606 | 2005 | (i) | ||||||||||||||||||
4420 Lottsford Vista Road | Lanham, MD | — | 539 | 2,196 | 289 | 568 | 2,456 | 3,024 | 825 | 2005 | (i) | |||||||||||||||||||
11204 McCormick Road | Hunt Valley, MD | — | 1,017 | 3,132 | 210 | 1,038 | 3,321 | 4,359 | 1,637 | 2005 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
11110 Pepper Road | Hunt Valley, MD | — | 918 | 2,529 | 300 | 938 | 2,809 | 3,747 | 1,324 | 2005 | (i) | |||||||||||||||||||
11100-11120 Gilroy Road | Hunt Valley, MD | — | 901 | 1,455 | 67 | 919 | 1,504 | 2,423 | 696 | 2005 | (i) | |||||||||||||||||||
10709 Gilroy Road | Hunt Valley, MD | 2,014 | 913 | 2,705 | (103 | ) | 913 | 2,602 | 3,515 | 1,596 | 2005 | (i) | ||||||||||||||||||
10707 Gilroy Road | Hunt Valley, MD | — | 1,111 | 3,819 | 564 | 1,136 | 4,358 | 5,494 | 2,169 | 2005 | (i) | |||||||||||||||||||
38 Loveton Circle | Sparks, MD | — | 1,648 | 2,151 | (192 | ) | 1,690 | 1,917 | 3,607 | 967 | 2005 | (i) | ||||||||||||||||||
1225 Bengies Road | Baltimore, MD | — | 2,640 | 270 | 13,510 | 2,823 | 13,597 | 16,420 | 4,311 | 2008 | (i) | |||||||||||||||||||
400 Old Post Road | Aberdeen, MD | — | 3,411 | 17,144 | 1,486 | 3,411 | 18,630 | 22,041 | 1,584 | 2015 | (i) | |||||||||||||||||||
500 Old Post Road | Aberdeen, MD | — | 5,959 | 30,533 | 146 | 5,959 | 30,679 | 36,638 | 2,712 | 2015 | (i) | |||||||||||||||||||
Central/Eastern Pennsylvania | ||||||||||||||||||||||||||||||
1214-B Freedom Road | Cranberry Township, PA | 1,008 | 31 | 994 | 613 | 200 | 1,438 | 1,638 | 1,324 | 1994 | (i) | |||||||||||||||||||
401 Russell Drive | Middletown, PA | — | 262 | 857 | 1,799 | 287 | 2,631 | 2,918 | 2,141 | 1994 | (i) | |||||||||||||||||||
2700 Commerce Drive | Middletown, PA | — | 196 | 997 | 797 | 206 | 1,784 | 1,990 | 1,527 | 1994 | (i) | |||||||||||||||||||
2701 Commerce Drive | Middletown, PA | 1,477 | 141 | 859 | 1,399 | 164 | 2,235 | 2,399 | 1,620 | 1994 | (i) | |||||||||||||||||||
2780 Commerce Drive | Middletown, PA | 1,235 | 113 | 743 | 1,150 | 209 | 1,797 | 2,006 | 1,537 | 1994 | (i) | |||||||||||||||||||
350 Old Silver Spring Road | Mechanicsburg, PA | — | 510 | 2,890 | 6,449 | 541 | 9,308 | 9,849 | 4,453 | 1997 | (i) | |||||||||||||||||||
16522 Hunters Green Parkway | Hagerstown, MD | 12,010 | 1,390 | 13,104 | 5,007 | 1,863 | 17,638 | 19,501 | 5,571 | 2003 | (i) | |||||||||||||||||||
18212 Shawley Drive | Hagerstown, MD | 5,020 | 1,000 | 5,847 | 1,304 | 1,016 | 7,135 | 8,151 | 2,328 | 2004 | (i) | |||||||||||||||||||
37 Valley View Drive | Jessup, PA | 2,303 | 542 | — | 3,197 | 532 | 3,207 | 3,739 | 1,005 | 2004 | (i) | |||||||||||||||||||
14 McFadden Road | Palmer, PA | — | 600 | 1,349 | (274 | ) | 625 | 1,050 | 1,675 | 367 | 2004 | (i) | ||||||||||||||||||
431 Railroad Avenue | Shiremanstown, PA | — | 1,293 | 7,164 | 1,968 | 1,341 | 9,084 | 10,425 | 4,845 | 2005 | (i) | |||||||||||||||||||
6951 Allentown Blvd | Harrisburg, PA | — | 585 | 3,176 | 315 | 601 | 3,475 | 4,076 | 1,640 | 2005 | (i) | |||||||||||||||||||
320 Reliance Road | Washington, PA | — | 201 | 1,819 | (348 | ) | 178 | 1,494 | 1,672 | 875 | 2005 | (i) | ||||||||||||||||||
2801 Red Lion Road | Philadelphia, PA | — | 950 | 5,916 | 7 | 964 | 5,909 | 6,873 | 2,928 | 2005 | (i) | |||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 1 | Harrisburg, PA | — | 382 | 2,343 | 8 | 387 | 2,346 | 2,733 | 740 | 2006 | (i) | |||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 2 | Harrisburg, PA | — | 436 | 1,587 | (223 | ) | 443 | 1,357 | 1,800 | 473 | 2006 | (i) | ||||||||||||||||||
200 Cascade Drive, Bldg. 1 | Allentown, PA | 12,693 | 2,133 | 17,562 | 745 | 2,769 | 17,671 | 20,440 | 7,402 | 2007 | (i) | |||||||||||||||||||
200 Cascade Drive, Bldg. 2 | Allentown, PA | 1,628 | 310 | 2,268 | 67 | 316 | 2,329 | 2,645 | 831 | 2007 | (i) | |||||||||||||||||||
1490 Dennison Circle | Carlisle, PA | — | 1,500 | — | 13,874 | 2,341 | 13,033 | 15,374 | 4,083 | 2008 | (i) | |||||||||||||||||||
298 First Avenue | Covington Twp, PA | — | 7,022 | — | 57,325 | 7,019 | 57,328 | 64,347 | 13,543 | 2008 | (i) | |||||||||||||||||||
225 Cross Farm Lane | York, PA | 17,172 | 4,718 | — | 23,163 | 4,715 | 23,166 | 27,881 | 5,941 | 2008 | (i) | |||||||||||||||||||
6300 Bristol Pike | Levittown, PA | — | 1,074 | 2,642 | (110 | ) | 964 | 2,642 | 3,606 | 2,230 | 2008 | (i) | ||||||||||||||||||
2455 Boulevard of Generals | Norristown, PA | 3,123 | 1,200 | 4,800 | 950 | 1,226 | 5,724 | 6,950 | 2,014 | 2008 | (i) | |||||||||||||||||||
105 Steamboat Blvd | Manchester, PA | — | 4,085 | 14,464 | 1 | 4,070 | 14,480 | 18,550 | 3,451 | 2012 | (i) | |||||||||||||||||||
20 Leo Lane | York County, PA | — | 6,884 | — | 27,442 | 6,889 | 27,437 | 34,326 | 2,724 | 2013 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
3895 Eastgate Blvd, Bldg. A | Easton, PA | — | 4,855 | — | 17,788 | 4,388 | 18,255 | 22,643 | 1,096 | 2015 | (i) | |||||||||||||||||||
3895 Eastgate Blvd, Bldg. B | Easton, PA | — | 3,459 | — | 13,816 | 3,128 | 14,147 | 17,275 | 932 | 2015 | (i) | |||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||||
720-730 Landwehr Drive | Northbrook, IL | — | 521 | 2,982 | 855 | 521 | 3,837 | 4,358 | 2,107 | 1994 | (i) | |||||||||||||||||||
1385 101st Street | Lemont, IL | 3,705 | 967 | 5,554 | 1,723 | 968 | 7,276 | 8,244 | 3,884 | 1994 | (i) | |||||||||||||||||||
2300 Windsor Court | Addison, IL | 3,492 | 688 | 3,943 | 1,040 | 696 | 4,975 | 5,671 | 2,885 | 1994 | (i) | |||||||||||||||||||
305-311 Era Drive | Northbrook, IL | — | 200 | 1,154 | 1,242 | 205 | 2,391 | 2,596 | 1,039 | 1994 | (i) | |||||||||||||||||||
800 Business Drive | Mount Prospect, IL | — | 631 | 3,493 | 328 | 666 | 3,786 | 4,452 | 1,622 | 2000 | (i) | |||||||||||||||||||
580 Slawin Court | Mount Prospect, IL | 734 | 233 | 1,292 | (37 | ) | 162 | 1,326 | 1,488 | 689 | 2000 | (i) | ||||||||||||||||||
1005 101st Street | Lemont, IL | 5,420 | 1,200 | 6,643 | 1,619 | 1,220 | 8,242 | 9,462 | 3,050 | 2001 | (i) | |||||||||||||||||||
175 Wall Street | Glendale Heights, IL | 1,565 | 427 | 2,363 | 692 | 433 | 3,049 | 3,482 | 997 | 2002 | (i) | |||||||||||||||||||
251 Airport Road | North Aurora, IL | 4,155 | 983 | — | 6,924 | 983 | 6,924 | 7,907 | 2,889 | 2002 | (i) | |||||||||||||||||||
1661 Feehanville Drive | Mount Prospect, IL | — | 985 | 5,455 | 3,735 | 1,044 | 9,131 | 10,175 | 4,254 | 2004 | (i) | |||||||||||||||||||
400 Crossroads Pkwy | Bolingbrook, IL | 5,273 | 1,178 | 9,453 | 1,102 | 1,181 | 10,552 | 11,733 | 4,175 | 2005 | (i) | |||||||||||||||||||
7801 W. Industrial Drive | Forest Park, IL | — | 1,215 | 3,020 | 1,314 | 1,220 | 4,329 | 5,549 | 1,830 | 2005 | (i) | |||||||||||||||||||
725 Kimberly Drive | Carol Stream, IL | — | 793 | 1,395 | 234 | 801 | 1,621 | 2,422 | 815 | 2005 | (i) | |||||||||||||||||||
17001 S. Vincennes | Thornton, IL | — | 497 | 504 | 3 | 513 | 491 | 1,004 | 415 | 2005 | (i) | |||||||||||||||||||
2900 W. 166th Street | Markham, IL | — | 1,132 | 4,293 | (881 | ) | 1,134 | 3,410 | 4,544 | 1,158 | 2007 | (i) | ||||||||||||||||||
555 W. Algonquin Road | Arlington Heights, IL | 1,899 | 574 | 741 | 1,936 | 579 | 2,672 | 3,251 | 990 | 2007 | (i) | |||||||||||||||||||
1501 Oakton Street | Elk Grove Village, IL | 6,095 | 3,369 | 6,121 | 134 | 3,482 | 6,142 | 9,624 | 1,902 | 2008 | (i) | |||||||||||||||||||
16500 W. 103rd Street | Woodridge, IL | — | 744 | 2,458 | 143 | 762 | 2,583 | 3,345 | 965 | 2008 | (i) | |||||||||||||||||||
8505 50th Street | Kenosha, WI | — | 3,212 | — | 32,956 | 3,212 | 32,956 | 36,168 | 8,027 | 2008 | (i) | |||||||||||||||||||
4100 Rock Creek Blvd | Joliet, IL | — | 4,476 | 16,061 | 634 | 4,476 | 16,695 | 21,171 | 3,085 | 2013 | (i) | |||||||||||||||||||
10100 58th Place | Kenosha, WI | — | 4,201 | 17,604 | 1,203 | 4,201 | 18,807 | 23,008 | 4,378 | 2013 | (i) | |||||||||||||||||||
401 Airport Road | North Aurora, IL | — | 534 | 1,957 | 12 | 534 | 1,969 | 2,503 | 299 | 2014 | (i) | |||||||||||||||||||
3737 84th Avenue | Somers, WI | — | 1,943 | — | 24,144 | 1,943 | 24,144 | 26,087 | 1,000 | 2016 | (i) | |||||||||||||||||||
81 Paragon Drive | Romeoville, IL | — | 1,787 | 7,252 | 689 | 1,787 | 7,941 | 9,728 | 300 | 2016 | (i) | |||||||||||||||||||
10680 88th Avenue | Pleasant Prairie, WI | — | 1,376 | 4,757 | — | 1,376 | 4,757 | 6,133 | 34 | 2017 | (i) | |||||||||||||||||||
8725 31st Street | Somers, WI | — | 2,133 | — | 26,478 | 2,134 | 26,477 | 28,611 | 575 | 2017 | (i) | |||||||||||||||||||
Cincinnati | ||||||||||||||||||||||||||||||
4700-4750 Creek Road | Blue Ash, OH | — | 1,080 | 6,118 | 1,510 | 1,109 | 7,599 | 8,708 | 3,743 | 1996 | (i) | |||||||||||||||||||
4436 Muhlhauser Road | Hamilton, OH | 3,614 | 630 | — | 5,238 | 630 | 5,238 | 5,868 | 1,954 | 2002 | (i) | |||||||||||||||||||
4438 Muhlhauser Road | Hamilton, OH | — | 779 | — | 6,355 | 779 | 6,355 | 7,134 | 2,458 | 2002 | (i) | |||||||||||||||||||
420 Wards Corner Road | Loveland, OH | — | 600 | 1,083 | 945 | 606 | 2,022 | 2,628 | 826 | 2003 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
422 Wards Corner Road | Loveland, OH | — | 600 | 1,811 | 385 | 592 | 2,204 | 2,796 | 793 | 2003 | (i) | |||||||||||||||||||
4663 Dues Drive | Westchester, OH | — | 858 | 2,273 | 606 | 875 | 2,862 | 3,737 | 1,801 | 2005 | (i) | |||||||||||||||||||
9345 Princeton-Glendale Road | Westchester, OH | 1,279 | 818 | 1,648 | 380 | 840 | 2,006 | 2,846 | 1,533 | 2006 | (i) | |||||||||||||||||||
9525 Glades Drive | Westchester, OH | — | 347 | 1,323 | 112 | 355 | 1,427 | 1,782 | 602 | 2007 | (i) | |||||||||||||||||||
9774-9792 Windisch Road | Westchester, OH | — | 392 | 1,744 | 421 | 394 | 2,163 | 2,557 | 795 | 2007 | (i) | |||||||||||||||||||
9808-9830 Windisch Road | Westchester, OH | — | 395 | 2,541 | 261 | 397 | 2,800 | 3,197 | 913 | 2007 | (i) | |||||||||||||||||||
9842-9862 Windisch Road | Westchester, OH | — | 506 | 3,148 | 157 | 508 | 3,303 | 3,811 | 1,052 | 2007 | (i) | |||||||||||||||||||
9872-9898 Windisch Road | Westchester, OH | — | 546 | 3,039 | 159 | 548 | 3,196 | 3,744 | 1,127 | 2007 | (i) | |||||||||||||||||||
9902-9922 Windisch Road | Westchester, OH | — | 623 | 4,003 | 1,293 | 627 | 5,292 | 5,919 | 2,276 | 2007 | (i) | |||||||||||||||||||
Cleveland | ||||||||||||||||||||||||||||||
30311 Emerald Valley Parkway | Glenwillow, OH | 7,102 | 681 | 11,838 | 993 | 691 | 12,821 | 13,512 | 5,305 | 2006 | (i) | |||||||||||||||||||
30333 Emerald Valley Parkway | Glenwillow, OH | — | 466 | 5,447 | (615 | ) | 475 | 4,823 | 5,298 | 1,734 | 2006 | (i) | ||||||||||||||||||
7800 Cochran Road | Glenwillow, OH | 3,750 | 972 | 7,033 | 338 | 991 | 7,352 | 8,343 | 2,864 | 2006 | (i) | |||||||||||||||||||
7900 Cochran Road | Glenwillow, OH | 3,761 | 775 | 6,244 | 137 | 792 | 6,364 | 7,156 | 2,546 | 2006 | (i) | |||||||||||||||||||
7905 Cochran Road | Glenwillow, OH | 4,090 | 920 | 6,174 | 45 | 922 | 6,217 | 7,139 | 2,224 | 2006 | (i) | |||||||||||||||||||
8181 Darrow Road | Twinsburg, OH | 6,992 | 2,478 | 6,791 | 2,084 | 2,496 | 8,857 | 11,353 | 5,000 | 2008 | (i) | |||||||||||||||||||
Dallas/Ft. Worth | ||||||||||||||||||||||||||||||
2406-2416 Walnut Ridge | Dallas, TX | — | 178 | 1,006 | 592 | 172 | 1,604 | 1,776 | 680 | 1997 | (i) | |||||||||||||||||||
2401-2419 Walnut Ridge | Dallas, TX | — | 148 | 839 | 416 | 142 | 1,261 | 1,403 | 571 | 1997 | (i) | |||||||||||||||||||
900-906 Great Southwest Pkwy | Arlington, TX | — | 237 | 1,342 | 478 | 270 | 1,787 | 2,057 | 847 | 1997 | (i) | |||||||||||||||||||
3000 West Commerce | Dallas, TX | — | 456 | 2,584 | 1,160 | 469 | 3,731 | 4,200 | 1,833 | 1997 | (i) | |||||||||||||||||||
405-407 113th | Arlington, TX | — | 181 | 1,026 | 464 | 185 | 1,486 | 1,671 | 677 | 1997 | (i) | |||||||||||||||||||
816 111th Street | Arlington, TX | — | 251 | 1,421 | 139 | 258 | 1,553 | 1,811 | 755 | 1997 | (i) | |||||||||||||||||||
7427 Dogwood Park | Richland Hills, TX | — | 96 | 532 | 316 | 102 | 842 | 944 | 355 | 1998 | (i) | |||||||||||||||||||
7348-54 Tower Street | Richland Hills, TX | — | 88 | 489 | 218 | 94 | 701 | 795 | 316 | 1998 | (i) | |||||||||||||||||||
7339-41 Tower Street | Richland Hills, TX | — | 98 | 541 | 175 | 104 | 710 | 814 | 317 | 1998 | (i) | |||||||||||||||||||
7437-45 Tower Street | Richland Hills, TX | — | 102 | 563 | 423 | 108 | 980 | 1,088 | 361 | 1998 | (i) | |||||||||||||||||||
7331-59 Airport Freeway | Richland Hills, TX | 1,813 | 354 | 1,958 | 632 | 372 | 2,572 | 2,944 | 1,143 | 1998 | (i) | |||||||||||||||||||
7338-60 Dogwood Park | Richland Hills, TX | — | 106 | 587 | 257 | 112 | 838 | 950 | 365 | 1998 | (i) | |||||||||||||||||||
7450-70 Dogwood Park | Richland Hills, TX | — | 106 | 584 | 152 | 112 | 730 | 842 | 338 | 1998 | (i) | |||||||||||||||||||
7423-49 Airport Freeway | Richland Hills, TX | 1,527 | 293 | 1,621 | 565 | 308 | 2,171 | 2,479 | 944 | 1998 | (i) | |||||||||||||||||||
7400 Whitehall Street | Richland Hills, TX | — | 109 | 603 | 95 | 115 | 692 | 807 | 321 | 1998 | (i) | |||||||||||||||||||
1602-1654 Terre Colony | Dallas, TX | — | 458 | 2,596 | 864 | 468 | 3,450 | 3,918 | 1,450 | 2000 | (i) | |||||||||||||||||||
2220 Merritt Drive | Garland, TX | — | 352 | 1,993 | 393 | 316 | 2,422 | 2,738 | 896 | 2000 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
2485-2505 Merritt Drive | Garland, TX | — | 431 | 2,440 | 529 | 443 | 2,957 | 3,400 | 1,193 | 2000 | (i) | |||||||||||||||||||
2110 Hutton Drive | Carrolton, TX | — | 374 | 2,117 | 385 | 255 | 2,621 | 2,876 | 1,176 | 2001 | (i) | |||||||||||||||||||
2025 McKenzie Drive | Carrolton, TX | — | 437 | 2,478 | 516 | 442 | 2,989 | 3,431 | 1,151 | 2001 | (i) | |||||||||||||||||||
2019 McKenzie Drive | Carrolton, TX | — | 502 | 2,843 | 288 | 507 | 3,126 | 3,633 | 1,282 | 2001 | (i) | |||||||||||||||||||
2029-2035 McKenzie Drive | Carrolton, TX | — | 306 | 1,870 | 356 | 306 | 2,226 | 2,532 | 858 | 2001 | (i) | |||||||||||||||||||
2015 McKenzie Drive | Carrolton, TX | 2,029 | 510 | 2,891 | 460 | 516 | 3,345 | 3,861 | 1,386 | 2001 | (i) | |||||||||||||||||||
2009 McKenzie Drive | Carrolton, TX | 1,940 | 476 | 2,699 | 516 | 481 | 3,210 | 3,691 | 1,385 | 2001 | (i) | |||||||||||||||||||
900-1100 Avenue S | Grand Prairie, TX | — | 623 | 3,528 | 994 | 629 | 4,516 | 5,145 | 1,628 | 2002 | (i) | |||||||||||||||||||
Plano Crossing Bus. Park | (f) | Plano, TX | 7,480 | 1,961 | 11,112 | 1,160 | 1,981 | 12,252 | 14,233 | 4,611 | 2002 | (i) | ||||||||||||||||||
7413A-C Dogwood Park | Richland Hills, TX | — | 110 | 623 | 197 | 111 | 819 | 930 | 317 | 2002 | (i) | |||||||||||||||||||
7450 Tower Street | Richland Hills, TX | — | 36 | 204 | 203 | 36 | 407 | 443 | 144 | 2002 | (i) | |||||||||||||||||||
7436 Tower Street | Richland Hills, TX | — | 57 | 324 | 191 | 58 | 514 | 572 | 161 | 2002 | (i) | |||||||||||||||||||
7426 Tower Street | Richland Hills, TX | — | 76 | 429 | 185 | 76 | 614 | 690 | 219 | 2002 | (i) | |||||||||||||||||||
7427-7429 Tower Street | Richland Hills, TX | — | 75 | 427 | 190 | 76 | 616 | 692 | 197 | 2002 | (i) | |||||||||||||||||||
2840-2842 Handley Ederville Road | Richland Hills, TX | — | 112 | 635 | 84 | 113 | 718 | 831 | 266 | 2002 | (i) | |||||||||||||||||||
7451-7477 Airport Freeway | Richland Hills, TX | 1,276 | 256 | 1,453 | 363 | 259 | 1,813 | 2,072 | 652 | 2002 | (i) | |||||||||||||||||||
3000 Wesley Way | Richland Hills, TX | — | 208 | 1,181 | 45 | 211 | 1,223 | 1,434 | 462 | 2002 | (i) | |||||||||||||||||||
7451 Dogwood Park | Richland Hills, TX | — | 133 | 753 | 167 | 134 | 919 | 1,053 | 328 | 2002 | (i) | |||||||||||||||||||
825-827 Avenue H | (d) | Arlington, TX | 2,296 | 600 | 3,006 | 402 | 604 | 3,404 | 4,008 | 1,603 | 2004 | (i) | ||||||||||||||||||
1013-31 Avenue M | Grand Prairie, TX | — | 300 | 1,504 | 296 | 302 | 1,798 | 2,100 | 791 | 2004 | (i) | |||||||||||||||||||
1172-84 113th Street | (d) | Grand Prairie, TX | — | 700 | 3,509 | (16 | ) | 704 | 3,489 | 4,193 | 1,312 | 2004 | (i) | |||||||||||||||||
1200-16 Avenue H | (d) | Arlington, TX | — | 600 | 2,846 | 760 | 604 | 3,602 | 4,206 | 1,295 | 2004 | (i) | ||||||||||||||||||
1322-66 W. North Carrier Parkway | (e) | Grand Prairie, TX | 4,190 | 1,000 | 5,012 | 1,302 | 1,006 | 6,308 | 7,314 | 2,469 | 2004 | (i) | ||||||||||||||||||
2401-2407 Centennial Drive | Arlington, TX | 2,060 | 600 | 2,534 | 578 | 604 | 3,108 | 3,712 | 1,358 | 2004 | (i) | |||||||||||||||||||
3111 West Commerce Street | Dallas, TX | 3,541 | 1,000 | 3,364 | 1,818 | 1,011 | 5,171 | 6,182 | 2,201 | 2004 | (i) | |||||||||||||||||||
13800 Senlac Drive | Farmers Branch, TX | 2,751 | 823 | 4,042 | (63 | ) | 825 | 3,977 | 4,802 | 1,825 | 2005 | (i) | ||||||||||||||||||
801-831 S Great Southwest Pkwy | (g) | Grand Prairie, TX | — | 2,581 | 16,556 | 419 | 2,586 | 16,970 | 19,556 | 10,466 | 2005 | (i) | ||||||||||||||||||
801 Heinz Way | Grand Prairie, TX | 2,597 | 599 | 3,327 | 291 | 601 | 3,616 | 4,217 | 1,764 | 2005 | (i) | |||||||||||||||||||
901-937 Heinz Way | Grand Prairie, TX | 2,037 | 493 | 2,758 | 56 | 481 | 2,826 | 3,307 | 1,496 | 2005 | (i) | |||||||||||||||||||
3301 Century Circle | Irving, TX | — | 760 | 3,856 | 128 | 771 | 3,973 | 4,744 | 1,256 | 2007 | (i) | |||||||||||||||||||
3901 W Miller Road | Garland, TX | — | 1,912 | — | 15,358 | 1,947 | 15,323 | 17,270 | 4,578 | 2008 | (i) | |||||||||||||||||||
1251 North Cockrell Hill Road | Dallas, TX | — | 2,064 | — | 13,539 | 1,073 | 14,530 | 15,603 | 1,170 | 2015 | (i) | |||||||||||||||||||
1171 North Cockrell Hill Road | Dallas, TX | — | 1,215 | — | 10,971 | 632 | 11,554 | 12,186 | 821 | 2015 | (i) | |||||||||||||||||||
3996 Scientific Drive | Arlington, TX | — | 1,301 | — | 8,082 | 1,349 | 8,034 | 9,383 | 780 | 2015 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
750 Gateway Blvd | Coppell, TX | — | 1,452 | 4,679 | 80 | 1,452 | 4,759 | 6,211 | 383 | 2015 | (i) | |||||||||||||||||||
2250 East Bardin Road | Arlington, TX | — | 1,603 | — | 10,465 | 1,603 | 10,465 | 12,068 | 610 | 2016 | (i) | |||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||
4785 Elati | Denver, CO | — | 173 | 981 | 382 | 175 | 1,361 | 1,536 | 583 | 1997 | (i) | |||||||||||||||||||
4770 Fox Street | Denver, CO | — | 132 | 750 | 294 | 134 | 1,042 | 1,176 | 461 | 1997 | (i) | |||||||||||||||||||
3851-3871 Revere | Denver, CO | — | 361 | 2,047 | 522 | 368 | 2,562 | 2,930 | 1,254 | 1997 | (i) | |||||||||||||||||||
4570 Ivy Street | Denver, CO | — | 219 | 1,239 | 174 | 220 | 1,412 | 1,632 | 723 | 1997 | (i) | |||||||||||||||||||
5855 Stapleton Drive North | Denver, CO | — | 288 | 1,630 | 217 | 290 | 1,845 | 2,135 | 930 | 1997 | (i) | |||||||||||||||||||
5885 Stapleton Drive North | Denver, CO | — | 376 | 2,129 | 348 | 380 | 2,473 | 2,853 | 1,238 | 1997 | (i) | |||||||||||||||||||
5977 North Broadway | Denver, CO | 1,471 | 268 | 1,518 | 603 | 271 | 2,118 | 2,389 | 1,014 | 1997 | (i) | |||||||||||||||||||
5952-5978 North Broadway | Denver, CO | 2,133 | 414 | 2,346 | 704 | 422 | 3,042 | 3,464 | 1,468 | 1997 | (i) | |||||||||||||||||||
4721 Ironton Street | Denver, CO | — | 232 | 1,313 | 352 | 236 | 1,661 | 1,897 | 786 | 1997 | (i) | |||||||||||||||||||
7003 E 47th Ave Drive | Denver, CO | — | 441 | 2,689 | 47 | 441 | 2,736 | 3,177 | 1,412 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - A | Wheatridge, CO | 1,045 | 283 | 1,625 | 80 | 287 | 1,701 | 1,988 | 897 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - B | Wheatridge, CO | 870 | 225 | 1,272 | 158 | 227 | 1,428 | 1,655 | 707 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - C | Wheatridge, CO | 2,306 | 600 | 3,409 | 378 | 601 | 3,786 | 4,387 | 1,878 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - D | Wheatridge, CO | 1,051 | 246 | 1,537 | 216 | 247 | 1,752 | 1,999 | 940 | 1997 | (i) | |||||||||||||||||||
451-591 East 124th Avenue | Thornton, CO | — | 383 | 2,145 | 441 | 383 | 2,586 | 2,969 | 1,326 | 1997 | (i) | |||||||||||||||||||
6547 South Racine Circle | Centennial, CO | 2,699 | 739 | 4,241 | 494 | 739 | 4,735 | 5,474 | 2,242 | 1997 | (i) | |||||||||||||||||||
11701 East 53rd Avenue | Denver, CO | — | 416 | 2,355 | 297 | 422 | 2,646 | 3,068 | 1,296 | 1997 | (i) | |||||||||||||||||||
5401 Oswego | Denver, CO | — | 273 | 1,547 | 237 | 278 | 1,779 | 2,057 | 885 | 1997 | (i) | |||||||||||||||||||
445 Bryant Street | Denver, CO | 8,586 | 1,829 | 10,219 | 2,939 | 1,829 | 13,158 | 14,987 | 5,788 | 1998 | (i) | |||||||||||||||||||
12055 E 49th Ave/4955 Peoria | Denver, CO | — | 298 | 1,688 | 439 | 305 | 2,120 | 2,425 | 1,038 | 1998 | (i) | |||||||||||||||||||
4940-4950 Paris | Denver, CO | — | 152 | 861 | 207 | 156 | 1,064 | 1,220 | 498 | 1998 | (i) | |||||||||||||||||||
7367 South Revere Parkway | Centennial, CO | — | 926 | 5,124 | 977 | 934 | 6,093 | 7,027 | 2,839 | 1998 | (i) | |||||||||||||||||||
8200 East Park Meadows Drive | (d) | Lone Tree, CO | 5,615 | 1,297 | 7,348 | 1,158 | 1,304 | 8,499 | 9,803 | 3,666 | 2000 | (i) | ||||||||||||||||||
3250 Quentin Street | (d) | Aurora, CO | 5,125 | 1,220 | 6,911 | 815 | 1,230 | 7,716 | 8,946 | 3,311 | 2000 | (i) | ||||||||||||||||||
8020 Southpark Circle | Littleton, CO | — | 739 | — | 3,305 | 781 | 3,263 | 4,044 | 1,309 | 2000 | (i) | |||||||||||||||||||
1130 W. 124th Avenue | Westminster, CO | — | 441 | — | 3,612 | 441 | 3,612 | 4,053 | 1,370 | 2000 | (i) | |||||||||||||||||||
1070 W. 124th Avenue | Westminster, CO | — | 374 | — | 2,771 | 374 | 2,771 | 3,145 | 1,110 | 2000 | (i) | |||||||||||||||||||
1020 W. 124th Avenue | Westminster, CO | — | 374 | — | 2,727 | 374 | 2,727 | 3,101 | 1,132 | 2000 | (i) | |||||||||||||||||||
8810 W. 116th Circle | Broomfield, CO | — | 312 | — | 1,815 | 370 | 1,757 | 2,127 | 659 | 2001 | (i) | |||||||||||||||||||
960 W. 124th Avenue | Westminster, CO | — | 441 | — | 3,659 | 442 | 3,658 | 4,100 | 1,505 | 2001 | (i) | |||||||||||||||||||
8820 W. 116th Circle | Broomfield, CO | — | 338 | 1,918 | 343 | 372 | 2,227 | 2,599 | 819 | 2003 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
8835 W. 116th Circle | Broomfield, CO | — | 1,151 | 6,523 | 1,092 | 1,304 | 7,462 | 8,766 | 2,874 | 2003 | (i) | |||||||||||||||||||
18150 E. 32nd Place | Aurora, CO | — | 563 | 3,188 | 143 | 572 | 3,322 | 3,894 | 1,311 | 2004 | (i) | |||||||||||||||||||
3400 Fraser Street | Aurora, CO | 2,009 | 616 | 3,593 | (134 | ) | 620 | 3,455 | 4,075 | 1,324 | 2005 | (i) | ||||||||||||||||||
7005 E. 46th Avenue Drive | Denver, CO | 1,198 | 512 | 2,025 | (107 | ) | 517 | 1,913 | 2,430 | 719 | 2005 | (i) | ||||||||||||||||||
4001 Salazar Way | Frederick, CO | 3,714 | 1,271 | 6,508 | (713 | ) | 1,276 | 5,790 | 7,066 | 1,833 | 2006 | (i) | ||||||||||||||||||
5909-5915 N. Broadway | Denver, CO | — | 495 | 1,268 | 120 | 500 | 1,383 | 1,883 | 783 | 2006 | (i) | |||||||||||||||||||
21301 E. 33rd Drive | Aurora, CO | — | 2,860 | 8,202 | 677 | 2,861 | 8,878 | 11,739 | 336 | 2017 | (i) | |||||||||||||||||||
Detroit | ||||||||||||||||||||||||||||||
47461 Clipper | Plymouth Township, MI | — | 122 | 723 | 103 | 122 | 826 | 948 | 472 | 1994 | (i) | |||||||||||||||||||
449 Executive Drive | Troy, MI | — | 125 | 425 | 974 | 218 | 1,306 | 1,524 | 1,214 | 1994 | (i) | |||||||||||||||||||
1416 Meijer Drive | Troy, MI | — | 94 | 394 | 477 | 121 | 844 | 965 | 716 | 1994 | (i) | |||||||||||||||||||
1624 Meijer Drive | Troy, MI | — | 236 | 1,406 | 1,093 | 373 | 2,362 | 2,735 | 2,190 | 1994 | (i) | |||||||||||||||||||
1972 Meijer Drive | Troy, MI | — | 315 | 1,301 | 787 | 372 | 2,031 | 2,403 | 1,778 | 1994 | (i) | |||||||||||||||||||
1707 Northwood Drive | Troy, MI | — | 95 | 262 | 1,724 | 239 | 1,842 | 2,081 | 1,703 | 1994 | (i) | |||||||||||||||||||
1826 Northwood Drive | Troy, MI | — | 55 | 208 | 472 | 103 | 632 | 735 | 563 | 1994 | (i) | |||||||||||||||||||
1864 Northwood Drive | Troy, MI | — | 57 | 190 | 489 | 107 | 629 | 736 | 578 | 1994 | (i) | |||||||||||||||||||
2730 Research Drive | Rochester Hills, MI | — | 903 | 4,215 | 829 | 903 | 5,044 | 5,947 | 4,553 | 1994 | (i) | |||||||||||||||||||
2791 Research Drive | Rochester Hills, MI | — | 557 | 2,731 | 680 | 560 | 3,408 | 3,968 | 2,699 | 1994 | (i) | |||||||||||||||||||
2871 Research Drive | Rochester Hills, MI | — | 324 | 1,487 | 412 | 327 | 1,896 | 2,223 | 1,556 | 1994 | (i) | |||||||||||||||||||
2870 Technology Drive | Rochester Hills, MI | — | 275 | 1,262 | 356 | 279 | 1,614 | 1,893 | 1,435 | 1994 | (i) | |||||||||||||||||||
2900 Technology Drive | Rochester Hills, MI | — | 214 | 977 | 627 | 219 | 1,599 | 1,818 | 1,092 | 1994 | (i) | |||||||||||||||||||
2930 Technology Drive | Rochester Hills, MI | — | 131 | 594 | 432 | 138 | 1,019 | 1,157 | 773 | 1994 | (i) | |||||||||||||||||||
2950 Technology Drive | Rochester Hills, MI | — | 178 | 819 | 368 | 185 | 1,180 | 1,365 | 940 | 1994 | (i) | |||||||||||||||||||
23014 Commerce Drive | Farmington Hills, MI | — | 39 | 203 | 191 | 56 | 377 | 433 | 344 | 1994 | (i) | |||||||||||||||||||
23028 Commerce Drive | Farmington Hills, MI | — | 98 | 507 | 295 | 125 | 775 | 900 | 703 | 1994 | (i) | |||||||||||||||||||
23035 Commerce Drive | Farmington Hills, MI | — | 71 | 355 | 300 | 93 | 633 | 726 | 545 | 1994 | (i) | |||||||||||||||||||
23093 Commerce Drive | Farmington Hills, MI | — | 211 | 1,024 | 1,337 | 295 | 2,277 | 2,572 | 1,924 | 1994 | (i) | |||||||||||||||||||
23135 Commerce Drive | Farmington Hills, MI | — | 146 | 701 | 312 | 158 | 1,001 | 1,159 | 923 | 1994 | (i) | |||||||||||||||||||
23163 Commerce Drive | Farmington Hills, MI | — | 111 | 513 | 393 | 138 | 879 | 1,017 | 800 | 1994 | (i) | |||||||||||||||||||
23177 Commerce Drive | Farmington Hills, MI | — | 175 | 1,007 | 689 | 254 | 1,617 | 1,871 | 1,464 | 1994 | (i) | |||||||||||||||||||
23370 Commerce Drive | Farmington Hills, MI | — | 59 | 233 | 209 | 66 | 435 | 501 | 382 | 1994 | (i) | |||||||||||||||||||
4400 Purks Drive | Auburn Hills, MI | — | 602 | 3,410 | 3,995 | 612 | 7,395 | 8,007 | 3,703 | 1995 | (i) | |||||||||||||||||||
12707 Eckles Road | Plymouth Township, MI | — | 255 | 1,445 | 241 | 267 | 1,674 | 1,941 | 854 | 1996 | (i) | |||||||||||||||||||
32975 Capitol Avenue | Livonia, MI | — | 135 | 748 | (174 | ) | 77 | 632 | 709 | 344 | 1998 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
11923 Brookfield Avenue | Livonia, MI | — | 120 | 665 | (314 | ) | 32 | 439 | 471 | 297 | 1998 | (i) | ||||||||||||||||||
47711 Clipper Street | Plymouth Township, MI | — | 539 | 2,983 | 579 | 575 | 3,526 | 4,101 | 1,623 | 1998 | (i) | |||||||||||||||||||
12874 Westmore Avenue | Livonia, MI | — | 137 | 761 | (234 | ) | 58 | 606 | 664 | 346 | 1998 | (i) | ||||||||||||||||||
1775 Bellingham | Troy, MI | — | 344 | 1,902 | 339 | 367 | 2,218 | 2,585 | 1,066 | 1998 | (i) | |||||||||||||||||||
1785 East Maple | Troy, MI | — | 92 | 507 | 210 | 98 | 711 | 809 | 319 | 1998 | (i) | |||||||||||||||||||
980 Chicago | Troy, MI | — | 206 | 1,141 | 333 | 220 | 1,460 | 1,680 | 664 | 1998 | (i) | |||||||||||||||||||
1885 Enterprise Drive | Rochester Hills, MI | — | 209 | 1,158 | 589 | 223 | 1,733 | 1,956 | 849 | 1998 | (i) | |||||||||||||||||||
1935-55 Enterprise Drive | Rochester Hills, MI | — | 1,285 | 7,144 | 1,322 | 1,371 | 8,380 | 9,751 | 3,978 | 1998 | (i) | |||||||||||||||||||
5500 Enterprise Court | Warren, MI | — | 675 | 3,737 | 772 | 721 | 4,463 | 5,184 | 2,106 | 1998 | (i) | |||||||||||||||||||
750 Chicago Road | Troy, MI | — | 323 | 1,790 | 404 | 345 | 2,172 | 2,517 | 1,050 | 1998 | (i) | |||||||||||||||||||
800 Chicago Road | Troy, MI | — | 283 | 1,567 | 380 | 302 | 1,928 | 2,230 | 913 | 1998 | (i) | |||||||||||||||||||
850 Chicago Road | Troy, MI | — | 183 | 1,016 | 279 | 196 | 1,282 | 1,478 | 587 | 1998 | (i) | |||||||||||||||||||
4872 S. Lapeer Road | Lake Orion Twsp, MI | — | 1,342 | 5,441 | 1,214 | 1,412 | 6,585 | 7,997 | 3,388 | 1999 | (i) | |||||||||||||||||||
1400 Allen Drive | Troy, MI | — | 209 | 1,154 | 380 | 212 | 1,531 | 1,743 | 605 | 2000 | (i) | |||||||||||||||||||
1408 Allen Drive | Troy, MI | — | 151 | 834 | 121 | 153 | 953 | 1,106 | 404 | 2000 | (i) | |||||||||||||||||||
28435 Automation Blvd | Wixom, MI | — | 621 | — | 3,661 | 628 | 3,654 | 4,282 | 1,193 | 2004 | (i) | |||||||||||||||||||
32200 North Avis Drive | Madison Heights, MI | — | 503 | 3,367 | (1,452 | ) | 195 | 2,223 | 2,418 | 859 | 2005 | (i) | ||||||||||||||||||
100 Kay Industrial Drive | Orion Township, MI | — | 677 | 2,018 | 164 | 685 | 2,174 | 2,859 | 1,145 | 2005 | (i) | |||||||||||||||||||
42555 Merrill Road | Sterling Heights, MI | — | 1,080 | 2,300 | 3,487 | 1,090 | 5,777 | 6,867 | 2,688 | 2006 | (i) | |||||||||||||||||||
200 Northpointe Drive | Orion Township, MI | — | 723 | 2,063 | (456 | ) | 734 | 1,596 | 2,330 | 687 | 2006 | (i) | ||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||
3351 Rauch Street | Houston, TX | — | 272 | 1,541 | 581 | 278 | 2,116 | 2,394 | 948 | 1997 | (i) | |||||||||||||||||||
3801-3851 Yale Street | Houston, TX | — | 413 | 2,343 | 1,505 | 425 | 3,836 | 4,261 | 1,492 | 1997 | (i) | |||||||||||||||||||
3337-3347 Rauch Street | Houston, TX | — | 227 | 1,287 | 433 | 233 | 1,714 | 1,947 | 775 | 1997 | (i) | |||||||||||||||||||
8505 North Loop East | Houston, TX | — | 439 | 2,489 | 575 | 449 | 3,054 | 3,503 | 1,459 | 1997 | (i) | |||||||||||||||||||
4749-4799 Eastpark Drive | Houston, TX | — | 594 | 3,368 | 1,220 | 611 | 4,571 | 5,182 | 2,195 | 1997 | (i) | |||||||||||||||||||
4851 Homestead Road | Houston, TX | 2,426 | 491 | 2,782 | 1,342 | 504 | 4,111 | 4,615 | 1,928 | 1997 | (i) | |||||||||||||||||||
3365-3385 Rauch Street | Houston, TX | — | 284 | 1,611 | 487 | 290 | 2,092 | 2,382 | 945 | 1997 | (i) | |||||||||||||||||||
5050 Campbell Road | Houston, TX | — | 461 | 2,610 | 1,078 | 470 | 3,679 | 4,149 | 1,664 | 1997 | (i) | |||||||||||||||||||
4300 Pine Timbers | Houston, TX | 2,282 | 489 | 2,769 | 725 | 499 | 3,484 | 3,983 | 1,729 | 1997 | (i) | |||||||||||||||||||
2500-2530 Fairway Park Drive | Houston, TX | — | 766 | 4,342 | 2,141 | 792 | 6,457 | 7,249 | 2,844 | 1997 | (i) | |||||||||||||||||||
6550 Longpointe | Houston, TX | — | 362 | 2,050 | 1,025 | 370 | 3,067 | 3,437 | 1,400 | 1997 | (i) | |||||||||||||||||||
1815 Turning Basin Drive | Houston, TX | — | 487 | 2,761 | 1,871 | 531 | 4,588 | 5,119 | 1,898 | 1997 | (i) | |||||||||||||||||||
1819 Turning Basin Drive | Houston, TX | — | 231 | 1,308 | 896 | 251 | 2,184 | 2,435 | 946 | 1997 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
1805 Turning Basin Drive | Houston, TX | — | 564 | 3,197 | 2,489 | 616 | 5,634 | 6,250 | 2,425 | 1997 | (i) | |||||||||||||||||||
11505 State Highway 225 | La Porte, TX | — | 940 | 4,675 | 10 | 940 | 4,685 | 5,625 | 1,645 | 2005 | (i) | |||||||||||||||||||
1500 East Main Street | La Porte, TX | — | 201 | 1,328 | (91 | ) | 204 | 1,234 | 1,438 | 1,060 | 2005 | (i) | ||||||||||||||||||
7230-7238 Wynnwood | Houston, TX | — | 254 | 764 | 203 | 259 | 962 | 1,221 | 536 | 2007 | (i) | |||||||||||||||||||
7240-7248 Wynnwood | Houston, TX | — | 271 | 726 | 333 | 276 | 1,054 | 1,330 | 508 | 2007 | (i) | |||||||||||||||||||
7250-7260 Wynnwood | Houston, TX | — | 200 | 481 | 1,501 | 203 | 1,979 | 2,182 | 529 | 2007 | (i) | |||||||||||||||||||
6400 Long Point | Houston, TX | — | 188 | 898 | 110 | 188 | 1,008 | 1,196 | 424 | 2007 | (i) | |||||||||||||||||||
7967 Blankenship | Houston, TX | — | 307 | 1,166 | 337 | 307 | 1,503 | 1,810 | 620 | 2010 | (i) | |||||||||||||||||||
8800 City Park Loop East | Houston, TX | — | 3,717 | 19,237 | (535 | ) | 3,717 | 18,702 | 22,419 | 4,785 | 2011 | (i) | ||||||||||||||||||
4800 West Greens Road | Houston, TX | — | 3,350 | — | 17,772 | 3,312 | 17,810 | 21,122 | 2,020 | 2014 | (i) | |||||||||||||||||||
611 East Sam Houston Parkway S | Pasadena, TX | — | 1,970 | 7,431 | 874 | 2,011 | 8,264 | 10,275 | 484 | 2015 | (i) | |||||||||||||||||||
619 East Sam Houston Parkway S | Pasadena, TX | — | 2,879 | 11,713 | 772 | 2,872 | 12,492 | 15,364 | 752 | 2015 | (i) | |||||||||||||||||||
Indianapolis | ||||||||||||||||||||||||||||||
2900 North Shadeland Avenue | Indianapolis, IN | — | 2,057 | 13,565 | 6,946 | 2,057 | 20,511 | 22,568 | 9,376 | 1996 | (i) | |||||||||||||||||||
1445 Brookville Way | Indianapolis, IN | — | 459 | 2,603 | 1,416 | 476 | 4,002 | 4,478 | 1,811 | 1996 | (i) | |||||||||||||||||||
1440 Brookville Way | Indianapolis, IN | — | 665 | 3,770 | 880 | 685 | 4,630 | 5,315 | 2,330 | 1996 | (i) | |||||||||||||||||||
1240 Brookville Way | Indianapolis, IN | — | 247 | 1,402 | 502 | 258 | 1,893 | 2,151 | 920 | 1996 | (i) | |||||||||||||||||||
1345 Brookville Way | Indianapolis, IN | — | 586 | 3,321 | 1,671 | 601 | 4,977 | 5,578 | 2,411 | 1996 | (i) | |||||||||||||||||||
1350 Brookville Way | Indianapolis, IN | — | 205 | 1,161 | 348 | 212 | 1,502 | 1,714 | 734 | 1996 | (i) | |||||||||||||||||||
1504 Sadlier Circle South | Indianapolis, IN | — | 219 | 1,238 | 53 | 115 | 1,395 | 1,510 | 706 | 1996 | (i) | |||||||||||||||||||
1335 Sadlier Circle East | Indianapolis, IN | — | 81 | 460 | 187 | 86 | 642 | 728 | 314 | 1996 | (i) | |||||||||||||||||||
6951 East 30th Street | Indianapolis, IN | — | 256 | 1,449 | 419 | 265 | 1,859 | 2,124 | 907 | 1996 | (i) | |||||||||||||||||||
6701 East 30th Street | Indianapolis, IN | — | 78 | 443 | 98 | 82 | 537 | 619 | 284 | 1996 | (i) | |||||||||||||||||||
6737 East 30th Street | Indianapolis, IN | 1,975 | 385 | 2,181 | 641 | 398 | 2,809 | 3,207 | 1,352 | 1996 | (i) | |||||||||||||||||||
6555 East 30th Street | Indianapolis, IN | — | 484 | 4,760 | 2,576 | 484 | 7,336 | 7,820 | 3,268 | 1996 | (i) | |||||||||||||||||||
7901 West 21st Street | Indianapolis, IN | — | 1,048 | 6,027 | 376 | 1,048 | 6,403 | 7,451 | 3,172 | 1997 | (i) | |||||||||||||||||||
1225 Brookville Way | Indianapolis, IN | — | 60 | — | 431 | 68 | 423 | 491 | 206 | 1997 | (i) | |||||||||||||||||||
6751 East 30th Street | Indianapolis, IN | 2,453 | 728 | 2,837 | 417 | 741 | 3,241 | 3,982 | 1,606 | 1997 | (i) | |||||||||||||||||||
6575 East 30th Street | Indianapolis, IN | 1,296 | 118 | — | 1,986 | 128 | 1,976 | 2,104 | 922 | 1998 | (i) | |||||||||||||||||||
6585 East 30th Street | Indianapolis, IN | 2,106 | 196 | — | 3,223 | 196 | 3,223 | 3,419 | 1,530 | 1998 | (i) | |||||||||||||||||||
14425 Bergen Blvd | Noblesville, IN | — | 647 | — | 3,730 | 743 | 3,634 | 4,377 | 1,077 | 2007 | (i) | |||||||||||||||||||
6635 East 30th Street | Indianapolis, IN | — | 466 | 3,093 | 60 | 466 | 3,153 | 3,619 | 201 | 2016 | (i) | |||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||
4700 NW 15th Avenue | Ft. Lauderdale, FL | — | 908 | 1,883 | 8 | 912 | 1,887 | 2,799 | 747 | 2007 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
4710 NW 15th Avenue | Ft. Lauderdale, FL | — | 830 | 2,722 | 12 | 834 | 2,730 | 3,564 | 835 | 2007 | (i) | |||||||||||||||||||
4720 NW 15th Avenue | Ft. Lauderdale, FL | — | 937 | 2,455 | 373 | 942 | 2,823 | 3,765 | 1,039 | 2007 | (i) | |||||||||||||||||||
4740 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,107 | 3,111 | 16 | 1,112 | 3,122 | 4,234 | 968 | 2007 | (i) | |||||||||||||||||||
4750 NW 15th Avenue | Ft. Lauderdale, FL | — | 947 | 3,079 | 353 | 951 | 3,428 | 4,379 | 1,008 | 2007 | (i) | |||||||||||||||||||
4800 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,092 | 3,308 | 135 | 1,097 | 3,438 | 4,535 | 1,005 | 2007 | (i) | |||||||||||||||||||
6891 NW 74th Street | Medley, FL | — | 857 | 3,428 | 4,295 | 864 | 7,716 | 8,580 | 2,807 | 2007 | (i) | |||||||||||||||||||
12601 &12605 NW 115th Avenue | Medley, FL | — | 2,316 | — | 423 | 762 | 1,977 | 2,739 | 421 | 2008 | (i) | |||||||||||||||||||
1351 NW 78th Avenue | Doral, FL | — | 3,111 | 4,634 | (383 | ) | 3,111 | 4,251 | 7,362 | 283 | 2016 | (i) | ||||||||||||||||||
2500 N.W. 19th Street | Pompano Beach, FL | 8,824 | 11,660 | 17 | 8,824 | 11,677 | 20,501 | 231 | 2017 | (i) | ||||||||||||||||||||
Milwaukee | ||||||||||||||||||||||||||||||
5355 South Westridge Drive | New Berlin, WI | 4,232 | 1,630 | 7,058 | (105 | ) | 1,646 | 6,937 | 8,583 | 2,129 | 2004 | (i) | ||||||||||||||||||
17005 West Ryerson Road | New Berlin, WI | 2,558 | 403 | 3,647 | 415 | 405 | 4,060 | 4,465 | 2,169 | 2005 | (i) | |||||||||||||||||||
1500 Peebles Drive | Richland Center, WI | — | 1,577 | 1,018 | (441 | ) | 1,528 | 626 | 2,154 | 565 | 2005 | (i) | ||||||||||||||||||
16600 West Glendale Avenue | New Berlin, WI | 1,892 | 704 | 1,923 | 972 | 715 | 2,884 | 3,599 | 2,121 | 2006 | (i) | |||||||||||||||||||
N58W15380 Shawn Circle | Menomonee Falls, WI | — | 1,188 | — | 16,931 | 1,204 | 16,915 | 18,119 | 4,641 | 2008 | (i) | |||||||||||||||||||
Minneapolis/St. Paul | ||||||||||||||||||||||||||||||
6201 West 111th Street | Bloomington, MN | 2,110 | 1,358 | 8,622 | 13,464 | 1,519 | 21,925 | 23,444 | 13,390 | 1994 | (i) | |||||||||||||||||||
1030 Lone Oak Road | Eagan, MN | 2,105 | 456 | 2,703 | 847 | 456 | 3,550 | 4,006 | 1,927 | 1994 | (i) | |||||||||||||||||||
1060 Lone Oak Road | Eagan, MN | 2,690 | 624 | 3,700 | 795 | 624 | 4,495 | 5,119 | 2,442 | 1994 | (i) | |||||||||||||||||||
5400 Nathan Lane | Plymouth, MN | — | 749 | 4,461 | 884 | 757 | 5,337 | 6,094 | 2,899 | 1994 | (i) | |||||||||||||||||||
6655 Wedgewood Road | Maple Grove, MN | — | 1,466 | 8,342 | 5,870 | 1,466 | 14,212 | 15,678 | 7,014 | 1994 | (i) | |||||||||||||||||||
10120 West 76th Street | Eden Prairie, MN | — | 315 | 1,804 | 1,043 | 315 | 2,847 | 3,162 | 1,411 | 1995 | (i) | |||||||||||||||||||
12155 Nicollet Avenue | Burnsville, MN | — | 286 | — | 1,957 | 288 | 1,955 | 2,243 | 980 | 1995 | (i) | |||||||||||||||||||
5775 12th Avenue | Shakopee, MN | 3,611 | 590 | — | 5,712 | 590 | 5,712 | 6,302 | 1,934 | 1998 | (i) | |||||||||||||||||||
1157 Valley Park Drive | Shakopee, MN | 3,989 | 760 | — | 7,330 | 888 | 7,202 | 8,090 | 2,971 | 1999 | (i) | |||||||||||||||||||
9600 West 76th Street | Eden Prairie, MN | 2,008 | 1,000 | 2,450 | 98 | 1,034 | 2,514 | 3,548 | 805 | 2004 | (i) | |||||||||||||||||||
9700 West 76th Street | Eden Prairie, MN | 2,165 | 1,000 | 2,709 | 117 | 1,038 | 2,788 | 3,826 | 876 | 2004 | (i) | |||||||||||||||||||
7600 69th Avenue | Greenfield, MN | — | 1,500 | 8,328 | (468 | ) | 1,510 | 7,850 | 9,360 | 2,147 | 2004 | (i) | ||||||||||||||||||
5017 Boone Avenue North | New Hope, MN | — | 1,000 | 1,599 | 581 | 1,009 | 2,171 | 3,180 | 1,225 | 2005 | (i) | |||||||||||||||||||
1087 Park Place | Shakopee, MN | 3,346 | 1,195 | 4,891 | (246 | ) | 1,198 | 4,642 | 5,840 | 1,505 | 2005 | (i) | ||||||||||||||||||
5391 12th Avenue SE | Shakopee, MN | — | 1,392 | 8,149 | (294 | ) | 1,395 | 7,852 | 9,247 | 2,475 | 2005 | (i) | ||||||||||||||||||
4701 Valley Industrial Blvd S | Shakopee, MN | 4,744 | 1,296 | 7,157 | (172 | ) | 1,299 | 6,982 | 8,281 | 3,400 | 2005 | (i) | ||||||||||||||||||
6455 City West Parkway | Eden Prairie, MN | — | 659 | 3,189 | 1,274 | 665 | 4,457 | 5,122 | 1,811 | 2006 | (i) | |||||||||||||||||||
7035 Winnetka Avenue North | Brooklyn Park, MN | 4,343 | 1,275 | — | 7,533 | 1,343 | 7,465 | 8,808 | 2,004 | 2007 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
139 Eva Street | St. Paul, MN | — | 2,132 | 3,105 | (286 | ) | 2,175 | 2,776 | 4,951 | 826 | 2008 | (i) | ||||||||||||||||||
21900 Dodd Boulevard | Lakeville, MN | 9,009 | 2,289 | 7,952 | — | 2,289 | 7,952 | 10,241 | 2,720 | 2010 | (i) | |||||||||||||||||||
375 Rivertown Drive | Woodbury, MN | 7,198 | 2,635 | 8,157 | 1,197 | 2,635 | 9,354 | 11,989 | 1,714 | 2014 | (i) | |||||||||||||||||||
935 Aldrin Drive | Eagan, MN | 5,341 | 2,096 | 7,884 | 293 | 2,096 | 8,177 | 10,273 | 1,218 | 2014 | (i) | |||||||||||||||||||
7050 Winnetka Avenue North | Brooklyn Park, MN | — | 1,623 | — | 7,567 | 1,634 | 7,556 | 9,190 | 605 | 2014 | (i) | |||||||||||||||||||
7051 West Broadway | Brooklyn Park, MN | 3,733 | 1,275 | — | 5,828 | 1,279 | 5,824 | 7,103 | 446 | 2014 | (i) | |||||||||||||||||||
Nashville | ||||||||||||||||||||||||||||||
1931 Air Lane Drive | Nashville, TN | 1,881 | 489 | 2,785 | 305 | 493 | 3,086 | 3,579 | 1,537 | 1997 | (i) | |||||||||||||||||||
4640 Cummings Park | Nashville, TN | — | 360 | 2,040 | 625 | 365 | 2,660 | 3,025 | 1,112 | 1999 | (i) | |||||||||||||||||||
1740 River Hills Drive | Nashville, TN | 2,686 | 848 | 4,383 | 746 | 888 | 5,089 | 5,977 | 2,656 | 2005 | (i) | |||||||||||||||||||
211 Ellery Court | Nashville, TN | 2,008 | 606 | 3,192 | 23 | 616 | 3,205 | 3,821 | 1,232 | 2007 | (i) | |||||||||||||||||||
130 Maddox Road | Mount Juliet, TN | 15,821 | 1,778 | — | 23,910 | 1,778 | 23,910 | 25,688 | 5,326 | 2008 | (i) | |||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||
14 World's Fair Drive | Franklin, NJ | — | 483 | 2,735 | 728 | 503 | 3,443 | 3,946 | 1,632 | 1997 | (i) | |||||||||||||||||||
12 World's Fair Drive | Franklin, NJ | — | 572 | 3,240 | 844 | 593 | 4,063 | 4,656 | 1,908 | 1997 | (i) | |||||||||||||||||||
22 World's Fair Drive | Franklin, NJ | — | 364 | 2,064 | 547 | 375 | 2,600 | 2,975 | 1,206 | 1997 | (i) | |||||||||||||||||||
26 World's Fair Drive | Franklin, NJ | — | 361 | 2,048 | 616 | 377 | 2,648 | 3,025 | 1,234 | 1997 | (i) | |||||||||||||||||||
24 World's Fair Drive | Franklin, NJ | — | 347 | 1,968 | 581 | 362 | 2,534 | 2,896 | 1,230 | 1997 | (i) | |||||||||||||||||||
20 World's Fair Drive Lot 13 | Somerset, NJ | — | 9 | — | 2,629 | 691 | 1,947 | 2,638 | 789 | 1999 | (i) | |||||||||||||||||||
45 Route 46 | Pine Brook, NJ | — | 969 | 5,491 | 966 | 978 | 6,448 | 7,426 | 2,773 | 2000 | (i) | |||||||||||||||||||
43 Route 46 | Pine Brook, NJ | — | 474 | 2,686 | 438 | 479 | 3,119 | 3,598 | 1,311 | 2000 | (i) | |||||||||||||||||||
39 Route 46 | Pine Brook, NJ | — | 260 | 1,471 | 243 | 262 | 1,712 | 1,974 | 719 | 2000 | (i) | |||||||||||||||||||
26 Chapin Road | Pine Brook, NJ | — | 956 | 5,415 | 526 | 965 | 5,932 | 6,897 | 2,566 | 2000 | (i) | |||||||||||||||||||
30 Chapin Road | Pine Brook, NJ | — | 960 | 5,440 | 471 | 970 | 5,901 | 6,871 | 2,541 | 2000 | (i) | |||||||||||||||||||
20 Hook Mountain Road | Pine Brook, NJ | — | 1,507 | 8,542 | 1,401 | 1,534 | 9,916 | 11,450 | 4,140 | 2000 | (i) | |||||||||||||||||||
30 Hook Mountain Road | Pine Brook, NJ | — | 389 | 2,206 | 520 | 396 | 2,719 | 3,115 | 1,238 | 2000 | (i) | |||||||||||||||||||
16 Chapin Road | Pine Brook, NJ | — | 885 | 5,015 | 611 | 901 | 5,610 | 6,511 | 2,337 | 2000 | (i) | |||||||||||||||||||
20 Chapin Road | Pine Brook, NJ | — | 1,134 | 6,426 | 590 | 1,154 | 6,996 | 8,150 | 2,929 | 2000 | (i) | |||||||||||||||||||
2500 Main Street | Sayreville, NJ | — | 944 | — | 4,575 | 944 | 4,575 | 5,519 | 1,740 | 2002 | (i) | |||||||||||||||||||
2400 Main Street | Sayreville, NJ | — | 996 | — | 5,448 | 996 | 5,448 | 6,444 | 1,837 | 2003 | (i) | |||||||||||||||||||
7851 Airport Highway | Pennsauken, NJ | — | 160 | 508 | 328 | 162 | 834 | 996 | 399 | 2003 | (i) | |||||||||||||||||||
103 Central Avenue | Mt. Laurel, NJ | — | 610 | 1,847 | 1,617 | 619 | 3,455 | 4,074 | 1,628 | 2003 | (i) | |||||||||||||||||||
309-313 Pierce Street | Somerset, NJ | 2,937 | 1,300 | 4,628 | 606 | 1,309 | 5,225 | 6,534 | 1,825 | 2004 | (i) | |||||||||||||||||||
7890 Airport Hwy/7015 Central | Pennsauken, NJ | — | 300 | 989 | 495 | 425 | 1,359 | 1,784 | 1,031 | 2006 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
400 Cedar Lane | Florence Township, NJ | — | 9,730 | — | 26,173 | 9,730 | 26,173 | 35,903 | 697 | 2016 | (i) | |||||||||||||||||||
301 Bordentown Hedding Road | Bordenrown, NJ | — | 3,983 | 15,881 | — | 3,983 | 15,881 | 19,864 | 238 | 2017 | (i) | |||||||||||||||||||
Orlando | ||||||||||||||||||||||||||||||
6301 Hazeltine National Drive | Orlando, FL | — | 909 | 4,613 | 222 | 920 | 4,824 | 5,744 | 1,614 | 2005 | (i) | |||||||||||||||||||
8751 Skinner Court | Orlando, FL | 4,518 | 1,691 | 7,249 | 30 | 1,692 | 7,278 | 8,970 | 487 | 2016 | (i) | |||||||||||||||||||
4473 Shader Road | Orlando, FL | — | 2,094 | 10,444 | 56 | 2,094 | 10,500 | 12,594 | 587 | 2016 | (i) | |||||||||||||||||||
550 Gills Drive | Orlando, FL | 1,321 | 6,176 | 4 | 1,321 | 6,180 | 7,501 | 115 | 2017 | (i) | ||||||||||||||||||||
450 Gills Drive | Orlando, FL | 1,031 | 6,406 | — | 1,031 | 6,406 | 7,437 | 47 | 2017 | (i) | ||||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||||
1045 South Edward Drive | Tempe, AZ | — | 390 | 2,160 | 398 | 396 | 2,552 | 2,948 | 1,153 | 1999 | (i) | |||||||||||||||||||
50 South 56th Street | Chandler, AZ | 3,050 | 1,206 | 3,218 | 1,379 | 1,252 | 4,551 | 5,803 | 1,890 | 2004 | (i) | |||||||||||||||||||
7102 West Roosevelt | Phoenix, AZ | 4,863 | 1,613 | 6,451 | 424 | 1,620 | 6,868 | 8,488 | 3,014 | 2006 | (i) | |||||||||||||||||||
4137 West Adams Street | Phoenix, AZ | 2,044 | 990 | 2,661 | 239 | 1,038 | 2,852 | 3,890 | 1,222 | 2006 | (i) | |||||||||||||||||||
245 West Lodge | Tempe, AZ | — | 898 | 3,066 | (2,251 | ) | 362 | 1,351 | 1,713 | 500 | 2007 | (i) | ||||||||||||||||||
1590 East Riverview Dr. | Phoenix, AZ | 4,517 | 1,293 | 5,950 | 91 | 1,292 | 6,042 | 7,334 | 1,660 | 2008 | (i) | |||||||||||||||||||
14131 N. Rio Vista Blvd | Peoria, AZ | — | 2,563 | 9,388 | 175 | 2,563 | 9,563 | 12,126 | 2,740 | 2008 | (i) | |||||||||||||||||||
8716 W. Ludlow Drive | Peoria, AZ | — | 2,709 | 10,970 | 1,196 | 2,709 | 12,166 | 14,875 | 3,501 | 2008 | (i) | |||||||||||||||||||
3815 W. Washington Street | Phoenix, AZ | 3,133 | 1,675 | 4,514 | 406 | 1,719 | 4,876 | 6,595 | 1,414 | 2008 | (i) | |||||||||||||||||||
9180 W. Buckeye Road | Tolleson, AZ | — | 1,904 | 6,805 | 2,610 | 1,923 | 9,396 | 11,319 | 2,525 | 2008 | (i) | |||||||||||||||||||
8644 West Ludlow Drive | Peoria, AZ | — | 1,726 | 7,216 | — | 1,726 | 7,216 | 8,942 | 815 | 2014 | (i) | |||||||||||||||||||
8606 West Ludlow Drive | Peoria, AZ | — | 956 | 2,668 | 123 | 956 | 2,791 | 3,747 | 327 | 2014 | (i) | |||||||||||||||||||
8679 West Ludlow Drive | Peoria, AZ | — | 672 | 2,791 | — | 672 | 2,791 | 3,463 | 322 | 2014 | (i) | |||||||||||||||||||
94th Avenue & Buckeye Road | Tolleson, AZ | — | 4,315 | — | 16,131 | 4,315 | 16,131 | 20,446 | 825 | 2015 | (i) | |||||||||||||||||||
16601 West Sells Drive | Goodyear, AZ | 24,743 | — | 19,086 | 24,803 | 19,026 | 43,829 | 398 | 2017 | (i) | ||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||
1901 Raymond Ave SW | Renton, WA | — | 4,458 | 2,659 | 532 | 4,594 | 3,055 | 7,649 | 944 | 2008 | (i) | |||||||||||||||||||
19014 64th Avenue South | Kent, WA | 2,891 | 1,990 | 3,979 | 464 | 2,042 | 4,391 | 6,433 | 1,679 | 2008 | (i) | |||||||||||||||||||
18640 68th Avenue South | Kent, WA | — | 1,218 | 1,950 | 310 | 1,258 | 2,220 | 3,478 | 883 | 2008 | (i) | |||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||
1944 Vista Bella Way | Rancho Dominguez, CA | 3,070 | 1,746 | 3,148 | 465 | 1,822 | 3,537 | 5,359 | 1,720 | 2005 | (i) | |||||||||||||||||||
2000 Vista Bella Way | Rancho Dominguez, CA | 1,223 | 817 | 1,673 | 232 | 853 | 1,869 | 2,722 | 922 | 2005 | (i) | |||||||||||||||||||
2835 East Ana Street | Rancho Dominguez, CA | 2,544 | 1,682 | 2,750 | 409 | 1,772 | 3,069 | 4,841 | 1,496 | 2005 | (i) | |||||||||||||||||||
16275 Technology Drive | San Diego, CA | — | 2,848 | 8,641 | (40 | ) | 2,859 | 8,590 | 11,449 | 2,999 | 2005 | (i) | ||||||||||||||||||
665 N. Baldwin Park Blvd. | City of Industry, CA | 3,463 | 2,124 | 5,219 | 362 | 2,143 | 5,562 | 7,705 | 1,802 | 2006 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
27801 Avenue Scott | Santa Clarita, CA | 5,790 | 2,890 | 7,020 | 196 | 2,902 | 7,204 | 10,106 | 2,650 | 2006 | (i) | |||||||||||||||||||
2610 & 2660 Columbia Street | Torrance, CA | 4,199 | 3,008 | 5,826 | 510 | 3,031 | 6,313 | 9,344 | 2,386 | 2006 | (i) | |||||||||||||||||||
433 Alaska Avenue | Torrance, CA | — | 681 | 168 | 3 | 684 | 168 | 852 | 109 | 2006 | (i) | |||||||||||||||||||
6305 El Camino Real | Carlsbad, CA | — | 1,590 | 6,360 | 7,730 | 1,590 | 14,090 | 15,680 | 4,784 | 2006 | (i) | |||||||||||||||||||
2325 Camino Vida Roble | Carlsbad, CA | 1,873 | 1,441 | 1,239 | 630 | 1,446 | 1,864 | 3,310 | 665 | 2006 | (i) | |||||||||||||||||||
2335 Camino Vida Roble | Carlsbad, CA | 964 | 817 | 762 | 125 | 821 | 883 | 1,704 | 401 | 2006 | (i) | |||||||||||||||||||
2345 Camino Vida Roble | Carlsbad, CA | 635 | 562 | 456 | 105 | 565 | 558 | 1,123 | 227 | 2006 | (i) | |||||||||||||||||||
2355 Camino Vida Roble | Carlsbad, CA | 618 | 481 | 365 | 246 | 483 | 609 | 1,092 | 323 | 2006 | (i) | |||||||||||||||||||
2365 Camino Vida Roble | Carlsbad, CA | 1,171 | 1,098 | 630 | 341 | 1,102 | 967 | 2,069 | 539 | 2006 | (i) | |||||||||||||||||||
2375 Camino Vida Roble | Carlsbad, CA | 1,239 | 1,210 | 874 | 105 | 1,214 | 975 | 2,189 | 414 | 2006 | (i) | |||||||||||||||||||
6451 El Camino Real | Carlsbad, CA | — | 2,885 | 1,931 | 670 | 2,895 | 2,591 | 5,486 | 956 | 2006 | (i) | |||||||||||||||||||
13100 Gregg Street | Poway, CA | 3,124 | 1,040 | 4,160 | 744 | 1,073 | 4,871 | 5,944 | 2,091 | 2007 | (i) | |||||||||||||||||||
21730-21748 Marilla Street | Chatsworth, CA | 2,683 | 2,585 | 3,210 | 174 | 2,608 | 3,361 | 5,969 | 1,365 | 2007 | (i) | |||||||||||||||||||
8015 Paramount | Pico Rivera, CA | — | 3,616 | 3,902 | (510 | ) | 3,657 | 3,351 | 7,008 | 1,321 | 2007 | (i) | ||||||||||||||||||
3365 E. Slauson | Vernon, CA | — | 2,367 | 3,243 | (559 | ) | 2,396 | 2,655 | 5,051 | 1,047 | 2007 | (i) | ||||||||||||||||||
3015 East Ana | Rancho Dominguez, CA | — | 19,678 | 9,321 | 6,305 | 20,144 | 15,160 | 35,304 | 5,021 | 2007 | (i) | |||||||||||||||||||
1250 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,435 | 779 | 45 | 1,441 | 818 | 2,259 | 326 | 2007 | (i) | |||||||||||||||||||
1260 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,353 | 722 | (722 | ) | 675 | 678 | 1,353 | 235 | 2007 | (i) | ||||||||||||||||||
1270 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,224 | 716 | (13 | ) | 1,229 | 698 | 1,927 | 283 | 2007 | (i) | ||||||||||||||||||
1280 Rancho Conejo Blvd. | Thousand Oaks, CA | 2,341 | 2,043 | 3,408 | (241 | ) | 2,051 | 3,159 | 5,210 | 807 | 2007 | (i) | ||||||||||||||||||
1290 Rancho Conejo Blvd. | Thousand Oaks, CA | 1,969 | 1,754 | 2,949 | (322 | ) | 1,761 | 2,620 | 4,381 | 677 | 2007 | (i) | ||||||||||||||||||
100 West Sinclair Street | Perris, CA | — | 4,894 | 3,481 | (5,233 | ) | 1,819 | 1,323 | 3,142 | 676 | 2007 | (i) | ||||||||||||||||||
14050 Day Street | Moreno Valley, CA | 3,442 | 2,538 | 2,538 | 513 | 2,565 | 3,023 | 5,588 | 1,119 | 2008 | (i) | |||||||||||||||||||
12925 Marlay Avenue | Fontana, CA | 8,780 | 6,072 | 7,891 | 292 | 6,090 | 8,165 | 14,255 | 3,899 | 2008 | (i) | |||||||||||||||||||
18201-18291 Santa Fe | Rancho Dominguez, CA | 9,817 | 6,720 | — | 9,220 | 6,897 | 9,043 | 15,940 | 2,181 | 2008 | (i) | |||||||||||||||||||
1011 Rancho Conejo | Thousand Oaks, CA | 4,523 | 7,717 | 2,518 | (169 | ) | 7,752 | 2,313 | 10,065 | 988 | 2008 | (i) | ||||||||||||||||||
20700 Denker Avenue | Torrance, CA | 5,490 | 5,767 | 2,538 | 1,397 | 5,964 | 3,739 | 9,703 | 2,141 | 2008 | (i) | |||||||||||||||||||
18408 Laurel Park Road | Rancho Dominguez, CA | — | 2,850 | 2,850 | 913 | 2,874 | 3,739 | 6,613 | 1,270 | 2008 | (i) | |||||||||||||||||||
19021 S. Reyes Avenue | Rancho Dominguez, CA | — | 8,183 | 7,501 | 233 | 8,545 | 7,372 | 15,917 | 1,572 | 2008 | (i) | |||||||||||||||||||
24870 Nandina Avenue | Moreno Valley, CA | — | 13,543 | — | 21,146 | 6,482 | 28,207 | 34,689 | 3,982 | 2012 | (i) | |||||||||||||||||||
6185 Kimball Avenue | Chino, CA | — | 6,385 | — | 12,343 | 6,382 | 12,346 | 18,728 | 2,291 | 2013 | (i) | |||||||||||||||||||
5553 Bandini Blvd. | Bell, CA | — | 32,536 | — | 21,620 | 32,540 | 21,616 | 54,156 | 2,344 | 2013 | (i) | |||||||||||||||||||
16875 Heacock Street | Moreno Valley, CA | — | — | 6,831 | 72 | — | 6,903 | 6,903 | 1,383 | 2014 | (i) | |||||||||||||||||||
4710 Guasti Road | Ontario, CA | 5,774 | 2,846 | 6,564 | 212 | 2,846 | 6,776 | 9,622 | 757 | 2014 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | ||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
17100 Perris Blvd | Moreno Valley, CA | — | 6,388 | — | 25,892 | 6,395 | 25,885 | 32,280 | 2,538 | 2014 | (i) | |||||||||||||||||||
13414 S. Figueroa | Los Angeles, CA | 4,352 | 1,701 | — | 6,579 | 1,887 | 6,393 | 8,280 | 568 | 2014 | (i) | |||||||||||||||||||
3841 Ocean Ranch Boulevard | Oceanside, CA | — | 4,400 | — | 8,038 | 4,400 | 8,038 | 12,438 | 681 | 2015 | (i) | |||||||||||||||||||
3831 Ocean Ranch Boulevard | Oceanside, CA | — | 2,693 | — | 4,584 | 2,694 | 4,583 | 7,277 | 376 | 2015 | (i) | |||||||||||||||||||
3821 Ocean Ranch Boulevard | Oceanside, CA | — | 2,792 | — | 4,469 | 2,792 | 4,469 | 7,261 | 337 | 2015 | (i) | |||||||||||||||||||
145 West 134th Street | Los Angeles, CA | — | 2,901 | 2,285 | 173 | 2,901 | 2,458 | 5,359 | 275 | 2015 | (i) | |||||||||||||||||||
6150 Sycamore Canyon Blvd. | Riverside, CA | — | 3,182 | 10,643 | — | 3,182 | 10,643 | 13,825 | 907 | 2015 | (i) | |||||||||||||||||||
17825 Indian Street | Moreno Valley, CA | — | 5,034 | 22,095 | 24 | 5,034 | 22,119 | 27,153 | 1,696 | 2015 | (i) | |||||||||||||||||||
24901 San Michele Road | Moreno Valley, CA | — | 1,274 | — | 11,581 | 1,274 | 11,581 | 12,855 | 504 | 2016 | (i) | |||||||||||||||||||
1445 Engineer Street | Vista, CA | — | 6,816 | 4,417 | (10 | ) | 6,816 | 4,407 | 11,223 | 360 | 2016 | (i) | ||||||||||||||||||
19067 Reyes Ave | Rancho Dominguez, CA | — | 9,281 | 3,920 | 3,474 | 9,381 | 7,294 | 16,675 | 241 | 2016 | (i) | |||||||||||||||||||
10586 Tamarind Avenue | Fontana, California | — | 4,275 | 8,275 | 50 | 4,275 | 8,325 | 12,600 | 142 | 2017 | (i) | |||||||||||||||||||
2777 Loker Avenue West | Carlsbad, CA | — | 7,599 | 13,267 | 5 | 7,599 | 13,272 | 20,871 | 343 | 2017 | (i) | |||||||||||||||||||
7105 Old 215 Frontage Road | Riverside, CA | — | 4,900 | — | 11,995 | 4,900 | 11,995 | 16,895 | 175 | 2017 | (i) | |||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||||||
1067-1083 Warson-Bldg A | St. Louis, MO | — | 246 | 1,359 | 1,020 | 251 | 2,374 | 2,625 | 781 | 2002 | (i) | |||||||||||||||||||
1093-1107 Warson-Bldg B | St. Louis, MO | — | 380 | 2,103 | 1,988 | 388 | 4,083 | 4,471 | 1,402 | 2002 | (i) | |||||||||||||||||||
1113-1129 Warson-Bldg C | St. Louis, MO | — | 303 | 1,680 | 986 | 310 | 2,659 | 2,969 | 936 | 2002 | (i) | |||||||||||||||||||
1131-1151 Warson-Bldg D | St. Louis, MO | — | 353 | 1,952 | 1,244 | 360 | 3,189 | 3,549 | 1,078 | 2002 | (i) | |||||||||||||||||||
6821-6857 Hazelwood Avenue | Berkeley, MO | 4,743 | 985 | 6,205 | 1,090 | 985 | 7,295 | 8,280 | 2,800 | 2003 | (i) | |||||||||||||||||||
13701 Rider Trail North | Earth City, MO | — | 800 | 2,099 | 427 | 804 | 2,522 | 3,326 | 1,058 | 2003 | (i) | |||||||||||||||||||
1908-2000 Innerbelt | (d) | Overland, MO | 6,771 | 1,590 | 9,026 | 1,254 | 1,591 | 10,279 | 11,870 | 4,783 | 2004 | (i) | ||||||||||||||||||
21-25 Gateway Commerce Center | Edwardsville, IL | — | 1,874 | 31,958 | 45 | 1,902 | 31,975 | 33,877 | 10,020 | 2006 | (i) | |||||||||||||||||||
Tampa | ||||||||||||||||||||||||||||||
5525 Johns Road | Tampa, FL | — | 192 | 1,086 | 305 | 200 | 1,383 | 1,583 | 694 | 1997 | (i) | |||||||||||||||||||
5709 Johns Road | Tampa, FL | — | 192 | 1,086 | 238 | 200 | 1,316 | 1,516 | 647 | 1997 | (i) | |||||||||||||||||||
5711 Johns Road | Tampa, FL | — | 243 | 1,376 | 186 | 255 | 1,550 | 1,805 | 755 | 1997 | (i) | |||||||||||||||||||
5455 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 761 | 326 | 2,484 | 2,810 | 1,371 | 1997 | (i) | |||||||||||||||||||
5553 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 374 | 326 | 2,097 | 2,423 | 1,055 | 1997 | (i) | |||||||||||||||||||
5501 W Waters Avenue | Tampa, FL | — | 215 | 871 | 410 | 242 | 1,254 | 1,496 | 549 | 1997 | (i) | |||||||||||||||||||
5503 W Waters Avenue | Tampa, FL | — | 98 | 402 | 194 | 110 | 584 | 694 | 267 | 1997 | (i) | |||||||||||||||||||
5555 W Waters Avenue | Tampa, FL | — | 213 | 1,206 | 220 | 221 | 1,418 | 1,639 | 691 | 1997 | (i) | |||||||||||||||||||
5557 W Waters Avenue | Tampa, FL | — | 59 | 335 | 51 | 62 | 383 | 445 | 187 | 1997 | (i) | |||||||||||||||||||
5463 W Waters Avenue | Tampa, FL | — | 497 | 2,751 | 1,312 | 560 | 4,000 | 4,560 | 1,717 | 1998 | (i) |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | |||||||||||||||||||||||||||||||
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/17 | Year Acquired/ Constructed | Depreciable Lives (Years) | |||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2017 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
5461 W Waters Avenue | Tampa, FL | — | 261 | — | 1,312 | 265 | 1,308 | 1,573 | 630 | 1998 | (i) | ||||||||||||||||||||
5481 W Waters Avenue | Tampa, FL | — | 558 | — | 2,291 | 561 | 2,288 | 2,849 | 1,008 | 1999 | (i) | ||||||||||||||||||||
4515-4519 George Road | Tampa, FL | — | 633 | 3,587 | 857 | 640 | 4,437 | 5,077 | 1,798 | 2001 | (i) | ||||||||||||||||||||
6089 Johns Road | Tampa, FL | — | 180 | 987 | 136 | 186 | 1,117 | 1,303 | 458 | 2004 | (i) | ||||||||||||||||||||
6091 Johns Road | Tampa, FL | — | 140 | 730 | 54 | 144 | 780 | 924 | 301 | 2004 | (i) | ||||||||||||||||||||
6103 Johns Road | Tampa, FL | — | 220 | 1,160 | 50 | 226 | 1,204 | 1,430 | 479 | 2004 | (i) | ||||||||||||||||||||
6201 Johns Road | Tampa, FL | — | 200 | 1,107 | 41 | 205 | 1,143 | 1,348 | 548 | 2004 | (i) | ||||||||||||||||||||
6203 Johns Road | Tampa, FL | — | 300 | 1,460 | (270 | ) | 311 | 1,179 | 1,490 | 454 | 2004 | (i) | |||||||||||||||||||
6205 Johns Road | Tampa, FL | — | 270 | 1,363 | 47 | 278 | 1,402 | 1,680 | 431 | 2004 | (i) | ||||||||||||||||||||
6101 Johns Road | Tampa, FL | — | 210 | 833 | 95 | 216 | 922 | 1,138 | 429 | 2004 | (i) | ||||||||||||||||||||
4908 Tampa West Blvd | Tampa, FL | — | 2,622 | 8,643 | (807 | ) | 2,635 | 7,823 | 10,458 | 3,628 | 2005 | (i) | |||||||||||||||||||
Other | |||||||||||||||||||||||||||||||
1815-1957 South 4650 West | Salt Lake City, UT | 6,234 | 1,707 | 10,873 | 62 | 1,713 | 10,929 | 12,642 | 3,617 | 2006 | (i) | ||||||||||||||||||||
3200 Pond Station | Jefferson County, KY | — | 2,074 | — | 9,681 | 2,120 | 9,635 | 11,755 | 2,581 | 2007 | (i) | ||||||||||||||||||||
581 Welltown Road/Tyson Blvd | Winchester, VA | — | 2,320 | — | 11,109 | 2,401 | 11,028 | 13,429 | 2,872 | 2007 | (i) | ||||||||||||||||||||
7501 NW 106th Terrace | Kansas City, MO | 10,986 | 4,152 | — | 13,687 | 4,228 | 13,611 | 17,839 | 3,136 | 2008 | (i) | ||||||||||||||||||||
600 Greene Drive | Greenville, KY | — | 294 | 8,570 | (727 | ) | 296 | 7,841 | 8,137 | 5,861 | 2008 | (i) | |||||||||||||||||||
Developments in Process | |||||||||||||||||||||||||||||||
First Nandina Logistics Center | Moreno Valley, CA | — | 16,494 | — | 15,609 | 17,066 | 15,037 | 32,103 | — | 2013 | (i) | ||||||||||||||||||||
The Ranch By First Industrial | Eastvale, CA | — | 22,857 | — | 47,484 | 22,860 | 47,481 | 70,341 | — | 2016 | (i) | ||||||||||||||||||||
First Park @ PV 303 Bldg B | Goodyear, AZ | — | 6,259 | — | 12,840 | 6,269 | 12,830 | 19,099 | — | 2017 | (i) | ||||||||||||||||||||
First Logistics Center @ I-78/81 Bldg A | Union Township, PA | — | 13,702 | — | 2,201 | 13,724 | 2,179 | 15,903 | — | 2017 | (i) | ||||||||||||||||||||
First Joliet Logistics Center | Joliet, IL | — | 2,595 | — | 3,726 | 2,598 | 3,723 | 6,321 | — | 2017 | (i) | ||||||||||||||||||||
First 290 @ Guhn Road | Houston, TX | — | 1,367 | — | 567 | 1,367 | 567 | 1,934 | — | 2017 | (i) | ||||||||||||||||||||
Land Parcels | |||||||||||||||||||||||||||||||
Land Parcels | (h) | 2,016 | 167,269 | 10,558 | 27,681 | 162,050 | 43,459 | 205,509 | 3,836 | — | |||||||||||||||||||||
Total | 451,862 | 876,011 | 1,531,513 | 1,088,221 | 864,813 | 2,630,932 | 3,495,745 | 789,919 |
(a) | See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance. |
(b) | Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations. |
(c) | Improvements are net of the write-off of fully depreciated assets and impairment of real estate and include construction in progress. |
(d) | Comprised of two properties. |
(e) | Comprised of three properties. |
(f) | Comprised of four properties. |
(g) | Comprised of five properties. |
(h) | These properties represent developable land and land parcels for which we receive ground lease income. |
(i) | Depreciation is computed based upon the following estimated lives: |
Buildings and Improvements | 7 to 50 years |
Land Improvements | 5 to 20 years |
Tenant Improvements | Lease Term |
2017 | 2016 | 2015 | |||||||||
(In thousands) | |||||||||||
Balance, Beginning of Year | $ | 3,388,611 | $ | 3,297,649 | $ | 3,183,369 | |||||
Acquisition of Real Estate Assets | 168,517 | 108,538 | 161,074 | ||||||||
Construction Costs and Improvements | 137,361 | 167,342 | 142,535 | ||||||||
Disposition of Real Estate Assets | (170,928 | ) | (153,364 | ) | (162,636 | ) | |||||
Impairment of Real Estate | — | — | (626 | ) | |||||||
Write-off of Fully Depreciated and Other Assets | (27,816 | ) | (31,554 | ) | (26,067 | ) | |||||
Balance, End of Year Including Real Estate Held for Sale | $ | 3,495,745 | $ | 3,388,611 | $ | 3,297,649 | |||||
Real Estate Held for Sale | — | (3,697 | ) | (3,681 | ) | ||||||
Balance, End of Year Excluding Real Estate Held for Sale | $ | 3,495,745 | $ | 3,384,914 | $ | 3,293,968 |
2017 | 2016 | 2015 | |||||||||
(In thousands) | |||||||||||
Balance, Beginning of Year | $ | 797,919 | $ | 792,501 | $ | 786,978 | |||||
Depreciation for Year | 94,078 | 95,514 | 92,955 | ||||||||
Disposition of Real Estate Assets | (78,844 | ) | (62,634 | ) | (61,365 | ) | |||||
Write-off of Fully Depreciated and Other Assets | (23,234 | ) | (27,462 | ) | (26,067 | ) | |||||
Balance, End of Year Including Real Estate Held for Sale | $ | 789,919 | $ | 797,919 | $ | 792,501 | |||||
Real Estate Held for Sale | — | (1,427 | ) | (1,171 | ) | ||||||
Balance, End of Year Excluding Real Estate Held for Sale | $ | 789,919 | $ | 796,492 | $ | 791,330 |
FIRST INDUSTRIAL REALTY TRUST, INC. | ||
By: | /S/ PETER E. BACCILE | |
Peter E. Baccile President, Chief Executive Officer and Director (Principal Executive Officer) |
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial and Accounting Officer) |
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | ||
/S/ BRUCE W. DUNCAN | Chairman of the Board of Directors | February 23, 2018 | ||
Bruce W. Duncan | ||||
/S/ PETER E. BACCILE | President, Chief Executive Officer and Director | February 23, 2018 | ||
Peter E. Baccile | ||||
/S/ JOHN E. RAU | Lead Independent Director | February 23, 2018 | ||
John E. Rau | ||||
/S/ MATTHEW DOMINSKI | Director | February 23, 2018 | ||
Matthew Dominski | ||||
/S/ H. PATRICK HACKETT, JR. | Director | February 23, 2018 | ||
H. Patrick Hackett, Jr. | ||||
/S/ DENISE OLSEN | Director | February 23, 2018 | ||
Denise Olsen | ||||
/S/ L. PETER SHARPE | Director | February 23, 2018 | ||
L. Peter Sharpe | ||||
/S/ W. EDWIN TYLER | Director | February 23, 2018 | ||
W. Edwin Tyler |
FIRST INDUSTRIAL, L.P. | ||
By: | FIRST INDUSTRIAL REALTY TRUST, INC. | |
as general partner | ||
By: | /S/ PETER E. BACCILE | |
Peter E. Baccile President, Chief Executive Officer and Director (Principal Executive Officer) |
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial and Accounting Officer) |
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | ||
/S/ BRUCE W. DUNCAN | Chairman of the Board of Directors | February 23, 2018 | ||
Bruce W. Duncan | ||||
/S/ PETER E. BACCILE | President, Chief Executive Officer and Director | February 23, 2018 | ||
Peter E. Baccile | ||||
/S/ JOHN E. RAU | Lead Independent Director | February 23, 2018 | ||
John E. Rau | ||||
/S/ MATTHEW DOMINSKI | Director | February 23, 2018 | ||
Matthew Dominski | ||||
/S/ H. PATRICK HACKETT, JR. | Director | February 23, 2018 | ||
H. Patrick Hackett, Jr. | ||||
/S/ DENISE OLSEN | Director | February 23, 2018 | ||
Denise Olsen | ||||
/S/ L. PETER SHARPE | Director | February 23, 2018 | ||
L. Peter Sharpe | ||||
/S/ W. EDWIN TYLER | Director | February 23, 2018 | ||
W. Edwin Tyler |
ARTICLE I. | INTERPRETIVE PROVISIONS 1 |
Section 1.1 | Certain Definitions 1 |
Section 1.2 | Rules of Construction 12 |
ARTICLE II. | CONTINUATION 12 |
Section 2.1 | Continuation 12 |
Section 2.2 | Name 12 |
Section 2.3 | Place of Business; Registered Agent 12 |
ARTICLE III. | BUSINESS PURPOSE 12 |
Section 3.1 | Business 12 |
Section 3.2 | Authorized Activities 13 |
Section 3.3 | Specific Authorization of Merger or Consolidation 13 |
ARTICLE IV. | CAPITAL CONTRIBUTIONS 13 |
Section 4.1 | Capital Contributions. 13 |
Section 4.2 | Additional Partnership Interests. 13 |
Section 4.3 | No Third Party Beneficiaries 14 |
Section 4.4 | Capital Accounts. 14 |
Section 4.5 | Return of Capital Account; Interest 15 |
Section 4.6 | Preemptive Rights 16 |
Section 4.7 | REIT Share Purchases 16 |
ARTICLE V. | ALLOCATIONS AND DISTRIBUTIONS 16 |
Section 5.1 | Limited Liability 16 |
Section 5.2 | Profits, Losses and Distributive Shares. 16 |
Section 5.3 | Distributions. 21 |
Section 5.4 | Distribution upon Redemption 22 |
Section 5.5 | Distributions upon Liquidation 22 |
Section 5.6 | Amounts Withheld 22 |
ARTICLE VI. | PARTNERSHIP MANAGEMENT 23 |
Section 6.1 | Management and Control of Partnership Business. 23 |
Section 6.2 | No Management by Limited Partners; Limitation of Liability. 23 |
Section 6.3 | Limitations on Partners. 24 |
Section 6.4 | Business with Affiliates. 24 |
Section 6.5 | Compensation; Reimbursement of Expenses 24 |
Section 6.6 | Liability for Acts and Omissions. 25 |
Section 6.7 | Indemnification. 25 |
ARTICLE VII. | ADMINISTRATIVE, FINANCIAL AND TAX MATTERS 25 |
Section 7.1 | Books and Records 25 |
Section 7.2 | Annual Audit and Accounting 26 |
Section 7.3 | Partnership Funds 26 |
Section 7.4 | Reports and Notices 26 |
Section 7.5 | Tax Matters. 26 |
Section 7.6 | Withholding 27 |
ARTICLE VIII. | TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF PARTNERS 27 |
Section 8.1 | Transfer by General Partner 27 |
Section 8.2 | Obligations of a Prior General Partner 27 |
Section 8.3 | Successor General Partner 27 |
Section 8.4 | Restrictions on Transfer and Withdrawal by Limited Partner. 28 |
Section 8.5 | Substituted Limited Partner. 29 |
Section 8.6 | Timing and Effect of Transfers 29 |
Section 8.7 | Additional Limited Partners 29 |
Section 8.8 | Amendment of Agreement and Certificate 30 |
ARTICLE IX. | REDEMPTION 30 |
Section 9.1 | Right of Redemption. 30 |
Section 9.2 | Timing of Redemption 31 |
Section 9.3 | Redemption Price 31 |
Section 9.4 | Assumption of Redemption Obligation 31 |
Section 9.5 | Further Assurances; Certain Representations 31 |
Section 9.6 | Effect of Redemption 32 |
Section 9.7 | Registration Rights 32 |
Section 9.8 | Redemption upon REIT Share Repurchases by the General Partner 32 |
ARTICLE X. | DISSOLUTION AND LIQUIDATION 32 |
Section 10.1 | Term and Dissolution 32 |
Section 10.2 | Liquidation of Partnership Assets. 32 |
Section 10.3 | Effect of Treasury Regulations. 34 |
Section 10.4 | Time for Winding-Up 34 |
ARTICLE XI. | AMENDMENTS AND MEETINGS 34 |
Section 11.1 | Amendment Procedure. 34 |
Section 11.2 | Meetings and Voting. 35 |
Section 11.3 | Voting of LB Units 35 |
ARTICLE XII. | MISCELLANEOUS PROVISIONS 36 |
Section 12.1 | Title to Property 36 |
Section 12.2 | Other Activities of Limited Partners 36 |
Section 12.3 | Power of Attorney. 36 |
Section 12.4 | Notices 37 |
Section 12.5 | Further Assurances 37 |
Section 12.6 | Titles and Captions 37 |
Section 12.7 | Applicable Law 37 |
Section 12.8 | Binding Agreement 37 |
Section 12.9 | Waiver of Partition 37 |
Section 12.10 | Counterparts and Effectiveness 37 |
Section 12.11 | Survival of Representations 37 |
Section 12.12 | Entire Agreement 38 |
Exhibit 1A | 0 | First Highland Partners |
Exhibit 1B | 0 | Schedule of Partners |
Exhibit 1C | 0 | LB Partners |
Exhibit 1D | 0 | Contributor Partners |
Exhibit 2 | 0 | Form of Redemption Notice |
Exhibit 3 | 0 | Form of Registration Rights Agreement |
ARTICLE I. | INTERPRETIVE PROVISIONS |
ARTICLE III. | BUSINESS PURPOSE |
ARTICLE IV. | CAPITAL CONTRIBUTIONS |
ARTICLE V. | ALLOCATIONS AND DISTRIBUTIONS |
ARTICLE VI. | PARTNERSHIP MANAGEMENT |
ARTICLE VIII. | TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF PARTNERS |
ARTICLE IX. | REDEMPTION |
ARTICLE X. | DISSOLUTION AND LIQUIDATION |
ARTICLE XI. | AMENDMENTS AND MEETINGS |
ARTICLE XII. | MISCELLANEOUS PROVISIONS |
General Partner: | FIRST INDUSTRIAL REALTY TRUST INC., as sole General Partner of the Partnership |
By: |
Name | State of Incorporation Formation | |
431 Railroad Avenue General Partner, LP | Delaware | |
431 Railroad Avenue Property Holding, LP | Delaware | |
431 Railroad Avenue Second, LLC | Delaware | |
431 Railroad Avenue, LLC | Delaware | |
78-81 Crossroads, LLC | Delaware | |
78-81 Jonestown, LLC | Delaware | |
78-81 Logistics Center, LLC | Delaware | |
9345 PGH, LLC | Delaware | |
FI Development Services Corporation | Maryland | |
FI Development Services, L.P. | Delaware | |
FI New Jersey Exchange LLC | Delaware | |
FIFP Conyers, LLC | Delaware | |
FIP MM Aurora, LLC | Delaware | |
First Florence I Urban Renewal, LLC | New Jersey | |
First Industrial Acquisitions II, LLC | Delaware | |
First Industrial Acquisitions, Inc. | Maryland | |
First Industrial Development Services Tampa, LLC | Delaware | |
First Industrial Finance Corporation | Maryland | |
First Industrial Financing Partnership, L.P. | Delaware | |
First Industrial Florida Finance Corporation | Maryland | |
First Industrial Harrisburg Corporation | Maryland | |
First Industrial Harrisburg L.P. | Delaware | |
First Industrial Indianapolis Corporation | Maryland | |
First Industrial Indianapolis, L.P. | Delaware | |
First Industrial Investment II, LLC | Delaware | |
First Industrial Investment Properties, Inc. | Maryland | |
First Industrial Management Services (Denver), LLC | Delaware | |
First Industrial Mortgage Corporation | Maryland | |
First Industrial Mortgage Partnership, L.P. | Delaware | |
First Industrial Pennsylvania Corporation | Maryland | |
First Industrial Pennsylvania, L.P. | Delaware | |
First Industrial Realty Trust, Inc. | Maryland | |
First Industrial Securities Corporation | Maryland | |
First Industrial Securities, L.P. | Delaware | |
First Industrial Texas LP | Delaware | |
First Industrial, L.P. | Delaware | |
First Park 94, LLC | Delaware | |
FP Fairburn, LLC | Delaware | |
FR 10586 Tamarind, LLC | Delaware | |
FR 10680 88 AVENUE, LLC | Delaware | |
FR 1351 NW 78, LLC | Delaware |
FR 17825 Indian Street, LLC | Delaware | |
FR 200 Cascade, LLC | Delaware | |
FR 21301 E. 33, LLC | Delaware | |
FR 2504 NW 19, LLC | Delaware | |
FR 2777 Loker, LLC | Delaware | |
FR 301 Bordentown-Hedding, LLC | Delaware | |
FR 30311 Emerald Valley Parkway, LLC | Delaware | |
FR 30333 Emerald Valley Parkway, LLC | Delaware | |
FR 450 Gills Drive, LLC | Delaware | |
FR 4700 W. Ledbetter, LLC | Delaware | |
FR 550 Gills, LLC | Delaware | |
FR 6407 South 210, LLC | Delaware | |
FR 6635 E 30, LLC | Delaware | |
FR 750 Gateway, LLC | Delaware | |
FR 78th Street General Partner, LP | Delaware | |
FR 78th Street Property Holding, LP | Delaware | |
FR 78th Street Second, LLC | Delaware | |
FR 78th Street, LLC | Delaware | |
FR 7900 Cochran Road, LLC | Delaware | |
FR 81 Paragon Drive, LLC | Delaware | |
FR 8751 Skinner, LLC | Delaware | |
FR ABC, LLC | Delaware | |
FR Aberdeen, LLC | Delaware | |
FR Aldrin Drive, LLC | Delaware | |
FR AZ/TX, LLC | Delaware | |
FR Bergen, LLC | Delaware | |
FR Boone, LLC | Delaware | |
FR Boulevard General Partner, LP | Delaware | |
FR Boulevard Property Holding, LP | Delaware | |
FR Boulevard Second, LLC | Delaware | |
FR Boulevard, LLC | Delaware | |
FR Bristol General Partner, LP | Delaware | |
FR Bristol Property Holding, LP | Delaware | |
FR Bristol Second, LLC | Delaware | |
FR Bristol, LLC | Delaware | |
FR Brokerage Services, Inc. | Maryland | |
FR Carter Street, LLC | Delaware | |
FR Clifton General Partner, LP | Delaware | |
FR Clifton Property Holding, LP | Delaware | |
FR Clifton Second, LLC | Delaware | |
FR Clifton, LLC | Delaware | |
FR CO/Tex Cuna, LLC | Delaware | |
FR Collins Industrial, LLC | Delaware | |
FR Commerce Center, LLC | Delaware | |
FR Crossroads I, LLC | Delaware | |
FR Cumberland General Partner, LP | Delaware |
FR Cumberland Property Holding, LP | Delaware | |
FR Cumberland Second, LLC | Delaware | |
FR Cumberland, LLC | Delaware | |
FR Dallas Houston, LLC | Delaware | |
FR Danieldale Road, LLC | Delaware | |
FR Dessau Road, LLC | Delaware | |
FR E1 General Partner, LP | Delaware | |
FR E1 Property Holding, LP | Delaware | |
FR E1 Second, LLC | Delaware | |
FR E1, LLC | Delaware | |
FR E2 General Partner, LP | Delaware | |
FR E2 Property Holding, LP | Delaware | |
FR E2 Second, LLC | Delaware | |
FR E2, LLC | Delaware | |
FR E3 General Partner, LP | Delaware | |
FR E3 Property Holding, LP | Delaware | |
FR E3 Second, LLC | Delaware | |
FR E3, LLC | Delaware | |
FR East Sam Houston Parkway, LLC | Delaware | |
FR Engineer Street, LLC | Delaware | |
FR Executive, LLC | Delaware | |
FR Feehanville, LLC | Delaware | |
FR First Avenue General Partner, LP | Delaware | |
FR First Avenue Property Holding, LP | Delaware | |
FR First Avenue Second, LLC | Delaware | |
FR First Avenue, LLC | Delaware | |
FR First Fontana, LLC | Delaware | |
FR First Park Joliet, LLC | Delaware | |
FR Frederick, LLC | Delaware | |
FR Gateway Commerce Center, LLC | Delaware | |
FR Georgia, LLC | Delaware | |
FR Gilroy LLC | Delaware | |
FR Hagerstown, LLC | Delaware | |
FR Hunt Valley II LLC | Delaware | |
FR Hunt Valley LLC | Delaware | |
FR Investment Properties, LLC | Delaware | |
FR Jessup General Partner, LP | Delaware | |
FR Jessup Property Holding, LP | Delaware | |
FR Jessup Second, LLC | Delaware | |
FR Jessup, LLC | Delaware | |
FR JH 10 MM, LLC | Delaware | |
FR JH 10, LLC | Delaware | |
FR JH 12 MM, LLC | Delaware | |
FR JH 12, LLC | Delaware | |
FR Leo Lane General Partner, LP | Delaware | |
FR Leo Lane Property Holding, LP | Delaware |
FR Leo Lane Second, LLC | Delaware | |
FR Leo Lane, LLC | Delaware | |
FR Loveton LLC | Delaware | |
FR Main Street, LLC | Delaware | |
FR Manchester General Partner, LP | Delaware | |
FR Manchester Property Holding, LP | Delaware | |
FR Manchester Second, LLC | Delaware | |
FR Manchester, LLC | Delaware | |
FR Massachusetts 7, LLC | Delaware | |
FR McCormick Road II LLC | Delaware | |
FR McFadden General Partner, LP | Delaware | |
FR McFadden Property Holding, LP | Delaware | |
FR McFadden Second, LLC | Delaware | |
FR MD Land I LLC | Delaware | |
FR Menomonee Falls, LLC | Delaware | |
FR Museum Road General Partner, LP | Delaware | |
FR Museum Road Property Holding, LP | Delaware | |
FR Museum Road Second, LLC | Delaware | |
FR Museum Road, LLC | Delaware | |
FR National Life Harrisburg, LLC | Delaware | |
FR National Life, LLC | Delaware | |
FR Northwest L Street, LLC | Delaware | |
FR Old Post Road, LLC | Delaware | |
FR Orlando, LLC | Delaware | |
FR Park Plaza, LLC | Delaware | |
FR Peebles Drive, LLC | Delaware | |
FR Pennsauken Airport Central, LLC | Delaware | |
FR Pepper Road LLC | Delaware | |
FR Pinson Valley, LLC | Delaware | |
FR PV 303 LLC | Delaware | |
FR PV 303 Phase 2, LLC | Delaware | |
FR Rancho Conejo, LLC | Delaware | |
FR Randolph Drive, LLC | Virginia | |
FR Red Lion General Partner, LP | Delaware | |
FR Red Lion Property Holding, LP | Delaware | |
FR Red Lion Second, LLC | Delaware | |
FR Relizon, LLC | Delaware | |
FR Sears Drive, LLC | Michigan | |
FR Shader Road, LLC | Delaware | |
FR Southgate Washington, LLC | Delaware | |
FR Summit, LLC | Virginia | |
FR Texas GP, LLC | Delaware | |
FR Texas LP, LLC | Delaware | |
FR The Ranch, LLC | Delaware | |
FR Washington Street, LLC | Delaware | |
FR Welsh Bindery, LLC | Delaware |
FR Woodridge Land, LLC | Delaware | |
FR Woodridge LLC | Delaware | |
FR York General Partner, LP | Delaware | |
FR York Property Holding, LP | Delaware | |
FR York Second, LLC | Delaware | |
FR York, LLC | Delaware | |
Fraser Aurora, LLC | Delaware | |
FR-Kenosha, LLC | Delaware | |
FRV CO, LLC | Delaware | |
FRV IN, LLC | Delaware | |
HQ Lemont, LLC | Delaware | |
Lavergne Lemont, LLC | Delaware | |
LPF 10100 Kenosha, LLC | Delaware | |
Pewaukee Maple Grove, LLC | Delaware | |
Princeton Glendale, LLC | Delaware | |
Sigman Conyers, LLC | Delaware | |
TK-SV, Ltd. | Florida |
1. | I have reviewed this annual report on Form 10-K of First Industrial Realty Trust, 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: |
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): |
Date: February 23, 2018 | /S/ PETER E. BACCILE | |
Peter E. Baccile | ||
President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of First Industrial Realty Trust, 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: |
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): |
Date: February 23, 2018 | /S/ SCOTT A. MUSIL | |
Scott A. Musil | ||
Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this annual report on Form 10-K of First Industrial, L.P.; |
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-l5(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: |
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): |
Date: February 23, 2018 | /S/ PETER E. BACCILE | |
Peter E. Baccile | ||
President and Chief Executive Officer (Principal Executive Officer) | ||
First Industrial Realty Trust, Inc. |
1. | I have reviewed this annual report on Form 10-K of First Industrial, L.P.; |
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-l5(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: |
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): |
Date: February 23, 2018 | /S/ SCOTT A. MUSIL | |
Scott A. Musil | ||
Chief Financial Officer (Principal Financial and Accounting Officer) | ||
First Industrial Realty Trust, Inc. |
Dated: February 23, 2018 | /S/ PETER E. BACCILE | |
Peter E. Baccile | ||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: February 23, 2018 | /S/ SCOTT A. MUSIL | |
Scott A. Musil | ||
Chief Financial Officer (Principal Financial and Accounting Officer) |
Dated: February 23, 2018 | /S/ PETER E. BACCILE | ||
Peter E. Baccile | |||
President and Chief Executive Officer (Principal Executive Officer) | |||
First Industrial Realty Trust, Inc. | |||
Dated: February 23, 2018 | /S/ SCOTT A. MUSIL | ||
Scott A. Musil | |||
Chief Financial Officer (Principal Financial and Accounting Officer) | |||
First Industrial Realty Trust, Inc. |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 0 | $ 1,471 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 150,000,000 |
Common Stock, shares issued | 119,883,180 | 117,107,746 |
Common Stock, shares outstanding | 119,883,180 | 117,107,746 |
Net Investment in Real Estate | $ 2,705,826 | $ 2,588,422 |
Mortgage Loans Payable, Net | 450,056 | 495,956 |
First Industrial, L.P. | ||
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 0 | $ 1,471 |
General Partner Units, units outstanding | 119,883,180 | 117,107,746 |
Limited Partner Units, units outstanding | 4,008,221 | 4,039,375 |
Net Investment in Real Estate | $ 2,705,826 | $ 2,588,422 |
Mortgage Loans Payable, Net | 450,056 | 495,956 |
Other Real Estate Partnerships | ||
Net Investment in Real Estate | 270,708 | 278,398 |
Mortgage Loans Payable, Net | $ 61,256 | $ 70,366 |
Organization |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.8% and 96.7% ownership interest ("General Partner Units") at December 31, 2017 and 2016, respectively. The Operating Partnership also conducts operations through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 3.2% and 3.3% at December 31, 2017 and 2016, respectively, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units") . Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships and the TRSs are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of December 31, 2017, we owned 488 industrial properties located in 21 states, containing an aggregate of approximately 60.2 million square feet of gross leasable area ("GLA"). Of the 488 properties owned on a consolidated basis, none of them are directly owned by the Company. Any references to the number of industrial properties and square footage in the financial statement footnotes are unaudited. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements at December 31, 2017 and 2016 and for each of the years ended December 31, 2017, 2016 and 2015 include the accounts and operating results of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. Use of Estimates In order to conform with generally accepted accounting principles ("GAAP"), in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2017 and 2016, and the reported amounts of revenues and expenses for each of the years ended December 31, 2017, 2016 and 2015. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments. Restricted Cash Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments. Investment in Real Estate and Depreciation Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset or asset group). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property or group of properties, we will recognize an impairment loss based upon the estimated fair value of the property or group of properties. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property or group of properties previously classified as held for sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying amounts (adjusted for any depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met. Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized using the weighted average borrowing rate during the period. Depreciation expense is computed using the straight-line method based on the following useful lives:
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases. The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off. Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Due to the adoption of the Accounting Standard Updates ("ASU") in 2017, we expect most acquisitions to be treated as asset acquisitions rather than business combinations as our typical acquisitions consist of properties whereby substantially all the fair value of gross assets acquired is concentrated in a single asset (land, building, and in-place leases), which under the new standard, will be treated as an asset acquisition. Acquisition costs related to asset acquisitions are capitalized to the basis of the acquired asset. Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:
Amortization expense related to in-place leases and tenant relationships was $6,648, $6,717 and $6,326 for the years ended December 31, 2017, 2016 and 2015, respectively. Rental revenues increased by $1,116, $996 and $462 related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2017 as follows:
Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Unamortized debt issuance costs are written-off when debt is retired before the maturity date. Debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt liability, consistent with debt discounts. The debt issuance costs related to the unsecured credit facility remain classified as an asset and are included in prepaid expenses and other assets on the consolidated balance sheets. Investments in Joint Ventures Investments in joint ventures represented noncontrolling equity or limited partnership interests in joint ventures. We accounted for investments in joint ventures under the equity method of accounting, as we did not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities ("VIEs"). In order to assess whether consolidation of a VIE is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a VIE based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE. Under the equity method of accounting, our share of earnings or losses of joint ventures was reflected in income as earned and contributions or distributions increased or decreased our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such joint ventures were amortized over the respective lives of the underlying assets. During the year ended 2015, the joint venture in which we held a noncontrolling equity interest, sold its last remaining industrial property. Limited Partner Units Limited Partner Units are reported within Partners’ Capital in the Operating Partnership's balance sheet as of December 31, 2017 and 2016 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2017, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Limited Partner Units. Stock Based Compensation We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest. Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 8 for further disclosure about participating securities. Revenue Recognition Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us. If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term. Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease. We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Tenant accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $310 and $528 as of December 31, 2017 and 2016, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,557 and $1,694 as of December 31, 2017 and 2016, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method. Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales. Income Taxes The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years. REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes. In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. Earnings Per Share and Earnings Per Unit ("EPS" and "EPU") Basic net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period. Diluted net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. Derivative Financial Instruments Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income whereas mark-to-market gains and losses on Agreements which do not qualify for hedge accounting are recognized in net income immediately. Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income. The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the fair value of Agreements, not the notional amounts. Fair Value GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. The fair value hierarchy consists of the following three broad levels:
Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. Discontinued Operations and Assets Held for Sale We report results of operations from real estate assets that are sold or classified as held for sale as discontinued operations provided the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results. We generally classify certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyers due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. Segment Reporting Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting. Recent Accounting Pronouncements New Accounting Standards Adopted Effective January 1, 2017, we adopted ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. We applied ASU 2017-01 prospectively. We anticipate that our acquisitions of real estate in the future will generally not meet the definition of a business combination and, accordingly, transaction costs which have historically been expensed will be capitalized as part of the basis of the real estate assets acquired. New Accounting Standards Issued but not yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We will adopt the new standard effective January 1, 2018. Given the nature of our business, a majority of our revenue comes from rent and recoveries earned from leasing our properties which will be assessed with the adoption of the new lease accounting standard discussed below. Generally, our only significant source of non-lease related contract revenue comes from real estate sales; however, our property dispositions over the last three years have been cash sales with no future involvement in the property operations. Therefore, we do not anticipate that the adoption of the standard will have a material impact on our financial position or results of operations. In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting and sets out the principles for the recognition, measurement, presentation and disclosure of leases. ASU 2016-02 will require lessees, at lease commencement to record a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and record a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We are a lessee on a limited number of ground and office leases as disclosed in Note 14. While we expect to record a right-of-use asset and lease liability upon adoption of this standard, we anticipate the impact will not be material to our overall financial condition and results of operations. We are the lessor on a significant number of leases, however, we believe that ASU 2016-02 will have minimal impact to our financial condition or results of operations as such leases will be accounted for in a similar method to existing GAAP standards with the underlying leased asset being reported and recognized as a real estate asset and rental income being recognized on a straight line basis over the lease term. The most significant changes ASU 2016-02 will have to lessor accounting will be the requirement that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Under existing GAAP standards, certain of these costs are capitalizable. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. If practical expedients are elected, we would not be required to reassess (1) whether an expired or existing contract meets the definition of a lease; (2) the lease classification for expired or existing leases; and (3) whether costs previously capitalized as initial direct costs would continue to be amortized. We continue to monitor FASB activity with respect to possible amendments to ASU 2016-02, particularly the Board’s recent vote to provide an optional practical expedient to lessors that would remove the requirement for lessors to separate lease and non-lease components when the pattern of recognition of those components are the same and, when combined as a single unit, those would be classified as operating leases. Should such amendment be finalized, we expect to elect the practical expedient. We will adopt ASU 2016-02 on January 1, 2019 and anticipate electing the practical expedients. We will continue to refine our evaluation and finalize our implementation plan throughout 2018. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-15 on January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning- of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU 2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-18 on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. As a result of the transition guidance, cumulative ineffectiveness that has been previously 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 annual periods beginning after December 15, 2018. We continue to assess all the potential impacts of ASU 2017-12; however, we do not expect the adoption to have a material impact on our financial condition or results of operations. |
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Investment in Real Estate | Investment in Real Estate REIT Acquisition On August 15, 2017, via a share purchase agreement, we acquired a private real estate investment trust that owns one industrial property consisting of 0.2 million square feet of GLA from a third party seller in exchange for $20,962, exclusive of closing costs and credits (“REIT Acquisition”). As part of the REIT Acquisition, we acquired 100% of the common shares of beneficial interest of this private real estate investment trust. Acquisitions The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2017, 2016 and 2015. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2017, 2016 or 2015.
(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2017, 2016 and 2015 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels. The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2017 and 2016:
Sales The following table summarizes our property dispositions for the years ended December 31, 2017, 2016 and 2015:
(A) Gross proceeds and gain on sale of real estate includes the sale of several land parcels for the years ended December 31, 2017 and 2015. Impairment Charge The impairment charge of $626 recorded during the year ended December 31, 2015 was due to marketing certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value and fall into Level 3 of the fair value hierarchy. |
Indebtedness |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
(A) The interest rate at December 31, 2017 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 12. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $4,781 and $2,876 as of December 31, 2017 and 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. Mortgage Loans Payable, Net During the years ended December 31, 2017 and 2016, we paid off mortgage loans in the amount of $36,108 and $59,420, respectively. In connection with the mortgage loans paid off during the years ended December 31, 2017 and 2016, we recognized $1,653 and $79 as loss from retirement of debt, respectively, of which the loss related to the year ended December 31, 2016 was included in general and administrative expense. During the year ended December 31, 2016, we assumed a mortgage loan in the amount of $4,513 in conjunction with the acquisition of one industrial property, totaling approximately 0.1 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 7.35%, principal payments are amortized over 25 years and the loan matures in September 2019. In conjunction with the assumption of the mortgage loan, we recorded a premium in the amount of $529, which will be amortized as an adjustment to interest expense through maturity. As of December 31, 2017, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $576,580. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2017. Senior Unsecured Notes, Net During the year ended December 31, 2017, the Operating Partnership issued $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the "2027 Private Placement Notes") and $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the "2029 Private Placement Notes" and, together with the 2027 Private Placement Notes, collectively, the "Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated February 21, 2017. The 2027 Private Placement Notes and the 2029 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments. The Operating Partnership issued an additional $300,000 of senior unsecured private placement notes in February 2018. See Subsequent Events. During the year ended December 31, 2017, we paid off and retired our 2017 II and 2017 Notes, at maturity, in the amounts of $101,871 and $54,981, respectively. Unsecured Term Loans, Net On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") with a syndicate of financial institutions. During the year ended December 31, 2017, we amended the terms of the 2014 Unsecured Term Loan to, among other things, reduce by 50 basis points our interest spread from the prior rate. At December 31, 2017, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 120 basis points. During the year ended December 31, 2017, in connection with the amendment, we recognized $51 as loss from retirement of debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders. On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan"; together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") with a syndicate of financial institutions. During the year ended December 31, 2017, we amended the terms of the 2015 Unsecured Term Loan to, among other things, reduce by 40 basis points our interest spread from the prior rate. At December 31, 2017, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 120 basis points. The interest rates on the Unsecured Term Loans vary based on the Company's leverage ratio or, at our election, the Company's credit ratings. Unsecured Credit Facility On October 31, 2017, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $725,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000, subject to certain restrictions. The Unsecured Credit Facility matures on October 29, 2021, with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2017, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 110 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. During the year ended December 31, 2017, in connection with the amendment, we recognized $71 as loss from retirement of debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of December 31, and thereafter:
The Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and indentures governing our senior unsecured notes as of December 31, 2017. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At December 31, 2017 and 2016, the fair value of our indebtedness was as follows:
(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Variable Interest Entities |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities The Other Real Estate Partnerships are VIEs of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:
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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership | Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership Operating Partnership Units The Operating Partnership has issued General Partner Units, Limited Partner Units and preferred general partnership Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties. Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2017, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $126,139 or by issuing 4,008,221 shares of the Company’s common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The Operating Partnership is required to make all required distributions on the preferred general partnership Units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the Limited Partner Units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Operating Partnership or to amend the provisions of the partnership agreement which requires such consent. Preferred Stock or General Partner Preferred Units The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2017 and 2016, there were no preferred shares or general partner preferred Units outstanding. Shares of Common Stock or Unit Contributions For the years ended December 31, 2017, 2016 and 2015, 31,154, 266,332 and 68,930 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $364, $2,862 and $673, respectively, of noncontrolling interest to the Company’s stockholders’ equity. During the year ended December 31, 2017, the Company issued 2,560,000 shares of the Company’s common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $74,880. During the year ended December 31, 2016, the Company issued 5,600,000 shares of the Company’s common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $124,936. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. On March 13, 2014, we entered into distribution agreements with sales agents to sell up to 13,300,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM Program"). The distribution agreements entered into with respect to the 2014 ATM Program expired by their terms on March 13, 2017 and, on March 16, 2017, we entered into distribution agreements with sales agents to sell up to 8,000,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2017 ATM Program"). Under the terms of the 2014 ATM Program and the 2017 ATM Program, sales were or are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions. During the years ended December 31, 2017, 2016 and 2015, the Company did not issue any shares of common stock under the 2014 ATM Program or the 2017 ATM Program. The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted stock or restricted Unit awards (see Note 11), for the three years ended December 31, 2017:
Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years:
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive loss by component for the years ended December 31, 2017 and 2016:
The following table summarizes the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2017, 2016 and 2015:
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $95 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 Swaps and 2015 Swaps (as defined in Note 12) will also be reclassified to net income. See Note 12 for more information about our derivatives. |
Earnings Per Share / Unit (EPS / EPU) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share / Unit (EPS / EPU) | Earnings Per Share and Earnings Per Unit (EPS/EPU) The computation of basic and diluted EPS of the Company is presented below:
The computation of basic and diluted EPU of the Operating Partnership is presented below:
Participating securities include 408,248, 406,855 and 387,947 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2017, 2016 and 2015, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2017, 2016 and 2015, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of one of our TRSs. The components of the income tax provision for the years ended December 31, 2017, 2016 and 2015 are comprised of the following:
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. New 2017 tax reform legislation reduces the corporate tax rate to 21%, effective January 1, 2018. Consequently, our deferred income tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate. As a result, we recorded a decrease related to the net deferred tax assets and a decrease to the associated valuation allowance. Deferred income tax assets and liabilities include the following as of December 31, 2017 and 2016:
A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred income tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the TRSs significant enough to allow us to believe it is more likely than not that we will realize our deferred income tax assets. Therefore, we have recorded a valuation allowance against our deferred income tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred income tax assets, is included in the current income tax provision. The income tax provision pertaining to income from continuing operations of the TRSs differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2017, 2016 and 2015:
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2017, we do not have any unrecognized tax benefits. We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2014 and thereafter. Federal Income Tax Treatment of Common Dividends For income tax purposes, dividends paid to the Company's common shareholders are characterized as ordinary income, capital gains or as a return of a shareholder's invested capital. For the years ended December 31, 2017, 2016 and 2015, the dividends per common share were characterized as follows:
The income tax characterization of dividends to common shareholders is based on the calculation of Taxable Earnings and Profits, as defined in the Code. Taxable Earnings and Profits differ from regular taxable income due primarily to differences in the estimated useful lives and methods used to compute depreciation and in the recognition of gains and losses on the sale of real estate assets. |
Future Rental Revenues |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
Future Rental Revenues | Future Rental Revenues Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2017 are approximately as follows:
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Benefit Plans |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans Stock Based Compensation The Company maintains a stock incentive plan (the “Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors. Officers, certain employees and the Company's independent directors generally are eligible to participate in the Stock Incentive Plan. Awards made under the Stock Incentive Plan can be in the form of restricted stock awards, restricted stock unit awards, performance share awards, dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2017, awards covering 1.9 million shares of common stock were available to be granted under the Stock Incentive Plan. Restricted Stock or Restricted Unit Awards For the years ended December 31, 2017, 2016 and 2015, the Company awarded 260,685, 308,373 and 216,975 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $6,871, $6,047 and $4,708 on the date such awards were approved by either the Compensation Committee of the Board of Directors or the Company's stockholders of the Stock Incentive Plan, as the case may be. These restricted stock awards were granted based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the years ended December 31, 2017, 2016 and 2015, the Company awarded 15,108, 14,460 and 17,385 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which had a fair value of $420, $350 and $350 on the date of approval. These restricted stock awards vest over a one-year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount for both restricted stock awards. Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2017, 2016 and 2015, we recognized $1,590, $1,710 and $1,352, respectively, of compensation expense related to restricted stock or restricted Unit awards granted to our former Chief Executive Officer for which future service was not required. LTIP Unit Awards For the years ended December 31, 2017 and 2016, the Company granted to certain employees 195,951 and 254,524 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards"), which had a fair value of $2,473 and $2,561 on the grant date. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index over a performance period of three years. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods each participant will be issued shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested LTIP Unit Awards. The fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:
Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards For the years ended December 31, 2017, 2016 and 2015, we recognized $8,611, $7,371 and $7,177, respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards. Restricted stock or restricted Unit award and LTIP Unit Award amortization capitalized in connection with development activities was not significant. At December 31, 2017, we had $7,752 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.88 years. Restricted stock or restricted Unit award and LTIP Unit Award transactions for the year ended December 31, 2017 are summarized as follows:
401(k)/Profit Sharing Plan Under the Company's 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions and the Company may make, but is not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2017, 2016 and 2015, total expense related to matching contributions was $518, $509 and $471, respectively. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In connection with the originations of the Unsecured Term Loans (see Note 4), we entered into interest rate protection agreements to manage our exposure to changes in the one month LIBOR rate. The four interest rate protection agreements, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $200,000, mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the "2014 Swaps"). The six interest rate protection agreements, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $260,000, mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79% (the "2015 Swaps"). We designated the 2014 Swaps and 2015 Swaps as cash flow hedges. During the year ended December 31, 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Settled Swaps") related to an anticipated unsecured debt offering. At origination, we designated the Settled Swaps as cash flow hedges but, during the three months ended March 31, 2015, the Settled Swaps were de-designated and the fair market value loss of $12,990 was reclassified to earnings from other comprehensive income since we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the designation memos. During the year ended December 31, 2015, we made a settlement payment of $11,546 to our derivative counterparties, which is recognized as settlement loss on interest rate protection agreements. Derivative Instruments Not Designated for Hedge Accounting Treatment In September 2017, we entered into two interest rate protection agreements (the "Treasury Locks"), with an aggregate notional value of $100,000, in order to fix the interest rate on an anticipated unsecured debt offering. The Treasury Locks fixed the ten year U.S. Treasury rate at a weighted average rate of approximately 2.18%. Due to the strict requirements surrounding the application of hedge accounting, we elected not to designate the Treasury Locks as hedges. As such, the change in the fair value of the Treasury Locks is recorded within the income statement as opposed to being recorded in other comprehensive income. During the year ended December 31, 2017 we settled the Treasury Locks and recognized $1,896 in settlement gain on interest rate protection agreements. Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of December 31, 2017, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial assets and liabilities related to the 2014 Swaps and 2015 Swaps, which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2017:
There was no ineffectiveness recorded on the 2014 Swaps and 2015 Swaps during the year ended December 31, 2017. The estimated fair value of the 2014 Swaps and 2015 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the 2014 Swaps and 2015 Swaps fell within Level 2 of the fair value hierarchy. |
Related Party Transactions |
12 Months Ended |
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Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions At December 31, 2017 and 2016, the Operating Partnership had receivable balances of $10,129 and $10,448, respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. Four properties have leases granting the tenants options to purchase the property. Such options are exercisable at various times at appraised fair market value or at a fixed purchase price. None of the tenant purchase options have been exercised. At December 31, 2017, we had outstanding letters of credit and performance bonds in the aggregate amount of $20,188. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2017, we had 11 industrial properties totaling approximately 4.2 million square feet of GLA under construction. The estimated total investment as of December 31, 2017 is approximately $291,000 (unaudited). Of this amount, approximately $175,800 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment. During the year ended December 31, 2016, a fire significantly destroyed one industrial property totaling approximately 0.03 million square feet of GLA located in San Diego, California. In a separate event, on April 3, 2017, a fire caused significant damage to one industrial property totaling approximately 0.08 million square feet of GLA located in Los Angeles, California. During the respective periods in which the fires occurred, we wrote off the unamortized net book value of the building improvements for the damaged portions of the industrial properties and recorded a receivable from our insurance company for the amount of the write off, less our $25 deductible per occurrence. During the year ended December 31, 2017, we collected insurance proceeds in excess of the amounts we wrote off related to unamortized net book value of the building improvements. Ground and Operating Lease Agreements For the years ended December 31, 2017, 2016 and 2015, we recognized $1,419, $1,380 and $1,281, respectively, in operating and ground lease expense. Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2017 are as follows:
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Subsequent Events |
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Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From January 1, 2018 to February 23, 2018, we acquired one industrial property and one land parcel for a purchase price of approximately $15,625, excluding costs incurred in conjunction with the acquisition of the industrial property. During January 2018, the Company restructured its staffing to align its personnel with changes in its portfolio. The severance and other costs associated with the restructuring is approximately $1,000. During February 2018, the Company renewed a lease on a long term basis for a 1.3 million square feet facility located in Eastern PA, that was set to expire during the three months ended March 31, 2018. Effective as of January 1, 2018, the Company, as general partner of the Operating Partnership, adopted a First Amendment to the Twelfth Amended and Restated Limited Partnership Agreement (the “LPA Amendment”) to amend the Twelfth Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Existing LPA”) to provide that the General Partner, who had existing authority regarding tax matters decision-making authority as the “Tax Matters Partner” of the Operating Partnership under the Existing LPA, would also be designated as the “Partnership Representative” of the Operating Partnership pursuant to the revised partnership audit rules adopted pursuant to the Bipartisan Budget Act of 2015 with respect to taxable years starting January 1, 2018. A conformed copy of the Existing LPA, which incorporates the amendments effectuated pursuant to the LPA Amendment, is attached hereto as Exhibit 3.9 to this Annual Report on Form 10-K. On February 15, 2018, the Operating Partnership issued $150,000 of 3.86% Series C Guaranteed Senior Notes due February 15, 2028 (the “2028 Private Placement Notes”) and $150,000 of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the “2030 Private Placement Notes”) in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. The 2028 Private Placement Notes and the 2030 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments. We anticipate paying off $157,782 of mortgage loans payable which were originally scheduled to mature on June 1, 2018 on or about March 1, 2018. |
Quarterly Financial Information (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2017 and 2016.
The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2017 and 2016.
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Schedule III: Real Estate and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III: Real Estate and Accumulated Depreciation |
L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 NOTES:
At December 31, 2017, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $3.4 billion (excluding construction in progress). The changes in investment in real estate for the three years ended December 31, are as follows:
The changes in accumulated depreciation for the three years ended December 31, are as follows:
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements at December 31, 2017 and 2016 and for each of the years ended December 31, 2017, 2016 and 2015 include the accounts and operating results of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. |
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Use of Estimates | Use of Estimates In order to conform with generally accepted accounting principles ("GAAP"), in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2017 and 2016, and the reported amounts of revenues and expenses for each of the years ended December 31, 2017, 2016 and 2015. Actual results could differ from those estimates. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments. |
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Restricted Cash | Restricted Cash Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments. |
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Investment in Real Estate and Depreciation | Investment in Real Estate and Depreciation Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset or asset group). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property or group of properties, we will recognize an impairment loss based upon the estimated fair value of the property or group of properties. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property or group of properties previously classified as held for sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying amounts (adjusted for any depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met. Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized using the weighted average borrowing rate during the period. Depreciation expense is computed using the straight-line method based on the following useful lives:
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases. The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off. Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Due to the adoption of the Accounting Standard Updates ("ASU") in 2017, we expect most acquisitions to be treated as asset acquisitions rather than business combinations as our typical acquisitions consist of properties whereby substantially all the fair value of gross assets acquired is concentrated in a single asset (land, building, and in-place leases), which under the new standard, will be treated as an asset acquisition. Acquisition costs related to asset acquisitions are capitalized to the basis of the acquired asset. Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:
Amortization expense related to in-place leases and tenant relationships was $6,648, $6,717 and $6,326 for the years ended December 31, 2017, 2016 and 2015, respectively. Rental revenues increased by $1,116, $996 and $462 related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2017 as follows:
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Debt Issuance Costs | Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Unamortized debt issuance costs are written-off when debt is retired before the maturity date. Debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt liability, consistent with debt discounts. The debt issuance costs related to the unsecured credit facility remain classified as an asset and are included in prepaid expenses and other assets on the consolidated balance sheets. |
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Investments in Joint Ventures | Investments in Joint Ventures Investments in joint ventures represented noncontrolling equity or limited partnership interests in joint ventures. We accounted for investments in joint ventures under the equity method of accounting, as we did not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities ("VIEs"). In order to assess whether consolidation of a VIE is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a VIE based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE. Under the equity method of accounting, our share of earnings or losses of joint ventures was reflected in income as earned and contributions or distributions increased or decreased our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such joint ventures were amortized over the respective lives of the underlying assets. During the year ended 2015, the joint venture in which we held a noncontrolling equity interest, sold its last remaining industrial property. |
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Limited Partners Units | Limited Partner Units Limited Partner Units are reported within Partners’ Capital in the Operating Partnership's balance sheet as of December 31, 2017 and 2016 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2017, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Limited Partner Units. |
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Stock Based Compensation | Stock Based Compensation We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest. Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 8 for further disclosure about participating securities. |
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Revenue Recognition | Revenue Recognition Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us. If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term. Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease. We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Tenant accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $310 and $528 as of December 31, 2017 and 2016, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $1,557 and $1,694 as of December 31, 2017 and 2016, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method. |
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Gain on Sale of Real Estate | Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales. |
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Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years. REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes. In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. |
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Earnings Per Share/Unit (EPS/EPU) | Earnings Per Share and Earnings Per Unit ("EPS" and "EPU") Basic net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period. Diluted net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. |
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Derivative Financial Instruments | Derivative Financial Instruments Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income whereas mark-to-market gains and losses on Agreements which do not qualify for hedge accounting are recognized in net income immediately. Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income. The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the fair value of Agreements, not the notional amounts. |
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Fair Value | Fair Value GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. The fair value hierarchy consists of the following three broad levels:
Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. |
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Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale We report results of operations from real estate assets that are sold or classified as held for sale as discontinued operations provided the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results. We generally classify certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyers due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. |
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Segment Reporting | Segment Reporting Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements New Accounting Standards Adopted Effective January 1, 2017, we adopted ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. We applied ASU 2017-01 prospectively. We anticipate that our acquisitions of real estate in the future will generally not meet the definition of a business combination and, accordingly, transaction costs which have historically been expensed will be capitalized as part of the basis of the real estate assets acquired. New Accounting Standards Issued but not yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We will adopt the new standard effective January 1, 2018. Given the nature of our business, a majority of our revenue comes from rent and recoveries earned from leasing our properties which will be assessed with the adoption of the new lease accounting standard discussed below. Generally, our only significant source of non-lease related contract revenue comes from real estate sales; however, our property dispositions over the last three years have been cash sales with no future involvement in the property operations. Therefore, we do not anticipate that the adoption of the standard will have a material impact on our financial position or results of operations. In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting and sets out the principles for the recognition, measurement, presentation and disclosure of leases. ASU 2016-02 will require lessees, at lease commencement to record a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and record a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We are a lessee on a limited number of ground and office leases as disclosed in Note 14. While we expect to record a right-of-use asset and lease liability upon adoption of this standard, we anticipate the impact will not be material to our overall financial condition and results of operations. We are the lessor on a significant number of leases, however, we believe that ASU 2016-02 will have minimal impact to our financial condition or results of operations as such leases will be accounted for in a similar method to existing GAAP standards with the underlying leased asset being reported and recognized as a real estate asset and rental income being recognized on a straight line basis over the lease term. The most significant changes ASU 2016-02 will have to lessor accounting will be the requirement that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Under existing GAAP standards, certain of these costs are capitalizable. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. If practical expedients are elected, we would not be required to reassess (1) whether an expired or existing contract meets the definition of a lease; (2) the lease classification for expired or existing leases; and (3) whether costs previously capitalized as initial direct costs would continue to be amortized. We continue to monitor FASB activity with respect to possible amendments to ASU 2016-02, particularly the Board’s recent vote to provide an optional practical expedient to lessors that would remove the requirement for lessors to separate lease and non-lease components when the pattern of recognition of those components are the same and, when combined as a single unit, those would be classified as operating leases. Should such amendment be finalized, we expect to elect the practical expedient. We will adopt ASU 2016-02 on January 1, 2019 and anticipate electing the practical expedients. We will continue to refine our evaluation and finalize our implementation plan throughout 2018. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-15 on January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning- of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU 2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-18 on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. As a result of the transition guidance, cumulative ineffectiveness that has been previously 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 annual periods beginning after December 15, 2018. We continue to assess all the potential impacts of ASU 2017-12; however, we do not expect the adoption to have a material impact on our financial condition or results of operations. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Useful Lives of Depreciable Assets | Depreciation expense is computed using the straight-line method based on the following useful lives:
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Summary of Deferred Leasing Intangibles | Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:
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Future Amortization Expense Related to Deferred Leasing Intangibles | We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2017 as follows:
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Investment in Real Estate (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Industrial Property Acquisitions | The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2017, 2016 and 2015. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2017, 2016 or 2015.
(A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2017, 2016 and 2015 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels. |
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Summary of Acquisition Purchase Price Allocation | The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2017 and 2016:
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Summary of Industrial Property Dispositions | The following table summarizes our property dispositions for the years ended December 31, 2017, 2016 and 2015:
(A) Gross proceeds and gain on sale of real estate includes the sale of several land parcels for the years ended December 31, 2017 and 2015. |
Indebtedness (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness:
(A) The interest rate at December 31, 2017 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 12. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $4,781 and $2,876 as of December 31, 2017 and 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. |
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Schedule of Maturities | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of December 31, and thereafter:
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Summary of Indebtedness at Estimated Fair Value | At December 31, 2017 and 2016, the fair value of our indebtedness was as follows:
(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities (Tables) |
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Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Partnerships' Summarized Balance Sheet | The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:
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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Units Roll-Forward | The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted stock or restricted Unit awards (see Note 11), for the three years ended December 31, 2017:
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Summary of Dividends/Distributions | The following table summarizes dividends/distributions accrued during the past three years:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss by component for the years ended December 31, 2017 and 2016:
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Reclassification Out of Accumulated Other Comprehensive Loss | The following table summarizes the reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2017, 2016 and 2015:
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Earnings Per Share / Unit (EPS / EPU) (Tables) |
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Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPS of the Company is presented below:
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Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPU of the Operating Partnership is presented below:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Benefit (Provision) | The components of the income tax provision for the years ended December 31, 2017, 2016 and 2015 are comprised of the following:
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Deferred Tax Assets (Liabilities) | Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. New 2017 tax reform legislation reduces the corporate tax rate to 21%, effective January 1, 2018. Consequently, our deferred income tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate. As a result, we recorded a decrease related to the net deferred tax assets and a decrease to the associated valuation allowance. Deferred income tax assets and liabilities include the following as of December 31, 2017 and 2016:
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Effective Income Tax Rate Reconciliation | The income tax provision pertaining to income from continuing operations of the TRSs differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2017, 2016 and 2015:
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Federal Income Tax Treatment of Common Dividends | For income tax purposes, dividends paid to the Company's common shareholders are characterized as ordinary income, capital gains or as a return of a shareholder's invested capital. For the years ended December 31, 2017, 2016 and 2015, the dividends per common share were characterized as follows:
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Future Rental Revenues (Tables) |
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Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases | Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2017 are approximately as follows:
|
Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTIP Unit Award Valuation Assumptions | The fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:
|
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Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions | Restricted stock or restricted Unit award and LTIP Unit Award transactions for the year ended December 31, 2017 are summarized as follows:
|
Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on Recurring Basis | The following table sets forth our financial assets and liabilities related to the 2014 Swaps and 2015 Swaps, which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2017:
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments Under the Terms of All Non-Cancelable Ground and Operating Leases | Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2017 are as follows:
________________
|
Quarterly Financial Information (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2017 and 2016.
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First Industrial, L.P. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2017 and 2016.
|
Organization - Additional Information (Details) ft² in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
ft²
Property
State
|
Dec. 31, 2016 |
|
Organization [Line Items] | ||
Company's ownership interest | 96.80% | 96.70% |
Limited partners' ownership interest in the Operating Partnership | 3.20% | 3.30% |
Number of industrial properties owned | Property | 488 | |
Number of states in which industrial properties are located | State | 21 | |
Gross leasable area (GLA) of industrial properties owned | ft² | 60.2 | |
Other Real Estate Partnerships | ||
Organization [Line Items] | ||
Company's ownership interest | 100.00% | |
Number of Other Real Estate Partnerships | 8 | |
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships | 99.00% | |
General partners' minimum ownership interest in the Other Real Estate Partnerships | 0.01% |
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accounting Policies [Abstract] | |||
Maturity of liquid investments | three months or less | ||
Allowance for doubtful accounts receivable | $ 310 | $ 528 | |
Deferred rent receivable allowance amount | $ 1,557 | 1,694 | |
Minimum percentage of taxable income to be distributed | 90.00% | ||
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of deferred leasing intangibles | $ 6,648 | 6,717 | $ 6,326 |
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense of deferred leasing intangibles | $ 1,116 | $ 996 | $ 462 |
Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Buildings and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 50 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Furniture, Fixtures and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | $ 30,481 | $ 29,499 |
Total deferred leasing intangibles, net, included in total liabilities | 10,355 | 10,400 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 19,921 | 17,529 |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 2,298 | 2,373 |
Below Market Ground Lease Obligation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,688 | 1,733 |
Tenant Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 6,574 | 7,864 |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total liabilities | $ 10,355 | $ 10,400 |
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Phantoms) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounting Policies [Abstract] | ||
Total accumulated amortization of deferred leasing intangibles included in total assets | $ 29,604 | $ 27,336 |
Total accumulated amortization of deferred leasing intangibles included in total liabilities | $ 10,578 | $ 10,193 |
Summary of Significant Accounting Policies - Future Amortization Expense Related to Deferred Leasing Intangibles (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
In-Place Leases and Tenant Relationships | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2018 | $ 5,648 |
2019 | 4,753 |
2020 | 3,982 |
2021 | 2,590 |
2022 | 2,339 |
Above and Below Market Leases | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2018 | 1,009 |
2019 | 1,019 |
2020 | 914 |
2021 | 845 |
2022 | $ 833 |
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
ft²
Property
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 488 | ||
Gross leasable area (GLA) of industrial properties | ft² | 60.2 | ||
Impairment of Real Estate | $ | $ 0 | $ 0 | $ 626 |
REIT Acquisition | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 1 | ||
Gross leasable area (GLA) of industrial properties | ft² | 0.2 | ||
Purchase Price | $ | $ 20,962 | ||
Percentage of Voting Interests Acquired | 100.00% |
Investment in Real Estate Investment in Real Estate - Summary of Industrial Property Acquisitions (Details) $ in Thousands, ft² in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
ft²
Property
|
Dec. 31, 2016
USD ($)
ft²
Property
|
Dec. 31, 2015
USD ($)
ft²
Property
|
|
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 488 | ||
Gross leasable area (GLA) of industrial properties | ft² | 60.2 | ||
Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 8 | 6 | 8 |
Gross leasable area (GLA) of industrial properties | ft² | 1.1 | 0.7 | 1.9 |
Purchase price of industrial properties acquired | $ | $ 174,209 | $ 111,130 | $ 169,218 |
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Real Estate [Line Items] | |||
Land | $ 864,813 | $ 794,821 | |
Buildings and Improvements | 2,521,457 | 2,523,015 | |
Acquisition Activity | |||
Real Estate [Line Items] | |||
Land | 92,810 | 70,380 | |
Buildings and Improvements | 73,028 | 37,031 | |
Other Assets | 1,659 | 781 | |
Assumed Mortgage Loan Premium (See Note 4) | 0 | (529) | |
Purchase price of industrial properties acquired | 174,209 | 111,130 | $ 169,218 |
Assumed Mortgage Loan (See Note 4) | 0 | (4,513) | |
Purchase Price, Net | 174,209 | 106,617 | |
Acquisition Activity | In-Place Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (7,905) | (3,253) | |
Acquisition Activity | Above Market Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (227) | (214) | |
Acquisition Activity | Below Market Leases | |||
Real Estate [Line Items] | |||
Acquired Finite-lived Intangible Liabilities, Fair Value | $ 1,420 | $ 0 |
Investment in Real Estate Inestment in Real Estate - Summary of Industrial Property Dispositions (Details) $ in Thousands, ft² in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
ft²
Property
|
Dec. 31, 2016
USD ($)
ft²
Property
|
Dec. 31, 2015
USD ($)
ft²
Property
|
||||
Real Estate Properties [Line Items] | ||||||
Number of industrial properties | Property | 488 | |||||
Gross leasable area (GLA) of industrial properties | ft² | 60.2 | |||||
Proceeds from sale of industrial properties | $ | [1] | $ 236,059 | $ 169,911 | $ 158,429 | ||
Gain on sale of real estate | $ | [1] | $ 131,269 | $ 68,202 | $ 48,906 | ||
Disposition Activity | ||||||
Real Estate Properties [Line Items] | ||||||
Number of industrial properties | Property | 60 | 63 | 66 | |||
Gross leasable area (GLA) of industrial properties | ft² | 4.6 | 3.9 | 3.8 | |||
|
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Debt Instrument [Line Items] | |||||||
Mortgage Loans Payable, Net | $ 450,056 | $ 495,956 | |||||
Senior Unsecured Notes, Net | 246,673 | 204,998 | |||||
Unsecured Term Loans, Net | 455,768 | 456,638 | |||||
Unsecured Credit Facility | 144,500 | 189,500 | |||||
2017 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 0 | 54,981 | |||||
Maturity Date | Dec. 01, 2017 | ||||||
2027 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 6,070 | 6,070 | |||||
Interest Rate | 7.15% | ||||||
Effective Interest Rate | 7.11% | ||||||
Maturity Date | May 15, 2027 | ||||||
2028 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 31,901 | 31,901 | |||||
Interest Rate | 7.60% | ||||||
Effective Interest Rate | 8.13% | ||||||
Maturity Date | Jul. 15, 2028 | ||||||
2032 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 10,600 | 10,600 | |||||
Interest Rate | 7.75% | ||||||
Effective Interest Rate | 7.87% | ||||||
Maturity Date | Apr. 15, 2032 | ||||||
2017 II Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 0 | 101,871 | |||||
Maturity Date | May 15, 2017 | ||||||
2027 Private Placement Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 125,000 | 0 | |||||
Interest Rate | 4.30% | ||||||
Effective Interest Rate | 4.30% | ||||||
Maturity Date | Apr. 20, 2027 | ||||||
2029 Private Placement Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior Unsecured Notes, Gross | $ 75,000 | 0 | |||||
Interest Rate | 4.40% | ||||||
Effective Interest Rate | 4.40% | ||||||
Maturity Date | Apr. 20, 2029 | ||||||
2014 Unsecured Term Loan (A) | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured Term Loans, Gross | $ 200,000 | 200,000 | |||||
Interest Rate | [1] | 3.49% | |||||
Maturity Date | Jan. 29, 2021 | ||||||
2015 Unsecured Term Loan (A) | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured Term Loans, Gross | $ 260,000 | 260,000 | |||||
Interest Rate | [1] | 2.99% | |||||
Maturity Date | Sep. 12, 2022 | ||||||
Mortgage Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage Loans Payable, Gross | $ 451,602 | 498,435 | |||||
Unamortized Debt Issuance Costs | (1,806) | (2,905) | |||||
Unamortized Premiums | 260 | 426 | |||||
Mortgage Loans Payable, Net | $ 450,056 | 495,956 | |||||
Maturity Date Range, Start | Jun. 01, 2018 | ||||||
Maturity Date Range, End | Sep. 01, 2022 | ||||||
Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized Debt Issuance Costs | $ (1,814) | (320) | |||||
Senior Unsecured Notes, Gross | 248,571 | 205,423 | |||||
Unamortized Discounts | (84) | (105) | |||||
Senior Unsecured Notes, Net | 246,673 | 204,998 | |||||
Unsecured Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized Debt Issuance Costs | (4,232) | (3,362) | |||||
Unsecured Term Loans, Gross | 460,000 | 460,000 | |||||
Unsecured Term Loans, Net | 455,768 | 456,638 | |||||
Unsecured Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized Debt Issuance Costs | (4,781) | (2,876) | |||||
Unsecured Credit Facility | [2] | $ 144,500 | $ 189,500 | ||||
Interest Rate | 2.46% | ||||||
Maturity Date | [2] | Oct. 29, 2021 | |||||
Minimum | Mortgage Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 4.03% | ||||||
Effective Interest Rate | 3.82% | ||||||
Maximum | Mortgage Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 8.26% | ||||||
Effective Interest Rate | 8.26% | ||||||
|
Indebtedness - Additional Information (Details) $ in Thousands, ft² in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 11, 2015
USD ($)
|
Jan. 29, 2014
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
ft²
Property
|
Dec. 31, 2015
USD ($)
|
Feb. 22, 2018
USD ($)
|
Oct. 31, 2017
USD ($)
|
Mar. 10, 2015
USD ($)
|
||||
Debt Instrument [Line Items] | |||||||||||
Loss from Retirement of Debt | $ (1,775) | $ 0 | $ 0 | ||||||||
2027 Private Placement Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assumed mortgage, fixed interest rate | 4.30% | ||||||||||
Senior Unsecured Notes, Gross | $ 125,000 | 0 | |||||||||
Effective Interest Rate | 4.30% | ||||||||||
2029 Private Placement Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assumed mortgage, fixed interest rate | 4.40% | ||||||||||
Senior Unsecured Notes, Gross | $ 75,000 | 0 | |||||||||
Effective Interest Rate | 4.40% | ||||||||||
2017 II Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt, amount | $ 101,871 | ||||||||||
Senior Unsecured Notes, Gross | 0 | 101,871 | |||||||||
2017 Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt, amount | 54,981 | ||||||||||
Senior Unsecured Notes, Gross | 0 | 54,981 | |||||||||
2014 Unsecured Term Loan (A) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss from Retirement of Debt | $ 51 | ||||||||||
Assumed mortgage, fixed interest rate | [1] | 3.49% | |||||||||
Debt Instrument, term | 7 years | ||||||||||
Unsecured term loan, face amount | $ 200,000 | ||||||||||
Debt Instrument Interest Rate Change Due To Amendment | 50 basis points | ||||||||||
Debt instrument, interest rate terms | LIBOR plus 120 basis points | ||||||||||
2015 Unsecured Term Loan (A) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assumed mortgage, fixed interest rate | [1] | 2.99% | |||||||||
Debt Instrument, term | 7 years | ||||||||||
Unsecured term loan, face amount | $ 260,000 | ||||||||||
Debt Instrument Interest Rate Change Due To Amendment | 40 basis points | ||||||||||
Debt instrument, interest rate terms | LIBOR plus 120 basis points | ||||||||||
Mortgage Loans Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt, amount | $ 36,108 | 59,420 | |||||||||
Loss from Retirement of Debt | 1,653 | 79 | |||||||||
Net carrying value of industrial properties collateralized by mortgage loans | 576,580 | ||||||||||
Mortgage Loans Payable | Assumed Mortgage | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assumed mortgage loan | $ 4,513 | ||||||||||
Number of industrial properties acquired | Property | 1 | ||||||||||
Gross leasable area (GLA) of industrial properties acquired | ft² | 0.1 | ||||||||||
Assumed mortgage, fixed interest rate | 7.35% | ||||||||||
Debt Instrument, term | 25 years | ||||||||||
Assumed mortgage, premium | $ 529 | ||||||||||
Unsecured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss from Retirement of Debt | 71 | ||||||||||
Line of Credit Facility, current borrowing capacity | $ 725,000 | $ 625,000 | |||||||||
Line of Credit Facility, additional borrowings capacity | $ 1,000,000 | ||||||||||
Number of years of extension of the Line of Credit Facility at election | 1 year | ||||||||||
Line of Credit Facility, interest rate description | LIBOR plus 110 basis points | ||||||||||
Subsequent Events | Private Placement Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Unsecured Notes, Gross | $ 300,000 | ||||||||||
|
Indebtedness - Schedule of Maturities (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2018 | $ 165,449 |
2019 | 79,329 |
2020 | 58,762 |
2021 | 411,318 |
2022 | 341,244 |
Thereafter | 248,571 |
Total | $ 1,304,673 |
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Carrying Amount | [1] | $ 1,304,849 | $ 1,353,679 | ||
Fair Value | 1,341,534 | 1,384,111 | |||
Mortgage Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | [1] | 451,862 | 498,861 | ||
Fair Value | 467,303 | 513,540 | |||
Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | [1] | 248,487 | 205,318 | ||
Fair Value | 269,731 | 222,469 | |||
Unsecured Term Loans | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | [1] | 460,000 | 460,000 | ||
Fair Value | 460,000 | 458,602 | |||
Unsecured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | [1] | 144,500 | 189,500 | ||
Fair Value | $ 144,500 | $ 189,500 | |||
|
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
ASSETS | ||
Net Investment in Real Estate | $ 2,705,826 | $ 2,588,422 |
Total Assets | 2,941,062 | 2,793,263 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 450,056 | 495,956 |
Total Liabilities and Equity/Partners' Capital | 2,941,062 | 2,793,263 |
Other Real Estate Partnerships | ||
ASSETS | ||
Net Investment in Real Estate | 270,708 | 278,398 |
Other Assets, Net | 23,530 | 24,401 |
Total Assets | 294,238 | 302,799 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 61,256 | 70,366 |
Other Liabilities, Net | 9,283 | 9,138 |
Partners' Capital | 223,699 | 223,295 |
Total Liabilities and Equity/Partners' Capital | $ 294,238 | $ 302,799 |
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Mar. 16, 2017 |
Mar. 13, 2014 |
|
Class of Stock [Line Items] | |||||
Operating Partnership, aggregate cash payment | $ 126,139 | ||||
Operating Partnership, shares | 4,008,221 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 0 | $ 0 | $ 0 | ||
Net proceeds from the issuance of common stock | $ 74,880 | $ 124,936 | $ 0 | ||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Units converted to common stock | 31,154 | 266,332 | 68,930 | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 364 | $ 2,862 | $ 673 | ||
Shares of common stock issued | 2,560,000 | 5,600,000 | |||
Net proceeds from the issuance of common stock | $ 74,880 | $ 124,936 | |||
First Industrial, L.P. | |||||
Class of Stock [Line Items] | |||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | ||
Net proceeds from the issuance of common stock | $ 74,880 | $ 124,936 | $ 0 | ||
ATM [Member] | |||||
Class of Stock [Line Items] | |||||
Shares of company stock issuable under an at-the-market offering | 8,000,000 | 13,300,000 | |||
Aggregate Gross Sale Proceeds | $ 200,000 | $ 200,000 |
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Common Stock and Units Roll-Forward (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 117,107,746 | ||
Issuance of Restricted Stock/Units Awards | 471,744 | ||
Common Stock/Units, Outstanding, Ending Balance | 119,883,180 | 117,107,746 | |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 117,107,746 | 111,027,225 | 110,600,866 |
Issuance of Common Stock/Contribution of General Partner Units,, Including Vesting of LTIP Unit Awards | 2,560,000 | 5,600,000 | 224,990 |
Issuance of Restricted Stock/Units Awards | 275,793 | 322,833 | 234,360 |
Repurchase and Retirement of Restricted Stock/Unit Awards | (91,513) | (108,644) | (101,921) |
Conversion of Limited Partner Units | 31,154 | 266,332 | 68,930 |
Common Stock/Units, Outstanding, Ending Balance | 119,883,180 | 117,107,746 | 111,027,225 |
First Industrial, L.P. | Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 121,147,121 | 115,332,932 | 114,975,503 |
Issuance of Common Stock/Contribution of General Partner Units,, Including Vesting of LTIP Unit Awards | 2,560,000 | 5,600,000 | 224,990 |
Issuance of Restricted Stock/Units Awards | 275,793 | 322,833 | 234,360 |
Repurchase and Retirement of Restricted Stock/Unit Awards | (91,513) | (108,644) | (101,921) |
Conversion of Limited Partner Units | 0 | 0 | 0 |
Common Stock/Units, Outstanding, Ending Balance | 123,891,401 | 121,147,121 | 115,332,932 |
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Summary of Dividends/Distributions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 104,106 | $ 91,318 | $ 59,014 |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 104,106 | $ 91,318 | $ 59,014 |
Accumulated Other Comprehensive Income (Loss) (Changes in AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ (4,643) | $ (9,667) |
Other Comprehensive Income (Loss) Before Reclassifications | 1,440 | (2,489) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,541 | 7,513 |
Net Current Period Other Comprehensive Income (Loss) | 5,981 | 5,024 |
Balance | 1,338 | (4,643) |
Interest Rate Protection Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (4,804) | (10,043) |
Other Comprehensive Income (Loss) Before Reclassifications | 1,645 | (2,274) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,541 | 7,513 |
Net Current Period Other Comprehensive Income (Loss) | 6,186 | 5,239 |
Balance | 1,382 | (4,804) |
Comprehensive Loss Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 161 | 376 |
Other Comprehensive Income (Loss) Before Reclassifications | (205) | (215) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 |
Net Current Period Other Comprehensive Income (Loss) | (205) | (215) |
Balance | (44) | 161 |
First Industrial, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (4,804) | (10,043) |
Other Comprehensive Income (Loss) Before Reclassifications | 1,645 | (2,274) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,541 | 7,513 |
Net Current Period Other Comprehensive Income (Loss) | 6,186 | 5,239 |
Balance | $ 1,382 | $ (4,804) |
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Settlement Gain (Loss) on Interest Rate Protection Agreements | $ 1,896 | $ 0 | $ (11,546) |
Interest Expense - Amortization of IRPAs | 57,199 | 59,430 | 67,424 |
Total | 71,029 | 5,553 | (33,223) |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Loss | Interest Rate Protection Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Settlement Gain (Loss) on Interest Rate Protection Agreements | 0 | 0 | 12,990 |
Interest Expense - Amortization of IRPAs | 205 | 390 | 524 |
Interest Expense - Settlement Payments | 4,336 | 7,123 | 5,529 |
Total | $ 4,541 | $ 7,513 | $ 19,043 |
Accumulated Other Comprehensive Loss - Additional Information (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Accumulated Other Comprehensive Loss [Abstract] | |
Amortization to be reclassified from OCI into income | $ 95 |
Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 97,987 | $ 43,198 | $ 37,562 | $ 22,709 | $ 23,796 | $ 31,519 | $ 50,229 | $ 15,688 | $ 201,456 | $ 121,232 | $ 73,802 |
Net Income Allocable to Participating Securities | (331) | (145) | (129) | (67) | (82) | (110) | (180) | (63) | (646) | (411) | (248) |
Net Income Available to Common Stockholders / Unitholders | $ 97,656 | $ 43,053 | $ 37,433 | $ 22,642 | $ 23,714 | $ 31,409 | $ 50,049 | $ 15,625 | $ 200,810 | $ 120,821 | $ 73,554 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 119,462 | 119,446 | 117,299 | 116,837 | 116,636 | 116,467 | 116,191 | 110,793 | 118,272 | 115,030 | 110,352 |
LTIP Unit Awards (As Defined in Note 11) | 515 | 340 | 429 | ||||||||
Weighted Average Shares / Units - Diluted | 120,076 | 119,990 | 117,779 | 117,261 | 117,042 | 116,864 | 116,558 | 110,985 | 118,787 | 115,370 | 110,781 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.82 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.70 | $ 1.05 | $ 0.67 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.81 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.69 | $ 1.05 | $ 0.66 |
First Industrial, L.P. | |||||||||||
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 101,254 | $ 44,613 | $ 38,827 | $ 23,464 | $ 24,588 | $ 32,630 | $ 52,048 | $ 16,281 | $ 208,158 | $ 125,547 | $ 76,682 |
Net Income Allocable to Participating Securities | (331) | (145) | (129) | (66) | (83) | (110) | (180) | (63) | (646) | (410) | (248) |
Net Income Available to Common Stockholders / Unitholders | $ 100,923 | $ 44,468 | $ 38,698 | $ 23,398 | $ 24,505 | $ 32,520 | $ 51,868 | $ 16,218 | $ 207,512 | $ 125,137 | $ 76,434 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 123,483 | 123,483 | 121,339 | 120,877 | 120,740 | 120,740 | 120,486 | 115,096 | 122,306 | 119,274 | 114,709 |
LTIP Unit Awards (As Defined in Note 11) | 515 | 340 | 429 | ||||||||
Weighted Average Shares / Units - Diluted | 124,097 | 124,027 | 121,819 | 121,301 | 121,146 | 121,137 | 120,853 | 115,288 | 122,821 | 119,614 | 115,138 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.82 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.70 | $ 1.05 | $ 0.67 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.81 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.69 | $ 1.05 | $ 0.66 |
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock / Unit Awards | 1,112,828 | 917,532 | |
Restricted Stock/Unit Awards | Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock / Unit Awards | 408,248 | 406,855 | 387,947 |
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current: | |||
Federal | $ (859) | $ (656) | $ 68 |
State | (344) | (251) | (297) |
Deferred: | |||
State | 10 | (182) | 112 |
Income Tax Provision | $ (1,193) | $ (1,089) | $ (117) |
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Impairment of Real Estate | $ 1,267 | $ 2,051 |
Other - Temporary Differences | 233 | 433 |
Valuation Allowance | (984) | (2,181) |
Total Deferred Income Tax Assets, Net of Allowance | 516 | 303 |
Straight-line Rent | (40) | (51) |
Basis Difference - Real Estate Properties | 488 | 260 |
Other - Temporary Differences | (172) | (186) |
Total Deferred Income Tax Liabilities | (700) | (497) |
Total Net Deferred Income Tax Liabilities | $ (184) | $ (194) |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations | $ (1,416) | $ (1,764) | $ 64 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (609) | 0 | 0 |
State Tax Provision, Net of Federal Benefit | (376) | (462) | (212) |
Non-deductible Permanent Items, Net | 0 | 7 | 10 |
Change in Valuation Allowance | 1,197 | 1,256 | 787 |
Other | 11 | (126) | (766) |
Income Tax Provision | $ (1,193) | $ (1,089) | $ (117) |
Income Taxes - Federal Income Tax Treatment of Common Dividends (Details) - Common Stock - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax [Line Items] | |||
Ordinary Income | $ 0.6552 | $ 0.6935 | $ 0.2629 |
Unrecaptured Section 1250 Gain | 0.1627 | 0.1130 | 0.1241 |
Capital Gain | 0.0648 | 0.0066 | 0.0000 |
Nondividend Distribution - Return of Capital | 0.0000 | 0.0272 | 0.0000 |
Distributions Per Common Share | $ 0.8827 | $ 0.8403 | $ 0.3870 |
Ordinary Income as a Percentage of Distribution | 74.23% | 82.53% | 67.93% |
Unrecaptured Section 1250 Gain as a Percentage of Distribution | 18.43% | 13.45% | 32.07% |
Capital Gain as Percentage of Distributions | 7.34% | 0.78% | 0.00% |
Nondivided Distribution - Return of Capital As Percentage Of Distributions | 0.00% | 3.24% | 0.00% |
Common Distributions Percentage | 100.00% | 100.00% | 100.00% |
Future Rental Revenues - Future Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2018 | $ 287,809 |
2019 | 254,064 |
2020 | 216,135 |
2021 | 170,559 |
2022 | 132,118 |
Thereafter | 356,402 |
Total | $ 1,417,087 |
Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available under the Stock Incentive Plan | 1,900,000 | ||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 8,611 | $ 7,371 | $ 7,177 |
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards | $ 7,752 | ||
Weighted average period of unrecognized compensation expected to be recognized | 10 months 16 days | ||
Matching contributions in 401(k)/profit sharing plan | $ 518 | $ 509 | $ 471 |
LTIP Unit Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage of LTIP Unit Awards | 0.00% | ||
LTIP Unit Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage of LTIP Unit Awards | 100.00% | ||
Management | Restricted Stock/Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 260,685 | 308,373 | 216,975 |
Fair Value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 6,871 | $ 6,047 | $ 4,708 |
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 3 years | ||
Compensation expense recognized at date of grant | $ 1,590 | $ 1,710 | $ 1,352 |
Management | LTIP Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 195,951 | 254,524 | |
Fair Value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 2,473 | $ 2,561 | |
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 3 years | ||
Director | Restricted Stock/Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 15,108 | 14,460 | 17,385 |
Fair Value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 420 | $ 350 | $ 350 |
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 1 year |
Benefit Plans - LTIP Unit Award Valuation Assumptions (Details) - LTIP Unit Awards |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 2.71% | 2.31% |
Expected volatility - weighted average | 21.68% | 20.92% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility - range used | 21.50% | 20.57% |
Risk-free interest rate | 0.66% | 0.48% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility - range used | 21.80% | 21.19% |
Risk-free interest rate | 1.58% | 1.43% |
Benefit Plans - Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning Balance, Awards | shares | 917,532 |
Issued, Awards | shares | 471,744 |
Forfeited, Awards | shares | (8,034) |
Vested, Awards | shares | (268,414) |
Outstanding, Ending Balance, Awards | shares | 1,112,828 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 14.35 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 20.70 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 19.61 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 21.36 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 15.31 |
Derivatives - Additional Information (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Aug. 31, 2014
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jan. 31, 2014
USD ($)
|
|
Derivative [Line Items] | |||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $ 1,896 | $ 0 | $ (11,546) | ||||
2014 Swaps | |||||||
Derivative [Line Items] | |||||||
Debt instrument, LIBOR Rate | one month LIBOR | ||||||
Swaps, Number of Instruments Held | 4 | ||||||
Swaps, Notional Amount | $ 200,000 | ||||||
Swaps, Average Fixed Interest Rate | 2.29% | ||||||
2015 Swaps | |||||||
Derivative [Line Items] | |||||||
Debt instrument, LIBOR Rate | one month LIBOR | ||||||
Swaps, Number of Instruments Held | 6 | ||||||
Swaps, Notional Amount | $ 260,000 | ||||||
Swaps, Average Fixed Interest Rate | 1.79% | ||||||
Settled Swaps | |||||||
Derivative [Line Items] | |||||||
Debt instrument, LIBOR Rate | three month LIBOR | ||||||
Swaps, Number of Instruments Held | 3 | ||||||
Swaps, Notional Amount | $ 220,000 | ||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $ 12,990 | ||||||
Settled Swaps, Cost of Hedge | $ 11,546 | ||||||
Treasury Lock | |||||||
Derivative [Line Items] | |||||||
Debt instrument, LIBOR Rate | ten year U.S. Treasury | ||||||
Swaps, Number of Instruments Held | 2 | ||||||
Swaps, Notional Amount | $ 100 | ||||||
Swaps, Average Fixed Interest Rate | 2.18% | ||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $ 1,896 |
Derivatives - Fair Value Measurements on Recurring Basis (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
2015 Swaps | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Asset, Fair Value | $ 3,860 |
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Asset, Fair Value | 0 |
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Asset, Fair Value | 3,860 |
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Asset, Fair Value | 0 |
2014 Swaps | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | (1,474) |
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | (1,474) |
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | $ 0 |
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transactions [Abstract] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 10,129 | $ 10,448 |
Commitments and Contingencies - Additional Information (Details) ft² in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
USD ($)
ft²
Property
|
Dec. 31, 2016
USD ($)
ft²
Property
|
Dec. 31, 2015
USD ($)
|
Apr. 03, 2017
ft²
Property
|
|
Other Commitments [Line Items] | ||||
Number of industrial properties | Property | 488 | |||
Outstanding amount of letters of credit and performance bonds in the aggregate | $ | $ 20,188 | |||
Gross leasable area (GLA) of industrial properties | ft² | 60,200 | |||
Insurance Deductible | $ | $ 25 | |||
Operating and ground lease expense | $ | $ 1,419 | $ 1,380 | $ 1,281 | |
Leases with purchase options | ||||
Other Commitments [Line Items] | ||||
Number of industrial properties | Property | 4 | |||
Development Activity | ||||
Other Commitments [Line Items] | ||||
Number of industrial properties | Property | 11 | |||
Gross leasable area (GLA) of industrial properties | ft² | 4,200 | |||
Estimated total investment | $ | $ 291,000 | |||
Estimated total investment remaining to be funded | $ | $ 175,800 | |||
2016 Fire | ||||
Other Commitments [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
Gross leasable area (GLA) of industrial properties | ft² | 30 | |||
2017 Fire | ||||
Other Commitments [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
Gross leasable area (GLA) of industrial properties | ft² | 80 |
Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
|||
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
2018 | $ 1,495 | |||
2019 | 772 | |||
2020 | 678 | |||
2021 | 630 | |||
2022 | 583 | |||
Thereafter | 27,139 | |||
Total | $ 31,297 | [1] | ||
|
Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Phantoms) (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Minimum sublease rentals due in the future under non-cancelable subleases | $ 783 |
Subsequent Events - Additional Information (Details) $ in Thousands, ft² in Millions |
2 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Feb. 22, 2018
USD ($)
ft²
Property
|
Dec. 31, 2017
USD ($)
ft²
Property
|
Dec. 31, 2016
USD ($)
ft²
Property
|
Dec. 31, 2015
USD ($)
ft²
Property
|
|
Subsequent Event [Line Items] | ||||
Number of industrial properties | Property | 488 | |||
Gross leasable area (GLA) of industrial properties | ft² | 60.2 | |||
Acquisition Activity | ||||
Subsequent Event [Line Items] | ||||
Number of industrial properties | Property | 8 | 6 | 8 | |
Purchase price of industrial properties acquired | $ 174,209 | $ 111,130 | $ 169,218 | |
Gross leasable area (GLA) of industrial properties | ft² | 1.1 | 0.7 | 1.9 | |
Subsequent Events | ||||
Subsequent Event [Line Items] | ||||
Severance Costs | $ 1,000 | |||
Gross leasable area (GLA) of industrial properties | ft² | 1.3 | |||
Subsequent Events | Mortgage Loans Payable 2018 | ||||
Subsequent Event [Line Items] | ||||
Extinguishment of debt, amount | $ 157,782 | |||
Subsequent Events | Private Placement Notes 2028 | ||||
Subsequent Event [Line Items] | ||||
Private Placement Notes, face amount | $ 150,000 | |||
Private Placement Notes, interest rate | 3.86% | |||
Subsequent Events | Private Placement Notes 2030 | ||||
Subsequent Event [Line Items] | ||||
Private Placement Notes, face amount | $ 150,000 | |||
Private Placement Notes, interest rate | 3.96% | |||
Subsequent Events | Acquisition Activity | ||||
Subsequent Event [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
Number of Land Parcels | Property | 1 | |||
Purchase price of industrial properties acquired | $ 15,625 |
Quarterly Financial Information (unaudited) - Net Income Available and Basic and Diluted EPS/EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Total Revenues | $ 102,130 | $ 99,310 | $ 97,579 | $ 97,383 | $ 97,976 | $ 93,562 | $ 93,015 | $ 93,467 | $ 396,402 | $ 378,020 | $ 365,823 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 97,987 | 43,198 | 37,562 | 22,709 | 23,796 | 31,519 | 50,229 | 15,688 | 201,456 | 121,232 | 73,802 |
Net Income Allocable to Participating Securities | (331) | (145) | (129) | (67) | (82) | (110) | (180) | (63) | (646) | (411) | (248) |
Net Income Available to Common Stockholders / Unitholders | $ 97,656 | $ 43,053 | $ 37,433 | $ 22,642 | $ 23,714 | $ 31,409 | $ 50,049 | $ 15,625 | $ 200,810 | $ 120,821 | $ 73,554 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.82 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.70 | $ 1.05 | $ 0.67 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.81 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.69 | $ 1.05 | $ 0.66 |
Weighted Average Shares/Units - Basic | 119,462 | 119,446 | 117,299 | 116,837 | 116,636 | 116,467 | 116,191 | 110,793 | 118,272 | 115,030 | 110,352 |
Weighted Average Shares / Units - Diluted | 120,076 | 119,990 | 117,779 | 117,261 | 117,042 | 116,864 | 116,558 | 110,985 | 118,787 | 115,370 | 110,781 |
First Industrial, L.P. | |||||||||||
Total Revenues | $ 102,130 | $ 99,310 | $ 97,579 | $ 97,383 | $ 97,976 | $ 93,562 | $ 93,015 | $ 93,467 | $ 396,402 | $ 378,020 | $ 365,823 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 101,254 | 44,613 | 38,827 | 23,464 | 24,588 | 32,630 | 52,048 | 16,281 | 208,158 | 125,547 | 76,682 |
Net Income Allocable to Participating Securities | (331) | (145) | (129) | (66) | (83) | (110) | (180) | (63) | (646) | (410) | (248) |
Net Income Available to Common Stockholders / Unitholders | $ 100,923 | $ 44,468 | $ 38,698 | $ 23,398 | $ 24,505 | $ 32,520 | $ 51,868 | $ 16,218 | $ 207,512 | $ 125,137 | $ 76,434 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.82 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.70 | $ 1.05 | $ 0.67 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.81 | $ 0.36 | $ 0.32 | $ 0.19 | $ 0.20 | $ 0.27 | $ 0.43 | $ 0.14 | $ 1.69 | $ 1.05 | $ 0.66 |
Weighted Average Shares/Units - Basic | 123,483 | 123,483 | 121,339 | 120,877 | 120,740 | 120,740 | 120,486 | 115,096 | 122,306 | 119,274 | 114,709 |
Weighted Average Shares / Units - Diluted | 124,097 | 124,027 | 121,819 | 121,301 | 121,146 | 121,137 | 120,853 | 115,288 | 122,821 | 119,614 | 115,138 |
Schedule III: Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 451,862 | |||
Land | 876,011 | |||
Buildings and Improvements | 1,531,513 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,088,221 | |||
Land | 864,813 | |||
Buildings and Improvements | 2,630,932 | |||
Total | 3,495,745 | |||
Accumulated Depreciation 12/31/2017 | $ 789,919 | $ 797,919 | $ 792,501 | $ 786,978 |
1650 Highway 155 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | McDonough, GA | |||
Land | $ 779 | |||
Buildings and Improvements | 4,544 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (755) | |||
Land | 356 | |||
Buildings and Improvements | 4,212 | |||
Total | 4,568 | |||
Accumulated Depreciation 12/31/2017 | $ 2,467 | |||
4051 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Atlanta, GA | |||
Land | $ 726 | |||
Buildings and Improvements | 4,130 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,662 | |||
Land | 726 | |||
Buildings and Improvements | 5,792 | |||
Total | 6,518 | |||
Accumulated Depreciation 12/31/2017 | $ 2,881 | |||
4071 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Atlanta, GA | |||
Land | $ 750 | |||
Buildings and Improvements | 4,460 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,835 | |||
Land | 828 | |||
Buildings and Improvements | 6,217 | |||
Total | 7,045 | |||
Accumulated Depreciation 12/31/2017 | $ 3,313 | |||
4081 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Atlanta, GA | |||
Land | $ 1,012 | |||
Buildings and Improvements | 5,918 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,088 | |||
Land | 1,157 | |||
Buildings and Improvements | 7,861 | |||
Total | 9,018 | |||
Accumulated Depreciation 12/31/2017 | $ 4,077 | |||
5570 Tulane Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Atlanta, GA | |||
Encumbrances | $ 2,131 | |||
Land | 527 | |||
Buildings and Improvements | 2,984 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,232 | |||
Land | 546 | |||
Buildings and Improvements | 4,197 | |||
Total | 4,743 | |||
Accumulated Depreciation 12/31/2017 | $ 1,976 | |||
955 Cobb Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kennesaw, GA | |||
Encumbrances | $ 2,803 | |||
Land | 780 | |||
Buildings and Improvements | 4,420 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,036 | |||
Land | 804 | |||
Buildings and Improvements | 5,432 | |||
Total | 6,236 | |||
Accumulated Depreciation 12/31/2017 | $ 2,613 | |||
1005 Sigman Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Conyers, GA | |||
Encumbrances | $ 2,192 | |||
Land | 566 | |||
Buildings and Improvements | 3,134 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,176 | |||
Land | 574 | |||
Buildings and Improvements | 4,302 | |||
Total | 4,876 | |||
Accumulated Depreciation 12/31/2017 | $ 1,628 | |||
2050 East Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Conyers, GA | |||
Land | $ 452 | |||
Buildings and Improvements | 2,504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 860 | |||
Land | 459 | |||
Buildings and Improvements | 3,357 | |||
Total | 3,816 | |||
Accumulated Depreciation 12/31/2017 | $ 1,346 | |||
3060 South Park Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ellenwood, GA | |||
Land | $ 1,600 | |||
Buildings and Improvements | 12,464 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,202 | |||
Land | 1,604 | |||
Buildings and Improvements | 15,662 | |||
Total | 17,266 | |||
Accumulated Depreciation 12/31/2017 | $ 5,482 | |||
175 Greenwood Industrial Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | McDonough, GA | |||
Encumbrances | $ 4,127 | |||
Land | 1,550 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,632 | |||
Land | 1,550 | |||
Buildings and Improvements | 7,632 | |||
Total | 9,182 | |||
Accumulated Depreciation 12/31/2017 | $ 2,603 | |||
5095 Phillip Lee Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Atlanta, GA | |||
Encumbrances | $ 3,630 | |||
Land | 735 | |||
Buildings and Improvements | 3,627 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 493 | |||
Land | 740 | |||
Buildings and Improvements | 4,115 | |||
Total | 4,855 | |||
Accumulated Depreciation 12/31/2017 | $ 3,182 | |||
6514 Warren Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Norcross, GA | |||
Land | $ 510 | |||
Buildings and Improvements | 1,250 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 133 | |||
Land | 513 | |||
Buildings and Improvements | 1,380 | |||
Total | 1,893 | |||
Accumulated Depreciation 12/31/2017 | $ 560 | |||
6544 Warren Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Norcross, GA | |||
Land | $ 711 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 334 | |||
Land | 715 | |||
Buildings and Improvements | 2,640 | |||
Total | 3,355 | |||
Accumulated Depreciation 12/31/2017 | $ 1,183 | |||
5356 E. Ponce De Leon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Stone Mountain, GA | |||
Land | $ 604 | |||
Buildings and Improvements | 3,888 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 610 | |||
Buildings and Improvements | 3,885 | |||
Total | 4,495 | |||
Accumulated Depreciation 12/31/2017 | $ 2,271 | |||
5390 E. Ponce De Leon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Stone Mountain, GA | |||
Land | $ 397 | |||
Buildings and Improvements | 1,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 206 | |||
Land | 402 | |||
Buildings and Improvements | 1,992 | |||
Total | 2,394 | |||
Accumulated Depreciation 12/31/2017 | $ 951 | |||
195 & 197 Collins Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Athens, GA | |||
Land | $ 1,410 | |||
Buildings and Improvements | 5,344 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 539 | |||
Land | 989 | |||
Buildings and Improvements | 6,304 | |||
Total | 7,293 | |||
Accumulated Depreciation 12/31/2017 | $ 4,078 | |||
1755 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Buford, GA | |||
Encumbrances | $ 1,181 | |||
Land | 712 | |||
Buildings and Improvements | 2,118 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (202) | |||
Land | 716 | |||
Buildings and Improvements | 1,912 | |||
Total | 2,628 | |||
Accumulated Depreciation 12/31/2017 | $ 825 | |||
4555 Atwater Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Buford, GA | |||
Encumbrances | $ 2,035 | |||
Land | 881 | |||
Buildings and Improvements | 3,550 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 96 | |||
Land | 885 | |||
Buildings and Improvements | 3,642 | |||
Total | 4,527 | |||
Accumulated Depreciation 12/31/2017 | $ 1,402 | |||
80 Liberty Industrial Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | McDonough, GA | |||
Land | $ 756 | |||
Buildings and Improvements | 3,695 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (1,392) | |||
Land | 467 | |||
Buildings and Improvements | 2,592 | |||
Total | 3,059 | |||
Accumulated Depreciation 12/31/2017 | $ 1,105 | |||
596 Bonnie Valentine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pendergrass, GA | |||
Land | $ 2,580 | |||
Buildings and Improvements | 21,730 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,537 | |||
Land | 2,594 | |||
Buildings and Improvements | 24,253 | |||
Total | 26,847 | |||
Accumulated Depreciation 12/31/2017 | $ 6,929 | |||
11415 Old Roswell Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Alpharetta, GA | |||
Land | $ 2,403 | |||
Buildings and Improvements | 1,912 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 808 | |||
Land | 2,428 | |||
Buildings and Improvements | 2,695 | |||
Total | 5,123 | |||
Accumulated Depreciation 12/31/2017 | $ 867 | |||
1281 Highway 155 S. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | McDonough, GA | |||
Land | $ 2,501 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,055 | |||
Land | 2,501 | |||
Buildings and Improvements | 17,055 | |||
Total | 19,556 | |||
Accumulated Depreciation 12/31/2017 | $ 592 | |||
9700 Martin Luther King Hwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 700 | |||
Buildings and Improvements | 1,920 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 638 | |||
Land | 700 | |||
Buildings and Improvements | 2,558 | |||
Total | 3,258 | |||
Accumulated Depreciation 12/31/2017 | $ 1,077 | |||
9730 Martin Luther King Hwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 500 | |||
Buildings and Improvements | 955 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 433 | |||
Land | 500 | |||
Buildings and Improvements | 1,388 | |||
Total | 1,888 | |||
Accumulated Depreciation 12/31/2017 | $ 644 | |||
4621 Boston Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 1,100 | |||
Buildings and Improvements | 3,070 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,084 | |||
Land | 1,100 | |||
Buildings and Improvements | 4,154 | |||
Total | 5,254 | |||
Accumulated Depreciation 12/31/2017 | $ 1,815 | |||
4720 Boston Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 1,200 | |||
Buildings and Improvements | 2,174 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 838 | |||
Land | 1,200 | |||
Buildings and Improvements | 3,012 | |||
Total | 4,212 | |||
Accumulated Depreciation 12/31/2017 | $ 1,310 | |||
22520 Randolph Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dulles, VA | |||
Land | $ 3,200 | |||
Buildings and Improvements | 8,187 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 187 | |||
Land | 3,208 | |||
Buildings and Improvements | 8,366 | |||
Total | 11,574 | |||
Accumulated Depreciation 12/31/2017 | $ 2,245 | |||
22630 Dulles Summit Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dulles, VA | |||
Land | $ 2,200 | |||
Buildings and Improvements | 9,346 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (903) | |||
Land | 2,206 | |||
Buildings and Improvements | 8,437 | |||
Total | 10,643 | |||
Accumulated Depreciation 12/31/2017 | $ 2,531 | |||
4370-4383 Lottsford Vista Rd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 279 | |||
Buildings and Improvements | 1,358 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 63 | |||
Land | 296 | |||
Buildings and Improvements | 1,404 | |||
Total | 1,700 | |||
Accumulated Depreciation 12/31/2017 | $ 471 | |||
4400 Lottsford Vista Rd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 351 | |||
Buildings and Improvements | 1,955 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (21) | |||
Land | 372 | |||
Buildings and Improvements | 1,913 | |||
Total | 2,285 | |||
Accumulated Depreciation 12/31/2017 | $ 606 | |||
4420 Lottsford Vista Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lanham, MD | |||
Land | $ 539 | |||
Buildings and Improvements | 2,196 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 289 | |||
Land | 568 | |||
Buildings and Improvements | 2,456 | |||
Total | 3,024 | |||
Accumulated Depreciation 12/31/2017 | $ 825 | |||
11204 McCormick Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hunt Valley, MD | |||
Land | $ 1,017 | |||
Buildings and Improvements | 3,132 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 210 | |||
Land | 1,038 | |||
Buildings and Improvements | 3,321 | |||
Total | 4,359 | |||
Accumulated Depreciation 12/31/2017 | $ 1,637 | |||
11110 Pepper Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hunt Valley, MD | |||
Land | $ 918 | |||
Buildings and Improvements | 2,529 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 300 | |||
Land | 938 | |||
Buildings and Improvements | 2,809 | |||
Total | 3,747 | |||
Accumulated Depreciation 12/31/2017 | $ 1,324 | |||
11100-11120 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hunt Valley, MD | |||
Land | $ 901 | |||
Buildings and Improvements | 1,455 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 67 | |||
Land | 919 | |||
Buildings and Improvements | 1,504 | |||
Total | 2,423 | |||
Accumulated Depreciation 12/31/2017 | $ 696 | |||
10709 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hunt Valley, MD | |||
Encumbrances | $ 2,014 | |||
Land | 913 | |||
Buildings and Improvements | 2,705 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (103) | |||
Land | 913 | |||
Buildings and Improvements | 2,602 | |||
Total | 3,515 | |||
Accumulated Depreciation 12/31/2017 | $ 1,596 | |||
10707 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hunt Valley, MD | |||
Land | $ 1,111 | |||
Buildings and Improvements | 3,819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 564 | |||
Land | 1,136 | |||
Buildings and Improvements | 4,358 | |||
Total | 5,494 | |||
Accumulated Depreciation 12/31/2017 | $ 2,169 | |||
38 Loveton Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Sparks, MD | |||
Land | $ 1,648 | |||
Buildings and Improvements | 2,151 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (192) | |||
Land | 1,690 | |||
Buildings and Improvements | 1,917 | |||
Total | 3,607 | |||
Accumulated Depreciation 12/31/2017 | $ 967 | |||
1225 Bengies Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Baltimore, MD | |||
Land | $ 2,640 | |||
Buildings and Improvements | 270 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,510 | |||
Land | 2,823 | |||
Buildings and Improvements | 13,597 | |||
Total | 16,420 | |||
Accumulated Depreciation 12/31/2017 | $ 4,311 | |||
400 Old Post Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aberdeen, MD | |||
Land | $ 3,411 | |||
Buildings and Improvements | 17,144 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,486 | |||
Land | 3,411 | |||
Buildings and Improvements | 18,630 | |||
Total | 22,041 | |||
Accumulated Depreciation 12/31/2017 | $ 1,584 | |||
500 Old Post Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aberdeen, MD | |||
Land | $ 5,959 | |||
Buildings and Improvements | 30,533 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 146 | |||
Land | 5,959 | |||
Buildings and Improvements | 30,679 | |||
Total | 36,638 | |||
Accumulated Depreciation 12/31/2017 | $ 2,712 | |||
1214-B Freedom Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Cranberry Township, PA | |||
Encumbrances | $ 1,008 | |||
Land | 31 | |||
Buildings and Improvements | 994 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 613 | |||
Land | 200 | |||
Buildings and Improvements | 1,438 | |||
Total | 1,638 | |||
Accumulated Depreciation 12/31/2017 | $ 1,324 | |||
401 Russell Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Middletown, PA | |||
Land | $ 262 | |||
Buildings and Improvements | 857 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,799 | |||
Land | 287 | |||
Buildings and Improvements | 2,631 | |||
Total | 2,918 | |||
Accumulated Depreciation 12/31/2017 | $ 2,141 | |||
2700 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Middletown, PA | |||
Land | $ 196 | |||
Buildings and Improvements | 997 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 797 | |||
Land | 206 | |||
Buildings and Improvements | 1,784 | |||
Total | 1,990 | |||
Accumulated Depreciation 12/31/2017 | $ 1,527 | |||
2701 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Middletown, PA | |||
Encumbrances | $ 1,477 | |||
Land | 141 | |||
Buildings and Improvements | 859 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,399 | |||
Land | 164 | |||
Buildings and Improvements | 2,235 | |||
Total | 2,399 | |||
Accumulated Depreciation 12/31/2017 | $ 1,620 | |||
2780 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Middletown, PA | |||
Encumbrances | $ 1,235 | |||
Land | 113 | |||
Buildings and Improvements | 743 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,150 | |||
Land | 209 | |||
Buildings and Improvements | 1,797 | |||
Total | 2,006 | |||
Accumulated Depreciation 12/31/2017 | $ 1,537 | |||
350 Old Silver Spring Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mechanicsburg, PA | |||
Land | $ 510 | |||
Buildings and Improvements | 2,890 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,449 | |||
Land | 541 | |||
Buildings and Improvements | 9,308 | |||
Total | 9,849 | |||
Accumulated Depreciation 12/31/2017 | $ 4,453 | |||
16522 Hunters Green Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hagerstown, MD | |||
Encumbrances | $ 12,010 | |||
Land | 1,390 | |||
Buildings and Improvements | 13,104 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,007 | |||
Land | 1,863 | |||
Buildings and Improvements | 17,638 | |||
Total | 19,501 | |||
Accumulated Depreciation 12/31/2017 | $ 5,571 | |||
18212 Shawley Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hagerstown, MD | |||
Encumbrances | $ 5,020 | |||
Land | 1,000 | |||
Buildings and Improvements | 5,847 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,304 | |||
Land | 1,016 | |||
Buildings and Improvements | 7,135 | |||
Total | 8,151 | |||
Accumulated Depreciation 12/31/2017 | $ 2,328 | |||
37 Valley View Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Jessup, PA | |||
Encumbrances | $ 2,303 | |||
Land | 542 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,197 | |||
Land | 532 | |||
Buildings and Improvements | 3,207 | |||
Total | 3,739 | |||
Accumulated Depreciation 12/31/2017 | $ 1,005 | |||
14 McFadden Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Palmer, PA | |||
Land | $ 600 | |||
Buildings and Improvements | 1,349 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (274) | |||
Land | 625 | |||
Buildings and Improvements | 1,050 | |||
Total | 1,675 | |||
Accumulated Depreciation 12/31/2017 | $ 367 | |||
431 Railroad Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shiremanstown, PA | |||
Land | $ 1,293 | |||
Buildings and Improvements | 7,164 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,968 | |||
Land | 1,341 | |||
Buildings and Improvements | 9,084 | |||
Total | 10,425 | |||
Accumulated Depreciation 12/31/2017 | $ 4,845 | |||
6951 Allentown Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Harrisburg, PA | |||
Land | $ 585 | |||
Buildings and Improvements | 3,176 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 315 | |||
Land | 601 | |||
Buildings and Improvements | 3,475 | |||
Total | 4,076 | |||
Accumulated Depreciation 12/31/2017 | $ 1,640 | |||
320 Reliance Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Washington, PA | |||
Land | $ 201 | |||
Buildings and Improvements | 1,819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (348) | |||
Land | 178 | |||
Buildings and Improvements | 1,494 | |||
Total | 1,672 | |||
Accumulated Depreciation 12/31/2017 | $ 875 | |||
2801 Red Lion Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Philadelphia, PA | |||
Land | $ 950 | |||
Buildings and Improvements | 5,916 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7 | |||
Land | 964 | |||
Buildings and Improvements | 5,909 | |||
Total | 6,873 | |||
Accumulated Depreciation 12/31/2017 | $ 2,928 | |||
1351 Eisenhower Blvd., Bldg 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Harrisburg, PA | |||
Land | $ 382 | |||
Buildings and Improvements | 2,343 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8 | |||
Land | 387 | |||
Buildings and Improvements | 2,346 | |||
Total | 2,733 | |||
Accumulated Depreciation 12/31/2017 | $ 740 | |||
1351 Eisenhower Blvd., Bldg 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Harrisburg, PA | |||
Land | $ 436 | |||
Buildings and Improvements | 1,587 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (223) | |||
Land | 443 | |||
Buildings and Improvements | 1,357 | |||
Total | 1,800 | |||
Accumulated Depreciation 12/31/2017 | $ 473 | |||
200 Cascade Drive, Bldg. 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Allentown, PA | |||
Encumbrances | $ 12,693 | |||
Land | 2,133 | |||
Buildings and Improvements | 17,562 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 745 | |||
Land | 2,769 | |||
Buildings and Improvements | 17,671 | |||
Total | 20,440 | |||
Accumulated Depreciation 12/31/2017 | $ 7,402 | |||
200 Cascade Drive, Bldg. 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Allentown, PA | |||
Encumbrances | $ 1,628 | |||
Land | 310 | |||
Buildings and Improvements | 2,268 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 67 | |||
Land | 316 | |||
Buildings and Improvements | 2,329 | |||
Total | 2,645 | |||
Accumulated Depreciation 12/31/2017 | $ 831 | |||
1490 Dennison Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlisle, PA | |||
Land | $ 1,500 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,874 | |||
Land | 2,341 | |||
Buildings and Improvements | 13,033 | |||
Total | 15,374 | |||
Accumulated Depreciation 12/31/2017 | $ 4,083 | |||
298 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Covington Twp, PA | |||
Land | $ 7,022 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 57,325 | |||
Land | 7,019 | |||
Buildings and Improvements | 57,328 | |||
Total | 64,347 | |||
Accumulated Depreciation 12/31/2017 | $ 13,543 | |||
225 Cross Farm Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | York, PA | |||
Encumbrances | $ 17,172 | |||
Land | 4,718 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,163 | |||
Land | 4,715 | |||
Buildings and Improvements | 23,166 | |||
Total | 27,881 | |||
Accumulated Depreciation 12/31/2017 | $ 5,941 | |||
6300 Bristol Pike [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Levittown, PA | |||
Land | $ 1,074 | |||
Buildings and Improvements | 2,642 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (110) | |||
Land | 964 | |||
Buildings and Improvements | 2,642 | |||
Total | 3,606 | |||
Accumulated Depreciation 12/31/2017 | $ 2,230 | |||
2455 Boulevard of Generals [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Norristown, PA | |||
Encumbrances | $ 3,123 | |||
Land | 1,200 | |||
Buildings and Improvements | 4,800 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 950 | |||
Land | 1,226 | |||
Buildings and Improvements | 5,724 | |||
Total | 6,950 | |||
Accumulated Depreciation 12/31/2017 | $ 2,014 | |||
105 Steamboat Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Manchester, PA | |||
Land | $ 4,085 | |||
Buildings and Improvements | 14,464 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1 | |||
Land | 4,070 | |||
Buildings and Improvements | 14,480 | |||
Total | 18,550 | |||
Accumulated Depreciation 12/31/2017 | $ 3,451 | |||
20 Leo Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | York County, PA | |||
Land | $ 6,884 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 27,442 | |||
Land | 6,889 | |||
Buildings and Improvements | 27,437 | |||
Total | 34,326 | |||
Accumulated Depreciation 12/31/2017 | $ 2,724 | |||
3895 Eastgate Blvd Bldg A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Easton, PA | |||
Land | $ 4,855 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,788 | |||
Land | 4,388 | |||
Buildings and Improvements | 18,255 | |||
Total | 22,643 | |||
Accumulated Depreciation 12/31/2017 | $ 1,096 | |||
3895 Eastgate Blvd Bldg B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Easton, PA | |||
Land | $ 3,459 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,816 | |||
Land | 3,128 | |||
Buildings and Improvements | 14,147 | |||
Total | 17,275 | |||
Accumulated Depreciation 12/31/2017 | $ 932 | |||
720-730 Landwehr Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Northbrook, IL | |||
Land | $ 521 | |||
Buildings and Improvements | 2,982 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 855 | |||
Land | 521 | |||
Buildings and Improvements | 3,837 | |||
Total | 4,358 | |||
Accumulated Depreciation 12/31/2017 | $ 2,107 | |||
1385 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lemont, IL | |||
Encumbrances | $ 3,705 | |||
Land | 967 | |||
Buildings and Improvements | 5,554 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,723 | |||
Land | 968 | |||
Buildings and Improvements | 7,276 | |||
Total | 8,244 | |||
Accumulated Depreciation 12/31/2017 | $ 3,884 | |||
2300 Windsor Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Addison, IL | |||
Encumbrances | $ 3,492 | |||
Land | 688 | |||
Buildings and Improvements | 3,943 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,040 | |||
Land | 696 | |||
Buildings and Improvements | 4,975 | |||
Total | 5,671 | |||
Accumulated Depreciation 12/31/2017 | $ 2,885 | |||
305-311 Era Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Northbrook, IL | |||
Land | $ 200 | |||
Buildings and Improvements | 1,154 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,242 | |||
Land | 205 | |||
Buildings and Improvements | 2,391 | |||
Total | 2,596 | |||
Accumulated Depreciation 12/31/2017 | $ 1,039 | |||
800 Business Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mount Prospect, IL | |||
Land | $ 631 | |||
Buildings and Improvements | 3,493 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 328 | |||
Land | 666 | |||
Buildings and Improvements | 3,786 | |||
Total | 4,452 | |||
Accumulated Depreciation 12/31/2017 | $ 1,622 | |||
580 Slawin Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mount Prospect, IL | |||
Encumbrances | $ 734 | |||
Land | 233 | |||
Buildings and Improvements | 1,292 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (37) | |||
Land | 162 | |||
Buildings and Improvements | 1,326 | |||
Total | 1,488 | |||
Accumulated Depreciation 12/31/2017 | $ 689 | |||
1005 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lemont, IL | |||
Encumbrances | $ 5,420 | |||
Land | 1,200 | |||
Buildings and Improvements | 6,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,619 | |||
Land | 1,220 | |||
Buildings and Improvements | 8,242 | |||
Total | 9,462 | |||
Accumulated Depreciation 12/31/2017 | $ 3,050 | |||
175 Wall Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glendale Heights, IL | |||
Encumbrances | $ 1,565 | |||
Land | 427 | |||
Buildings and Improvements | 2,363 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 692 | |||
Land | 433 | |||
Buildings and Improvements | 3,049 | |||
Total | 3,482 | |||
Accumulated Depreciation 12/31/2017 | $ 997 | |||
251 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | North Aurora, IL | |||
Encumbrances | $ 4,155 | |||
Land | 983 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,924 | |||
Land | 983 | |||
Buildings and Improvements | 6,924 | |||
Total | 7,907 | |||
Accumulated Depreciation 12/31/2017 | $ 2,889 | |||
1661 Feehanville Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mount Prospect, IL | |||
Land | $ 985 | |||
Buildings and Improvements | 5,455 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,735 | |||
Land | 1,044 | |||
Buildings and Improvements | 9,131 | |||
Total | 10,175 | |||
Accumulated Depreciation 12/31/2017 | $ 4,254 | |||
400 Crossroads Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Bolingbrook, IL | |||
Encumbrances | $ 5,273 | |||
Land | 1,178 | |||
Buildings and Improvements | 9,453 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,102 | |||
Land | 1,181 | |||
Buildings and Improvements | 10,552 | |||
Total | 11,733 | |||
Accumulated Depreciation 12/31/2017 | $ 4,175 | |||
7801 W. Industrial Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Forest Park, IL | |||
Land | $ 1,215 | |||
Buildings and Improvements | 3,020 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,314 | |||
Land | 1,220 | |||
Buildings and Improvements | 4,329 | |||
Total | 5,549 | |||
Accumulated Depreciation 12/31/2017 | $ 1,830 | |||
725 Kimberly Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carol Stream, IL | |||
Land | $ 793 | |||
Buildings and Improvements | 1,395 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 234 | |||
Land | 801 | |||
Buildings and Improvements | 1,621 | |||
Total | 2,422 | |||
Accumulated Depreciation 12/31/2017 | $ 815 | |||
17001 S. Vincennes [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thornton, IL | |||
Land | $ 497 | |||
Buildings and Improvements | 504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 513 | |||
Buildings and Improvements | 491 | |||
Total | 1,004 | |||
Accumulated Depreciation 12/31/2017 | $ 415 | |||
2900 W. 166th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Markham, IL | |||
Land | $ 1,132 | |||
Buildings and Improvements | 4,293 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (881) | |||
Land | 1,134 | |||
Buildings and Improvements | 3,410 | |||
Total | 4,544 | |||
Accumulated Depreciation 12/31/2017 | $ 1,158 | |||
555 W. Algonquin Rd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington Heights, IL | |||
Encumbrances | $ 1,899 | |||
Land | 574 | |||
Buildings and Improvements | 741 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,936 | |||
Land | 579 | |||
Buildings and Improvements | 2,672 | |||
Total | 3,251 | |||
Accumulated Depreciation 12/31/2017 | $ 990 | |||
1501 Oakton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Elk Grove Village, IL | |||
Encumbrances | $ 6,095 | |||
Land | 3,369 | |||
Buildings and Improvements | 6,121 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 134 | |||
Land | 3,482 | |||
Buildings and Improvements | 6,142 | |||
Total | 9,624 | |||
Accumulated Depreciation 12/31/2017 | $ 1,902 | |||
16500 W. 103rd Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Woodridge, IL | |||
Land | $ 744 | |||
Buildings and Improvements | 2,458 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 143 | |||
Land | 762 | |||
Buildings and Improvements | 2,583 | |||
Total | 3,345 | |||
Accumulated Depreciation 12/31/2017 | $ 965 | |||
8505 50th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kenosha, WI | |||
Land | $ 3,212 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 32,956 | |||
Land | 3,212 | |||
Buildings and Improvements | 32,956 | |||
Total | 36,168 | |||
Accumulated Depreciation 12/31/2017 | $ 8,027 | |||
4100 Rock Creek Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Joliet, IL | |||
Land | $ 4,476 | |||
Buildings and Improvements | 16,061 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 634 | |||
Land | 4,476 | |||
Buildings and Improvements | 16,695 | |||
Total | 21,171 | |||
Accumulated Depreciation 12/31/2017 | $ 3,085 | |||
10100 58th Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kenosha, WI | |||
Land | $ 4,201 | |||
Buildings and Improvements | 17,604 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,203 | |||
Land | 4,201 | |||
Buildings and Improvements | 18,807 | |||
Total | 23,008 | |||
Accumulated Depreciation 12/31/2017 | $ 4,378 | |||
401 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | North Aurora, IL | |||
Land | $ 534 | |||
Buildings and Improvements | 1,957 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12 | |||
Land | 534 | |||
Buildings and Improvements | 1,969 | |||
Total | 2,503 | |||
Accumulated Depreciation 12/31/2017 | $ 299 | |||
3737 84th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Somers, WI | |||
Land | $ 1,943 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 24,144 | |||
Land | 1,943 | |||
Buildings and Improvements | 24,144 | |||
Total | 26,087 | |||
Accumulated Depreciation 12/31/2017 | $ 1,000 | |||
81 Paragon Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Romeoville, IL | |||
Land | $ 1,787 | |||
Buildings and Improvements | 7,252 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 689 | |||
Land | 1,787 | |||
Buildings and Improvements | 7,941 | |||
Total | 9,728 | |||
Accumulated Depreciation 12/31/2017 | $ 300 | |||
10680 88th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pleasant Prairie, WI | |||
Land | $ 1,376 | |||
Buildings and Improvements | 4,757 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,376 | |||
Buildings and Improvements | 4,757 | |||
Total | 6,133 | |||
Accumulated Depreciation 12/31/2017 | $ 34 | |||
8725 31st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Somers, WI | |||
Land | $ 2,133 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 26,478 | |||
Land | 2,134 | |||
Buildings and Improvements | 26,477 | |||
Total | 28,611 | |||
Accumulated Depreciation 12/31/2017 | $ 575 | |||
4700-4750 Creek Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Blue Ash, OH | |||
Land | $ 1,080 | |||
Buildings and Improvements | 6,118 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,510 | |||
Land | 1,109 | |||
Buildings and Improvements | 7,599 | |||
Total | 8,708 | |||
Accumulated Depreciation 12/31/2017 | $ 3,743 | |||
4436 Mulhauser Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hamilton, OH | |||
Encumbrances | $ 3,614 | |||
Land | 630 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,238 | |||
Land | 630 | |||
Buildings and Improvements | 5,238 | |||
Total | 5,868 | |||
Accumulated Depreciation 12/31/2017 | $ 1,954 | |||
4438 Mulhauser Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Hamilton, OH | |||
Land | $ 779 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,355 | |||
Land | 779 | |||
Buildings and Improvements | 6,355 | |||
Total | 7,134 | |||
Accumulated Depreciation 12/31/2017 | $ 2,458 | |||
420 Wards Corner Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Loveland, OH | |||
Land | $ 600 | |||
Buildings and Improvements | 1,083 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 945 | |||
Land | 606 | |||
Buildings and Improvements | 2,022 | |||
Total | 2,628 | |||
Accumulated Depreciation 12/31/2017 | $ 826 | |||
422 Wards Corner Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Loveland, OH | |||
Land | $ 600 | |||
Buildings and Improvements | 1,811 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 385 | |||
Land | 592 | |||
Buildings and Improvements | 2,204 | |||
Total | 2,796 | |||
Accumulated Depreciation 12/31/2017 | $ 793 | |||
4663 Dues Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 858 | |||
Buildings and Improvements | 2,273 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 606 | |||
Land | 875 | |||
Buildings and Improvements | 2,862 | |||
Total | 3,737 | |||
Accumulated Depreciation 12/31/2017 | $ 1,801 | |||
9345 Princeton-Glendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Encumbrances | $ 1,279 | |||
Land | 818 | |||
Buildings and Improvements | 1,648 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 380 | |||
Land | 840 | |||
Buildings and Improvements | 2,006 | |||
Total | 2,846 | |||
Accumulated Depreciation 12/31/2017 | $ 1,533 | |||
9525 Glades Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 347 | |||
Buildings and Improvements | 1,323 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 112 | |||
Land | 355 | |||
Buildings and Improvements | 1,427 | |||
Total | 1,782 | |||
Accumulated Depreciation 12/31/2017 | $ 602 | |||
9774-9792 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 392 | |||
Buildings and Improvements | 1,744 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 421 | |||
Land | 394 | |||
Buildings and Improvements | 2,163 | |||
Total | 2,557 | |||
Accumulated Depreciation 12/31/2017 | $ 795 | |||
9808-9830 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 395 | |||
Buildings and Improvements | 2,541 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 261 | |||
Land | 397 | |||
Buildings and Improvements | 2,800 | |||
Total | 3,197 | |||
Accumulated Depreciation 12/31/2017 | $ 913 | |||
9842-9862 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 506 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 157 | |||
Land | 508 | |||
Buildings and Improvements | 3,303 | |||
Total | 3,811 | |||
Accumulated Depreciation 12/31/2017 | $ 1,052 | |||
9872-9898 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 546 | |||
Buildings and Improvements | 3,039 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 159 | |||
Land | 548 | |||
Buildings and Improvements | 3,196 | |||
Total | 3,744 | |||
Accumulated Depreciation 12/31/2017 | $ 1,127 | |||
9902-9922 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westchester, OH | |||
Land | $ 623 | |||
Buildings and Improvements | 4,003 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,293 | |||
Land | 627 | |||
Buildings and Improvements | 5,292 | |||
Total | 5,919 | |||
Accumulated Depreciation 12/31/2017 | $ 2,276 | |||
30311 Emerald Valley Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glenwillow, OH | |||
Encumbrances | $ 7,102 | |||
Land | 681 | |||
Buildings and Improvements | 11,838 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 993 | |||
Land | 691 | |||
Buildings and Improvements | 12,821 | |||
Total | 13,512 | |||
Accumulated Depreciation 12/31/2017 | $ 5,305 | |||
30333 Emerald Valley Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glenwillow, OH | |||
Land | $ 466 | |||
Buildings and Improvements | 5,447 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (615) | |||
Land | 475 | |||
Buildings and Improvements | 4,823 | |||
Total | 5,298 | |||
Accumulated Depreciation 12/31/2017 | $ 1,734 | |||
7800 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glenwillow, OH | |||
Encumbrances | $ 3,750 | |||
Land | 972 | |||
Buildings and Improvements | 7,033 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 338 | |||
Land | 991 | |||
Buildings and Improvements | 7,352 | |||
Total | 8,343 | |||
Accumulated Depreciation 12/31/2017 | $ 2,864 | |||
7900 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glenwillow, OH | |||
Encumbrances | $ 3,761 | |||
Land | 775 | |||
Buildings and Improvements | 6,244 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 137 | |||
Land | 792 | |||
Buildings and Improvements | 6,364 | |||
Total | 7,156 | |||
Accumulated Depreciation 12/31/2017 | $ 2,546 | |||
7905 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Glenwillow, OH | |||
Encumbrances | $ 4,090 | |||
Land | 920 | |||
Buildings and Improvements | 6,174 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 922 | |||
Buildings and Improvements | 6,217 | |||
Total | 7,139 | |||
Accumulated Depreciation 12/31/2017 | $ 2,224 | |||
8181 Darrow Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Twinsburg, OH | |||
Encumbrances | $ 6,992 | |||
Land | 2,478 | |||
Buildings and Improvements | 6,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,084 | |||
Land | 2,496 | |||
Buildings and Improvements | 8,857 | |||
Total | 11,353 | |||
Accumulated Depreciation 12/31/2017 | $ 5,000 | |||
2406-2416 Walnut Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 178 | |||
Buildings and Improvements | 1,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 592 | |||
Land | 172 | |||
Buildings and Improvements | 1,604 | |||
Total | 1,776 | |||
Accumulated Depreciation 12/31/2017 | $ 680 | |||
2401-2419 Walnut Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 148 | |||
Buildings and Improvements | 839 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 416 | |||
Land | 142 | |||
Buildings and Improvements | 1,261 | |||
Total | 1,403 | |||
Accumulated Depreciation 12/31/2017 | $ 571 | |||
900-906 Great Southwest Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 237 | |||
Buildings and Improvements | 1,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 478 | |||
Land | 270 | |||
Buildings and Improvements | 1,787 | |||
Total | 2,057 | |||
Accumulated Depreciation 12/31/2017 | $ 847 | |||
3000 West Commerce [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 456 | |||
Buildings and Improvements | 2,584 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,160 | |||
Land | 469 | |||
Buildings and Improvements | 3,731 | |||
Total | 4,200 | |||
Accumulated Depreciation 12/31/2017 | $ 1,833 | |||
405-407 113th [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 181 | |||
Buildings and Improvements | 1,026 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 464 | |||
Land | 185 | |||
Buildings and Improvements | 1,486 | |||
Total | 1,671 | |||
Accumulated Depreciation 12/31/2017 | $ 677 | |||
816 111th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 251 | |||
Buildings and Improvements | 1,421 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 139 | |||
Land | 258 | |||
Buildings and Improvements | 1,553 | |||
Total | 1,811 | |||
Accumulated Depreciation 12/31/2017 | $ 755 | |||
7427 Dogwood Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 96 | |||
Buildings and Improvements | 532 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 316 | |||
Land | 102 | |||
Buildings and Improvements | 842 | |||
Total | 944 | |||
Accumulated Depreciation 12/31/2017 | $ 355 | |||
7348-54 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 88 | |||
Buildings and Improvements | 489 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 218 | |||
Land | 94 | |||
Buildings and Improvements | 701 | |||
Total | 795 | |||
Accumulated Depreciation 12/31/2017 | $ 316 | |||
7339-41 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 98 | |||
Buildings and Improvements | 541 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 175 | |||
Land | 104 | |||
Buildings and Improvements | 710 | |||
Total | 814 | |||
Accumulated Depreciation 12/31/2017 | $ 317 | |||
7437-45 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 102 | |||
Buildings and Improvements | 563 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 423 | |||
Land | 108 | |||
Buildings and Improvements | 980 | |||
Total | 1,088 | |||
Accumulated Depreciation 12/31/2017 | $ 361 | |||
7331-59 Airport Freeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Encumbrances | $ 1,813 | |||
Land | 354 | |||
Buildings and Improvements | 1,958 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 632 | |||
Land | 372 | |||
Buildings and Improvements | 2,572 | |||
Total | 2,944 | |||
Accumulated Depreciation 12/31/2017 | $ 1,143 | |||
7338-60 Dogwood Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 106 | |||
Buildings and Improvements | 587 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 257 | |||
Land | 112 | |||
Buildings and Improvements | 838 | |||
Total | 950 | |||
Accumulated Depreciation 12/31/2017 | $ 365 | |||
7450-70 Dogwood Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 106 | |||
Buildings and Improvements | 584 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 152 | |||
Land | 112 | |||
Buildings and Improvements | 730 | |||
Total | 842 | |||
Accumulated Depreciation 12/31/2017 | $ 338 | |||
7423-49 Airport Freeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Encumbrances | $ 1,527 | |||
Land | 293 | |||
Buildings and Improvements | 1,621 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 565 | |||
Land | 308 | |||
Buildings and Improvements | 2,171 | |||
Total | 2,479 | |||
Accumulated Depreciation 12/31/2017 | $ 944 | |||
7400 Whitehall Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 109 | |||
Buildings and Improvements | 603 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 95 | |||
Land | 115 | |||
Buildings and Improvements | 692 | |||
Total | 807 | |||
Accumulated Depreciation 12/31/2017 | $ 321 | |||
1602-1654 Terre Colony [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 458 | |||
Buildings and Improvements | 2,596 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 864 | |||
Land | 468 | |||
Buildings and Improvements | 3,450 | |||
Total | 3,918 | |||
Accumulated Depreciation 12/31/2017 | $ 1,450 | |||
2220 Merritt Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Garland, TX | |||
Land | $ 352 | |||
Buildings and Improvements | 1,993 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 393 | |||
Land | 316 | |||
Buildings and Improvements | 2,422 | |||
Total | 2,738 | |||
Accumulated Depreciation 12/31/2017 | $ 896 | |||
2485-2505 Merritt Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Garland, TX | |||
Land | $ 431 | |||
Buildings and Improvements | 2,440 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 529 | |||
Land | 443 | |||
Buildings and Improvements | 2,957 | |||
Total | 3,400 | |||
Accumulated Depreciation 12/31/2017 | $ 1,193 | |||
2110 Hutton Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Land | $ 374 | |||
Buildings and Improvements | 2,117 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 385 | |||
Land | 255 | |||
Buildings and Improvements | 2,621 | |||
Total | 2,876 | |||
Accumulated Depreciation 12/31/2017 | $ 1,176 | |||
2025 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Land | $ 437 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 516 | |||
Land | 442 | |||
Buildings and Improvements | 2,989 | |||
Total | 3,431 | |||
Accumulated Depreciation 12/31/2017 | $ 1,151 | |||
2019 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Land | $ 502 | |||
Buildings and Improvements | 2,843 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 288 | |||
Land | 507 | |||
Buildings and Improvements | 3,126 | |||
Total | 3,633 | |||
Accumulated Depreciation 12/31/2017 | $ 1,282 | |||
2029-2035 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Land | $ 306 | |||
Buildings and Improvements | 1,870 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 356 | |||
Land | 306 | |||
Buildings and Improvements | 2,226 | |||
Total | 2,532 | |||
Accumulated Depreciation 12/31/2017 | $ 858 | |||
2015 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Encumbrances | $ 2,029 | |||
Land | 510 | |||
Buildings and Improvements | 2,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 460 | |||
Land | 516 | |||
Buildings and Improvements | 3,345 | |||
Total | 3,861 | |||
Accumulated Depreciation 12/31/2017 | $ 1,386 | |||
2009 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carrolton, TX | |||
Encumbrances | $ 1,940 | |||
Land | 476 | |||
Buildings and Improvements | 2,699 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 516 | |||
Land | 481 | |||
Buildings and Improvements | 3,210 | |||
Total | 3,691 | |||
Accumulated Depreciation 12/31/2017 | $ 1,385 | |||
900-1100 Avenue S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Land | $ 623 | |||
Buildings and Improvements | 3,528 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 994 | |||
Land | 629 | |||
Buildings and Improvements | 4,516 | |||
Total | 5,145 | |||
Accumulated Depreciation 12/31/2017 | $ 1,628 | |||
Plano Crossing Bus. Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Plano, TX | |||
Encumbrances | $ 7,480 | |||
Land | 1,961 | |||
Buildings and Improvements | 11,112 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,160 | |||
Land | 1,981 | |||
Buildings and Improvements | 12,252 | |||
Total | 14,233 | |||
Accumulated Depreciation 12/31/2017 | $ 4,611 | |||
7413A-C Dogwood Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 110 | |||
Buildings and Improvements | 623 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 197 | |||
Land | 111 | |||
Buildings and Improvements | 819 | |||
Total | 930 | |||
Accumulated Depreciation 12/31/2017 | $ 317 | |||
7450 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 36 | |||
Buildings and Improvements | 204 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 203 | |||
Land | 36 | |||
Buildings and Improvements | 407 | |||
Total | 443 | |||
Accumulated Depreciation 12/31/2017 | $ 144 | |||
7436 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 57 | |||
Buildings and Improvements | 324 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 191 | |||
Land | 58 | |||
Buildings and Improvements | 514 | |||
Total | 572 | |||
Accumulated Depreciation 12/31/2017 | $ 161 | |||
7426 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 76 | |||
Buildings and Improvements | 429 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 185 | |||
Land | 76 | |||
Buildings and Improvements | 614 | |||
Total | 690 | |||
Accumulated Depreciation 12/31/2017 | $ 219 | |||
7427-7429 Tower Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 75 | |||
Buildings and Improvements | 427 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 190 | |||
Land | 76 | |||
Buildings and Improvements | 616 | |||
Total | 692 | |||
Accumulated Depreciation 12/31/2017 | $ 197 | |||
2840-2842 Handley Ederville Rd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 112 | |||
Buildings and Improvements | 635 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 84 | |||
Land | 113 | |||
Buildings and Improvements | 718 | |||
Total | 831 | |||
Accumulated Depreciation 12/31/2017 | $ 266 | |||
7451-7477 Airport Freeway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Encumbrances | $ 1,276 | |||
Land | 256 | |||
Buildings and Improvements | 1,453 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 363 | |||
Land | 259 | |||
Buildings and Improvements | 1,813 | |||
Total | 2,072 | |||
Accumulated Depreciation 12/31/2017 | $ 652 | |||
3000 Wesley Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 208 | |||
Buildings and Improvements | 1,181 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 211 | |||
Buildings and Improvements | 1,223 | |||
Total | 1,434 | |||
Accumulated Depreciation 12/31/2017 | $ 462 | |||
7451 Dogwood Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Hills, TX | |||
Land | $ 133 | |||
Buildings and Improvements | 753 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 167 | |||
Land | 134 | |||
Buildings and Improvements | 919 | |||
Total | 1,053 | |||
Accumulated Depreciation 12/31/2017 | $ 328 | |||
825-827 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Encumbrances | $ 2,296 | |||
Land | 600 | |||
Buildings and Improvements | 3,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 402 | |||
Land | 604 | |||
Buildings and Improvements | 3,404 | |||
Total | 4,008 | |||
Accumulated Depreciation 12/31/2017 | $ 1,603 | |||
1013-31 Avenue M [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Land | $ 300 | |||
Buildings and Improvements | 1,504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 296 | |||
Land | 302 | |||
Buildings and Improvements | 1,798 | |||
Total | 2,100 | |||
Accumulated Depreciation 12/31/2017 | $ 791 | |||
1172-84 113th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Land | $ 700 | |||
Buildings and Improvements | 3,509 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (16) | |||
Land | 704 | |||
Buildings and Improvements | 3,489 | |||
Total | 4,193 | |||
Accumulated Depreciation 12/31/2017 | $ 1,312 | |||
1200-16 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 600 | |||
Buildings and Improvements | 2,846 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 760 | |||
Land | 604 | |||
Buildings and Improvements | 3,602 | |||
Total | 4,206 | |||
Accumulated Depreciation 12/31/2017 | $ 1,295 | |||
1322-66 W. North Carrier Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Encumbrances | $ 4,190 | |||
Land | 1,000 | |||
Buildings and Improvements | 5,012 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,302 | |||
Land | 1,006 | |||
Buildings and Improvements | 6,308 | |||
Total | 7,314 | |||
Accumulated Depreciation 12/31/2017 | $ 2,469 | |||
2401-2407 Centennial Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Encumbrances | $ 2,060 | |||
Land | 600 | |||
Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 578 | |||
Land | 604 | |||
Buildings and Improvements | 3,108 | |||
Total | 3,712 | |||
Accumulated Depreciation 12/31/2017 | $ 1,358 | |||
3111 West Commerce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Encumbrances | $ 3,541 | |||
Land | 1,000 | |||
Buildings and Improvements | 3,364 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,818 | |||
Land | 1,011 | |||
Buildings and Improvements | 5,171 | |||
Total | 6,182 | |||
Accumulated Depreciation 12/31/2017 | $ 2,201 | |||
13800 Senlac Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmers Branch, TX | |||
Encumbrances | $ 2,751 | |||
Land | 823 | |||
Buildings and Improvements | 4,042 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (63) | |||
Land | 825 | |||
Buildings and Improvements | 3,977 | |||
Total | 4,802 | |||
Accumulated Depreciation 12/31/2017 | $ 1,825 | |||
801-831 S Great Southwest Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Land | $ 2,581 | |||
Buildings and Improvements | 16,556 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 419 | |||
Land | 2,586 | |||
Buildings and Improvements | 16,970 | |||
Total | 19,556 | |||
Accumulated Depreciation 12/31/2017 | $ 10,466 | |||
801 Heinz Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Encumbrances | $ 2,597 | |||
Land | 599 | |||
Buildings and Improvements | 3,327 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 291 | |||
Land | 601 | |||
Buildings and Improvements | 3,616 | |||
Total | 4,217 | |||
Accumulated Depreciation 12/31/2017 | $ 1,764 | |||
901-937 Heinz Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Grand Prairie, TX | |||
Encumbrances | $ 2,037 | |||
Land | 493 | |||
Buildings and Improvements | 2,758 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 56 | |||
Land | 481 | |||
Buildings and Improvements | 2,826 | |||
Total | 3,307 | |||
Accumulated Depreciation 12/31/2017 | $ 1,496 | |||
3301 Century Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Irving, TX | |||
Land | $ 760 | |||
Buildings and Improvements | 3,856 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 128 | |||
Land | 771 | |||
Buildings and Improvements | 3,973 | |||
Total | 4,744 | |||
Accumulated Depreciation 12/31/2017 | $ 1,256 | |||
3901 W Miller Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Garland, TX | |||
Land | $ 1,912 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 15,358 | |||
Land | 1,947 | |||
Buildings and Improvements | 15,323 | |||
Total | 17,270 | |||
Accumulated Depreciation 12/31/2017 | $ 4,578 | |||
1251 North Cockrell Hill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 2,064 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,539 | |||
Land | 1,073 | |||
Buildings and Improvements | 14,530 | |||
Total | 15,603 | |||
Accumulated Depreciation 12/31/2017 | $ 1,170 | |||
1171 North Cockrell Hill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Dallas, TX | |||
Land | $ 1,215 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,971 | |||
Land | 632 | |||
Buildings and Improvements | 11,554 | |||
Total | 12,186 | |||
Accumulated Depreciation 12/31/2017 | $ 821 | |||
3996 Scientific Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 1,301 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,082 | |||
Land | 1,349 | |||
Buildings and Improvements | 8,034 | |||
Total | 9,383 | |||
Accumulated Depreciation 12/31/2017 | $ 780 | |||
750 Gateway Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Coppell, TX | |||
Land | $ 1,452 | |||
Buildings and Improvements | 4,679 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 80 | |||
Land | 1,452 | |||
Buildings and Improvements | 4,759 | |||
Total | 6,211 | |||
Accumulated Depreciation 12/31/2017 | $ 383 | |||
2250 East Bardin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Arlington, TX | |||
Land | $ 1,603 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,465 | |||
Land | 1,603 | |||
Buildings and Improvements | 10,465 | |||
Total | 12,068 | |||
Accumulated Depreciation 12/31/2017 | $ 610 | |||
4785 Elati [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 173 | |||
Buildings and Improvements | 981 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 382 | |||
Land | 175 | |||
Buildings and Improvements | 1,361 | |||
Total | 1,536 | |||
Accumulated Depreciation 12/31/2017 | $ 583 | |||
4770 Fox Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 132 | |||
Buildings and Improvements | 750 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 294 | |||
Land | 134 | |||
Buildings and Improvements | 1,042 | |||
Total | 1,176 | |||
Accumulated Depreciation 12/31/2017 | $ 461 | |||
3851-3871 Revere [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 361 | |||
Buildings and Improvements | 2,047 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 522 | |||
Land | 368 | |||
Buildings and Improvements | 2,562 | |||
Total | 2,930 | |||
Accumulated Depreciation 12/31/2017 | $ 1,254 | |||
4570 Ivy Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 219 | |||
Buildings and Improvements | 1,239 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 174 | |||
Land | 220 | |||
Buildings and Improvements | 1,412 | |||
Total | 1,632 | |||
Accumulated Depreciation 12/31/2017 | $ 723 | |||
5855 Stapleton Drive North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 288 | |||
Buildings and Improvements | 1,630 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 217 | |||
Land | 290 | |||
Buildings and Improvements | 1,845 | |||
Total | 2,135 | |||
Accumulated Depreciation 12/31/2017 | $ 930 | |||
5885 Stapleton Drive North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 376 | |||
Buildings and Improvements | 2,129 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 348 | |||
Land | 380 | |||
Buildings and Improvements | 2,473 | |||
Total | 2,853 | |||
Accumulated Depreciation 12/31/2017 | $ 1,238 | |||
5977 North Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Encumbrances | $ 1,471 | |||
Land | 268 | |||
Buildings and Improvements | 1,518 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 603 | |||
Land | 271 | |||
Buildings and Improvements | 2,118 | |||
Total | 2,389 | |||
Accumulated Depreciation 12/31/2017 | $ 1,014 | |||
5952-5978 North Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Encumbrances | $ 2,133 | |||
Land | 414 | |||
Buildings and Improvements | 2,346 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 704 | |||
Land | 422 | |||
Buildings and Improvements | 3,042 | |||
Total | 3,464 | |||
Accumulated Depreciation 12/31/2017 | $ 1,468 | |||
4721 Ironton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 232 | |||
Buildings and Improvements | 1,313 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 352 | |||
Land | 236 | |||
Buildings and Improvements | 1,661 | |||
Total | 1,897 | |||
Accumulated Depreciation 12/31/2017 | $ 786 | |||
7003 E 47th Ave Drive [Member ] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 441 | |||
Buildings and Improvements | 2,689 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 47 | |||
Land | 441 | |||
Buildings and Improvements | 2,736 | |||
Total | 3,177 | |||
Accumulated Depreciation 12/31/2017 | $ 1,412 | |||
9500 West 49th Street - A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Wheatridge, CO | |||
Encumbrances | $ 1,045 | |||
Land | 283 | |||
Buildings and Improvements | 1,625 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 80 | |||
Land | 287 | |||
Buildings and Improvements | 1,701 | |||
Total | 1,988 | |||
Accumulated Depreciation 12/31/2017 | $ 897 | |||
9500 West 49th Street - B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Wheatridge, CO | |||
Encumbrances | $ 870 | |||
Land | 225 | |||
Buildings and Improvements | 1,272 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 158 | |||
Land | 227 | |||
Buildings and Improvements | 1,428 | |||
Total | 1,655 | |||
Accumulated Depreciation 12/31/2017 | $ 707 | |||
9500 West 49th Street - C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Wheatridge, CO | |||
Encumbrances | $ 2,306 | |||
Land | 600 | |||
Buildings and Improvements | 3,409 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 378 | |||
Land | 601 | |||
Buildings and Improvements | 3,786 | |||
Total | 4,387 | |||
Accumulated Depreciation 12/31/2017 | $ 1,878 | |||
9500 West 49th Street - D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Wheatridge, CO | |||
Encumbrances | $ 1,051 | |||
Land | 246 | |||
Buildings and Improvements | 1,537 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 216 | |||
Land | 247 | |||
Buildings and Improvements | 1,752 | |||
Total | 1,999 | |||
Accumulated Depreciation 12/31/2017 | $ 940 | |||
451-591 East 124th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thornton, CO | |||
Land | $ 383 | |||
Buildings and Improvements | 2,145 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 441 | |||
Land | 383 | |||
Buildings and Improvements | 2,586 | |||
Total | 2,969 | |||
Accumulated Depreciation 12/31/2017 | $ 1,326 | |||
6547 South Racine Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Centennial, CO | |||
Encumbrances | $ 2,699 | |||
Land | 739 | |||
Buildings and Improvements | 4,241 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 494 | |||
Land | 739 | |||
Buildings and Improvements | 4,735 | |||
Total | 5,474 | |||
Accumulated Depreciation 12/31/2017 | $ 2,242 | |||
11701 East 53rd Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 416 | |||
Buildings and Improvements | 2,355 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 297 | |||
Land | 422 | |||
Buildings and Improvements | 2,646 | |||
Total | 3,068 | |||
Accumulated Depreciation 12/31/2017 | $ 1,296 | |||
5401 Oswego [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 273 | |||
Buildings and Improvements | 1,547 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 237 | |||
Land | 278 | |||
Buildings and Improvements | 1,779 | |||
Total | 2,057 | |||
Accumulated Depreciation 12/31/2017 | $ 885 | |||
445 Bryant Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Encumbrances | $ 8,586 | |||
Land | 1,829 | |||
Buildings and Improvements | 10,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,939 | |||
Land | 1,829 | |||
Buildings and Improvements | 13,158 | |||
Total | 14,987 | |||
Accumulated Depreciation 12/31/2017 | $ 5,788 | |||
12055 E 49th Ave/4955 Peoria [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 298 | |||
Buildings and Improvements | 1,688 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 439 | |||
Land | 305 | |||
Buildings and Improvements | 2,120 | |||
Total | 2,425 | |||
Accumulated Depreciation 12/31/2017 | $ 1,038 | |||
4940 - 4950 Paris [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 152 | |||
Buildings and Improvements | 861 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 207 | |||
Land | 156 | |||
Buildings and Improvements | 1,064 | |||
Total | 1,220 | |||
Accumulated Depreciation 12/31/2017 | $ 498 | |||
7367 South Revere Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Centennial, CO | |||
Land | $ 926 | |||
Buildings and Improvements | 5,124 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 977 | |||
Land | 934 | |||
Buildings and Improvements | 6,093 | |||
Total | 7,027 | |||
Accumulated Depreciation 12/31/2017 | $ 2,839 | |||
8200 East Park Meadows Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lone Tree, CO | |||
Encumbrances | $ 5,615 | |||
Land | 1,297 | |||
Buildings and Improvements | 7,348 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,158 | |||
Land | 1,304 | |||
Buildings and Improvements | 8,499 | |||
Total | 9,803 | |||
Accumulated Depreciation 12/31/2017 | $ 3,666 | |||
3250 Quentin Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aurora, CO | |||
Encumbrances | $ 5,125 | |||
Land | 1,220 | |||
Buildings and Improvements | 6,911 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 815 | |||
Land | 1,230 | |||
Buildings and Improvements | 7,716 | |||
Total | 8,946 | |||
Accumulated Depreciation 12/31/2017 | $ 3,311 | |||
8020 Southpark Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Littleton, CO | |||
Land | $ 739 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,305 | |||
Land | 781 | |||
Buildings and Improvements | 3,263 | |||
Total | 4,044 | |||
Accumulated Depreciation 12/31/2017 | $ 1,309 | |||
1130 W. 124th Ave. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westminster, CO | |||
Land | $ 441 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,612 | |||
Land | 441 | |||
Buildings and Improvements | 3,612 | |||
Total | 4,053 | |||
Accumulated Depreciation 12/31/2017 | $ 1,370 | |||
1070 W. 124th Ave. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westminster, CO | |||
Land | $ 374 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,771 | |||
Land | 374 | |||
Buildings and Improvements | 2,771 | |||
Total | 3,145 | |||
Accumulated Depreciation 12/31/2017 | $ 1,110 | |||
1020 W. 124th Ave. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westminster, CO | |||
Land | $ 374 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,727 | |||
Land | 374 | |||
Buildings and Improvements | 2,727 | |||
Total | 3,101 | |||
Accumulated Depreciation 12/31/2017 | $ 1,132 | |||
8810 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Broomfield, CO | |||
Land | $ 312 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,815 | |||
Land | 370 | |||
Buildings and Improvements | 1,757 | |||
Total | 2,127 | |||
Accumulated Depreciation 12/31/2017 | $ 659 | |||
960 W. 124th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Westminster, CO | |||
Land | $ 441 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,659 | |||
Land | 442 | |||
Buildings and Improvements | 3,658 | |||
Total | 4,100 | |||
Accumulated Depreciation 12/31/2017 | $ 1,505 | |||
8820 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Broomfield, CO | |||
Land | $ 338 | |||
Buildings and Improvements | 1,918 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 343 | |||
Land | 372 | |||
Buildings and Improvements | 2,227 | |||
Total | 2,599 | |||
Accumulated Depreciation 12/31/2017 | $ 819 | |||
8835 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Broomfield, CO | |||
Land | $ 1,151 | |||
Buildings and Improvements | 6,523 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,092 | |||
Land | 1,304 | |||
Buildings and Improvements | 7,462 | |||
Total | 8,766 | |||
Accumulated Depreciation 12/31/2017 | $ 2,874 | |||
18150 E. 32nd Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aurora, CO | |||
Land | $ 563 | |||
Buildings and Improvements | 3,188 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 143 | |||
Land | 572 | |||
Buildings and Improvements | 3,322 | |||
Total | 3,894 | |||
Accumulated Depreciation 12/31/2017 | $ 1,311 | |||
3400 Fraser Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aurora, CO | |||
Encumbrances | $ 2,009 | |||
Land | 616 | |||
Buildings and Improvements | 3,593 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (134) | |||
Land | 620 | |||
Buildings and Improvements | 3,455 | |||
Total | 4,075 | |||
Accumulated Depreciation 12/31/2017 | $ 1,324 | |||
7005 E. 46th Avenue Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Encumbrances | $ 1,198 | |||
Land | 512 | |||
Buildings and Improvements | 2,025 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (107) | |||
Land | 517 | |||
Buildings and Improvements | 1,913 | |||
Total | 2,430 | |||
Accumulated Depreciation 12/31/2017 | $ 719 | |||
4001 Salazar Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Frederick, CO | |||
Encumbrances | $ 3,714 | |||
Land | 1,271 | |||
Buildings and Improvements | 6,508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (713) | |||
Land | 1,276 | |||
Buildings and Improvements | 5,790 | |||
Total | 7,066 | |||
Accumulated Depreciation 12/31/2017 | $ 1,833 | |||
5909-5915 N. Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Denver, CO | |||
Land | $ 495 | |||
Buildings and Improvements | 1,268 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 120 | |||
Land | 500 | |||
Buildings and Improvements | 1,383 | |||
Total | 1,883 | |||
Accumulated Depreciation 12/31/2017 | $ 783 | |||
21301 E. 33rd Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Aurora, CO | |||
Land | $ 2,860 | |||
Buildings and Improvements | 8,202 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 677 | |||
Land | 2,861 | |||
Buildings and Improvements | 8,878 | |||
Total | 11,739 | |||
Accumulated Depreciation 12/31/2017 | $ 336 | |||
47461 Clipper [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Plymouth Township, MI | |||
Land | $ 122 | |||
Buildings and Improvements | 723 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 103 | |||
Land | 122 | |||
Buildings and Improvements | 826 | |||
Total | 948 | |||
Accumulated Depreciation 12/31/2017 | $ 472 | |||
449 Executive Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 125 | |||
Buildings and Improvements | 425 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 974 | |||
Land | 218 | |||
Buildings and Improvements | 1,306 | |||
Total | 1,524 | |||
Accumulated Depreciation 12/31/2017 | $ 1,214 | |||
1416 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 94 | |||
Buildings and Improvements | 394 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 477 | |||
Land | 121 | |||
Buildings and Improvements | 844 | |||
Total | 965 | |||
Accumulated Depreciation 12/31/2017 | $ 716 | |||
1624 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 236 | |||
Buildings and Improvements | 1,406 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,093 | |||
Land | 373 | |||
Buildings and Improvements | 2,362 | |||
Total | 2,735 | |||
Accumulated Depreciation 12/31/2017 | $ 2,190 | |||
1972 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 315 | |||
Buildings and Improvements | 1,301 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 787 | |||
Land | 372 | |||
Buildings and Improvements | 2,031 | |||
Total | 2,403 | |||
Accumulated Depreciation 12/31/2017 | $ 1,778 | |||
1707 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 95 | |||
Buildings and Improvements | 262 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,724 | |||
Land | 239 | |||
Buildings and Improvements | 1,842 | |||
Total | 2,081 | |||
Accumulated Depreciation 12/31/2017 | $ 1,703 | |||
1826 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 55 | |||
Buildings and Improvements | 208 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 472 | |||
Land | 103 | |||
Buildings and Improvements | 632 | |||
Total | 735 | |||
Accumulated Depreciation 12/31/2017 | $ 563 | |||
1864 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 57 | |||
Buildings and Improvements | 190 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 489 | |||
Land | 107 | |||
Buildings and Improvements | 629 | |||
Total | 736 | |||
Accumulated Depreciation 12/31/2017 | $ 578 | |||
2730 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 903 | |||
Buildings and Improvements | 4,215 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 829 | |||
Land | 903 | |||
Buildings and Improvements | 5,044 | |||
Total | 5,947 | |||
Accumulated Depreciation 12/31/2017 | $ 4,553 | |||
2791 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 557 | |||
Buildings and Improvements | 2,731 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 680 | |||
Land | 560 | |||
Buildings and Improvements | 3,408 | |||
Total | 3,968 | |||
Accumulated Depreciation 12/31/2017 | $ 2,699 | |||
2871 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 324 | |||
Buildings and Improvements | 1,487 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 412 | |||
Land | 327 | |||
Buildings and Improvements | 1,896 | |||
Total | 2,223 | |||
Accumulated Depreciation 12/31/2017 | $ 1,556 | |||
2870 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 275 | |||
Buildings and Improvements | 1,262 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 356 | |||
Land | 279 | |||
Buildings and Improvements | 1,614 | |||
Total | 1,893 | |||
Accumulated Depreciation 12/31/2017 | $ 1,435 | |||
2900 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 214 | |||
Buildings and Improvements | 977 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 627 | |||
Land | 219 | |||
Buildings and Improvements | 1,599 | |||
Total | 1,818 | |||
Accumulated Depreciation 12/31/2017 | $ 1,092 | |||
2930 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 131 | |||
Buildings and Improvements | 594 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 432 | |||
Land | 138 | |||
Buildings and Improvements | 1,019 | |||
Total | 1,157 | |||
Accumulated Depreciation 12/31/2017 | $ 773 | |||
2950 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 178 | |||
Buildings and Improvements | 819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 368 | |||
Land | 185 | |||
Buildings and Improvements | 1,180 | |||
Total | 1,365 | |||
Accumulated Depreciation 12/31/2017 | $ 940 | |||
23014 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 39 | |||
Buildings and Improvements | 203 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 191 | |||
Land | 56 | |||
Buildings and Improvements | 377 | |||
Total | 433 | |||
Accumulated Depreciation 12/31/2017 | $ 344 | |||
23028 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 98 | |||
Buildings and Improvements | 507 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 295 | |||
Land | 125 | |||
Buildings and Improvements | 775 | |||
Total | 900 | |||
Accumulated Depreciation 12/31/2017 | $ 703 | |||
23035 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 71 | |||
Buildings and Improvements | 355 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 300 | |||
Land | 93 | |||
Buildings and Improvements | 633 | |||
Total | 726 | |||
Accumulated Depreciation 12/31/2017 | $ 545 | |||
23093 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 211 | |||
Buildings and Improvements | 1,024 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,337 | |||
Land | 295 | |||
Buildings and Improvements | 2,277 | |||
Total | 2,572 | |||
Accumulated Depreciation 12/31/2017 | $ 1,924 | |||
23135 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 146 | |||
Buildings and Improvements | 701 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 312 | |||
Land | 158 | |||
Buildings and Improvements | 1,001 | |||
Total | 1,159 | |||
Accumulated Depreciation 12/31/2017 | $ 923 | |||
23163 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 111 | |||
Buildings and Improvements | 513 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 393 | |||
Land | 138 | |||
Buildings and Improvements | 879 | |||
Total | 1,017 | |||
Accumulated Depreciation 12/31/2017 | $ 800 | |||
23177 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 175 | |||
Buildings and Improvements | 1,007 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 689 | |||
Land | 254 | |||
Buildings and Improvements | 1,617 | |||
Total | 1,871 | |||
Accumulated Depreciation 12/31/2017 | $ 1,464 | |||
23370 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Farmington Hills, MI | |||
Land | $ 59 | |||
Buildings and Improvements | 233 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 209 | |||
Land | 66 | |||
Buildings and Improvements | 435 | |||
Total | 501 | |||
Accumulated Depreciation 12/31/2017 | $ 382 | |||
4400 Purks Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Auburn Hills, MI | |||
Land | $ 602 | |||
Buildings and Improvements | 3,410 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,995 | |||
Land | 612 | |||
Buildings and Improvements | 7,395 | |||
Total | 8,007 | |||
Accumulated Depreciation 12/31/2017 | $ 3,703 | |||
12707 Eckles Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Plymouth Township, MI | |||
Land | $ 255 | |||
Buildings and Improvements | 1,445 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 241 | |||
Land | 267 | |||
Buildings and Improvements | 1,674 | |||
Total | 1,941 | |||
Accumulated Depreciation 12/31/2017 | $ 854 | |||
32975 Capitol Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Livonia, MI | |||
Land | $ 135 | |||
Buildings and Improvements | 748 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (174) | |||
Land | 77 | |||
Buildings and Improvements | 632 | |||
Total | 709 | |||
Accumulated Depreciation 12/31/2017 | $ 344 | |||
11923 Brookfield Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Livonia, MI | |||
Land | $ 120 | |||
Buildings and Improvements | 665 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (314) | |||
Land | 32 | |||
Buildings and Improvements | 439 | |||
Total | 471 | |||
Accumulated Depreciation 12/31/2017 | $ 297 | |||
47711 Clipper Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Plymouth Township, MI | |||
Land | $ 539 | |||
Buildings and Improvements | 2,983 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 579 | |||
Land | 575 | |||
Buildings and Improvements | 3,526 | |||
Total | 4,101 | |||
Accumulated Depreciation 12/31/2017 | $ 1,623 | |||
12874 Westmore Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Livonia, MI | |||
Land | $ 137 | |||
Buildings and Improvements | 761 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (234) | |||
Land | 58 | |||
Buildings and Improvements | 606 | |||
Total | 664 | |||
Accumulated Depreciation 12/31/2017 | $ 346 | |||
1775 Bellingham [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 344 | |||
Buildings and Improvements | 1,902 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 339 | |||
Land | 367 | |||
Buildings and Improvements | 2,218 | |||
Total | 2,585 | |||
Accumulated Depreciation 12/31/2017 | $ 1,066 | |||
1785 East Maple [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 92 | |||
Buildings and Improvements | 507 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 210 | |||
Land | 98 | |||
Buildings and Improvements | 711 | |||
Total | 809 | |||
Accumulated Depreciation 12/31/2017 | $ 319 | |||
980 Chicago [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 206 | |||
Buildings and Improvements | 1,141 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 333 | |||
Land | 220 | |||
Buildings and Improvements | 1,460 | |||
Total | 1,680 | |||
Accumulated Depreciation 12/31/2017 | $ 664 | |||
1885 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 209 | |||
Buildings and Improvements | 1,158 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 589 | |||
Land | 223 | |||
Buildings and Improvements | 1,733 | |||
Total | 1,956 | |||
Accumulated Depreciation 12/31/2017 | $ 849 | |||
1935-55 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rochester Hills, MI | |||
Land | $ 1,285 | |||
Buildings and Improvements | 7,144 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,322 | |||
Land | 1,371 | |||
Buildings and Improvements | 8,380 | |||
Total | 9,751 | |||
Accumulated Depreciation 12/31/2017 | $ 3,978 | |||
5500 Enterprise Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Warren, MI | |||
Land | $ 675 | |||
Buildings and Improvements | 3,737 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 772 | |||
Land | 721 | |||
Buildings and Improvements | 4,463 | |||
Total | 5,184 | |||
Accumulated Depreciation 12/31/2017 | $ 2,106 | |||
750 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 323 | |||
Buildings and Improvements | 1,790 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 404 | |||
Land | 345 | |||
Buildings and Improvements | 2,172 | |||
Total | 2,517 | |||
Accumulated Depreciation 12/31/2017 | $ 1,050 | |||
800 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 283 | |||
Buildings and Improvements | 1,567 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 380 | |||
Land | 302 | |||
Buildings and Improvements | 1,928 | |||
Total | 2,230 | |||
Accumulated Depreciation 12/31/2017 | $ 913 | |||
850 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 183 | |||
Buildings and Improvements | 1,016 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 279 | |||
Land | 196 | |||
Buildings and Improvements | 1,282 | |||
Total | 1,478 | |||
Accumulated Depreciation 12/31/2017 | $ 587 | |||
4872 S. Lapeer Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lake Orion Twsp, MI | |||
Land | $ 1,342 | |||
Buildings and Improvements | 5,441 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,214 | |||
Land | 1,412 | |||
Buildings and Improvements | 6,585 | |||
Total | 7,997 | |||
Accumulated Depreciation 12/31/2017 | $ 3,388 | |||
1400 Allen Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 209 | |||
Buildings and Improvements | 1,154 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 380 | |||
Land | 212 | |||
Buildings and Improvements | 1,531 | |||
Total | 1,743 | |||
Accumulated Depreciation 12/31/2017 | $ 605 | |||
1408 Allen Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Troy, MI | |||
Land | $ 151 | |||
Buildings and Improvements | 834 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 121 | |||
Land | 153 | |||
Buildings and Improvements | 953 | |||
Total | 1,106 | |||
Accumulated Depreciation 12/31/2017 | $ 404 | |||
28435 Automation Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Wixom, MI | |||
Land | $ 621 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,661 | |||
Land | 628 | |||
Buildings and Improvements | 3,654 | |||
Total | 4,282 | |||
Accumulated Depreciation 12/31/2017 | $ 1,193 | |||
32200 N Avis Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Madison Heights, MI | |||
Land | $ 503 | |||
Buildings and Improvements | 3,367 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (1,452) | |||
Land | 195 | |||
Buildings and Improvements | 2,223 | |||
Total | 2,418 | |||
Accumulated Depreciation 12/31/2017 | $ 859 | |||
100 Kay Industrial Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orion Township, MI | |||
Land | $ 677 | |||
Buildings and Improvements | 2,018 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 164 | |||
Land | 685 | |||
Buildings and Improvements | 2,174 | |||
Total | 2,859 | |||
Accumulated Depreciation 12/31/2017 | $ 1,145 | |||
42555 Merrill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Sterling Heights, MI | |||
Land | $ 1,080 | |||
Buildings and Improvements | 2,300 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,487 | |||
Land | 1,090 | |||
Buildings and Improvements | 5,777 | |||
Total | 6,867 | |||
Accumulated Depreciation 12/31/2017 | $ 2,688 | |||
200 Northpointe Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orion Township, MI | |||
Land | $ 723 | |||
Buildings and Improvements | 2,063 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (456) | |||
Land | 734 | |||
Buildings and Improvements | 1,596 | |||
Total | 2,330 | |||
Accumulated Depreciation 12/31/2017 | $ 687 | |||
3351 Rauch St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 272 | |||
Buildings and Improvements | 1,541 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 581 | |||
Land | 278 | |||
Buildings and Improvements | 2,116 | |||
Total | 2,394 | |||
Accumulated Depreciation 12/31/2017 | $ 948 | |||
3801-3851 Yale St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 413 | |||
Buildings and Improvements | 2,343 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,505 | |||
Land | 425 | |||
Buildings and Improvements | 3,836 | |||
Total | 4,261 | |||
Accumulated Depreciation 12/31/2017 | $ 1,492 | |||
3337-3347 Rauch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 227 | |||
Buildings and Improvements | 1,287 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 433 | |||
Land | 233 | |||
Buildings and Improvements | 1,714 | |||
Total | 1,947 | |||
Accumulated Depreciation 12/31/2017 | $ 775 | |||
8505 N Loop East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 439 | |||
Buildings and Improvements | 2,489 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 575 | |||
Land | 449 | |||
Buildings and Improvements | 3,054 | |||
Total | 3,503 | |||
Accumulated Depreciation 12/31/2017 | $ 1,459 | |||
4749-4799 Eastpark Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 594 | |||
Buildings and Improvements | 3,368 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,220 | |||
Land | 611 | |||
Buildings and Improvements | 4,571 | |||
Total | 5,182 | |||
Accumulated Depreciation 12/31/2017 | $ 2,195 | |||
4851 Homestead Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Encumbrances | $ 2,426 | |||
Land | 491 | |||
Buildings and Improvements | 2,782 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,342 | |||
Land | 504 | |||
Buildings and Improvements | 4,111 | |||
Total | 4,615 | |||
Accumulated Depreciation 12/31/2017 | $ 1,928 | |||
3365-3385 Rauch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 284 | |||
Buildings and Improvements | 1,611 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 487 | |||
Land | 290 | |||
Buildings and Improvements | 2,092 | |||
Total | 2,382 | |||
Accumulated Depreciation 12/31/2017 | $ 945 | |||
5050 Campbell Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 461 | |||
Buildings and Improvements | 2,610 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,078 | |||
Land | 470 | |||
Buildings and Improvements | 3,679 | |||
Total | 4,149 | |||
Accumulated Depreciation 12/31/2017 | $ 1,664 | |||
4300 Pine Timbers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Encumbrances | $ 2,282 | |||
Land | 489 | |||
Buildings and Improvements | 2,769 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 725 | |||
Land | 499 | |||
Buildings and Improvements | 3,484 | |||
Total | 3,983 | |||
Accumulated Depreciation 12/31/2017 | $ 1,729 | |||
2500-2530 Fairway Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 766 | |||
Buildings and Improvements | 4,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,141 | |||
Land | 792 | |||
Buildings and Improvements | 6,457 | |||
Total | 7,249 | |||
Accumulated Depreciation 12/31/2017 | $ 2,844 | |||
6550 Longpointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 362 | |||
Buildings and Improvements | 2,050 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,025 | |||
Land | 370 | |||
Buildings and Improvements | 3,067 | |||
Total | 3,437 | |||
Accumulated Depreciation 12/31/2017 | $ 1,400 | |||
1815 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 487 | |||
Buildings and Improvements | 2,761 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,871 | |||
Land | 531 | |||
Buildings and Improvements | 4,588 | |||
Total | 5,119 | |||
Accumulated Depreciation 12/31/2017 | $ 1,898 | |||
1819 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 231 | |||
Buildings and Improvements | 1,308 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 896 | |||
Land | 251 | |||
Buildings and Improvements | 2,184 | |||
Total | 2,435 | |||
Accumulated Depreciation 12/31/2017 | $ 946 | |||
1805 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 564 | |||
Buildings and Improvements | 3,197 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,489 | |||
Land | 616 | |||
Buildings and Improvements | 5,634 | |||
Total | 6,250 | |||
Accumulated Depreciation 12/31/2017 | $ 2,425 | |||
11505 State Highway 225 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | La Porte, TX | |||
Land | $ 940 | |||
Buildings and Improvements | 4,675 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10 | |||
Land | 940 | |||
Buildings and Improvements | 4,685 | |||
Total | 5,625 | |||
Accumulated Depreciation 12/31/2017 | $ 1,645 | |||
1500 E. Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | La Porte, TX | |||
Land | $ 201 | |||
Buildings and Improvements | 1,328 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (91) | |||
Land | 204 | |||
Buildings and Improvements | 1,234 | |||
Total | 1,438 | |||
Accumulated Depreciation 12/31/2017 | $ 1,060 | |||
7230-7238 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 254 | |||
Buildings and Improvements | 764 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 203 | |||
Land | 259 | |||
Buildings and Improvements | 962 | |||
Total | 1,221 | |||
Accumulated Depreciation 12/31/2017 | $ 536 | |||
7240-7248 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 271 | |||
Buildings and Improvements | 726 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 333 | |||
Land | 276 | |||
Buildings and Improvements | 1,054 | |||
Total | 1,330 | |||
Accumulated Depreciation 12/31/2017 | $ 508 | |||
7250-7260 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 200 | |||
Buildings and Improvements | 481 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,501 | |||
Land | 203 | |||
Buildings and Improvements | 1,979 | |||
Total | 2,182 | |||
Accumulated Depreciation 12/31/2017 | $ 529 | |||
6400 Long Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 188 | |||
Buildings and Improvements | 898 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 110 | |||
Land | 188 | |||
Buildings and Improvements | 1,008 | |||
Total | 1,196 | |||
Accumulated Depreciation 12/31/2017 | $ 424 | |||
7967 Blankenship [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 307 | |||
Buildings and Improvements | 1,166 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 337 | |||
Land | 307 | |||
Buildings and Improvements | 1,503 | |||
Total | 1,810 | |||
Accumulated Depreciation 12/31/2017 | $ 620 | |||
8800 City Park Look East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 3,717 | |||
Buildings and Improvements | 19,237 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (535) | |||
Land | 3,717 | |||
Buildings and Improvements | 18,702 | |||
Total | 22,419 | |||
Accumulated Depreciation 12/31/2017 | $ 4,785 | |||
4800 West Greens Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 3,350 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,772 | |||
Land | 3,312 | |||
Buildings and Improvements | 17,810 | |||
Total | 21,122 | |||
Accumulated Depreciation 12/31/2017 | $ 2,020 | |||
611 East Sam Houston Parkway S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pasadena, TX | |||
Land | $ 1,970 | |||
Buildings and Improvements | 7,431 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 874 | |||
Land | 2,011 | |||
Buildings and Improvements | 8,264 | |||
Total | 10,275 | |||
Accumulated Depreciation 12/31/2017 | $ 484 | |||
619 East Sam Houston Parkway S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pasadena, TX | |||
Land | $ 2,879 | |||
Buildings and Improvements | 11,713 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 772 | |||
Land | 2,872 | |||
Buildings and Improvements | 12,492 | |||
Total | 15,364 | |||
Accumulated Depreciation 12/31/2017 | $ 752 | |||
2900 N Shadeland Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 2,057 | |||
Buildings and Improvements | 13,565 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,946 | |||
Land | 2,057 | |||
Buildings and Improvements | 20,511 | |||
Total | 22,568 | |||
Accumulated Depreciation 12/31/2017 | $ 9,376 | |||
1445 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 459 | |||
Buildings and Improvements | 2,603 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,416 | |||
Land | 476 | |||
Buildings and Improvements | 4,002 | |||
Total | 4,478 | |||
Accumulated Depreciation 12/31/2017 | $ 1,811 | |||
1440 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 665 | |||
Buildings and Improvements | 3,770 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 880 | |||
Land | 685 | |||
Buildings and Improvements | 4,630 | |||
Total | 5,315 | |||
Accumulated Depreciation 12/31/2017 | $ 2,330 | |||
1240 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 247 | |||
Buildings and Improvements | 1,402 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 502 | |||
Land | 258 | |||
Buildings and Improvements | 1,893 | |||
Total | 2,151 | |||
Accumulated Depreciation 12/31/2017 | $ 920 | |||
1345 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 586 | |||
Buildings and Improvements | 3,321 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,671 | |||
Land | 601 | |||
Buildings and Improvements | 4,977 | |||
Total | 5,578 | |||
Accumulated Depreciation 12/31/2017 | $ 2,411 | |||
1350 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 205 | |||
Buildings and Improvements | 1,161 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 348 | |||
Land | 212 | |||
Buildings and Improvements | 1,502 | |||
Total | 1,714 | |||
Accumulated Depreciation 12/31/2017 | $ 734 | |||
1504 Sadlier Circle South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 219 | |||
Buildings and Improvements | 1,238 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 53 | |||
Land | 115 | |||
Buildings and Improvements | 1,395 | |||
Total | 1,510 | |||
Accumulated Depreciation 12/31/2017 | $ 706 | |||
1335 Sadlier Circle East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 81 | |||
Buildings and Improvements | 460 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 187 | |||
Land | 86 | |||
Buildings and Improvements | 642 | |||
Total | 728 | |||
Accumulated Depreciation 12/31/2017 | $ 314 | |||
6951 East 30th St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 256 | |||
Buildings and Improvements | 1,449 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 419 | |||
Land | 265 | |||
Buildings and Improvements | 1,859 | |||
Total | 2,124 | |||
Accumulated Depreciation 12/31/2017 | $ 907 | |||
6701 East 30th St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 78 | |||
Buildings and Improvements | 443 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 98 | |||
Land | 82 | |||
Buildings and Improvements | 537 | |||
Total | 619 | |||
Accumulated Depreciation 12/31/2017 | $ 284 | |||
6737 East 30th St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Encumbrances | $ 1,975 | |||
Land | 385 | |||
Buildings and Improvements | 2,181 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 641 | |||
Land | 398 | |||
Buildings and Improvements | 2,809 | |||
Total | 3,207 | |||
Accumulated Depreciation 12/31/2017 | $ 1,352 | |||
6555 East 30th St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 484 | |||
Buildings and Improvements | 4,760 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,576 | |||
Land | 484 | |||
Buildings and Improvements | 7,336 | |||
Total | 7,820 | |||
Accumulated Depreciation 12/31/2017 | $ 3,268 | |||
7901 West 21st St. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 1,048 | |||
Buildings and Improvements | 6,027 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 376 | |||
Land | 1,048 | |||
Buildings and Improvements | 6,403 | |||
Total | 7,451 | |||
Accumulated Depreciation 12/31/2017 | $ 3,172 | |||
1225 Brookville Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 60 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 431 | |||
Land | 68 | |||
Buildings and Improvements | 423 | |||
Total | 491 | |||
Accumulated Depreciation 12/31/2017 | $ 206 | |||
6751 E 30th St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Encumbrances | $ 2,453 | |||
Land | 728 | |||
Buildings and Improvements | 2,837 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 417 | |||
Land | 741 | |||
Buildings and Improvements | 3,241 | |||
Total | 3,982 | |||
Accumulated Depreciation 12/31/2017 | $ 1,606 | |||
6575 East 30th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Encumbrances | $ 1,296 | |||
Land | 118 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,986 | |||
Land | 128 | |||
Buildings and Improvements | 1,976 | |||
Total | 2,104 | |||
Accumulated Depreciation 12/31/2017 | $ 922 | |||
6585 East 30th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Encumbrances | $ 2,106 | |||
Land | 196 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,223 | |||
Land | 196 | |||
Buildings and Improvements | 3,223 | |||
Total | 3,419 | |||
Accumulated Depreciation 12/31/2017 | $ 1,530 | |||
14425 Bergen Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Noblesville, IN | |||
Land | $ 647 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,730 | |||
Land | 743 | |||
Buildings and Improvements | 3,634 | |||
Total | 4,377 | |||
Accumulated Depreciation 12/31/2017 | $ 1,077 | |||
6635 E 30th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Indianapolis, IN | |||
Land | $ 466 | |||
Buildings and Improvements | 3,093 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 60 | |||
Land | 466 | |||
Buildings and Improvements | 3,153 | |||
Total | 3,619 | |||
Accumulated Depreciation 12/31/2017 | $ 201 | |||
4700 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 908 | |||
Buildings and Improvements | 1,883 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8 | |||
Land | 912 | |||
Buildings and Improvements | 1,887 | |||
Total | 2,799 | |||
Accumulated Depreciation 12/31/2017 | $ 747 | |||
4710 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 830 | |||
Buildings and Improvements | 2,722 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12 | |||
Land | 834 | |||
Buildings and Improvements | 2,730 | |||
Total | 3,564 | |||
Accumulated Depreciation 12/31/2017 | $ 835 | |||
4720 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 937 | |||
Buildings and Improvements | 2,455 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 373 | |||
Land | 942 | |||
Buildings and Improvements | 2,823 | |||
Total | 3,765 | |||
Accumulated Depreciation 12/31/2017 | $ 1,039 | |||
4740 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 1,107 | |||
Buildings and Improvements | 3,111 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 16 | |||
Land | 1,112 | |||
Buildings and Improvements | 3,122 | |||
Total | 4,234 | |||
Accumulated Depreciation 12/31/2017 | $ 968 | |||
4750 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 947 | |||
Buildings and Improvements | 3,079 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 353 | |||
Land | 951 | |||
Buildings and Improvements | 3,428 | |||
Total | 4,379 | |||
Accumulated Depreciation 12/31/2017 | $ 1,008 | |||
4800 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ft. Lauderdale, FL | |||
Land | $ 1,092 | |||
Buildings and Improvements | 3,308 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 135 | |||
Land | 1,097 | |||
Buildings and Improvements | 3,438 | |||
Total | 4,535 | |||
Accumulated Depreciation 12/31/2017 | $ 1,005 | |||
6891 NW 74th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Medley, FL | |||
Land | $ 857 | |||
Buildings and Improvements | 3,428 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,295 | |||
Land | 864 | |||
Buildings and Improvements | 7,716 | |||
Total | 8,580 | |||
Accumulated Depreciation 12/31/2017 | $ 2,807 | |||
12601 &12605 NW 115th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Medley, FL | |||
Land | $ 2,316 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 423 | |||
Land | 762 | |||
Buildings and Improvements | 1,977 | |||
Total | 2,739 | |||
Accumulated Depreciation 12/31/2017 | $ 421 | |||
1351 NW 78th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Doral, FL | |||
Land | $ 3,111 | |||
Buildings and Improvements | 4,634 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (383) | |||
Land | 3,111 | |||
Buildings and Improvements | 4,251 | |||
Total | 7,362 | |||
Accumulated Depreciation 12/31/2017 | $ 283 | |||
2500 N.W. 19th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pompano Beach, FL | |||
Land | $ 8,824 | |||
Buildings and Improvements | 11,660 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17 | |||
Land | 8,824 | |||
Buildings and Improvements | 11,677 | |||
Total | 20,501 | |||
Accumulated Depreciation 12/31/2017 | $ 231 | |||
5355 South Westridge Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | New Berlin, WI | |||
Encumbrances | $ 4,232 | |||
Land | 1,630 | |||
Buildings and Improvements | 7,058 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (105) | |||
Land | 1,646 | |||
Buildings and Improvements | 6,937 | |||
Total | 8,583 | |||
Accumulated Depreciation 12/31/2017 | $ 2,129 | |||
17005 W. Ryerson Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | New Berlin, WI | |||
Encumbrances | $ 2,558 | |||
Land | 403 | |||
Buildings and Improvements | 3,647 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 415 | |||
Land | 405 | |||
Buildings and Improvements | 4,060 | |||
Total | 4,465 | |||
Accumulated Depreciation 12/31/2017 | $ 2,169 | |||
1500 Peebles Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Richland Center, WI | |||
Land | $ 1,577 | |||
Buildings and Improvements | 1,018 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (441) | |||
Land | 1,528 | |||
Buildings and Improvements | 626 | |||
Total | 2,154 | |||
Accumulated Depreciation 12/31/2017 | $ 565 | |||
16600 West Glendale Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | New Berlin, WI | |||
Encumbrances | $ 1,892 | |||
Land | 704 | |||
Buildings and Improvements | 1,923 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 972 | |||
Land | 715 | |||
Buildings and Improvements | 2,884 | |||
Total | 3,599 | |||
Accumulated Depreciation 12/31/2017 | $ 2,121 | |||
N58W15380 Shawn Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Menomonee Falls, WI | |||
Land | $ 1,188 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 16,931 | |||
Land | 1,204 | |||
Buildings and Improvements | 16,915 | |||
Total | 18,119 | |||
Accumulated Depreciation 12/31/2017 | $ 4,641 | |||
6201 West 111th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Bloomington, MN | |||
Encumbrances | $ 2,110 | |||
Land | 1,358 | |||
Buildings and Improvements | 8,622 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,464 | |||
Land | 1,519 | |||
Buildings and Improvements | 21,925 | |||
Total | 23,444 | |||
Accumulated Depreciation 12/31/2017 | $ 13,390 | |||
1030 Lone Oak Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eagan, MN | |||
Encumbrances | $ 2,105 | |||
Land | 456 | |||
Buildings and Improvements | 2,703 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 847 | |||
Land | 456 | |||
Buildings and Improvements | 3,550 | |||
Total | 4,006 | |||
Accumulated Depreciation 12/31/2017 | $ 1,927 | |||
1060 Lone Oak Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eagan, MN | |||
Encumbrances | $ 2,690 | |||
Land | 624 | |||
Buildings and Improvements | 3,700 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 795 | |||
Land | 624 | |||
Buildings and Improvements | 4,495 | |||
Total | 5,119 | |||
Accumulated Depreciation 12/31/2017 | $ 2,442 | |||
5400 Nathan Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Plymouth, MN | |||
Land | $ 749 | |||
Buildings and Improvements | 4,461 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 884 | |||
Land | 757 | |||
Buildings and Improvements | 5,337 | |||
Total | 6,094 | |||
Accumulated Depreciation 12/31/2017 | $ 2,899 | |||
6655 Wedgewood Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Maple Grove, MN | |||
Land | $ 1,466 | |||
Buildings and Improvements | 8,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,870 | |||
Land | 1,466 | |||
Buildings and Improvements | 14,212 | |||
Total | 15,678 | |||
Accumulated Depreciation 12/31/2017 | $ 7,014 | |||
10120 W 76th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eden Prairie, MN | |||
Land | $ 315 | |||
Buildings and Improvements | 1,804 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,043 | |||
Land | 315 | |||
Buildings and Improvements | 2,847 | |||
Total | 3,162 | |||
Accumulated Depreciation 12/31/2017 | $ 1,411 | |||
12155 Nicollet Ave. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Burnsville, MN | |||
Land | $ 286 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,957 | |||
Land | 288 | |||
Buildings and Improvements | 1,955 | |||
Total | 2,243 | |||
Accumulated Depreciation 12/31/2017 | $ 980 | |||
5775 12th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shakopee, MN | |||
Encumbrances | $ 3,611 | |||
Land | 590 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,712 | |||
Land | 590 | |||
Buildings and Improvements | 5,712 | |||
Total | 6,302 | |||
Accumulated Depreciation 12/31/2017 | $ 1,934 | |||
1157 Valley Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shakopee, MN | |||
Encumbrances | $ 3,989 | |||
Land | 760 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,330 | |||
Land | 888 | |||
Buildings and Improvements | 7,202 | |||
Total | 8,090 | |||
Accumulated Depreciation 12/31/2017 | $ 2,971 | |||
9600 West 76th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eden Prairie, MN | |||
Encumbrances | $ 2,008 | |||
Land | 1,000 | |||
Buildings and Improvements | 2,450 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 98 | |||
Land | 1,034 | |||
Buildings and Improvements | 2,514 | |||
Total | 3,548 | |||
Accumulated Depreciation 12/31/2017 | $ 805 | |||
9700 West 76th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eden Prairie, MN | |||
Encumbrances | $ 2,165 | |||
Land | 1,000 | |||
Buildings and Improvements | 2,709 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 117 | |||
Land | 1,038 | |||
Buildings and Improvements | 2,788 | |||
Total | 3,826 | |||
Accumulated Depreciation 12/31/2017 | $ 876 | |||
7600 69th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Greenfield, MN | |||
Land | $ 1,500 | |||
Buildings and Improvements | 8,328 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (468) | |||
Land | 1,510 | |||
Buildings and Improvements | 7,850 | |||
Total | 9,360 | |||
Accumulated Depreciation 12/31/2017 | $ 2,147 | |||
5017 Boone Avenue North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | New Hope, MN | |||
Land | $ 1,000 | |||
Buildings and Improvements | 1,599 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 581 | |||
Land | 1,009 | |||
Buildings and Improvements | 2,171 | |||
Total | 3,180 | |||
Accumulated Depreciation 12/31/2017 | $ 1,225 | |||
1087 Park Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shakopee, MN | |||
Encumbrances | $ 3,346 | |||
Land | 1,195 | |||
Buildings and Improvements | 4,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (246) | |||
Land | 1,198 | |||
Buildings and Improvements | 4,642 | |||
Total | 5,840 | |||
Accumulated Depreciation 12/31/2017 | $ 1,505 | |||
5391 12th Avenue SE [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shakopee, MN | |||
Land | $ 1,392 | |||
Buildings and Improvements | 8,149 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (294) | |||
Land | 1,395 | |||
Buildings and Improvements | 7,852 | |||
Total | 9,247 | |||
Accumulated Depreciation 12/31/2017 | $ 2,475 | |||
4701 Valley Industrial Blvd S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Shakopee, MN | |||
Encumbrances | $ 4,744 | |||
Land | 1,296 | |||
Buildings and Improvements | 7,157 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (172) | |||
Land | 1,299 | |||
Buildings and Improvements | 6,982 | |||
Total | 8,281 | |||
Accumulated Depreciation 12/31/2017 | $ 3,400 | |||
6455 City West Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eden Prairie, MN | |||
Land | $ 659 | |||
Buildings and Improvements | 3,189 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,274 | |||
Land | 665 | |||
Buildings and Improvements | 4,457 | |||
Total | 5,122 | |||
Accumulated Depreciation 12/31/2017 | $ 1,811 | |||
7035 Winnetka Avene North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Brooklyn Park, MN | |||
Encumbrances | $ 4,343 | |||
Land | 1,275 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,533 | |||
Land | 1,343 | |||
Buildings and Improvements | 7,465 | |||
Total | 8,808 | |||
Accumulated Depreciation 12/31/2017 | $ 2,004 | |||
139 Eva Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | St. Paul, MN | |||
Land | $ 2,132 | |||
Buildings and Improvements | 3,105 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (286) | |||
Land | 2,175 | |||
Buildings and Improvements | 2,776 | |||
Total | 4,951 | |||
Accumulated Depreciation 12/31/2017 | $ 826 | |||
21900 Dodd Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Lakeville, MN | |||
Encumbrances | $ 9,009 | |||
Land | 2,289 | |||
Buildings and Improvements | 7,952 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 2,289 | |||
Buildings and Improvements | 7,952 | |||
Total | 10,241 | |||
Accumulated Depreciation 12/31/2017 | $ 2,720 | |||
375 Rivertown Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Woodbury, MN | |||
Encumbrances | $ 7,198 | |||
Land | 2,635 | |||
Buildings and Improvements | 8,157 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,197 | |||
Land | 2,635 | |||
Buildings and Improvements | 9,354 | |||
Total | 11,989 | |||
Accumulated Depreciation 12/31/2017 | $ 1,714 | |||
935 Aldrin Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eagan, MN | |||
Encumbrances | $ 5,341 | |||
Land | 2,096 | |||
Buildings and Improvements | 7,884 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 293 | |||
Land | 2,096 | |||
Buildings and Improvements | 8,177 | |||
Total | 10,273 | |||
Accumulated Depreciation 12/31/2017 | $ 1,218 | |||
7050 Winnetka Avenue North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Brooklyn Park, MN | |||
Encumbrances | $ 0 | |||
Land | 1,623 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,567 | |||
Land | 1,634 | |||
Buildings and Improvements | 7,556 | |||
Total | 9,190 | |||
Accumulated Depreciation 12/31/2017 | $ 605 | |||
7051 West Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Brooklyn Park, MN | |||
Encumbrances | $ 3,733 | |||
Land | 1,275 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,828 | |||
Land | 1,279 | |||
Buildings and Improvements | 5,824 | |||
Total | 7,103 | |||
Accumulated Depreciation 12/31/2017 | $ 446 | |||
1931 Air Lane Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Nashville, TN | |||
Encumbrances | $ 1,881 | |||
Land | 489 | |||
Buildings and Improvements | 2,785 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 305 | |||
Land | 493 | |||
Buildings and Improvements | 3,086 | |||
Total | 3,579 | |||
Accumulated Depreciation 12/31/2017 | $ 1,537 | |||
4640 Cummings Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Nashville, TN | |||
Land | $ 360 | |||
Buildings and Improvements | 2,040 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 625 | |||
Land | 365 | |||
Buildings and Improvements | 2,660 | |||
Total | 3,025 | |||
Accumulated Depreciation 12/31/2017 | $ 1,112 | |||
1740 River Hills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Nashville, TN | |||
Encumbrances | $ 2,686 | |||
Land | 848 | |||
Buildings and Improvements | 4,383 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 746 | |||
Land | 888 | |||
Buildings and Improvements | 5,089 | |||
Total | 5,977 | |||
Accumulated Depreciation 12/31/2017 | $ 2,656 | |||
211 Ellery Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Nashville, TN | |||
Encumbrances | $ 2,008 | |||
Land | 606 | |||
Buildings and Improvements | 3,192 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23 | |||
Land | 616 | |||
Buildings and Improvements | 3,205 | |||
Total | 3,821 | |||
Accumulated Depreciation 12/31/2017 | $ 1,232 | |||
130 Maddox Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mount Juliet, TN | |||
Encumbrances | $ 15,821 | |||
Land | 1,778 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,910 | |||
Land | 1,778 | |||
Buildings and Improvements | 23,910 | |||
Total | 25,688 | |||
Accumulated Depreciation 12/31/2017 | $ 5,326 | |||
14 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Franklin, NJ | |||
Land | $ 483 | |||
Buildings and Improvements | 2,735 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 728 | |||
Land | 503 | |||
Buildings and Improvements | 3,443 | |||
Total | 3,946 | |||
Accumulated Depreciation 12/31/2017 | $ 1,632 | |||
12 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Franklin, NJ | |||
Land | $ 572 | |||
Buildings and Improvements | 3,240 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 844 | |||
Land | 593 | |||
Buildings and Improvements | 4,063 | |||
Total | 4,656 | |||
Accumulated Depreciation 12/31/2017 | $ 1,908 | |||
22 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Franklin, NJ | |||
Land | $ 364 | |||
Buildings and Improvements | 2,064 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 547 | |||
Land | 375 | |||
Buildings and Improvements | 2,600 | |||
Total | 2,975 | |||
Accumulated Depreciation 12/31/2017 | $ 1,206 | |||
26 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Franklin, NJ | |||
Land | $ 361 | |||
Buildings and Improvements | 2,048 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 616 | |||
Land | 377 | |||
Buildings and Improvements | 2,648 | |||
Total | 3,025 | |||
Accumulated Depreciation 12/31/2017 | $ 1,234 | |||
24 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Franklin, NJ | |||
Land | $ 347 | |||
Buildings and Improvements | 1,968 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 581 | |||
Land | 362 | |||
Buildings and Improvements | 2,534 | |||
Total | 2,896 | |||
Accumulated Depreciation 12/31/2017 | $ 1,230 | |||
20 World's Fair Drive Lot 13 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Somerset, NJ | |||
Land | $ 9 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,629 | |||
Land | 691 | |||
Buildings and Improvements | 1,947 | |||
Total | 2,638 | |||
Accumulated Depreciation 12/31/2017 | $ 789 | |||
45 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 969 | |||
Buildings and Improvements | 5,491 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 966 | |||
Land | 978 | |||
Buildings and Improvements | 6,448 | |||
Total | 7,426 | |||
Accumulated Depreciation 12/31/2017 | $ 2,773 | |||
43 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 474 | |||
Buildings and Improvements | 2,686 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 438 | |||
Land | 479 | |||
Buildings and Improvements | 3,119 | |||
Total | 3,598 | |||
Accumulated Depreciation 12/31/2017 | $ 1,311 | |||
39 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 260 | |||
Buildings and Improvements | 1,471 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 243 | |||
Land | 262 | |||
Buildings and Improvements | 1,712 | |||
Total | 1,974 | |||
Accumulated Depreciation 12/31/2017 | $ 719 | |||
26 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 956 | |||
Buildings and Improvements | 5,415 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 526 | |||
Land | 965 | |||
Buildings and Improvements | 5,932 | |||
Total | 6,897 | |||
Accumulated Depreciation 12/31/2017 | $ 2,566 | |||
30 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 960 | |||
Buildings and Improvements | 5,440 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 471 | |||
Land | 970 | |||
Buildings and Improvements | 5,901 | |||
Total | 6,871 | |||
Accumulated Depreciation 12/31/2017 | $ 2,541 | |||
20 Hook Mountain Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 1,507 | |||
Buildings and Improvements | 8,542 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,401 | |||
Land | 1,534 | |||
Buildings and Improvements | 9,916 | |||
Total | 11,450 | |||
Accumulated Depreciation 12/31/2017 | $ 4,140 | |||
30 Hook Mountain Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 389 | |||
Buildings and Improvements | 2,206 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 520 | |||
Land | 396 | |||
Buildings and Improvements | 2,719 | |||
Total | 3,115 | |||
Accumulated Depreciation 12/31/2017 | $ 1,238 | |||
16 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 885 | |||
Buildings and Improvements | 5,015 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 611 | |||
Land | 901 | |||
Buildings and Improvements | 5,610 | |||
Total | 6,511 | |||
Accumulated Depreciation 12/31/2017 | $ 2,337 | |||
20 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pine Brook, NJ | |||
Land | $ 1,134 | |||
Buildings and Improvements | 6,426 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 590 | |||
Land | 1,154 | |||
Buildings and Improvements | 6,996 | |||
Total | 8,150 | |||
Accumulated Depreciation 12/31/2017 | $ 2,929 | |||
2500 Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Sayreville, NJ | |||
Land | $ 944 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,575 | |||
Land | 944 | |||
Buildings and Improvements | 4,575 | |||
Total | 5,519 | |||
Accumulated Depreciation 12/31/2017 | $ 1,740 | |||
2400 Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Sayreville, NJ | |||
Land | $ 996 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,448 | |||
Land | 996 | |||
Buildings and Improvements | 5,448 | |||
Total | 6,444 | |||
Accumulated Depreciation 12/31/2017 | $ 1,837 | |||
7851 Airport Highway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pennsauken, NJ | |||
Land | $ 160 | |||
Buildings and Improvements | 508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 328 | |||
Land | 162 | |||
Buildings and Improvements | 834 | |||
Total | 996 | |||
Accumulated Depreciation 12/31/2017 | $ 399 | |||
103 Central Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Mt. Laurel, NJ | |||
Land | $ 610 | |||
Buildings and Improvements | 1,847 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,617 | |||
Land | 619 | |||
Buildings and Improvements | 3,455 | |||
Total | 4,074 | |||
Accumulated Depreciation 12/31/2017 | $ 1,628 | |||
309-319 Pierce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Somerset, NJ | |||
Encumbrances | $ 2,937 | |||
Land | 1,300 | |||
Buildings and Improvements | 4,628 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 606 | |||
Land | 1,309 | |||
Buildings and Improvements | 5,225 | |||
Total | 6,534 | |||
Accumulated Depreciation 12/31/2017 | $ 1,825 | |||
7890 Airport Hwy/7015 Central [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pennsauken, NJ | |||
Land | $ 300 | |||
Buildings and Improvements | 989 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 495 | |||
Land | 425 | |||
Buildings and Improvements | 1,359 | |||
Total | 1,784 | |||
Accumulated Depreciation 12/31/2017 | $ 1,031 | |||
400 Cedar Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Florence Township, NJ | |||
Land | $ 9,730 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 26,173 | |||
Land | 9,730 | |||
Buildings and Improvements | 26,173 | |||
Total | 35,903 | |||
Accumulated Depreciation 12/31/2017 | $ 697 | |||
301 Bordentown Hedding Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Bordenrown, NJ | |||
Land | $ 3,983 | |||
Buildings and Improvements | 15,881 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 3,983 | |||
Buildings and Improvements | 15,881 | |||
Total | 19,864 | |||
Accumulated Depreciation 12/31/2017 | $ 238 | |||
6301 Hazeltine National Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orlando, FL | |||
Land | $ 909 | |||
Buildings and Improvements | 4,613 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 222 | |||
Land | 920 | |||
Buildings and Improvements | 4,824 | |||
Total | 5,744 | |||
Accumulated Depreciation 12/31/2017 | $ 1,614 | |||
8751 Skinner Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orlando, FL | |||
Encumbrances | $ 4,518 | |||
Land | 1,691 | |||
Buildings and Improvements | 7,249 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 30 | |||
Land | 1,692 | |||
Buildings and Improvements | 7,278 | |||
Total | 8,970 | |||
Accumulated Depreciation 12/31/2017 | $ 487 | |||
4473 Shader Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orlando, FL | |||
Land | $ 2,094 | |||
Buildings and Improvements | 10,444 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 56 | |||
Land | 2,094 | |||
Buildings and Improvements | 10,500 | |||
Total | 12,594 | |||
Accumulated Depreciation 12/31/2017 | $ 587 | |||
550 Gills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orlando, FL | |||
Land | $ 1,321 | |||
Buildings and Improvements | 6,176 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 1,321 | |||
Buildings and Improvements | 6,180 | |||
Total | 7,501 | |||
Accumulated Depreciation 12/31/2017 | $ 115 | |||
450 Gills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Orlando, FL | |||
Land | $ 1,031 | |||
Buildings and Improvements | 6,406 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,031 | |||
Buildings and Improvements | 6,406 | |||
Total | 7,437 | |||
Accumulated Depreciation 12/31/2017 | $ 47 | |||
1045 South Edward Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tempe, AZ | |||
Land | $ 390 | |||
Buildings and Improvements | 2,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 398 | |||
Land | 396 | |||
Buildings and Improvements | 2,552 | |||
Total | 2,948 | |||
Accumulated Depreciation 12/31/2017 | $ 1,153 | |||
50 South 56th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Chandler, AZ | |||
Encumbrances | $ 3,050 | |||
Land | 1,206 | |||
Buildings and Improvements | 3,218 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,379 | |||
Land | 1,252 | |||
Buildings and Improvements | 4,551 | |||
Total | 5,803 | |||
Accumulated Depreciation 12/31/2017 | $ 1,890 | |||
7102 W. Roosevelt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Phoenix, AZ | |||
Encumbrances | $ 4,863 | |||
Land | 1,613 | |||
Buildings and Improvements | 6,451 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 424 | |||
Land | 1,620 | |||
Buildings and Improvements | 6,868 | |||
Total | 8,488 | |||
Accumulated Depreciation 12/31/2017 | $ 3,014 | |||
4137 West Adams Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Phoenix, AZ | |||
Encumbrances | $ 2,044 | |||
Land | 990 | |||
Buildings and Improvements | 2,661 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 239 | |||
Land | 1,038 | |||
Buildings and Improvements | 2,852 | |||
Total | 3,890 | |||
Accumulated Depreciation 12/31/2017 | $ 1,222 | |||
245 W. Lodge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tempe, AZ | |||
Land | $ 898 | |||
Buildings and Improvements | 3,066 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (2,251) | |||
Land | 362 | |||
Buildings and Improvements | 1,351 | |||
Total | 1,713 | |||
Accumulated Depreciation 12/31/2017 | $ 500 | |||
1590 E Riverview Dr. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Phoenix, AZ | |||
Encumbrances | $ 4,517 | |||
Land | 1,293 | |||
Buildings and Improvements | 5,950 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 91 | |||
Land | 1,292 | |||
Buildings and Improvements | 6,042 | |||
Total | 7,334 | |||
Accumulated Depreciation 12/31/2017 | $ 1,660 | |||
14131 N. Rio Vista Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Peoria, AZ | |||
Land | $ 2,563 | |||
Buildings and Improvements | 9,388 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 175 | |||
Land | 2,563 | |||
Buildings and Improvements | 9,563 | |||
Total | 12,126 | |||
Accumulated Depreciation 12/31/2017 | $ 2,740 | |||
8716 W. Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Peoria, AZ | |||
Land | $ 2,709 | |||
Buildings and Improvements | 10,970 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,196 | |||
Land | 2,709 | |||
Buildings and Improvements | 12,166 | |||
Total | 14,875 | |||
Accumulated Depreciation 12/31/2017 | $ 3,501 | |||
3815 W. Washington St. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Phoenix, AZ | |||
Encumbrances | $ 3,133 | |||
Land | 1,675 | |||
Buildings and Improvements | 4,514 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 406 | |||
Land | 1,719 | |||
Buildings and Improvements | 4,876 | |||
Total | 6,595 | |||
Accumulated Depreciation 12/31/2017 | $ 1,414 | |||
9180 W. Buckeye Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tolleson, AZ | |||
Land | $ 1,904 | |||
Buildings and Improvements | 6,805 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,610 | |||
Land | 1,923 | |||
Buildings and Improvements | 9,396 | |||
Total | 11,319 | |||
Accumulated Depreciation 12/31/2017 | $ 2,525 | |||
8644 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Peoria, AZ | |||
Land | $ 1,726 | |||
Buildings and Improvements | 7,216 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,726 | |||
Buildings and Improvements | 7,216 | |||
Total | 8,942 | |||
Accumulated Depreciation 12/31/2017 | $ 815 | |||
8606 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Peoria, AZ | |||
Land | $ 956 | |||
Buildings and Improvements | 2,668 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 123 | |||
Land | 956 | |||
Buildings and Improvements | 2,791 | |||
Total | 3,747 | |||
Accumulated Depreciation 12/31/2017 | $ 327 | |||
8679 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Peoria, AZ | |||
Land | $ 672 | |||
Buildings and Improvements | 2,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 672 | |||
Buildings and Improvements | 2,791 | |||
Total | 3,463 | |||
Accumulated Depreciation 12/31/2017 | $ 322 | |||
94th Avenue and Buckeye Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tolleson, AZ | |||
Land | $ 4,315 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 16,131 | |||
Land | 4,315 | |||
Buildings and Improvements | 16,131 | |||
Total | 20,446 | |||
Accumulated Depreciation 12/31/2017 | $ 825 | |||
16601 West Sells Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Goodyear, AZ | |||
Land | $ 24,743 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 19,086 | |||
Land | 24,803 | |||
Buildings and Improvements | 19,026 | |||
Total | 43,829 | |||
Accumulated Depreciation 12/31/2017 | $ 398 | |||
1901 Raymond Ave SW [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Renton, WA | |||
Land | $ 4,458 | |||
Buildings and Improvements | 2,659 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 532 | |||
Land | 4,594 | |||
Buildings and Improvements | 3,055 | |||
Total | 7,649 | |||
Accumulated Depreciation 12/31/2017 | $ 944 | |||
19014 64th Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kent, WA | |||
Encumbrances | $ 2,891 | |||
Land | 1,990 | |||
Buildings and Improvements | 3,979 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 464 | |||
Land | 2,042 | |||
Buildings and Improvements | 4,391 | |||
Total | 6,433 | |||
Accumulated Depreciation 12/31/2017 | $ 1,679 | |||
18640 68th Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kent, WA | |||
Land | $ 1,218 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 310 | |||
Land | 1,258 | |||
Buildings and Improvements | 2,220 | |||
Total | 3,478 | |||
Accumulated Depreciation 12/31/2017 | $ 883 | |||
1944 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Encumbrances | $ 3,070 | |||
Land | 1,746 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 465 | |||
Land | 1,822 | |||
Buildings and Improvements | 3,537 | |||
Total | 5,359 | |||
Accumulated Depreciation 12/31/2017 | $ 1,720 | |||
2000 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Encumbrances | $ 1,223 | |||
Land | 817 | |||
Buildings and Improvements | 1,673 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 232 | |||
Land | 853 | |||
Buildings and Improvements | 1,869 | |||
Total | 2,722 | |||
Accumulated Depreciation 12/31/2017 | $ 922 | |||
2835 East Ana Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Encumbrances | $ 2,544 | |||
Land | 1,682 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 409 | |||
Land | 1,772 | |||
Buildings and Improvements | 3,069 | |||
Total | 4,841 | |||
Accumulated Depreciation 12/31/2017 | $ 1,496 | |||
16275 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | San Diego, CA | |||
Land | $ 2,848 | |||
Buildings and Improvements | 8,641 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (40) | |||
Land | 2,859 | |||
Buildings and Improvements | 8,590 | |||
Total | 11,449 | |||
Accumulated Depreciation 12/31/2017 | $ 2,999 | |||
665 N. Baldwin Park Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | City of Industry, CA | |||
Encumbrances | $ 3,463 | |||
Land | 2,124 | |||
Buildings and Improvements | 5,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 362 | |||
Land | 2,143 | |||
Buildings and Improvements | 5,562 | |||
Total | 7,705 | |||
Accumulated Depreciation 12/31/2017 | $ 1,802 | |||
27801 Avenue Scott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Santa Clarita, CA | |||
Encumbrances | $ 5,790 | |||
Land | 2,890 | |||
Buildings and Improvements | 7,020 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 196 | |||
Land | 2,902 | |||
Buildings and Improvements | 7,204 | |||
Total | 10,106 | |||
Accumulated Depreciation 12/31/2017 | $ 2,650 | |||
2610 & 2660 Columbia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Torrance, CA | |||
Encumbrances | $ 4,199 | |||
Land | 3,008 | |||
Buildings and Improvements | 5,826 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 510 | |||
Land | 3,031 | |||
Buildings and Improvements | 6,313 | |||
Total | 9,344 | |||
Accumulated Depreciation 12/31/2017 | $ 2,386 | |||
433 Alaska Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Torrance, CA | |||
Land | $ 681 | |||
Buildings and Improvements | 168 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 684 | |||
Buildings and Improvements | 168 | |||
Total | 852 | |||
Accumulated Depreciation 12/31/2017 | $ 109 | |||
6305 El Camino Real [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Land | $ 1,590 | |||
Buildings and Improvements | 6,360 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,730 | |||
Land | 1,590 | |||
Buildings and Improvements | 14,090 | |||
Total | 15,680 | |||
Accumulated Depreciation 12/31/2017 | $ 4,784 | |||
2325 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 1,873 | |||
Land | 1,441 | |||
Buildings and Improvements | 1,239 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 630 | |||
Land | 1,446 | |||
Buildings and Improvements | 1,864 | |||
Total | 3,310 | |||
Accumulated Depreciation 12/31/2017 | $ 665 | |||
2335 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 964 | |||
Land | 817 | |||
Buildings and Improvements | 762 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 125 | |||
Land | 821 | |||
Buildings and Improvements | 883 | |||
Total | 1,704 | |||
Accumulated Depreciation 12/31/2017 | $ 401 | |||
2345 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 635 | |||
Land | 562 | |||
Buildings and Improvements | 456 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 105 | |||
Land | 565 | |||
Buildings and Improvements | 558 | |||
Total | 1,123 | |||
Accumulated Depreciation 12/31/2017 | $ 227 | |||
2355 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 618 | |||
Land | 481 | |||
Buildings and Improvements | 365 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 246 | |||
Land | 483 | |||
Buildings and Improvements | 609 | |||
Total | 1,092 | |||
Accumulated Depreciation 12/31/2017 | $ 323 | |||
2365 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 1,171 | |||
Land | 1,098 | |||
Buildings and Improvements | 630 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 341 | |||
Land | 1,102 | |||
Buildings and Improvements | 967 | |||
Total | 2,069 | |||
Accumulated Depreciation 12/31/2017 | $ 539 | |||
2375 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Encumbrances | $ 1,239 | |||
Land | 1,210 | |||
Buildings and Improvements | 874 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 105 | |||
Land | 1,214 | |||
Buildings and Improvements | 975 | |||
Total | 2,189 | |||
Accumulated Depreciation 12/31/2017 | $ 414 | |||
6451 El Camino Real [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Land | $ 2,885 | |||
Buildings and Improvements | 1,931 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 670 | |||
Land | 2,895 | |||
Buildings and Improvements | 2,591 | |||
Total | 5,486 | |||
Accumulated Depreciation 12/31/2017 | $ 956 | |||
13100 Gregg Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Poway, CA | |||
Encumbrances | $ 3,124 | |||
Land | 1,040 | |||
Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 744 | |||
Land | 1,073 | |||
Buildings and Improvements | 4,871 | |||
Total | 5,944 | |||
Accumulated Depreciation 12/31/2017 | $ 2,091 | |||
21730-21748 Marilla St. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Chatsworth, CA | |||
Encumbrances | $ 2,683 | |||
Land | 2,585 | |||
Buildings and Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 174 | |||
Land | 2,608 | |||
Buildings and Improvements | 3,361 | |||
Total | 5,969 | |||
Accumulated Depreciation 12/31/2017 | $ 1,365 | |||
8015 Paramount [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Pico Rivera, CA | |||
Land | $ 3,616 | |||
Buildings and Improvements | 3,902 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (510) | |||
Land | 3,657 | |||
Buildings and Improvements | 3,351 | |||
Total | 7,008 | |||
Accumulated Depreciation 12/31/2017 | $ 1,321 | |||
3365 E. Slauson [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Vernon, CA | |||
Land | $ 2,367 | |||
Buildings and Improvements | 3,243 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (559) | |||
Land | 2,396 | |||
Buildings and Improvements | 2,655 | |||
Total | 5,051 | |||
Accumulated Depreciation 12/31/2017 | $ 1,047 | |||
3015 East Ana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Land | $ 19,678 | |||
Buildings and Improvements | 9,321 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,305 | |||
Land | 20,144 | |||
Buildings and Improvements | 15,160 | |||
Total | 35,304 | |||
Accumulated Depreciation 12/31/2017 | $ 5,021 | |||
1250 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Land | $ 1,435 | |||
Buildings and Improvements | 779 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 1,441 | |||
Buildings and Improvements | 818 | |||
Total | 2,259 | |||
Accumulated Depreciation 12/31/2017 | $ 326 | |||
1260 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Land | $ 1,353 | |||
Buildings and Improvements | 722 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (722) | |||
Land | 675 | |||
Buildings and Improvements | 678 | |||
Total | 1,353 | |||
Accumulated Depreciation 12/31/2017 | $ 235 | |||
1270 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Land | $ 1,224 | |||
Buildings and Improvements | 716 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (13) | |||
Land | 1,229 | |||
Buildings and Improvements | 698 | |||
Total | 1,927 | |||
Accumulated Depreciation 12/31/2017 | $ 283 | |||
1280 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Encumbrances | $ 2,341 | |||
Land | 2,043 | |||
Buildings and Improvements | 3,408 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (241) | |||
Land | 2,051 | |||
Buildings and Improvements | 3,159 | |||
Total | 5,210 | |||
Accumulated Depreciation 12/31/2017 | $ 807 | |||
1290 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Encumbrances | $ 1,969 | |||
Land | 1,754 | |||
Buildings and Improvements | 2,949 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (322) | |||
Land | 1,761 | |||
Buildings and Improvements | 2,620 | |||
Total | 4,381 | |||
Accumulated Depreciation 12/31/2017 | $ 677 | |||
100 West Sinclair Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Perris, CA | |||
Land | $ 4,894 | |||
Buildings and Improvements | 3,481 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (5,233) | |||
Land | 1,819 | |||
Buildings and Improvements | 1,323 | |||
Total | 3,142 | |||
Accumulated Depreciation 12/31/2017 | $ 676 | |||
14050 Day Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Encumbrances | $ 3,442 | |||
Land | 2,538 | |||
Buildings and Improvements | 2,538 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 513 | |||
Land | 2,565 | |||
Buildings and Improvements | 3,023 | |||
Total | 5,588 | |||
Accumulated Depreciation 12/31/2017 | $ 1,119 | |||
12925 Marlay Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Fontana, CA | |||
Encumbrances | $ 8,780 | |||
Land | 6,072 | |||
Buildings and Improvements | 7,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 292 | |||
Land | 6,090 | |||
Buildings and Improvements | 8,165 | |||
Total | 14,255 | |||
Accumulated Depreciation 12/31/2017 | $ 3,899 | |||
18201-18291 Santa Fe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Encumbrances | $ 9,817 | |||
Land | 6,720 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,220 | |||
Land | 6,897 | |||
Buildings and Improvements | 9,043 | |||
Total | 15,940 | |||
Accumulated Depreciation 12/31/2017 | $ 2,181 | |||
1011 Rancho Conejo [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Thousand Oaks, CA | |||
Encumbrances | $ 4,523 | |||
Land | 7,717 | |||
Buildings and Improvements | 2,518 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (169) | |||
Land | 7,752 | |||
Buildings and Improvements | 2,313 | |||
Total | 10,065 | |||
Accumulated Depreciation 12/31/2017 | $ 988 | |||
20700 Denker Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Torrance, CA | |||
Encumbrances | $ 5,490 | |||
Land | 5,767 | |||
Buildings and Improvements | 2,538 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,397 | |||
Land | 5,964 | |||
Buildings and Improvements | 3,739 | |||
Total | 9,703 | |||
Accumulated Depreciation 12/31/2017 | $ 2,141 | |||
18408 Laurel Park Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Land | $ 2,850 | |||
Buildings and Improvements | 2,850 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 913 | |||
Land | 2,874 | |||
Buildings and Improvements | 3,739 | |||
Total | 6,613 | |||
Accumulated Depreciation 12/31/2017 | $ 1,270 | |||
19021 S. Reyes Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Land | $ 8,183 | |||
Buildings and Improvements | 7,501 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 233 | |||
Land | 8,545 | |||
Buildings and Improvements | 7,372 | |||
Total | 15,917 | |||
Accumulated Depreciation 12/31/2017 | $ 1,572 | |||
24870 Nandina Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 13,543 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 21,146 | |||
Land | 6,482 | |||
Buildings and Improvements | 28,207 | |||
Total | 34,689 | |||
Accumulated Depreciation 12/31/2017 | $ 3,982 | |||
6185 Kimball Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Chino, CA | |||
Land | $ 6,385 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12,343 | |||
Land | 6,382 | |||
Buildings and Improvements | 12,346 | |||
Total | 18,728 | |||
Accumulated Depreciation 12/31/2017 | $ 2,291 | |||
5555 Bandini Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Bell, CA | |||
Land | $ 32,536 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 21,620 | |||
Land | 32,540 | |||
Buildings and Improvements | 21,616 | |||
Total | 54,156 | |||
Accumulated Depreciation 12/31/2017 | $ 2,344 | |||
16875 Heacock Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 0 | |||
Buildings and Improvements | 6,831 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 72 | |||
Land | 0 | |||
Buildings and Improvements | 6,903 | |||
Total | 6,903 | |||
Accumulated Depreciation 12/31/2017 | $ 1,383 | |||
4710 Guasti Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Ontario, CA | |||
Encumbrances | $ 5,774 | |||
Land | 2,846 | |||
Buildings and Improvements | 6,564 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 212 | |||
Land | 2,846 | |||
Buildings and Improvements | 6,776 | |||
Total | 9,622 | |||
Accumulated Depreciation 12/31/2017 | $ 757 | |||
17100 Perris Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 6,388 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 25,892 | |||
Land | 6,395 | |||
Buildings and Improvements | 25,885 | |||
Total | 32,280 | |||
Accumulated Depreciation 12/31/2017 | $ 2,538 | |||
13414 South Figueroa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Los Angeles, CA | |||
Encumbrances | $ 4,352 | |||
Land | 1,701 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,579 | |||
Land | 1,887 | |||
Buildings and Improvements | 6,393 | |||
Total | 8,280 | |||
Accumulated Depreciation 12/31/2017 | $ 568 | |||
3841 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Oceanside, CA | |||
Land | $ 4,400 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,038 | |||
Land | 4,400 | |||
Buildings and Improvements | 8,038 | |||
Total | 12,438 | |||
Accumulated Depreciation 12/31/2017 | $ 681 | |||
3831 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Oceanside, CA | |||
Land | $ 2,693 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,584 | |||
Land | 2,694 | |||
Buildings and Improvements | 4,583 | |||
Total | 7,277 | |||
Accumulated Depreciation 12/31/2017 | $ 376 | |||
3821 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Oceanside, CA | |||
Land | $ 2,792 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,469 | |||
Land | 2,792 | |||
Buildings and Improvements | 4,469 | |||
Total | 7,261 | |||
Accumulated Depreciation 12/31/2017 | $ 337 | |||
145 West 134th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Los Angeles, CA | |||
Land | $ 2,901 | |||
Buildings and Improvements | 2,285 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 173 | |||
Land | 2,901 | |||
Buildings and Improvements | 2,458 | |||
Total | 5,359 | |||
Accumulated Depreciation 12/31/2017 | $ 275 | |||
6150 Sycamore Canyon Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Riverside, CA | |||
Land | $ 3,182 | |||
Buildings and Improvements | 10,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 3,182 | |||
Buildings and Improvements | 10,643 | |||
Total | 13,825 | |||
Accumulated Depreciation 12/31/2017 | $ 907 | |||
17825 Indian Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 5,034 | |||
Buildings and Improvements | 22,095 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 24 | |||
Land | 5,034 | |||
Buildings and Improvements | 22,119 | |||
Total | 27,153 | |||
Accumulated Depreciation 12/31/2017 | $ 1,696 | |||
24901 San Michele Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 1,274 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,581 | |||
Land | 1,274 | |||
Buildings and Improvements | 11,581 | |||
Total | 12,855 | |||
Accumulated Depreciation 12/31/2017 | $ 504 | |||
1445 Engineer Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Vista, CA | |||
Land | $ 6,816 | |||
Buildings and Improvements | 4,417 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (10) | |||
Land | 6,816 | |||
Buildings and Improvements | 4,407 | |||
Total | 11,223 | |||
Accumulated Depreciation 12/31/2017 | $ 360 | |||
19067 Reyes Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Rancho Dominguez, CA | |||
Land | $ 9,281 | |||
Buildings and Improvements | 3,920 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,474 | |||
Land | 9,381 | |||
Buildings and Improvements | 7,294 | |||
Total | 16,675 | |||
Accumulated Depreciation 12/31/2017 | $ 241 | |||
10586 Tamarind Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Fontana, California | |||
Land | $ 4,275 | |||
Buildings and Improvements | 8,275 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 50 | |||
Land | 4,275 | |||
Buildings and Improvements | 8,325 | |||
Total | 12,600 | |||
Accumulated Depreciation 12/31/2017 | $ 142 | |||
2777 Loker Avenue West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Carlsbad, CA | |||
Land | $ 7,599 | |||
Buildings and Improvements | 13,267 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,272 | |||
Total | 20,871 | |||
Accumulated Depreciation 12/31/2017 | $ 343 | |||
7105 Old 215 Frontage Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Riverside, CA | |||
Land | $ 4,900 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,995 | |||
Land | 4,900 | |||
Buildings and Improvements | 11,995 | |||
Total | 16,895 | |||
Accumulated Depreciation 12/31/2017 | $ 175 | |||
1067-1083 Warson-Bldg A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | St. Louis, MO | |||
Land | $ 246 | |||
Buildings and Improvements | 1,359 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,020 | |||
Land | 251 | |||
Buildings and Improvements | 2,374 | |||
Total | 2,625 | |||
Accumulated Depreciation 12/31/2017 | $ 781 | |||
1093-1107 Warson-Bldg B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | St. Louis, MO | |||
Land | $ 380 | |||
Buildings and Improvements | 2,103 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,988 | |||
Land | 388 | |||
Buildings and Improvements | 4,083 | |||
Total | 4,471 | |||
Accumulated Depreciation 12/31/2017 | $ 1,402 | |||
1113-1129 Warson-Bldg C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | St. Louis, MO | |||
Land | $ 303 | |||
Buildings and Improvements | 1,680 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 986 | |||
Land | 310 | |||
Buildings and Improvements | 2,659 | |||
Total | 2,969 | |||
Accumulated Depreciation 12/31/2017 | $ 936 | |||
1131-1151 Warson-Bldg D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | St. Louis, MO | |||
Land | $ 353 | |||
Buildings and Improvements | 1,952 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,244 | |||
Land | 360 | |||
Buildings and Improvements | 3,189 | |||
Total | 3,549 | |||
Accumulated Depreciation 12/31/2017 | $ 1,078 | |||
6821-6857 Hazelwood Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Berkeley, MO | |||
Encumbrances | $ 4,743 | |||
Land | 985 | |||
Buildings and Improvements | 6,205 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,090 | |||
Land | 985 | |||
Buildings and Improvements | 7,295 | |||
Total | 8,280 | |||
Accumulated Depreciation 12/31/2017 | $ 2,800 | |||
13701 Rider Trail North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Earth City, MO | |||
Land | $ 800 | |||
Buildings and Improvements | 2,099 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 427 | |||
Land | 804 | |||
Buildings and Improvements | 2,522 | |||
Total | 3,326 | |||
Accumulated Depreciation 12/31/2017 | $ 1,058 | |||
1908-2000 Innerbelt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Overland, MO | |||
Encumbrances | $ 6,771 | |||
Land | 1,590 | |||
Buildings and Improvements | 9,026 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,254 | |||
Land | 1,591 | |||
Buildings and Improvements | 10,279 | |||
Total | 11,870 | |||
Accumulated Depreciation 12/31/2017 | $ 4,783 | |||
21-25 Gateway Commerce Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Edwardsville, IL | |||
Land | $ 1,874 | |||
Buildings and Improvements | 31,958 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 1,902 | |||
Buildings and Improvements | 31,975 | |||
Total | 33,877 | |||
Accumulated Depreciation 12/31/2017 | $ 10,020 | |||
5525 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 192 | |||
Buildings and Improvements | 1,086 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 305 | |||
Land | 200 | |||
Buildings and Improvements | 1,383 | |||
Total | 1,583 | |||
Accumulated Depreciation 12/31/2017 | $ 694 | |||
5709 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 192 | |||
Buildings and Improvements | 1,086 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 238 | |||
Land | 200 | |||
Buildings and Improvements | 1,316 | |||
Total | 1,516 | |||
Accumulated Depreciation 12/31/2017 | $ 647 | |||
5711 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 243 | |||
Buildings and Improvements | 1,376 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 186 | |||
Land | 255 | |||
Buildings and Improvements | 1,550 | |||
Total | 1,805 | |||
Accumulated Depreciation 12/31/2017 | $ 755 | |||
5455 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 307 | |||
Buildings and Improvements | 1,742 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 761 | |||
Land | 326 | |||
Buildings and Improvements | 2,484 | |||
Total | 2,810 | |||
Accumulated Depreciation 12/31/2017 | $ 1,371 | |||
5553 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 307 | |||
Buildings and Improvements | 1,742 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 374 | |||
Land | 326 | |||
Buildings and Improvements | 2,097 | |||
Total | 2,423 | |||
Accumulated Depreciation 12/31/2017 | $ 1,055 | |||
5501 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 215 | |||
Buildings and Improvements | 871 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 410 | |||
Land | 242 | |||
Buildings and Improvements | 1,254 | |||
Total | 1,496 | |||
Accumulated Depreciation 12/31/2017 | $ 549 | |||
5503 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 98 | |||
Buildings and Improvements | 402 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 194 | |||
Land | 110 | |||
Buildings and Improvements | 584 | |||
Total | 694 | |||
Accumulated Depreciation 12/31/2017 | $ 267 | |||
5555 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 213 | |||
Buildings and Improvements | 1,206 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 220 | |||
Land | 221 | |||
Buildings and Improvements | 1,418 | |||
Total | 1,639 | |||
Accumulated Depreciation 12/31/2017 | $ 691 | |||
5557 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 59 | |||
Buildings and Improvements | 335 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 51 | |||
Land | 62 | |||
Buildings and Improvements | 383 | |||
Total | 445 | |||
Accumulated Depreciation 12/31/2017 | $ 187 | |||
5463 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 497 | |||
Buildings and Improvements | 2,751 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,312 | |||
Land | 560 | |||
Buildings and Improvements | 4,000 | |||
Total | 4,560 | |||
Accumulated Depreciation 12/31/2017 | $ 1,717 | |||
5461 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 261 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,312 | |||
Land | 265 | |||
Buildings and Improvements | 1,308 | |||
Total | 1,573 | |||
Accumulated Depreciation 12/31/2017 | $ 630 | |||
5481 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 558 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,291 | |||
Land | 561 | |||
Buildings and Improvements | 2,288 | |||
Total | 2,849 | |||
Accumulated Depreciation 12/31/2017 | $ 1,008 | |||
4515-4519 George Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 633 | |||
Buildings and Improvements | 3,587 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 857 | |||
Land | 640 | |||
Buildings and Improvements | 4,437 | |||
Total | 5,077 | |||
Accumulated Depreciation 12/31/2017 | $ 1,798 | |||
6089 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 180 | |||
Buildings and Improvements | 987 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 136 | |||
Land | 186 | |||
Buildings and Improvements | 1,117 | |||
Total | 1,303 | |||
Accumulated Depreciation 12/31/2017 | $ 458 | |||
6091 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 140 | |||
Buildings and Improvements | 730 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 54 | |||
Land | 144 | |||
Buildings and Improvements | 780 | |||
Total | 924 | |||
Accumulated Depreciation 12/31/2017 | $ 301 | |||
6103 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 220 | |||
Buildings and Improvements | 1,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 50 | |||
Land | 226 | |||
Buildings and Improvements | 1,204 | |||
Total | 1,430 | |||
Accumulated Depreciation 12/31/2017 | $ 479 | |||
6201 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 200 | |||
Buildings and Improvements | 1,107 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 41 | |||
Land | 205 | |||
Buildings and Improvements | 1,143 | |||
Total | 1,348 | |||
Accumulated Depreciation 12/31/2017 | $ 548 | |||
6203 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 300 | |||
Buildings and Improvements | 1,460 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (270) | |||
Land | 311 | |||
Buildings and Improvements | 1,179 | |||
Total | 1,490 | |||
Accumulated Depreciation 12/31/2017 | $ 454 | |||
6205 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 270 | |||
Buildings and Improvements | 1,363 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 47 | |||
Land | 278 | |||
Buildings and Improvements | 1,402 | |||
Total | 1,680 | |||
Accumulated Depreciation 12/31/2017 | $ 431 | |||
6101 Johns Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 210 | |||
Buildings and Improvements | 833 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 95 | |||
Land | 216 | |||
Buildings and Improvements | 922 | |||
Total | 1,138 | |||
Accumulated Depreciation 12/31/2017 | $ 429 | |||
4908 Tampa West Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Tampa, FL | |||
Land | $ 2,622 | |||
Buildings and Improvements | 8,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (807) | |||
Land | 2,635 | |||
Buildings and Improvements | 7,823 | |||
Total | 10,458 | |||
Accumulated Depreciation 12/31/2017 | $ 3,628 | |||
1815-1957 South 4650 West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Salt Lake City, UT | |||
Encumbrances | $ 6,234 | |||
Land | 1,707 | |||
Buildings and Improvements | 10,873 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 62 | |||
Land | 1,713 | |||
Buildings and Improvements | 10,929 | |||
Total | 12,642 | |||
Accumulated Depreciation 12/31/2017 | $ 3,617 | |||
3200 Pond Station [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Jefferson County, KY | |||
Land | $ 2,074 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,681 | |||
Land | 2,120 | |||
Buildings and Improvements | 9,635 | |||
Total | 11,755 | |||
Accumulated Depreciation 12/31/2017 | $ 2,581 | |||
581 Welltown Road Tyson Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Winchester, VA | |||
Land | $ 2,320 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,109 | |||
Land | 2,401 | |||
Buildings and Improvements | 11,028 | |||
Total | 13,429 | |||
Accumulated Depreciation 12/31/2017 | $ 2,872 | |||
7501 NW 106th Terrace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Kansas City, MO | |||
Encumbrances | $ 10,986 | |||
Land | 4,152 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,687 | |||
Land | 4,228 | |||
Buildings and Improvements | 13,611 | |||
Total | 17,839 | |||
Accumulated Depreciation 12/31/2017 | $ 3,136 | |||
600 Greene Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Greenville, KY | |||
Land | $ 294 | |||
Buildings and Improvements | 8,570 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (727) | |||
Land | 296 | |||
Buildings and Improvements | 7,841 | |||
Total | 8,137 | |||
Accumulated Depreciation 12/31/2017 | $ 5,861 | |||
First Nandina Logistics Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Moreno Valley, CA | |||
Land | $ 16,494 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 15,609 | |||
Land | 17,066 | |||
Buildings and Improvements | 15,037 | |||
Total | 32,103 | |||
Accumulated Depreciation 12/31/2017 | $ 0 | |||
The Ranch By First Industrial [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Eastvale, CA | |||
Land | $ 22,857 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 47,484 | |||
Land | 22,860 | |||
Buildings and Improvements | 47,481 | |||
Total | 70,341 | |||
Accumulated Depreciation 12/31/2017 | $ 0 | |||
First Park @ PV 303 Building B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Goodyear, AZ | |||
Land | $ 6,259 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12,840 | |||
Land | 6,269 | |||
Buildings and Improvements | 12,830 | |||
Total | 19,099 | |||
Accumulated Depreciation 12/31/2017 | $ 0 | |||
First Logistics Center @ I-78/81 Building A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Union Township, PA | |||
Land | $ 13,702 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,201 | |||
Land | 13,724 | |||
Buildings and Improvements | 2,179 | |||
Total | 15,903 | |||
Accumulated Depreciation 12/31/2017 | $ 0 | |||
First Joliet Logistics Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Joliet, IL | |||
Land | $ 2,595 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,726 | |||
Land | 2,598 | |||
Buildings and Improvements | 3,723 | |||
Total | 6,321 | |||
Accumulated Depreciation 12/31/2017 | $ 0 | |||
First 290 @ Guhn Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location (City/State) | Houston, TX | |||
Land | $ 1,367 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 567 | |||
Land | 1,367 | |||
Buildings and Improvements | 567 | |||
Total | 1,934 | |||
Accumulated Depreciation 12/31/2017 | 0 | |||
Developments / Land Parcels [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,016 | |||
Land | 167,269 | |||
Buildings and Improvements | 10,558 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 27,681 | |||
Land | 162,050 | |||
Buildings and Improvements | 43,459 | |||
Total | 205,509 | |||
Accumulated Depreciation 12/31/2017 | $ 3,836 |
Schedule III: Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
Property
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 488 | |||||||
Tenant improvements, useful life | Lease Term | |||||||
Balance, Beginning of Year | $ 3,388,611 | $ 3,297,649 | $ 3,183,369 | |||||
Acquisition of Real Estate Assets | 168,517 | 108,538 | 161,074 | |||||
Construction Costs and Improvements | 137,361 | 167,342 | 142,535 | |||||
Disposition of Real Estate Assets | (170,928) | (153,364) | (162,636) | |||||
Impairment of Real Estate | 0 | 0 | (626) | |||||
Write-off of Fully Depreciated and Other Assets | (27,816) | (31,554) | (26,067) | |||||
Balance, End of Year Including Real Estate Held for Sale | 3,495,745 | 3,388,611 | 3,297,649 | |||||
Real Estate Held for Sale | 0 | [1] | (3,697) | (3,681) | ||||
Balance, End of Year Excluding Real Estate Held for Sale | 3,495,745 | 3,384,914 | 3,293,968 | |||||
Balance, Beginning of Year | 797,919 | 792,501 | 786,978 | |||||
Depreciation for Year | 94,078 | 95,514 | 92,955 | |||||
Disposition of Assets | (78,844) | (62,634) | (61,365) | |||||
Write-off of Fully Depreciated and Other Assets | (23,234) | (27,462) | (26,067) | |||||
Balance, End of Year Including Real Estate Held for Sale | 789,919 | 797,919 | 792,501 | |||||
Real Estate Held for Sale | 0 | [2] | (1,427) | (1,171) | ||||
Balance, End of Year Excluding Real Estate Held for Sale | $ 789,919 | $ 796,492 | $ 791,330 | |||||
Buildings and Improvements | Minimum | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Property, plant and equipment, useful life | 7 years | |||||||
Buildings and Improvements | Maximum | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Property, plant and equipment, useful life | 50 years | |||||||
Land Improvements | Minimum | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Property, plant and equipment, useful life | 5 years | |||||||
Land Improvements | Maximum | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Property, plant and equipment, useful life | 20 years | |||||||
5570 Tulane Dr [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 1,976 | |||||||
825-827 Avenue H [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 1,603 | |||||||
1172-84 113th Street [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 1,312 | |||||||
1200-16 Avenue H [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 1,295 | |||||||
8200 East Park Meadows Drive [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 3,666 | |||||||
3250 Quentin Street [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 3,311 | |||||||
1908-2000 Innerbelt [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 2 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 4,783 | |||||||
1322-66 W. North Carrier Parkway [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 3 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 2,469 | |||||||
Plano Crossing Bus. Park [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 4 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 4,611 | |||||||
801-831 S Great Southwest Pkwy [Member] | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Number of industrial properties | Property | 5 | |||||||
Balance, End of Year Including Real Estate Held for Sale | $ 10,466 | |||||||
|
Schedule III: Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions |
Dec. 31, 2017
USD ($)
|
---|---|
Real Estate and Accumulated Depreciation [Abstract] | |
Aggregate cost of land and buildings and equipment for federal income tax purpose | $ 3.4 |
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