Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'FIRST INDUSTRIAL LP |
Entity Central Index Key | '0001033128 |
Trading Symbol | 'FRFI |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Entity Current Reporting Status | 'Yes |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate: | ' | ' |
Land | $611,228 | $610,802 |
Buildings and Improvements | 2,130,891 | 2,113,689 |
Construction in Progress | 38,066 | 23,688 |
Less: Accumulated Depreciation | -685,678 | -652,971 |
Net Investment in Real Estate | 2,094,507 | 2,095,208 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Other Amortization of $2,258 and $0 | 15,413 | 0 |
Investments in and Advances to Other Real Estate Partnerships | 201,935 | 196,323 |
Cash and Cash Equivalents | 13,026 | 6,518 |
Tenant Accounts Receivable, Net | 5,057 | 4,746 |
Investments in Joint Venture | 84 | 907 |
Deferred Rent Receivable, Net | 49,368 | 49,173 |
Deferred Financing Costs, Net | 10,584 | 10,570 |
Deferred Leasing Intangibles, Net | 27,841 | 26,581 |
Prepaid Expenses and Other Assets, Net | 76,340 | 108,753 |
Total Assets | 2,494,155 | 2,498,779 |
Indebtedness: | ' | ' |
Mortgage Loans Payable, Net | 521,304 | 580,215 |
Senior Unsecured Notes, Net | 364,837 | 445,916 |
Unsecured Term Loan | 200,000 | 0 |
Unsecured Credit Facility | 176,000 | 173,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 77,184 | 70,139 |
Deferred Leasing Intangibles, Net | 11,266 | 11,879 |
Rents Received in Advance and Security Deposits | 29,083 | 26,619 |
Distributions Payable | 11,886 | 10,289 |
Total Liabilities | 1,391,560 | 1,318,057 |
Commitments and Contingencies | 0 | 0 |
Partners’ Capital: | ' | ' |
General Partner Preferred Units (See Note 6) | 0 | 73,587 |
General Partner Units (110,553,523 and 109,980,850 units outstanding) | 1,024,806 | 1,027,664 |
Limited Partners Units (4,421,980 and 4,597,313 units outstanding) | 80,905 | 82,833 |
Accumulated Other Comprehensive Loss | -3,116 | -3,362 |
Total Partners’ Capital | 1,102,595 | 1,180,722 |
Total Liabilities and Partners’ Capital | $2,494,155 | $2,498,779 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real Estate and Other Assets Held For Sale Accumulated Depreciation And Other Amortization | $2,258 | $0 |
General Partner Units, Outstanding | 110,553,523 | 109,980,850 |
Limited Partners Units, Outstanding | 4,421,980 | 4,597,313 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' | |
Rental Income | $58,667 | $54,516 | $169,496 | $161,348 | |
Tenant Recoveries and Other Income | 18,259 | 15,498 | 56,414 | 48,736 | |
Total Revenues | 76,926 | 70,014 | 225,910 | 210,084 | |
Expenses: | ' | ' | ' | ' | |
Property Expenses | 24,646 | 22,499 | 76,077 | 68,820 | |
General and Administrative | 5,345 | 5,131 | 17,946 | 16,975 | |
Impairment of Real Estate | 0 | 1,047 | 0 | 1,047 | [1] |
Depreciation and Other Amortization | 25,029 | 24,119 | 75,237 | 71,086 | |
Total Expenses | 55,020 | 52,796 | 169,260 | 157,928 | |
Other Income (Expense): | ' | ' | ' | ' | |
Interest Income | 700 | 611 | 2,114 | 1,818 | |
Interest Expense | -16,178 | -16,918 | -51,522 | -51,850 | |
Amortization of Deferred Financing Costs | -716 | -736 | -2,235 | -2,326 | |
Mark-to-Market Gain on Interest Rate Protection Agreements | 0 | 0 | 0 | 52 | |
Loss from Retirement of Debt | -29 | -662 | -522 | -6,034 | |
Total Other Income (Expense) | -16,223 | -17,705 | -52,165 | -58,340 | |
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in (Loss) Income of Joint Ventures and Income Tax Provision | 5,683 | -487 | 4,485 | -6,184 | |
Equity in Income of Other Real Estate Partnerships | 4,775 | 4,546 | 10,385 | 9,117 | |
Equity in (Loss) Income of Joint Ventures | -14 | 72 | 3,508 | 119 | |
Income Tax Provision | -103 | -63 | -192 | -4 | |
Income from Continuing Operations | 10,341 | 4,068 | 18,186 | 3,048 | |
Discontinued Operations: | ' | ' | ' | ' | |
Income Attributable to Discontinued Operations | 300 | 836 | 1,046 | 1,452 | |
Gain on Sale of Real Estate | 11,577 | 3,613 | 12,291 | 14,020 | |
Income from Discontinued Operations | 11,877 | 4,449 | 13,337 | 15,472 | |
Income Before Gain on Sale of Real Estate | 22,218 | 8,517 | 31,523 | 18,520 | |
Gain on Sale of Real Estate | 0 | 221 | 0 | 483 | |
Net Income | 22,218 | 8,738 | 31,523 | 19,003 | |
Less: Preferred Unit Distributions | 0 | -1,392 | -1,019 | -7,506 | |
Less: Redemption of Preferred Units | 0 | -2,121 | -1,462 | -5,667 | |
Net Income Available to Unitholders and Participating Securities | 22,218 | 5,225 | 29,042 | 5,830 | |
Basic and Diluted Earnings Per Unit: | ' | ' | ' | ' | |
Income (Loss) from Continuing Operations Available to Unitholders | $0.09 | $0 | $0.14 | ($0.09) | |
Income from Discontinued Operations Attributable to Unitholders | $0.10 | $0.04 | $0.11 | $0.14 | |
Net Income Available to Unitholders | $0.19 | $0.04 | $0.25 | $0.05 | |
Distributions Per Unit | $0.10 | $0.09 | $0.31 | $0.26 | |
Weighted Average Units Outstanding - Basic | 114,512 | 114,089 | 114,346 | 110,823 | |
Weighted Average Units Outstanding - Diluted | 114,711 | 114,404 | 114,788 | 110,823 | |
Net Income Available to Unitholders Attributable to: | ' | ' | ' | ' | |
General Partner | 21,350 | 5,006 | 27,905 | 5,586 | |
Limited Partners | 868 | 219 | 1,137 | 244 | |
Net Income Available to Unitholders and Participating Securities | $22,218 | $5,225 | $29,042 | $5,830 | |
[1] | Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets were sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $22,218 | $8,738 | $31,523 | $19,003 |
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 3,592 | 0 | -905 | 0 |
Amortization of Interest Rate Protection Agreements | 131 | 609 | 1,227 | 1,792 |
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | 0 | 17 | 0 | 1,116 |
Foreign Currency Translation Adjustment | -71 | 30 | -76 | -14 |
Comprehensive Income | $25,870 | $9,394 | $31,769 | $21,897 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS CAPITAL (USD $) | Total | General Partner Preferred Units | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2013 | $1,180,722 | $73,587 | $1,027,664 | $82,833 | ($3,362) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' |
Redemption of Preferred Units | -73,587 | -73,587 | ' | ' | ' |
Stock Based Compensation Activity | 1,588 | ' | 1,588 | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 0 | ' | 1,697 | -1,697 | ' |
Common Unit Distributions | -35,416 | ' | -34,048 | -1,368 | ' |
Preferred Unit Distributions | -2,481 | -2,481 | ' | ' | ' |
Net Income | 31,523 | 2,481 | 27,905 | 1,137 | ' |
Other Comprehensive Income | 246 | ' | ' | ' | 246 |
Balance at Sep. 30, 2014 | $1,102,595 | $0 | $1,024,806 | $80,905 | ($3,116) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income | $31,523 | $19,003 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 62,421 | 62,643 |
Amortization of Deferred Financing Costs | 2,235 | 2,326 |
Other Amortization | 22,220 | 21,241 |
Impairment of Real Estate | 0 | 2,652 |
Provision for Bad Debt | 1,038 | 656 |
Equity in Income of Joint Ventures | -3,508 | -119 |
Distributions from Joint Ventures | 1,881 | 0 |
Gain on Sale of Real Estate | -12,291 | -14,503 |
Loss from Retirement of Debt | 522 | 6,034 |
Mark-to-Market Gain on Interest Rate Protection Agreements | 0 | -52 |
Equity in Income of Other Real Estate Partnerships | -10,385 | -9,117 |
Distributions from Investment in Other Real Estate Partnerships | 10,385 | 9,117 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | -8,421 | -3,764 |
Increase in Deferred Rent Receivable | -816 | -2,963 |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | -3,756 | -9,391 |
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt | -10,553 | -4,513 |
Net Cash Provided by Operating Activities | 82,495 | 79,250 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of Real Estate | -43,362 | -47,293 |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | -73,701 | -65,591 |
Net Proceeds from Sales of Investments in Real Estate | 48,537 | 62,084 |
Investments in and Advances to Other Real Estate Partnerships | -25,113 | -40,355 |
Distributions from Other Real Estate Partnerships in Excess of Equity in Income | 19,501 | 22,183 |
Contributions to and Investments in Joint Ventures | -28 | -26 |
Distributions from Joint Ventures | 2,469 | 0 |
Repayments of Notes Receivable | 49,761 | 454 |
Increase in Escrows | -770 | -189 |
Net Cash Used in Investing Activities | -22,706 | -68,733 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Debt and Equity Issuance and Redemption Costs | -2,411 | -3,567 |
Unit Contributions | 0 | 174,081 |
Repurchase and Retirement of Restricted Units | -4,667 | -2,968 |
Common Unit Distributions Paid | -33,367 | -19,286 |
Preferred Unit Distributions Paid | -1,471 | -7,958 |
Redemption of Preferred Units | -75,000 | -150,000 |
Payments on Interest Rate Protection Agreements | 0 | -865 |
Repayments on Mortgage Loans Payable | -67,764 | -41,389 |
Repayments of Senior Unsecured Notes | -71,578 | -29,769 |
Proceeds from Unsecured Term Loan | 200,000 | 0 |
Proceeds from Unsecured Credit Facility | 307,000 | 289,000 |
Repayments on Unsecured Credit Facility | -304,000 | -216,000 |
Net Cash Used in Financing Activities | -53,258 | -8,721 |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | -23 | -20 |
Net Increase in Cash and Cash Equivalents | 6,531 | 1,796 |
Cash and Cash Equivalents, Beginning of Year | 6,518 | 4,357 |
Cash and Cash Equivalents, End of Year | $13,026 | $6,133 |
Organization_and_Formation_of_
Organization and Formation of Partnership | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Formation of Partnership | ' |
1. Organization and Formation of Partnership | |
First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.2% ownership interest at September 30, 2014. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 3.8% interest in the Operating Partnership at September 30, 2014. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us" and "our" refer to First Industrial, L.P. and its controlled subsidiaries. | |
We also hold at least a 99% limited partnership interest in each of eight limited partnerships (together, the "Other Real Estate Partnerships"). The Other Real Estate Partnerships’ operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. | |
Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable. | |
We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture"; collectively, the "Joint Ventures"). At September 30, 2014, the 2003 Net Lease Joint Venture owned one industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA") and the 2007 Europe Joint Venture did not own any properties. | |
The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein. | |
As of September 30, 2014, we owned 576 industrial properties located in 24 states, containing an aggregate of approximately 55.4 million square feet of GLA. On a combined basis, as of September 30, 2014, the Other Real Estate Partnerships owned 62 industrial properties containing an aggregate of approximately 7.9 million square feet of GLA. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2013 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2013 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2013 audited consolidated financial statements included in our 2013 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with 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 September 30, 2014 and December 31, 2013, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2014 and 2013. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2014 and December 31, 2013, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2014 and 2013, and our cash flows for each of the nine months ended September 30, 2014 and 2013; all adjustments are of a normal recurring nature. | |
Recent Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption, we anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the potential effects on the consolidated financial statements. |
Investment_in_Real_Estate
Investment in Real Estate | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Real Estate Investment Property, Net [Abstract] | ' | |||||||||||||||||
Investment in Real Estate | ' | |||||||||||||||||
3. Investment in Real Estate | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
During the nine months ended September 30, 2014, we acquired three industrial properties comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $43,246, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The purchase price of the industrial properties and land parcels acquired was allocated as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Land | $ | 19,840 | ||||||||||||||||
Building and Improvements | 16,946 | |||||||||||||||||
Other Assets | 897 | |||||||||||||||||
Deferred Leasing Intangibles, Net | 5,563 | |||||||||||||||||
Total Purchase Price | $ | 43,246 | ||||||||||||||||
Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition | ||||||||||||||||||
The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the nine months ended September 30, 2014, which are recorded as deferred leasing intangibles, are as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
In-Place Leases | $ | 2,660 | ||||||||||||||||
Tenant Relationships | $ | 1,620 | ||||||||||||||||
Above Market Leases | $ | 219 | ||||||||||||||||
Below Market Ground Lease Obligation | $ | 1,854 | ||||||||||||||||
Below Market Leases | $ | (790 | ) | |||||||||||||||
The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2014 is as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
In-Place Leases | 71 | |||||||||||||||||
Tenant Relationships | 130 | |||||||||||||||||
Above Market Leases | 83 | |||||||||||||||||
Below Market Ground Lease Obligation | 480 | |||||||||||||||||
Below Market Leases | 71 | |||||||||||||||||
Sales and Discontinued Operations | ||||||||||||||||||
During the nine months ended September 30, 2014, we sold 16 industrial properties comprising approximately 0.9 million square feet of GLA. Gross proceeds from the sales of the industrial properties were approximately $50,510. The gain on sale of real estate was approximately $12,291. The 16 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 16 industrial properties sold are included in discontinued operations. | ||||||||||||||||||
At September 30, 2014, we had two industrial properties comprising approximately 0.2 million square feet of GLA held for sale. The results of operations of these industrial properties held for sale at September 30, 2014 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold. | ||||||||||||||||||
Income from discontinued operations for the nine months ended September 30, 2013 reflects the results of operations of the 16 industrial properties that were sold during the nine months ended September 30, 2014, the results of operations of the 65 industrial properties that were sold during the year ended December 31, 2013, the results of operations of the two industrial properties identified as held for sale at September 30, 2014 and the net gain on sale of real estate relating to 18 industrial properties that were sold during the nine months ended September 30, 2013. | ||||||||||||||||||
The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||
Total Revenues | $ | 811 | $ | 3,605 | $ | 3,876 | $ | 13,353 | ||||||||||
Property Expenses | (324 | ) | (1,306 | ) | (1,384 | ) | (4,965 | ) | ||||||||||
Impairment of Real Estate | — | — | — | (1,605 | ) | |||||||||||||
Depreciation and Other Amortization | (187 | ) | (1,463 | ) | (1,446 | ) | (5,331 | ) | ||||||||||
Gain on Sale of Real Estate | 11,577 | 3,613 | 12,291 | 14,020 | ||||||||||||||
Income from Discontinued Operations | $ | 11,877 | $ | 4,449 | $ | 13,337 | $ | 15,472 | ||||||||||
Impairment Charges | ||||||||||||||||||
The impairment charges of $2,652 recorded during the nine months ended September 30, 2013, of which $1,605 is included in discontinued operations, were due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction. | ||||||||||||||||||
The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis and for which impairment charges were recorded during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. | ||||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis Using: | ||||||||||||||||||
Description | At September 30, 2013 | Quoted Prices in | Significant Other | Unobservable | Total | |||||||||||||
Active Markets for | Observable Inputs | Inputs | Impairment for the Nine Months Ended | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Operating Property Not Held for Sale* | $ | 6,875 | — | — | $ | 6,875 | $ | (1,047 | ) | |||||||||
*Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets were sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. | ||||||||||||||||||
The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | ||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
One industrial property comprising approximately 0.5 million square feet of GLA | $ | 6,875 | Contracted Price | (A) | N/A | |||||||||||||
(A) | The fair value for the property was based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness. |
Investments_in_and_Advances_to
Investments in and Advances to Other Real Estate Partnerships | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investment in and Advances to Other Real Estate Partnerships [Abstract] | ' | |||||||||||||||
Investments in and Advances to Other Real Estate Partnerships | ' | |||||||||||||||
4. Investments in and Advances to Other Real Estate Partnerships | ||||||||||||||||
The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements. | ||||||||||||||||
Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below: | ||||||||||||||||
Condensed Combined Balance Sheets: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
ASSETS | ||||||||||||||||
Assets: | ||||||||||||||||
Net Investment in Real Estate | $ | 277,534 | $ | 276,294 | ||||||||||||
Note Receivable | 18,023 | 119,364 | ||||||||||||||
Other Assets, Net | 26,862 | 33,234 | ||||||||||||||
Total Assets | $ | 322,419 | $ | 428,892 | ||||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Liabilities: | ||||||||||||||||
Mortgage Loans Payable | $ | 81,623 | $ | 97,675 | ||||||||||||
Other Liabilities, Net | 19,953 | 13,795 | ||||||||||||||
Partners’ Capital | 220,843 | 317,422 | ||||||||||||||
Total Liabilities and Partners’ Capital | $ | 322,419 | $ | 428,892 | ||||||||||||
Operating Partnership’s Share of Equity | $ | 219,886 | $ | 316,188 | ||||||||||||
Basis Differential (1) | (17,951 | ) | (119,865 | ) | ||||||||||||
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships | $ | 201,935 | $ | 196,323 | ||||||||||||
_____________________ | ||||||||||||||||
-1 | This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. The basis differential relates to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. | |||||||||||||||
Condensed Combined Statements of Operations: | ||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||
Total Revenues | $ | 10,151 | $ | 9,694 | $ | 30,437 | $ | 28,648 | ||||||||
Property Expenses | (2,920 | ) | (2,813 | ) | (9,319 | ) | (8,707 | ) | ||||||||
Depreciation and Other Amortization | (3,092 | ) | (2,973 | ) | (8,843 | ) | (8,812 | ) | ||||||||
Interest Income | 130 | 1,237 | 1,192 | 3,809 | ||||||||||||
Interest Expense | (1,144 | ) | (1,079 | ) | (3,770 | ) | (3,541 | ) | ||||||||
Amortization of Deferred Financing Costs | (37 | ) | (45 | ) | (125 | ) | (142 | ) | ||||||||
Loss from Retirement of Debt | (3 | ) | — | (133 | ) | (214 | ) | |||||||||
Income from Continuing Operations | 3,085 | 4,021 | 9,439 | 11,041 | ||||||||||||
Discontinued Operations: | ||||||||||||||||
Income Attributable to Discontinued Operations | 9 | 113 | 56 | 274 | ||||||||||||
Gain on Sale of Real Estate | 1,851 | 1,630 | 2,192 | 1,630 | ||||||||||||
Income from Discontinued Operations | 1,860 | 1,743 | 2,248 | 1,904 | ||||||||||||
Gain on Sale of Real Estate | — | 70 | — | 70 | ||||||||||||
Net Income | $ | 4,945 | $ | 5,834 | $ | 11,687 | $ | 13,015 | ||||||||
Indebtedness
Indebtedness | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Indebtedness | ' | |||||||||||||||
5. Indebtedness | ||||||||||||||||
The following table discloses certain information regarding our indebtedness: | ||||||||||||||||
Outstanding | Interest | Effective Interest | Maturity Date | |||||||||||||
Balance at | Rate at | Rate at | ||||||||||||||
September 30, | Issuance | |||||||||||||||
September 30, 2014 | December 31, | 2014 | ||||||||||||||
2013 | ||||||||||||||||
Mortgage Loans Payable, Net | $ | 521,304 | $ | 580,215 | 4.03% – 8.26% | 4.03% – 8.26% | February 2016 – September 2022 | |||||||||
Unamortized Premiums | (96 | ) | (115 | ) | ||||||||||||
Mortgage Loans Payable, Gross | $ | 521,208 | $ | 580,100 | ||||||||||||
Senior Unsecured Notes, Net | ||||||||||||||||
2016 Notes | $ | 159,607 | $ | 159,566 | 5.75% | 5.91% | 1/15/16 | |||||||||
2017 Notes | 54,964 | 54,960 | 7.50% | 7.52% | 12/1/17 | |||||||||||
2027 Notes | 6,066 | 6,066 | 7.15% | 7.11% | 5/15/27 | |||||||||||
2028 Notes | 31,884 | 31,883 | 7.60% | 8.13% | 7/15/28 | |||||||||||
2032 Notes | 10,517 | 10,514 | 7.75% | 7.87% | 4/15/32 | |||||||||||
2014 Notes | — | 81,149 | N/A | N/A | 6/1/14 | |||||||||||
2017 II Notes | 101,799 | 101,778 | 5.95% | 6.37% | 5/15/17 | |||||||||||
Subtotal | $ | 364,837 | $ | 445,916 | ||||||||||||
Unamortized Discounts | 265 | 980 | ||||||||||||||
Senior Unsecured Notes, Gross | $ | 365,102 | $ | 446,896 | ||||||||||||
Unsecured Term Loan* | $ | 200,000 | N/A | 1.91% | 1.91% | 1/29/21 | ||||||||||
Unsecured Credit Facility** | $ | 176,000 | $ | 173,000 | 1.66% | 1.66% | 9/29/17 | |||||||||
* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 11. | ||||||||||||||||
** The maturity date may be extended an additional year at our election, subject to certain restrictions. | ||||||||||||||||
Mortgage Loans Payable, Net | ||||||||||||||||
During the nine months ended September 30, 2014, we paid off and retired prior to maturity mortgage loans payable in the amount of $59,680. In connection with these prepayments, we recognized $522 as a loss from retirement of debt for the nine months ended September 30, 2014. | ||||||||||||||||
On August 5, 2014, we assumed a mortgage loan payable from one of our Other Real Estate Partnerships totaling $8,872. | ||||||||||||||||
As of September 30, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $667,638. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2014. | ||||||||||||||||
Senior Unsecured Notes, Net | ||||||||||||||||
During the nine months ended September 30, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794. | ||||||||||||||||
Unsecured Term Loan | ||||||||||||||||
On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "Unsecured Term Loan") with a syndicate of financial institutions. The Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings. | ||||||||||||||||
Indebtedness | ||||||||||||||||
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of September 30, 2014 and thereafter: | ||||||||||||||||
Amount | ||||||||||||||||
Remainder of 2014 | $ | 2,544 | ||||||||||||||
2015 | 10,537 | |||||||||||||||
2016 | 250,164 | |||||||||||||||
2017 | 342,927 | |||||||||||||||
2018 | 127,107 | |||||||||||||||
Thereafter | 529,031 | |||||||||||||||
Total | $ | 1,262,310 | ||||||||||||||
Our unsecured revolving credit facility (the "Unsecured Credit Facility"), Unsecured Term Loan 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 Unsecured Term Loan, an event of default can also 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 we were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of September 30, 2014. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders in a manner that could impose and cause us to incur material costs. | ||||||||||||||||
Fair Value | ||||||||||||||||
At September 30, 2014 and December 31, 2013, the fair value of our indebtedness was as follows: | ||||||||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable, Net | $ | 521,304 | $ | 555,933 | $ | 580,215 | $ | 585,449 | ||||||||
Senior Unsecured Debt, Net | 364,837 | 398,655 | 445,916 | 482,781 | ||||||||||||
Unsecured Term Loan | 200,000 | 200,597 | N/A | N/A | ||||||||||||
Unsecured Credit Facility | 176,000 | 176,258 | 173,000 | 173,000 | ||||||||||||
Total | $ | 1,262,141 | $ | 1,331,443 | $ | 1,199,131 | $ | 1,241,230 | ||||||||
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 debt was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured debt, recent trades for senior unsecured debt with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan 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 debt, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Partners_Capital
Partners' Capital | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Partners' Capital [Abstract] | ' | |||
Partners' Capital | ' | |||
6. Partners’ Capital | ||||
Preferred Contributions | ||||
On March 6, 2014, the Company redeemed all 50,000 depositary shares, each representing 1/100th of a share, of the Company's 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at a redemption price of $1,000.00 per depositary share, and paid a quarterly dividend of $11.3299 per depositary share, totaling $566. An equivalent number of Series F Cumulative Preferred Units (the "Series F Preferred Units") were redeemed on March 6, 2014 as well. | ||||
On March 31, 2014, the Company redeemed all 25,000 depositary shares, each representing 1/100th of a share, of the Company's 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at a redemption price of $1,000.00 per depositary share, and paid a semi-annual dividend of $36.18 per depositary share, totaling $905. An equivalent number of Series G Cumulative Preferred Units (the "Series G Preferred Units") were redeemed on March 31, 2014 as well. | ||||
The initial offering costs associated with the issuance of the Series F and Series G Preferred Units, as well as costs associated with the redemptions, totaled $1,462 and are reflected as a deduction from net income in determining earnings per unit for the nine months ended September 30, 2014. | ||||
The Company has 10,000,000 shares of preferred stock authorized. At September 30, 2014 and December 31, 2013, the Company had 0 and 750 shares of preferred stock outstanding, respectively. | ||||
Unit Contributions | ||||
During the nine months ended September 30, 2014 and 2013, 175,333 and 99,508, respectively, limited partnership units were converted into an equivalent number of general partnership units, resulting in a reclassification of $1,697 and $943 between Limited Partners Units and General Partner Units. | ||||
Distributions | ||||
The coupon rate of our Series F Preferred Units reset every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%. | ||||
The following table summarizes distributions accrued during the nine months ended September 30, 2014: | ||||
Total | ||||
Distribution | ||||
General Partner/Limited Partner Units | $ | 35,416 | ||
Series F Preferred Units | $ | 566 | ||
Series G Preferred Units | $ | 453 | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
7. Accumulated Other Comprehensive Loss | |||||||||||||||||||
The following tables summarize the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2014 and the reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Total | |||||||||||||||||
Balance as of December 31, 2013 | $ | (3,481 | ) | $ | 119 | $ | (3,362 | ) | |||||||||||
Other Comprehensive Loss Before Reclassifications | (3,807 | ) | (76 | ) | (3,883 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,129 | — | 4,129 | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 322 | (76 | ) | 246 | |||||||||||||||
Balance as of September 30, 2014 | $ | (3,159 | ) | $ | 43 | $ | (3,116 | ) | |||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||
Interest Rate Protection Agreements | |||||||||||||||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | $ | 131 | $ | 609 | $ | 1,227 | $ | 1,792 | Interest Expense | ||||||||||
Settlement Payments to our Counterparties | 1,090 | — | 2,902 | — | Interest Expense | ||||||||||||||
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | — | 17 | — | 1,116 | Loss from Retirement of Debt | ||||||||||||||
$ | 1,221 | $ | 626 | $ | 4,129 | $ | 2,908 | Total | |||||||||||
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 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 $523 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps, as defined in Note 11, will also be reclassified to net income. See Note 11 for more information about our derivatives. |
Supplemental_Information_to_St
Supplemental Information to Statements of Cash Flows | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Information to Statements of Cash Flows | ' | |||||||
8. Supplemental Information to Statements of Cash Flows | ||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 1,030 | $ | 2,447 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on General and Limited Partner Units | $ | 11,886 | $ | 9,788 | ||||
Exchange of Limited Partnership Units for General Partnership Units: | ||||||||
Limited Partnership Units | $ | (1,697 | ) | $ | (943 | ) | ||
General Partnership Units | 1,697 | 943 | ||||||
Total | $ | — | $ | — | ||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | 269 | $ | 298 | ||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 21,875 | $ | 6,369 | ||||
Mortgage Loan Payable Assumed from Other Real Estate Partnership: | ||||||||
Prepaid Expenses and Other Assets, Net | $ | 8,872 | $ | — | ||||
Mortgage Loans Payable, Net | (8,872 | ) | — | |||||
Total | $ | — | $ | — | ||||
Write-off of Fully Depreciated Assets | $ | (25,896 | ) | $ | (36,992 | ) |
Earnings_Per_Unit_EPU
Earnings Per Unit (EPU) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Unit (EPU) | ' | |||||||||||||||
9. Earnings Per Unit ("EPU") | ||||||||||||||||
The computation of basic and diluted EPU is presented below: | ||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from Continuing Operations | $ | 10,341 | $ | 4,068 | $ | 18,186 | $ | 3,048 | ||||||||
Gain on Sale of Real Estate | — | 221 | — | 483 | ||||||||||||
Income from Continuing Operations Allocable to Participating Securities | (42 | ) | (6 | ) | (67 | ) | — | |||||||||
Preferred Unit Distributions | — | (1,392 | ) | (1,019 | ) | (7,506 | ) | |||||||||
Redemption of Preferred Units | — | (2,121 | ) | (1,462 | ) | (5,667 | ) | |||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 10,299 | $ | 770 | $ | 15,638 | $ | (9,642 | ) | |||||||
Income from Discontinued Operations | $ | 11,877 | $ | 4,449 | $ | 13,337 | $ | 15,472 | ||||||||
Income from Discontinued Operations Allocable to Participating Securities | (48 | ) | (36 | ) | (56 | ) | (120 | ) | ||||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 11,829 | $ | 4,413 | $ | 13,281 | $ | 15,352 | ||||||||
Net Income Available to Unitholders and Participating Securities | $ | 22,218 | $ | 5,225 | $ | 29,042 | $ | 5,830 | ||||||||
Net Income Allocable to Participating Securities | (90 | ) | (42 | ) | (123 | ) | (120 | ) | ||||||||
Net Income Available to Unitholders | $ | 22,128 | $ | 5,183 | $ | 28,919 | $ | 5,710 | ||||||||
Denominator: | ||||||||||||||||
Weighted Average Units—Basic | 114,512 | 114,089 | 114,346 | 110,823 | ||||||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | ||||||||||||||||
LTIP Unit Awards | 199 | 315 | 442 | — | ||||||||||||
Weighted Average Units—Diluted | 114,711 | 114,404 | 114,788 | 110,823 | ||||||||||||
Basic and Diluted EPU: | ||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 0.09 | $ | 0 | $ | 0.14 | $ | (0.09 | ) | |||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 0.1 | $ | 0.04 | $ | 0.11 | $ | 0.14 | ||||||||
Net Income Available to Unitholders | $ | 0.19 | $ | 0.04 | $ | 0.25 | $ | 0.05 | ||||||||
Participating securities include Units that correspond to the Company's 463,774 and 489,381 of unvested restricted stock awards outstanding at September 30, 2014 and 2013, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred units) or common distributions declared. | ||||||||||||||||
Effective July 1, 2013, the Board of Directors granted performance awards ("LTIP Unit Awards") to certain officers and employees of the Company. The LTIP Unit Awards, which do not participate in non-forfeitable dividends of the Company, are dilutive and are included in the calculation of diluted EPU for the three months ended September 30, 2014 and 2013 and nine months ended September 30, 2014. | ||||||||||||||||
The number of weighted average units—diluted is the same as the number of weighted average units—basic for the nine months ended September 30, 2013, as the effect of the LTIP Unit Awards outstanding at September 30, 2013, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation [Abstract] | ' |
Stock Based Compensation | ' |
10. Stock Based Compensation | |
During the nine months ended September 30, 2014, we awarded 299,805 shares of restricted stock awards to certain employees, which had a fair value of $5,413 on the date of approval by either the Compensation Committee of the Board of Directors or the approval date of the Company's 2014 Stock Incentive Plan. These restricted stock awards were issued based upon the achievement of certain corporate performance goals for the calendar year 2013 and generally vest over a period of three years. Additionally, during the nine months ended September 30, 2014, we awarded 19,250 shares of restricted stock to non-employee members of the Board of Directors, which had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period. We issued Units to the Company in the same amount for both award issuances. | |
Compensation expense will be charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the nine months ended September 30, 2014 and 2013, we recognized $1,451 and $1,008, respectively, of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required. | |
We recognized $1,351 and $1,769 for the three months ended September 30, 2014 and 2013, and $6,248 and $4,436 for the nine months ended September 30, 2014 and 2013, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $6 and $11 was capitalized for the three months ended September 30, 2014 and 2013, and $36 and $24 was capitalized for the nine months ended September 30, 2014 and 2013, respectively, in connection with development activities. At September 30, 2014, we had $6,437 in unrecognized compensation related to unvested restricted stock awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.86 years. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivatives | ' | ||||||||||||||
11. 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 origination of the Unsecured Term Loan (see Note 5), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021.We designated the Group I Swaps as cash flow hedges. | |||||||||||||||
In order to maintain our flexibility to pursue an offering of unsecured debt in the future, during August 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 "Group II Swaps"; together with the Group I Swaps, the "Swaps"). The Group II Swaps fix the LIBOR rate at a rate of 2.5795% and are effective from December 1, 2014 through December 1, 2024. We designated the Group II Swaps as cash flow hedges. | |||||||||||||||
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 September 30, 2014, we have not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, 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 Swaps, which are included in Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of September 30, 2014: | |||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | Fair Value | Quoted Prices in | Significant Other | Unobservable | |||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Group II Swaps | $ | 2,237 | — | $ | 2,237 | — | |||||||||
Liabilities: | |||||||||||||||
Group I Swaps | $ | (3,142 | ) | — | $ | (3,142 | ) | — | |||||||
There was no ineffectiveness recorded on the Swaps during the three and nine months ended September 30, 2014. See Note 7 for more information. | |||||||||||||||
The estimated fair value of the 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 Swaps fell within Level 2 of the fair value hierarchy. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
12. 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. | |
In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At September 30, 2014, we have five industrial buildings totaling approximately 1.2 million square feet of GLA that are under construction. The estimated total construction costs as of September 30, 2014 are approximately $64,700. Of this amount, approximately $24,900 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
From October 1, 2014 to October 30, 2014, we sold two industrial properties and a certain land parcel for approximately $3,285. The land parcel sold was located in Ontario, Canada and was our sole remaining real estate asset located in Canada. There were no industrial properties acquired during the period. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods and is to be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Upon adoption, we anticipate the disposition of properties, as well as the classification of properties held for sale, will generally no longer meet the guidance to be classified as discontinued operations. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the potential effects on the consolidated financial statements. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Real Estate Investment Property, Net [Abstract] | ' | |||||||||||||||||
Summary of Acquisition Purchase Price Allocation | ' | |||||||||||||||||
The purchase price of the industrial properties and land parcels acquired was allocated as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
Land | $ | 19,840 | ||||||||||||||||
Building and Improvements | 16,946 | |||||||||||||||||
Other Assets | 897 | |||||||||||||||||
Deferred Leasing Intangibles, Net | 5,563 | |||||||||||||||||
Total Purchase Price | $ | 43,246 | ||||||||||||||||
Summary of Intangible Assets (Liabilities) Subject to Amortization in the Period of Acquisition | ' | |||||||||||||||||
The fair value at the date of acquisition of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded due to the real estate properties acquired for the nine months ended September 30, 2014, which are recorded as deferred leasing intangibles, are as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
In-Place Leases | $ | 2,660 | ||||||||||||||||
Tenant Relationships | $ | 1,620 | ||||||||||||||||
Above Market Leases | $ | 219 | ||||||||||||||||
Below Market Ground Lease Obligation | $ | 1,854 | ||||||||||||||||
Below Market Leases | $ | (790 | ) | |||||||||||||||
The weighted average life, in months, of in-place leases, tenant relationships, a below market ground lease obligation and above and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2014 is as follows: | ||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
In-Place Leases | 71 | |||||||||||||||||
Tenant Relationships | 130 | |||||||||||||||||
Above Market Leases | 83 | |||||||||||||||||
Below Market Ground Lease Obligation | 480 | |||||||||||||||||
Below Market Leases | 71 | |||||||||||||||||
Summary of Industrial Properties Included in Discontinued Operations | ' | |||||||||||||||||
The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||||
Total Revenues | $ | 811 | $ | 3,605 | $ | 3,876 | $ | 13,353 | ||||||||||
Property Expenses | (324 | ) | (1,306 | ) | (1,384 | ) | (4,965 | ) | ||||||||||
Impairment of Real Estate | — | — | — | (1,605 | ) | |||||||||||||
Depreciation and Other Amortization | (187 | ) | (1,463 | ) | (1,446 | ) | (5,331 | ) | ||||||||||
Gain on Sale of Real Estate | 11,577 | 3,613 | 12,291 | 14,020 | ||||||||||||||
Income from Discontinued Operations | $ | 11,877 | $ | 4,449 | $ | 13,337 | $ | 15,472 | ||||||||||
Fair Value Measurements on a Nonrecurring Basis | ' | |||||||||||||||||
The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis and for which impairment charges were recorded during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. | ||||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis Using: | ||||||||||||||||||
Description | At September 30, 2013 | Quoted Prices in | Significant Other | Unobservable | Total | |||||||||||||
Active Markets for | Observable Inputs | Inputs | Impairment for the Nine Months Ended | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Operating Property Not Held for Sale* | $ | 6,875 | — | — | $ | 6,875 | $ | (1,047 | ) | |||||||||
*Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets were sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ' | |||||||||||||||||
The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | ||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
One industrial property comprising approximately 0.5 million square feet of GLA | $ | 6,875 | Contracted Price | (A) | N/A | |||||||||||||
(A) | The fair value for the property was based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness. |
Investments_in_and_Advances_to1
Investments in and Advances to Other Real Estate Partnerships (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investment in and Advances to Other Real Estate Partnerships [Abstract] | ' | |||||||||||||||
Condensed Balance Sheet | ' | |||||||||||||||
Condensed Combined Balance Sheets: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
ASSETS | ||||||||||||||||
Assets: | ||||||||||||||||
Net Investment in Real Estate | $ | 277,534 | $ | 276,294 | ||||||||||||
Note Receivable | 18,023 | 119,364 | ||||||||||||||
Other Assets, Net | 26,862 | 33,234 | ||||||||||||||
Total Assets | $ | 322,419 | $ | 428,892 | ||||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Liabilities: | ||||||||||||||||
Mortgage Loans Payable | $ | 81,623 | $ | 97,675 | ||||||||||||
Other Liabilities, Net | 19,953 | 13,795 | ||||||||||||||
Partners’ Capital | 220,843 | 317,422 | ||||||||||||||
Total Liabilities and Partners’ Capital | $ | 322,419 | $ | 428,892 | ||||||||||||
Operating Partnership’s Share of Equity | $ | 219,886 | $ | 316,188 | ||||||||||||
Basis Differential (1) | (17,951 | ) | (119,865 | ) | ||||||||||||
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships | $ | 201,935 | $ | 196,323 | ||||||||||||
_____________________ | ||||||||||||||||
-1 | This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. The basis differential relates to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. | |||||||||||||||
Condensed Income Statement | ' | |||||||||||||||
Condensed Combined Statements of Operations: | ||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||
Total Revenues | $ | 10,151 | $ | 9,694 | $ | 30,437 | $ | 28,648 | ||||||||
Property Expenses | (2,920 | ) | (2,813 | ) | (9,319 | ) | (8,707 | ) | ||||||||
Depreciation and Other Amortization | (3,092 | ) | (2,973 | ) | (8,843 | ) | (8,812 | ) | ||||||||
Interest Income | 130 | 1,237 | 1,192 | 3,809 | ||||||||||||
Interest Expense | (1,144 | ) | (1,079 | ) | (3,770 | ) | (3,541 | ) | ||||||||
Amortization of Deferred Financing Costs | (37 | ) | (45 | ) | (125 | ) | (142 | ) | ||||||||
Loss from Retirement of Debt | (3 | ) | — | (133 | ) | (214 | ) | |||||||||
Income from Continuing Operations | 3,085 | 4,021 | 9,439 | 11,041 | ||||||||||||
Discontinued Operations: | ||||||||||||||||
Income Attributable to Discontinued Operations | 9 | 113 | 56 | 274 | ||||||||||||
Gain on Sale of Real Estate | 1,851 | 1,630 | 2,192 | 1,630 | ||||||||||||
Income from Discontinued Operations | 1,860 | 1,743 | 2,248 | 1,904 | ||||||||||||
Gain on Sale of Real Estate | — | 70 | — | 70 | ||||||||||||
Net Income | $ | 4,945 | $ | 5,834 | $ | 11,687 | $ | 13,015 | ||||||||
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Information Regarding Indebtedness | ' | |||||||||||||||
The following table discloses certain information regarding our indebtedness: | ||||||||||||||||
Outstanding | Interest | Effective Interest | Maturity Date | |||||||||||||
Balance at | Rate at | Rate at | ||||||||||||||
September 30, | Issuance | |||||||||||||||
September 30, 2014 | December 31, | 2014 | ||||||||||||||
2013 | ||||||||||||||||
Mortgage Loans Payable, Net | $ | 521,304 | $ | 580,215 | 4.03% – 8.26% | 4.03% – 8.26% | February 2016 – September 2022 | |||||||||
Unamortized Premiums | (96 | ) | (115 | ) | ||||||||||||
Mortgage Loans Payable, Gross | $ | 521,208 | $ | 580,100 | ||||||||||||
Senior Unsecured Notes, Net | ||||||||||||||||
2016 Notes | $ | 159,607 | $ | 159,566 | 5.75% | 5.91% | 1/15/16 | |||||||||
2017 Notes | 54,964 | 54,960 | 7.50% | 7.52% | 12/1/17 | |||||||||||
2027 Notes | 6,066 | 6,066 | 7.15% | 7.11% | 5/15/27 | |||||||||||
2028 Notes | 31,884 | 31,883 | 7.60% | 8.13% | 7/15/28 | |||||||||||
2032 Notes | 10,517 | 10,514 | 7.75% | 7.87% | 4/15/32 | |||||||||||
2014 Notes | — | 81,149 | N/A | N/A | 6/1/14 | |||||||||||
2017 II Notes | 101,799 | 101,778 | 5.95% | 6.37% | 5/15/17 | |||||||||||
Subtotal | $ | 364,837 | $ | 445,916 | ||||||||||||
Unamortized Discounts | 265 | 980 | ||||||||||||||
Senior Unsecured Notes, Gross | $ | 365,102 | $ | 446,896 | ||||||||||||
Unsecured Term Loan* | $ | 200,000 | N/A | 1.91% | 1.91% | 1/29/21 | ||||||||||
Unsecured Credit Facility** | $ | 176,000 | $ | 173,000 | 1.66% | 1.66% | 9/29/17 | |||||||||
* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 11. | ||||||||||||||||
** The maturity date may be extended an additional year at our election, subject to certain restrictions. | ||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of September 30, 2014 and thereafter: | ||||||||||||||||
Amount | ||||||||||||||||
Remainder of 2014 | $ | 2,544 | ||||||||||||||
2015 | 10,537 | |||||||||||||||
2016 | 250,164 | |||||||||||||||
2017 | 342,927 | |||||||||||||||
2018 | 127,107 | |||||||||||||||
Thereafter | 529,031 | |||||||||||||||
Total | $ | 1,262,310 | ||||||||||||||
Summary of Indebtedness at Estimated Fair Value | ' | |||||||||||||||
At September 30, 2014 and December 31, 2013, the fair value of our indebtedness was as follows: | ||||||||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable, Net | $ | 521,304 | $ | 555,933 | $ | 580,215 | $ | 585,449 | ||||||||
Senior Unsecured Debt, Net | 364,837 | 398,655 | 445,916 | 482,781 | ||||||||||||
Unsecured Term Loan | 200,000 | 200,597 | N/A | N/A | ||||||||||||
Unsecured Credit Facility | 176,000 | 176,258 | 173,000 | 173,000 | ||||||||||||
Total | $ | 1,262,141 | $ | 1,331,443 | $ | 1,199,131 | $ | 1,241,230 | ||||||||
Partners_Capital_Tables
Partners' Capital (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Partners' Capital [Abstract] | ' | |||
Summary of Dividend Distributions | ' | |||
The following table summarizes distributions accrued during the nine months ended September 30, 2014: | ||||
Total | ||||
Distribution | ||||
General Partner/Limited Partner Units | $ | 35,416 | ||
Series F Preferred Units | $ | 566 | ||
Series G Preferred Units | $ | 453 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
The following tables summarize the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2014 and the reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Total | |||||||||||||||||
Balance as of December 31, 2013 | $ | (3,481 | ) | $ | 119 | $ | (3,362 | ) | |||||||||||
Other Comprehensive Loss Before Reclassifications | (3,807 | ) | (76 | ) | (3,883 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,129 | — | 4,129 | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 322 | (76 | ) | 246 | |||||||||||||||
Balance as of September 30, 2014 | $ | (3,159 | ) | $ | 43 | $ | (3,116 | ) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||
Interest Rate Protection Agreements | |||||||||||||||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | $ | 131 | $ | 609 | $ | 1,227 | $ | 1,792 | Interest Expense | ||||||||||
Settlement Payments to our Counterparties | 1,090 | — | 2,902 | — | Interest Expense | ||||||||||||||
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | — | 17 | — | 1,116 | Loss from Retirement of Debt | ||||||||||||||
$ | 1,221 | $ | 626 | $ | 4,129 | $ | 2,908 | Total | |||||||||||
Supplemental_Information_to_St1
Supplemental Information to Statements of Cash Flows (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Flow Information | ' | |||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 1,030 | $ | 2,447 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on General and Limited Partner Units | $ | 11,886 | $ | 9,788 | ||||
Exchange of Limited Partnership Units for General Partnership Units: | ||||||||
Limited Partnership Units | $ | (1,697 | ) | $ | (943 | ) | ||
General Partnership Units | 1,697 | 943 | ||||||
Total | $ | — | $ | — | ||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | 269 | $ | 298 | ||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 21,875 | $ | 6,369 | ||||
Mortgage Loan Payable Assumed from Other Real Estate Partnership: | ||||||||
Prepaid Expenses and Other Assets, Net | $ | 8,872 | $ | — | ||||
Mortgage Loans Payable, Net | (8,872 | ) | — | |||||
Total | $ | — | $ | — | ||||
Write-off of Fully Depreciated Assets | $ | (25,896 | ) | $ | (36,992 | ) |
Earnings_Per_Unit_EPU_Tables
Earnings Per Unit (EPU) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings Per Unit | ' | |||||||||||||||
The computation of basic and diluted EPU is presented below: | ||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Income from Continuing Operations | $ | 10,341 | $ | 4,068 | $ | 18,186 | $ | 3,048 | ||||||||
Gain on Sale of Real Estate | — | 221 | — | 483 | ||||||||||||
Income from Continuing Operations Allocable to Participating Securities | (42 | ) | (6 | ) | (67 | ) | — | |||||||||
Preferred Unit Distributions | — | (1,392 | ) | (1,019 | ) | (7,506 | ) | |||||||||
Redemption of Preferred Units | — | (2,121 | ) | (1,462 | ) | (5,667 | ) | |||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 10,299 | $ | 770 | $ | 15,638 | $ | (9,642 | ) | |||||||
Income from Discontinued Operations | $ | 11,877 | $ | 4,449 | $ | 13,337 | $ | 15,472 | ||||||||
Income from Discontinued Operations Allocable to Participating Securities | (48 | ) | (36 | ) | (56 | ) | (120 | ) | ||||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 11,829 | $ | 4,413 | $ | 13,281 | $ | 15,352 | ||||||||
Net Income Available to Unitholders and Participating Securities | $ | 22,218 | $ | 5,225 | $ | 29,042 | $ | 5,830 | ||||||||
Net Income Allocable to Participating Securities | (90 | ) | (42 | ) | (123 | ) | (120 | ) | ||||||||
Net Income Available to Unitholders | $ | 22,128 | $ | 5,183 | $ | 28,919 | $ | 5,710 | ||||||||
Denominator: | ||||||||||||||||
Weighted Average Units—Basic | 114,512 | 114,089 | 114,346 | 110,823 | ||||||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | ||||||||||||||||
LTIP Unit Awards | 199 | 315 | 442 | — | ||||||||||||
Weighted Average Units—Diluted | 114,711 | 114,404 | 114,788 | 110,823 | ||||||||||||
Basic and Diluted EPU: | ||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 0.09 | $ | 0 | $ | 0.14 | $ | (0.09 | ) | |||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 0.1 | $ | 0.04 | $ | 0.11 | $ | 0.14 | ||||||||
Net Income Available to Unitholders | $ | 0.19 | $ | 0.04 | $ | 0.25 | $ | 0.05 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
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 Swaps, which are included in Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of September 30, 2014: | |||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | Fair Value | Quoted Prices in | Significant Other | Unobservable | |||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||
(Level 1) | |||||||||||||||
Assets: | |||||||||||||||
Group II Swaps | $ | 2,237 | — | $ | 2,237 | — | |||||||||
Liabilities: | |||||||||||||||
Group I Swaps | $ | (3,142 | ) | — | $ | (3,142 | ) | — | |||||||
Organization_and_Formation_of_1
Organization and Formation of Partnership - Additional Information (Detail) | Sep. 30, 2014 |
Property | |
sqft | |
State | |
Joint_Ventures | |
Organization And Formation Of Company [Line Items] | ' |
Ownership interest of sole general partner | 96.20% |
Ownership interest of limited partners | 3.80% |
Number of joint ventures | 2 |
Number of industrial properties owned | 576 |
Number of states in which industrial properties are located | 24 |
Gross leasable area (GLA) of industrial properties owned | 55,400,000 |
Other Real Estate Partnerships | ' |
Organization And Formation Of Company [Line Items] | ' |
Minimum ownership interest in limited partnerships | 99.00% |
Number of limited partnerships | 8 |
Minimum ownership interest of limited partnerships | 0.01% |
Number of industrial properties owned | 62 |
Gross leasable area (GLA) of industrial properties owned | 7,900,000 |
2003 Net Lease Joint Venture | ' |
Organization And Formation Of Company [Line Items] | ' |
Number of industrial properties owned | 1 |
Gross leasable area (GLA) of industrial properties owned | 800,000 |
Investment_in_Real_Estate_Addi
Investment in Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Property | Property | Property | |||
sqft | |||||
Real Estate Investment Property, Net [Abstract] | ' | ' | ' | ' | ' |
Number of industrial properties acquired | ' | ' | 3 | ' | ' |
Gross leasable area (GLA) of industrial properties acquired | ' | ' | 500,000 | ' | ' |
Purchase price of acquisitions | ' | ' | $43,246 | ' | ' |
Number of industrial properties sold | ' | ' | 16 | ' | ' |
Gross leasable area (GLA) of industrial properties sold | ' | ' | 900,000 | ' | ' |
Proceeds from sale of industrial properties | ' | ' | 50,510 | ' | ' |
Gain on sale of real estate | ' | ' | 12,291 | 14,503 | ' |
Number of sold industrial properties included in discontinued operations | ' | ' | 16 | 18 | 65 |
Number of industrial properties held for sale | ' | ' | 2 | ' | ' |
Gross leasable area (GLA) of industrial properties held for sale | ' | ' | 200,000 | ' | ' |
Impairment of real estate | ' | ' | 0 | 2,652 | ' |
Impairment of real estate included in discontinued operations | $0 | $0 | $0 | $1,605 | ' |
Investment_in_Real_Estate_Summ
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Real Estate Investment Property, Net [Abstract] | ' |
Land | $19,840 |
Building and Improvements | 16,946 |
Other Assets | 897 |
Deferred Leasing Intangibles, Net | 5,563 |
Total Purchase Price | $43,246 |
Investment_in_Real_Estate_Summ1
Investment in Real Estate - Summary of Intangible Assets (Liabilities) Subject to Amortization in the Period of Acquisition (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
In-Place Leases | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired finite lived intangible asset, fair value | $2,660 |
Acquired finite lived intangible asset, weighted average life | '71 months |
Tenant Relationships | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired finite lived intangible asset, fair value | 1,620 |
Acquired finite lived intangible asset, weighted average life | '130 months |
Above Market Leases | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired finite lived intangible asset, fair value | 219 |
Acquired finite lived intangible asset, weighted average life | '83 months |
Below Market Ground Lease | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired finite lived intangible asset, fair value | 1,854 |
Acquired finite lived intangible asset, weighted average life | '480 months |
Below Market Leases | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired finite lived intangible asset, fair value | ($790) |
Acquired finite lived intangible asset, weighted average life | '71 months |
Investment_in_Real_Estate_Summ2
Investment in Real Estate - Summary of Industrial Properties Included in Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Real Estate Investment Property, Net [Abstract] | ' | ' | ' | ' |
Total Revenues | $811 | $3,605 | $3,876 | $13,353 |
Property Expenses | -324 | -1,306 | -1,384 | -4,965 |
Impairment of Real Estate | 0 | 0 | 0 | -1,605 |
Depreciation and Other Amortization | -187 | -1,463 | -1,446 | -5,331 |
Gain on Sale of Real Estate | 11,577 | 3,613 | 12,291 | 14,020 |
Income from Discontinued Operations | $11,877 | $4,449 | $13,337 | $15,472 |
Investment_in_Real_Estate_Fair
Investment in Real Estate - Fair Value Measurements on Non-Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Total Impairment | $0 | ($1,047) | $0 | ($1,047) | [1] | |
Fair Value, Measurements, Nonrecurring | ' | ' | ' | ' | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Operating Property Not Held for Sale | ' | 6,875 | [1] | ' | 6,875 | [1] |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' | ' | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Operating Property Not Held for Sale | ' | 0 | ' | 0 | ||
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Operating Property Not Held for Sale | ' | 0 | ' | 0 | ||
Fair Value, Measurements, Nonrecurring | Unobservable Inputs (Level 3) | ' | ' | ' | ' | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Operating Property Not Held for Sale | ' | $6,875 | [1] | ' | $6,875 | [1] |
[1] | Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets were sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. |
Investment_in_Real_Estate_Quan
Investment in Real Estate - Quantitative Information About Level 3 Fair Value Measurements (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | sqft | Unobservable Inputs (Level 3) | |
Property | Contracted Price | ||
sqft | |||
Property | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | |
Fair value of industrial property | ' | $6,875 | [1] |
Number of industrial properties | 576 | 1 | |
Gross leasable area (GLA) of industrial properties | 55,400,000 | 500,000 | |
[1] | (A)The fair value for the property was based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness. |
Investments_in_and_Advances_to2
Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Net Investment in Real Estate | $2,094,507 | $2,095,208 | ||
Total Assets | 2,494,155 | 2,498,779 | ||
Liabilities: | ' | ' | ||
Mortgage Loans Payable, Net | 521,304 | 580,215 | ||
Partners’ Capital | 1,102,595 | 1,180,722 | ||
Total Liabilities and Partners’ Capital | 2,494,155 | 2,498,779 | ||
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships | 201,935 | 196,323 | ||
Other Real Estate Partnerships | ' | ' | ||
Assets: | ' | ' | ||
Net Investment in Real Estate | 277,534 | 276,294 | ||
Note Receivable | 18,023 | 119,364 | ||
Other Assets, Net | 26,862 | 33,234 | ||
Total Assets | 322,419 | 428,892 | ||
Liabilities: | ' | ' | ||
Mortgage Loans Payable, Net | 81,623 | 97,675 | ||
Other Liabilities, Net | 19,953 | 13,795 | ||
Partners’ Capital | 220,843 | 317,422 | ||
Total Liabilities and Partners’ Capital | 322,419 | 428,892 | ||
Operating Partnership’s Share of Equity | 219,886 | 316,188 | ||
Basis Differentials | -17,951 | [1] | -119,865 | [1] |
Carrying Value of the Operating Partnership’s Investments in Other Real Estate Partnerships | $201,935 | $196,323 | ||
[1] | This amount represents the aggregate difference between the Operating Partnership’s historical cost basis and the basis reflected at the Other Real Estate Partnerships’ level. The basis differential relates to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. |
Investments_in_and_Advances_to3
Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' | ' |
Total Revenues | $76,926 | $70,014 | $225,910 | $210,084 |
Property Expenses | -24,646 | -22,499 | -76,077 | -68,820 |
Depreciation and Other Amortization | -25,029 | -24,119 | -75,237 | -71,086 |
Interest Income | 700 | 611 | 2,114 | 1,818 |
Interest Expense | -16,178 | -16,918 | -51,522 | -51,850 |
Amortization of Deferred Financing Costs | -716 | -736 | -2,235 | -2,326 |
Loss from Retirement of Debt | -29 | -662 | -522 | -6,034 |
Income from Continuing Operations | 10,341 | 4,068 | 18,186 | 3,048 |
Discontinued Operations: | ' | ' | ' | ' |
Income Attributable to Discontinued Operations | 300 | 836 | 1,046 | 1,452 |
Gain on Sale of Real Estate | 11,577 | 3,613 | 12,291 | 14,020 |
Income from Discontinued Operations | 11,877 | 4,449 | 13,337 | 15,472 |
Gain on Sale of Real Estate | 0 | 221 | 0 | 483 |
Net Income | 22,218 | 8,738 | 31,523 | 19,003 |
Other Real Estate Partnerships | ' | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' | ' |
Total Revenues | 10,151 | 9,694 | 30,437 | 28,648 |
Property Expenses | -2,920 | -2,813 | -9,319 | -8,707 |
Depreciation and Other Amortization | -3,092 | -2,973 | -8,843 | -8,812 |
Interest Income | 130 | 1,237 | 1,192 | 3,809 |
Interest Expense | -1,144 | -1,079 | -3,770 | -3,541 |
Amortization of Deferred Financing Costs | -37 | -45 | -125 | -142 |
Loss from Retirement of Debt | -3 | 0 | -133 | -214 |
Income from Continuing Operations | 3,085 | 4,021 | 9,439 | 11,041 |
Discontinued Operations: | ' | ' | ' | ' |
Income Attributable to Discontinued Operations | 9 | 113 | 56 | 274 |
Gain on Sale of Real Estate | 1,851 | 1,630 | 2,192 | 1,630 |
Income from Discontinued Operations | 1,860 | 1,743 | 2,248 | 1,904 |
Gain on Sale of Real Estate | 0 | 70 | 0 | 70 |
Net Income | $4,945 | $5,834 | $11,687 | $13,015 |
Indebtedness_Information_Regar
Indebtedness - Information Regarding Indebtedness (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage Loans Payable, Net | $521,304 | $580,215 | ||
Senior Unsecured Notes, Net | 364,837 | 445,916 | ||
Unsecured Term Loan | 200,000 | 0 | ||
Unsecured Credit Facility | 176,000 | 173,000 | ||
Mortgages | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage Loans Payable, Net | 521,304 | 580,215 | ||
Unamortized Premiums | -96 | -115 | ||
Mortgage Loans Payable, Gross | 521,208 | 580,100 | ||
Interest Rate, Minimum | 4.03% | ' | ||
Interest Rate, Maximum | 8.26% | ' | ||
Effective Interest Rate, Minimum | 4.03% | ' | ||
Effective Interest Rate, Maximum | 8.26% | ' | ||
Maturity Date Range, Start | 1-Feb-16 | ' | ||
Maturity Date Range, End | 1-Sep-22 | ' | ||
Senior Unsecured Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 364,837 | 445,916 | ||
Unamortized Discounts | 265 | 980 | ||
Senior Unsecured Notes, Gross | 365,102 | 446,896 | ||
Unsecured Term Loan | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unsecured Term Loan | 200,000 | [1] | ' | |
Interest Rate | 1.90% | [1] | ' | |
Effective Interest Rate | 1.90% | [1] | ' | |
Maturity Date | 29-Jan-21 | [1] | ' | |
Unsecured Credit Facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unsecured Credit Facility | 176,000 | [2] | 173,000 | [2] |
Unsecured Credit Facility, Interest Rate at Period End | 1.66% | [2] | ' | |
Effective Interest Rate | 1.66% | [2] | ' | |
Maturity Date | 29-Sep-17 | [2] | ' | |
2016 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 159,607 | 159,566 | ||
Interest Rate | 5.75% | ' | ||
Effective Interest Rate | 5.91% | ' | ||
Maturity Date | 15-Jan-16 | ' | ||
2017 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 54,964 | 54,960 | ||
Interest Rate | 7.50% | ' | ||
Effective Interest Rate | 7.52% | ' | ||
Maturity Date | 1-Dec-17 | ' | ||
2027 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 6,066 | 6,066 | ||
Interest Rate | 7.15% | ' | ||
Effective Interest Rate | 7.11% | ' | ||
Maturity Date | 15-May-27 | ' | ||
2028 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 31,884 | 31,883 | ||
Interest Rate | 7.60% | ' | ||
Effective Interest Rate | 8.13% | ' | ||
Maturity Date | 15-Jul-28 | ' | ||
2032 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 10,517 | 10,514 | ||
Interest Rate | 7.75% | ' | ||
Effective Interest Rate | 7.87% | ' | ||
Maturity Date | 15-Apr-32 | ' | ||
2014 Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | 0 | 81,149 | ||
Maturity Date | 1-Jun-14 | ' | ||
2017 II Notes | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net | $101,799 | $101,778 | ||
Interest Rate | 5.95% | ' | ||
Effective Interest Rate | 6.37% | ' | ||
Maturity Date | 15-May-17 | ' | ||
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 11. | |||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 29, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Interest Rate Swap | Mortgages | Unsecured Term Loan | Mortgages | Mortgages | Senior Unsecured Notes | |||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt, amount | ' | ' | ' | ' | ' | ' | ' | $59,680 | ' | $81,794 |
Gains (losses) on extinguishment of debt | -29 | -662 | -522 | -6,034 | ' | ' | ' | ' | 522 | ' |
Mortgage loan payable assumed | ' | ' | 8,872 | ' | ' | ' | ' | ' | ' | ' |
Carrying value of industrial properties held under mortgage | ' | ' | ' | ' | ' | 667,638 | ' | ' | ' | ' |
Unsecured term loan, term | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' |
Unsecured term loan, face amount | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Swaps, notional amount | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' |
Indebtedness_Schedule_of_Matur
Indebtedness - Schedule of Maturities of Long-term Debt (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Remainder of 2014 | $2,544 |
2015 | 10,537 |
2016 | 250,164 |
2017 | 342,927 |
2018 | 127,107 |
Thereafter | 529,031 |
Total | $1,262,310 |
Indebtedness_Summary_of_Indebt
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Line Items] | ' | ' | ||
Mortgage Loans Payable, Net, Carrying Amount | $521,304 | $580,215 | ||
Senior Unsecured Notes, Net, Carrying Amount | 364,837 | 445,916 | ||
Unsecured Term Loan, Carrying Amount | 200,000 | 0 | ||
Unsecured Credit Facility, Carrying Amount | 176,000 | 173,000 | ||
Total, Carrying Amount | 1,262,141 | 1,199,131 | ||
Total, Fair Value | 1,331,443 | 1,241,230 | ||
Mortgages | ' | ' | ||
Debt Disclosure [Line Items] | ' | ' | ||
Mortgage Loans Payable, Net, Carrying Amount | 521,304 | 580,215 | ||
Mortgage Loans Payable, Net, Fair Value | 555,933 | 585,449 | ||
Senior Unsecured Notes | ' | ' | ||
Debt Disclosure [Line Items] | ' | ' | ||
Senior Unsecured Notes, Net, Carrying Amount | 364,837 | 445,916 | ||
Senior Unsecured Notes, Net, Fair Value | 398,655 | 482,781 | ||
Unsecured Term Loan | ' | ' | ||
Debt Disclosure [Line Items] | ' | ' | ||
Unsecured Term Loan, Carrying Amount | 200,000 | [1] | ' | |
Unsecured Term Loan, Fair Value | 200,597 | ' | ||
Unsecured Credit Facility | ' | ' | ||
Debt Disclosure [Line Items] | ' | ' | ||
Unsecured Credit Facility, Carrying Amount | 176,000 | [2] | 173,000 | [2] |
Unsecured Credit Facility, Fair Value | $176,258 | $173,000 | ||
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 11. | |||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Partners_Capital_Additional_In
Partners' Capital - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 06, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Series F Preferred Units | Series F Preferred Units | Series F Preferred Units | Series G Preferred Units | Series G Preferred Units | ||||||
Minimum | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depositary shares redeemed | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | 25,000 |
Depositary share percentage per share | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 |
Dividend rate per share | ' | ' | ' | ' | ' | 6.24% | ' | ' | 7.24% | ' |
Preferred stock, par value per shares | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 |
Redemption price per share | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | $1,000 |
Dividend per share | ' | ' | ' | ' | ' | $11.33 | ' | ' | $36.18 | ' |
Total dividend | ' | ' | ' | ' | ' | $566 | ' | ' | $905 | ' |
Cost associated with share redemption | 0 | 2,121 | 1,462 | 5,667 | ' | ' | ' | ' | ' | ' |
Preferred stock shares authorized | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | ' | 0 | ' | 750 | ' | ' | ' | ' | ' |
Units converted into common stock | ' | ' | 175,333 | 99,508 | ' | ' | ' | ' | ' | ' |
Conversion of limited partner units to general partner units | ' | ' | $1,697 | $943 | ' | ' | ' | ' | ' | ' |
Fixed coupon rate of preferred stock | ' | ' | ' | ' | ' | ' | ' | 2.38% | ' | ' |
Number of years of U.S treasury rate one | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' |
Number of years of U.S treasury rate two | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
LIBOR rate | ' | ' | ' | ' | ' | '3-month LIBOR | ' | ' | ' | ' |
New coupon rate of preferred stock | ' | ' | ' | ' | ' | 6.28% | ' | ' | ' | ' |
Partners_Capital_Summary_of_Di
Partners' Capital - Summary of Dividend Distributions (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Partners Capital And Distributions [Line Items] | ' |
General Partner/Limited Partner Units, Total Distribution | $35,416 |
Total Preferred Dividend/Distribution | 2,481 |
Series F Preferred Units | ' |
Partners Capital And Distributions [Line Items] | ' |
Total Preferred Dividend/Distribution | 566 |
Series G Preferred Units | ' |
Partners Capital And Distributions [Line Items] | ' |
Total Preferred Dividend/Distribution | $453 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | ($3,362) |
Other Comprehensive Loss Before Reclassifications | -3,883 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,129 |
Net Current Period Other Comprehensive Income (Loss) | 246 |
Balance as of September 30, 2014 | -3,116 |
Interest Rate Protection Agreements | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | -3,481 |
Other Comprehensive Loss Before Reclassifications | -3,807 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,129 |
Net Current Period Other Comprehensive Income (Loss) | 322 |
Balance as of September 30, 2014 | -3,159 |
Foreign Currency Translation Adjustment | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | 119 |
Other Comprehensive Loss Before Reclassifications | -76 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive Income (Loss) | -76 |
Balance as of September 30, 2014 | $43 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest Expense | $16,178 | $16,918 | $51,522 | $51,850 |
Loss from Retirement of Debt | -29 | -662 | -522 | -6,034 |
Total | -16,223 | -17,705 | -52,165 | -58,340 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total | 1,221 | 626 | 4,129 | 2,908 |
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest Expense | 131 | 609 | 1,227 | 1,792 |
Loss from Retirement of Debt | 0 | 17 | 0 | 1,116 |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest Expense | $1,090 | $0 | $2,902 | $0 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Additional Information (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Loss [Abstract] | ' |
Amortization to be reclassified from OCI into income | $523 |
Supplemental_Information_to_St2
Supplemental Information to Statement of Cash Flows - Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Interest Expense Capitalized in Connection with Development Activity | $1,030 | $2,447 |
Supplemental Schedule of Non-cash Investing and Financing Activities: | ' | ' |
Distributions Payable | 11,886 | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 269 | 298 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 21,875 | 6,369 |
Mortgage Loan Payable Assumed from Other Real Estate Partnership: | ' | ' |
Transfer Mortgage Payable | 0 | 0 |
Write-off of Fully Depreciated Assets | -25,896 | -36,992 |
General Partner Units | ' | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 1,697 | 943 |
Limited Partner Units | ' | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | -1,697 | -943 |
General and Limited Partner Units | ' | ' |
Supplemental Schedule of Non-cash Investing and Financing Activities: | ' | ' |
Distributions Payable | 11,886 | 9,788 |
Prepaid Expenses and Other Assets | ' | ' |
Mortgage Loan Payable Assumed from Other Real Estate Partnership: | ' | ' |
Transfer Mortgage Payable | 8,872 | 0 |
Mortgages | ' | ' |
Mortgage Loan Payable Assumed from Other Real Estate Partnership: | ' | ' |
Transfer Mortgage Payable | ($8,872) | $0 |
Earnings_Per_Unit_Computation_
Earnings Per Unit - Computation of Basic and Diluted Earnings Per Unit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Income from Continuing Operations | $10,341 | $4,068 | $18,186 | $3,048 |
Gain on Sale of Real Estate | 0 | 221 | 0 | 483 |
Income from Continuing Operations Allocable to Participating Securities | -42 | -6 | -67 | 0 |
Preferred Unit Distributions | 0 | -1,392 | -1,019 | -7,506 |
Redemption of Preferred Units | 0 | -2,121 | -1,462 | -5,667 |
Income (Loss) from Continuing Operations Available to Unitholders | 10,299 | 770 | 15,638 | -9,642 |
Income from Discontinued Operations | 11,877 | 4,449 | 13,337 | 15,472 |
Income from Discontinued Operations Allocable to Participating Securities | -48 | -36 | -56 | -120 |
Income from Discontinued Operations Attributable to Unitholders | 11,829 | 4,413 | 13,281 | 15,352 |
Net Income Available to Unitholders and Participating Securities | 22,218 | 5,225 | 29,042 | 5,830 |
Net Income Allocable to Participating Securities | 90 | 42 | 123 | 120 |
Net Income Available to Unitholders | $22,128 | $5,183 | $28,919 | $5,710 |
Denominator: | ' | ' | ' | ' |
Weighted Average Units - Basic | 114,512 | 114,089 | 114,346 | 110,823 |
LTIP Unit Awards | 199 | 315 | 442 | 0 |
Weighted Average Units - Diluted | 114,711 | 114,404 | 114,788 | 110,823 |
Basic and Diluted EPU: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Available to Unitholders | $0.09 | $0 | $0.14 | ($0.09) |
Income from Discontinued Operations Attributable to Unitholders | $0.10 | $0.04 | $0.11 | $0.14 |
Net Income Available to Unitholders | $0.19 | $0.04 | $0.25 | $0.05 |
Earnings_Per_Unit_Additional_I
Earnings Per Unit - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Participating securities | 463,774 | 489,381 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense recognized at date of grant | ' | ' | $1,451 | $1,008 |
Amortization related to restricted stock and unit awards | 1,351 | 1,769 | 6,248 | 4,436 |
Amortization capitalized in development activities | 6 | 11 | 36 | 24 |
Unrecognized compensation related to unvested restricted stock and unit awards | 6,437 | ' | 6,437 | ' |
Weighted average period of unrecognized compensation expected to be recognized | ' | ' | '10 months 10 days | ' |
Management | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awards to employees | ' | ' | 299,805 | ' |
Unrecognized compensation related to unvested restricted stock and unit awards | 5,413 | ' | 5,413 | ' |
Management | Restricted Stock | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period of restricted stock | ' | ' | '3 years | ' |
Director | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock awards to employees | ' | ' | 19,250 | ' |
Unrecognized compensation related to unvested restricted stock and unit awards | $350 | ' | $350 | ' |
Director | Restricted Stock | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting period of restricted stock | ' | ' | '1 year | ' |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Aug. 01, 2014 |
Group I Swaps | Group I Swaps | Group II Swaps | Group II Swaps | |
Derivative [Line Items] | ' | ' | ' | ' |
Swaps, number of instruments held | ' | 4 | ' | 3 |
Swaps, notional amount | ' | $200,000 | ' | $220,000 |
Swaps, description of variable rate basis | '1-month LIBOR | ' | '3-month LIBOR | ' |
Swaps, average fixed interest rate | ' | 2.29% | ' | 2.58% |
Derivatives_Fair_Value_Measure
Derivatives - Fair Value Measurements on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value On Recurring Basis [Line Items] | ' |
Group II Swaps | $2,237 |
Group I Swaps | -3,142 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' |
Fair Value On Recurring Basis [Line Items] | ' |
Group II Swaps | 0 |
Group I Swaps | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' |
Fair Value On Recurring Basis [Line Items] | ' |
Group II Swaps | 2,237 |
Group I Swaps | -3,142 |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ' |
Fair Value On Recurring Basis [Line Items] | ' |
Group II Swaps | 0 |
Group I Swaps | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | sqft |
Property | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Number of industrial properties committed to development | 5 |
Gross leasable area (GLA) of industrial properties committed to development | 1,200,000 |
Estimated total construction costs | $64,700 |
Estimated total construction costs remaining to be funded | $24,900 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (USD $) | 9 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Oct. 30, 2014 |
Property | Subsequent Event | |
Parcels | ||
Property | ||
Subsequent Event [Line Items] | ' | ' |
Number of industrial properties sold | 16 | 2 |
Number of land parcels sold | ' | 1 |
Proceeds from sale of industrial properties and land parcel | $50,510 | $3,285 |