XML 79 R68.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Unconsolidated and Consolidated Joint Ventures - Investment Information (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Apr. 17, 2020
USD ($)
Apr. 01, 2019
USD ($)
Nov. 30, 2019
USD ($)
Apr. 30, 2019
USD ($)
ft²
Nov. 30, 2018
ft²
Sep. 30, 2016
Aug. 31, 2009
a
Sep. 30, 2020
USD ($)
a
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Mar. 31, 2014
ft²
Jun. 30, 2013
USD ($)
member
Sep. 30, 2020
USD ($)
ft²
a
joint_venture
Sep. 30, 2019
USD ($)
Jun. 01, 2018
USD ($)
Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]                                
Investments in unconsolidated joint ventures               $ 37,163,000 $ 38,240,000       $ 37,163,000      
Equity in earnings (loss)               $ 1,093,000   $ 2,199,000     3,629,000 $ 5,046,000    
Value of property contributed                         $ 0 $ 5,854,000 [1]    
Centennial                                
Schedule of Equity Method Investments [Line Items]                                
Consolidated joint venture, ownership interest               92.74%         92.74%      
Petro Travel Plaza Holdings, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Unconsolidated joint ventures, ownership interest               50.00%         50.00%      
Right and share of profit and loss               60.00%         60.00%      
Petro Travel Plaza Holdings, LLC | Building and Land                                
Schedule of Equity Method Investments [Line Items]                                
Value of property contributed $ 2,000,000                              
Gain realized on sale $ 1,331,000                              
Majestic Realty Co.                                
Schedule of Equity Method Investments [Line Items]                                
Investments in unconsolidated joint ventures               $ 24,773,000         $ 24,773,000      
Number of joint venture contracts | joint_venture                         3      
Area of building owned and leased | ft²                         651,909      
TRC-MRC 3, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Number of acres for development | ft²       579,040 579,040                      
Lease agreement, rentable space                 100.00%              
TRC-MRC 3, LLC | Land                                
Schedule of Equity Method Investments [Line Items]                                
Value of property contributed   $ 5,854,000   $ 5,900,000                        
TRC-MRC 2, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Debt instrument face amount                             $ 25,240,000  
Deficit balance               2,038,000         $ 2,038,000      
TRCC-East                                
Schedule of Equity Method Investments [Line Items]                                
Number of acres for development | ft²                     326,000          
Lease agreement, rentable space           100.00%                    
Area of building owned and leased | ft²                         480,480      
Deficit balance               468,000         $ 468,000      
TRC-MRC 1, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Construction Loan               25,030,000         25,030,000      
Rockefeller Joint Ventures                                
Schedule of Equity Method Investments [Line Items]                                
Investment in unconsolidated joint ventures               $ 8,695,000         $ 8,695,000      
Number of joint venture contracts | joint_venture                         3      
Number of acres for development | a                         91      
Development of land in TRCC including pursuing foreign trade zone (up to) | a               500         500      
Rockefeller Joint Ventures | Building Development                                
Schedule of Equity Method Investments [Line Items]                                
Number of joint venture contracts | joint_venture                         2      
Five West Parcel, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Unconsolidated joint ventures, ownership interest               50.00%         50.00%     50.00%
Gain realized on sale     $ 17,537,000                          
Area of building owned and leased | ft²                         606,000      
Purchase price     $ 29,088,000                          
18-19 West, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Number of acres for development | a             61.5                  
Option period purchase price               $ 13,800,000         $ 13,800,000      
Purchase price, increase amount               $ 15,200,000         $ 15,200,000      
TRCC/Rock Outlet Center, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Investments in unconsolidated joint ventures                       $ 87,000,000        
Construction loan percent of costs                       60.00%        
Equity contributions                       40.00%        
Number of members | member                       2        
[1] In April 2019, the Company contributed land with a fair value of $5.9 million to TRC-MRC 3, LLC an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. The total cost of the land, inclusive of transaction costs was $2.9 million. The Company recognized $1.5 million in profit and deferred $1.5 million after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. Historically, cash outflows related to land development expenditures were accounted for within investing activities. For consistency, the Company will continue to classify cash outflows and cash inflows related to land development as investing activities.