Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 01, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Whitestone REIT | ||
Entity Central Index Key | 1,175,535 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 39,223,591 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 465,386,087 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate assets, at cost | |||
Property | [1] | $ 1,149,454 | $ 920,310 |
Accumulated depreciation | [1] | (131,034) | (107,258) |
Total real estate assets | [1] | 1,018,420 | 813,052 |
Cash and cash equivalents | [1] | 7,817 | 4,168 |
Restricted cash | [1] | 205 | 56 |
Marketable securities | [1] | 32 | 517 |
Escrows and acquisition deposits | [1] | 10,104 | 6,620 |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | [1] | 23,504 | 19,951 |
Unamortized lease commissions and loan costs | [1] | 8,422 | 8,083 |
Prepaid expenses and other assets | [1] | 3,228 | 2,762 |
Total assets | [1] | 1,071,732 | 855,209 |
Liabilities: | |||
Notes payable | [2] | 659,068 | 544,020 |
Accounts payable and accrued expenses | [2] | 35,995 | 28,692 |
Tenants' security deposits | [2] | 6,885 | 6,125 |
Dividends and distributions payable | [2] | 11,466 | 8,729 |
Total liabilities | [2] | 713,414 | 587,566 |
Commitments and contingencies: | [2] | 0 | 0 |
Equity: | |||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | [2] | 0 | 0 |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 39,221,773 and 29,468,563 issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | [2] | 38 | 29 |
Additional paid-in capital | [2] | 521,314 | 396,494 |
Accumulated deficit | [2] | (176,684) | (141,695) |
Accumulated other comprehensive gain | [2] | 2,936 | 859 |
Total Whitestone REIT shareholders' equity | [2] | 347,604 | 255,687 |
Noncontrolling interests: | |||
Redeemable operating partnership units | [2] | 10,800 | 11,941 |
Noncontrolling interest in Consolidated Partnership | [2] | (86) | 15 |
Total noncontrolling interests | [2] | 10,714 | 11,956 |
Total equity | [2] | 358,318 | 267,643 |
Total liabilities and equity | [2] | 1,071,732 | 855,209 |
Pillarstone Variable Interest Entity [Member] | |||
Real estate assets, at cost | |||
Property | 95,146 | 92,338 | |
Accumulated depreciation | (35,980) | (32,533) | |
Total real estate assets | 59,166 | 59,805 | |
Cash and cash equivalents | 2,812 | 1,236 | |
Escrows and acquisition deposits | 2,188 | 2,274 | |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 2,364 | 2,313 | |
Unamortized lease commissions and loan costs | 1,265 | 1,150 | |
Prepaid expenses and other assets | 65 | 82 | |
Total assets | 67,860 | 66,860 | |
Liabilities: | |||
Notes payable | 48,840 | 50,001 | |
Accounts payable and accrued expenses | 3,494 | 3,481 | |
Tenants' security deposits | 1,191 | 996 | |
Total liabilities | $ 53,525 | $ 54,478 | |
[1] | Assets of consolidated Variable Interest Entities included in the total assets | ||
[2] | Liabilities of consolidated Variable Interest Entities included in the total liabilities |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Stockholders' Equity: | ||
Preferred shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 39,221,773 | 29,468,563 |
Common shares, outstanding (in shares) | 39,221,773 | 29,468,563 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property revenues | |||
Rental revenues | $ 94,568 | $ 80,068 | $ 71,843 |
Other revenues | 31,391 | 24,369 | 21,573 |
Total property revenues | 125,959 | 104,437 | 93,416 |
Property expenses | |||
Property operation and maintenance | 24,213 | 19,709 | 18,698 |
Real estate taxes | 17,897 | 14,383 | 12,637 |
Total property expenses | 42,110 | 34,092 | 31,335 |
Other expenses (income) | |||
General and administrative | 23,949 | 23,922 | 20,312 |
Depreciation and amortization | 27,240 | 22,457 | 19,761 |
Interest expense | 23,651 | 19,239 | 14,910 |
Interest, dividend and other investment income | (410) | (429) | (313) |
Total other expense | 74,430 | 65,189 | 54,670 |
Income before gain (loss) on sale or disposal of properties or assets and income taxes | 9,419 | 5,156 | 7,411 |
Provision for income taxes | (386) | (289) | (372) |
Gain on sale of properties | 16 | 3,357 | 0 |
Loss on sale or disposal of assets | (183) | (96) | (185) |
Income from continuing operations | 8,866 | 8,128 | 6,854 |
Income from discontinued operations | 0 | 0 | 11 |
Income from discontinued operations | 0 | 0 | 11 |
Net income | 8,866 | 8,128 | 6,865 |
Redeemable operating partnership units | 254 | 182 | 116 |
Non-controlling interests in Consolidated Partnership | 278 | 15 | 0 |
Less: Net income attributable to noncontrolling interests | 532 | 197 | 116 |
Net income attributable to Whitestone REIT | $ 8,334 | $ 7,931 | $ 6,749 |
Basic Earnings Per Share: | |||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.22 | $ 0.26 | $ 0.25 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.22 | 0.26 | 0.25 |
Diluted Earnings Per Share: | |||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.22 | 0.26 | 0.24 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.22 | $ 0.26 | $ 0.24 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 35,428 | 27,618 | 24,631 |
Diluted (in shares) | 36,255 | 28,383 | 25,683 |
Distributions declared per common share / OP unit (in dollars per share) | $ 1.14 | $ 1.14 | $ 1.14 |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 8,866 | $ 8,128 | $ 6,865 |
Other comprehensive gain (loss) | |||
Unrealized gain on cash flow hedging activities | 2,022 | 929 | 46 |
Unrealized gain (loss) on available-for-sale marketable securities | 118 | 82 | (85) |
Comprehensive income | 11,006 | 9,139 | 6,826 |
Less: Net income attributable to noncontrolling interests | 532 | 197 | 116 |
Less: Comprehensive gain (loss) attributable to noncontrolling interests | 63 | 23 | (1) |
Comprehensive income attributable to Whitestone REIT | $ 10,411 | $ 8,919 | $ 6,711 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | ATM Program [Member] | Overnight Offering [Member] | General Partners' Interest in Consolidated Partnership [Member] | Total Shareholders' Equity [Member] | Total Shareholders' Equity [Member]ATM Program [Member] | Total Shareholders' Equity [Member]Overnight Offering [Member] | Common Stock [Member] | Common Stock [Member]ATM Program [Member] | Common Stock [Member]Overnight Offering [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]ATM Program [Member] | Additional Paid-in Capital [Member]Overnight Offering [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Redeemable Noncontrolling Interests [Member] | ||
Beginning Balance (in shares), at Dec. 31, 2014 | 22,836,000 | |||||||||||||||||
Beginning Balance at Dec. 31, 2014 | $ 213,323 | $ 0 | $ 210,072 | $ 23 | $ 304,078 | $ (93,938) | $ (91) | $ 3,251 | ||||||||||
Beginning Balance (in units) at Dec. 31, 2014 | 398,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (21,000) | (21,000) | ||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 174 | 173 | 1 | $ (174) | |||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | |||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 95 | 95 | 95 | |||||||||||||||
Issuance of commons shares (in shares) | 3,750,000 | |||||||||||||||||
Issuance of common shares | 49,649 | 49,649 | $ 4 | 49,645 | ||||||||||||||
Issuance of OP units (in shares) | 120,000 | |||||||||||||||||
Issuance of OP units | 1,333 | $ 1,333 | ||||||||||||||||
Repurchase of common shares (in shares) | [1] | (101,000) | ||||||||||||||||
Repurchase of common shares | [1] | $ (1,357) | (1,357) | (1,357) | ||||||||||||||
Shared-based compensation (in shares) | 478,000 | |||||||||||||||||
Share-based compensation | $ 7,337 | 7,337 | 7,337 | |||||||||||||||
Distributions | (30,215) | (29,706) | (29,706) | (509) | ||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | 46 | 45 | 45 | 1 | ||||||||||||||
Unrealized loss on change in fair value of available-for sale marketable securities | (85) | (84) | (84) | (1) | ||||||||||||||
Net income | 6,865 | 6,749 | 6,749 | 116 | ||||||||||||||
Ending Balance at Dec. 31, 2015 | 246,991 | 0 | 242,974 | $ 27 | 359,971 | (116,895) | (129) | $ 4,017 | ||||||||||
Ending Balance (in shares), at Dec. 31, 2015 | 26,991,000 | |||||||||||||||||
Ending Balance (in units) at Dec. 31, 2015 | 497,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (15,000) | (15,000) | ||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 125 | 125 | 0 | $ (125) | |||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 9,000 | |||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 114 | 114 | 114 | |||||||||||||||
Issuance of commons shares (in shares) | 2,064,000 | |||||||||||||||||
Issuance of common shares | 30,014 | 30,014 | $ 2 | 30,012 | ||||||||||||||
Issuance of OP units (in shares) | 621,000 | |||||||||||||||||
Issuance of OP units | 8,738 | $ 8,738 | ||||||||||||||||
Repurchase of common shares (in shares) | [1] | (282,000) | ||||||||||||||||
Repurchase of common shares | [1] | $ (3,948) | (3,948) | (3,948) | ||||||||||||||
Shared-based compensation (in shares) | 671,000 | |||||||||||||||||
Share-based compensation | $ 10,231 | 10,231 | 10,231 | |||||||||||||||
Distributions | (33,636) | (32,731) | (32,731) | (905) | ||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | 929 | 908 | 908 | 21 | ||||||||||||||
Unrealized loss on change in fair value of available-for sale marketable securities | 82 | 80 | 80 | 2 | ||||||||||||||
Reallocation of ownership percentage between parent and subsidiary | 0 | (11) | ||||||||||||||||
Net income | 8,128 | 15 | 7,931 | 7,931 | 182 | |||||||||||||
Ending Balance at Dec. 31, 2016 | $ 267,643 | [2] | 15 | 255,687 | $ 29 | 396,494 | (141,695) | 859 | $ 11,941 | |||||||||
Ending Balance (in shares), at Dec. 31, 2016 | 29,468,563 | 29,468,000 | ||||||||||||||||
Ending Balance (in units) at Dec. 31, 2016 | 1,103,000 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (19,000) | (19,000) | ||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | $ 0 | 206 | 206 | 0 | $ (206) | |||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 9,000 | |||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 127 | 127 | 127 | |||||||||||||||
Issuance of commons shares (in shares) | 1,324,000 | 8,019,000 | ||||||||||||||||
Issuance of common shares | $ 18,517 | $ 99,895 | $ 18,517 | $ 99,895 | $ 1 | $ 8 | $ 18,516 | $ 99,887 | ||||||||||
Repurchase of common shares (in shares) | [1] | (324,000) | ||||||||||||||||
Repurchase of common shares | [1] | $ (4,339) | (4,339) | (4,339) | ||||||||||||||
Shared-based compensation (in shares) | 707,000 | |||||||||||||||||
Share-based compensation | $ 10,410 | 10,410 | 10,410 | |||||||||||||||
Distributions | (44,941) | (379) | (43,323) | (43,323) | (1,239) | |||||||||||||
Unrealized gain on change in fair value of cash flow hedge | 2,022 | 1,962 | 1,962 | 60 | ||||||||||||||
Unrealized loss on change in fair value of available-for sale marketable securities | 118 | 115 | 115 | 3 | ||||||||||||||
Reallocation of ownership percentage between parent and subsidiary | 0 | 13 | 13 | (13) | ||||||||||||||
Net income | 8,866 | 278 | 8,334 | 8,334 | 254 | |||||||||||||
Ending Balance at Dec. 31, 2017 | $ 358,318 | [2] | $ (86) | $ 347,604 | $ 38 | $ 521,314 | $ (176,684) | $ 2,936 | $ 10,800 | |||||||||
Ending Balance (in shares), at Dec. 31, 2017 | 39,221,773 | 39,222,000 | ||||||||||||||||
Ending Balance (in units) at Dec. 31, 2017 | 1,084,000 | |||||||||||||||||
[1] | During the years ended December 31, 2017, 2016 and 2015, the Company acquired common shares held by employees who tendered owned common shares to satisfy the tax withholding on the lapse of certain restrictions on restricted shares. | |||||||||||||||||
[2] | Liabilities of consolidated Variable Interest Entities included in the total liabilities |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Cash flows from operating activities: | |||||
Net income from continuing operations | $ 8,866,000 | $ 8,128,000 | $ 6,854,000 | ||
Net income from discontinued operations | 0 | 0 | 11,000 | ||
Net income | 8,866,000 | 8,128,000 | 6,865,000 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 27,240,000 | 22,457,000 | 19,761,000 | ||
Amortization of deferred loan costs | 1,283,000 | 1,554,000 | 1,212,000 | ||
Amortization of notes payable discount | 508,000 | 391,000 | 295,000 | ||
Loss (gain) on sale of marketable securities | 91,000 | 0 | (44,000) | ||
Loss (gain) on sale or disposal of assets and properties | 167,000 | (3,261,000) | 185,000 | ||
Bad debt expense | 2,340,000 | 1,585,000 | 1,974,000 | ||
Share-based compensation | 10,410,000 | 10,231,000 | 7,337,000 | ||
Changes in operating assets and liabilities: | |||||
Escrows and acquisition deposits | (3,484,000) | 48,000 | (2,576,000) | ||
Accrued rent and accounts receivable | (5,893,000) | (6,070,000) | (5,606,000) | ||
Unamortized lease commissions | (2,864,000) | (2,638,000) | (1,918,000) | ||
Prepaid expenses and other assets | 536,000 | 1,047,000 | 394,000 | ||
Accounts payable and accrued expenses | 999,000 | 4,837,000 | 7,419,000 | ||
Tenants' security deposits | 760,000 | 871,000 | 882,000 | ||
Net cash provided by operating activities | 40,959,000 | 39,180,000 | 36,169,000 | ||
Net cash provided by operating activities of discontinued operations | 0 | 0 | 11,000 | ||
Cash flows from investing activities: | |||||
Acquisitions of real estate | (125,468,000) | (60,616,000) | (147,950,000) | ||
Additions to real estate | (17,575,000) | (22,036,000) | (12,719,000) | ||
Proceeds from sales of properties | 26,000 | 6,897,000 | 0 | ||
Proceeds from sales of marketable securities | 513,000 | 0 | 496,000 | ||
Net cash used in investing activities | (142,504,000) | (75,755,000) | (160,173,000) | ||
Net cash used in investing activities of discontinued operations | 0 | 0 | 0 | ||
Cash flows from financing activities: | |||||
Distributions paid to common shareholders | (40,472,000) | (31,911,000) | (28,457,000) | ||
Distributions paid to OP unit holders | (1,241,000) | (729,000) | (489,000) | ||
Distributions paid to noncontrolling interest in Consolidated Partnership | (379,000) | 0 | 0 | ||
Proceeds from issuance of common shares, net of offering costs | 118,412,000 | 30,014,000 | 49,649,000 | ||
Net proceeds from credit facility | 45,600,000 | 59,000,000 | 107,500,000 | ||
Repayments of notes payable | (11,543,000) | (14,335,000) | (2,847,000) | ||
Payments of loan origination costs | (695,000) | 0 | (1,534,000) | ||
Change in restricted cash | (149,000) | 65,000 | (121,000) | ||
Repurchase of common shares | (4,339,000) | (3,948,000) | (1,357,000) | ||
Net cash provided by financing activities | 105,194,000 | 38,156,000 | 122,344,000 | ||
Net cash provided by financing activities of discontinued operations | 0 | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 3,649,000 | 1,581,000 | (1,649,000) | ||
Cash and cash equivalents at beginning of period | 4,168,000 | [1] | 2,587,000 | 4,236,000 | |
Cash and cash equivalents at end of period | 7,817,000 | [1] | 4,168,000 | [1] | 2,587,000 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest | 22,541,000 | 18,287,000 | 13,470,000 | ||
Cash paid for taxes | 337,000 | 284,000 | 315,000 | ||
Non cash investing and financing activities: | |||||
Disposal of fully depreciated real estate | 1,036,000 | 690,000 | 57,000 | ||
Financed insurance premiums | 1,115,000 | 1,060,000 | 1,057,000 | ||
Value of shares issued under dividend reinvestment plan | 127,000 | 114,000 | 95,000 | ||
Value of common shares exchanged for OP units | 206,000 | 125,000 | 174,000 | ||
Change in fair value of available-for-sale securities | 118,000 | 82,000 | 85,000 | ||
Change in fair value of cash flow hedge | 2,022,000 | 929,000 | (46,000) | ||
Acquisition of real estate in exchange for OP units | 0 | 8,738,000 | 1,333,000 | ||
Reallocation of ownership percentage between parent and subsidiary | 13,000 | 11,000 | 0 | ||
Debt issued with acquisitions of real estate | $ 80,000,000 | $ 0 | $ 0 | ||
[1] | Assets of consolidated Variable Interest Entities included in the total assets |
Description of Business and Nat
Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS | DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Whitestone REIT (“Whitestone”) was formed as a real estate investment trust, pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland real estate investment trust formed for the sole purpose of the reorganization and the conversion of each of our outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership” or “WROP” or “OP”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of December 31, 2017 , 2016 and 2015 , we owned or held a majority interest in 73 , 69 , and 70 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. These properties consist of: Consolidated Operating Portfolio • 51 wholly-owned properties that meet our Community Centered Properties ® strategy; and • through our 81.4% majority interest in our consolidated subsidiary, Pillarstone Capital REIT Operating Partnership LP (“Pillarstone”) an interest in 14 consolidated properties that do not meet our Community Centered Properties ® strategy. Redevelopment, New Acquisitions Portfolio • two retail properties that meet our Community Centered Properties ® strategy; and • six parcels of land held for future development. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2017 , 2016 and 2015 , we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. We also consolidate a variable interest entity (“VIE”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management and other contractual agreements. See Note 5 for additional disclosure on our VIE. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for- one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. During 2016, we reclassified certain deferred financing costs, previously classified as an asset as a direct reduction from the carrying amount of certain debt liabilities for all periods presented. Deferred financing costs related to our unsecured line of credit have not been reclassified. See Note 9 for additional information. These reclassifications had no effect on net income or equity. Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024, which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities. Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management’s most recent estimates using the fair value of the shares as of the grant date. We recognized $10.4 million , $10.2 million and $7.3 million in share-based compensation expense for the years ended December 31, 2017 , 2016 and 2015 , respectively. Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2017 and 2016 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2017 and 2016, there were net book credit balances of $0.8 million and $1.5 million , respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets. Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. Real Estate Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the year ended December 31, 2017 , approximately $439,000 and $277,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2016 , approximately $324,000 and $71,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2015 , approximately $106,000 and $69,000 in interest expense and real estate taxes, respectively, were capitalized. Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2017 . Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2017 and 2016 , we had an allowance for uncollectible accounts of $9.1 million and $7.3 million , respectively. As of December 31, 2017 , 2016 and 2015 , we recorded bad debt expense in the amount of $2.3 million , $1.6 million and $2.0 million , respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate ( 1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2017 , 2016 and 2015 , we recorded a margin tax provision of $0.4 million , $0.2 million and $0.4 million , respectively. Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $659.6 million and $540.0 million as compared to the book value of approximately $660.9 million and $545.5 million as of December 31, 2017 and 2016 , respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2017 and 2016 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2017 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge's change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2017 , we consider our cash flow hedges to be highly effective. Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. Recent Accounting Pronouncements. In May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue 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 goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018 and do not expect this standard to have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged with the exception of changes related to costs which qualify as initial direct costs. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods on or after December 15, 2018, with early adoption permitted. We will adopt this guidance on a modified retrospective basis beginning January 1, 2019, and such adoption will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $436,000 in legal related costs for the year ended December 31, 2017. In March 2016, the FASB issued guidance simplifying the accounting for share-based payment transactions, including the income tax consequences, balance sheet classification of awards and the classification on the statement of cash flows. We have adopted this guidance as of January 1, 2017. The main provision regarding excess tax benefits did not have an impact on our consolidated financial statements due to our status as a REIT for federal income tax purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and we will continue to classify cash paid by us for employee taxes when common shares were repurchased to cover minimum statutory requirements under cash flows from financing activities. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance effective January 1, 2018, and we will reconcile cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES All of our marketable securities were classified as available-for-sale securities as of December 31, 2017 , 2016 and 2015 . Available-for-sale securities consist of the following (in thousands): December 31, 2017 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 50 $ — $ (18 ) $ 32 Total available-for-sale securities $ 50 $ — $ (18 ) $ 32 December 31, 2016 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 654 $ — $ (137 ) $ 517 Total available-for-sale securities $ 654 $ — $ (137 ) $ 517 During the years ended December 31, 2017 and 2015, available-for-sale securities were sold for total proceeds of $513,000 and $496,000 , respectively. The gross realized gains and losses on these sales totaled $5,000 and $96,000 , respectively, in 2017, and $44,000 and $0 , respectively, in 2015. During the year ended December 31, 2016, no available-for-sale securities were sold. For the purpose of determining gross realized gains and losses, the cost of securities sold is based on specific identification. A net unrealized holding loss on available-for-sale securities in the amount of $18,000 and $137,000 for the years ended December 31, 2017 and 2016 , respectively, has been included in accumulated other comprehensive income. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE | REAL ESTATE As of December 31, 2017 , we owned or held a majority interest in 73 commercial properties in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio areas comprised of approximately 6.6 million square feet of gross leasable area (“GLA”). Property Acquisitions. On December 29, 2017, we acquired a 1.83 acre parcel of undeveloped land for $0.9 million in cash and net prorations. The undeveloped land parcel is the hard corner at our Eldorado Plaza property. On May 26, 2017, we acquired BLVD Place, a property that meets our Community Centered Property ® strategy, for $158.0 million , including $80.0 million of asset level mortgage financing and $78.0 million in cash and net prorations. BLVD Place, a 216,944 square foot property, was 99% leased at the time of purchase and is located in Houston, Texas. Included in the purchase of BLVD Place is approximately 1.43 acres of developable land. Revenue and net income attributable to BLVD Place of $9.3 million and $5.1 million , respectively, have been included in our results of operations for the year ended December 31, 2017. On May 3, 2017, we acquired Eldorado Plaza, a property that meets our Community Centered Property ® strategy, for $46.6 million in cash and net prorations. Eldorado Plaza, a 221,577 square foot property, was 96% leased at the time of purchase and is located in McKinney, Texas, a suburb of Dallas, Texas. Revenue and net income attributable to Eldorado Plaza of $3.0 million and $1.6 million , respectively, have been included in our results of operations for the year ended December 31, 2017. On September 30, 2016, we acquired La Mirada and Seville, properties that meet our Community Centered Property ® strategy, for 621,053 OP units and $60.7 million in cash and net prorations. The OP units are redeemable for cash or, at our option, Whitestone REIT common shares on a one -for- one basis, subject to certain restrictions. La Mirada, a 147,209 square foot property, was 90% leased at the time of purchase. Seville, a 90,042 square foot property, was 88% leased at the time of purchase. Both properties are located in Scottsdale, Arizona. On August 28, 2015, we acquired the hard corner at our Gilbert Tuscany Village property for approximately $1.7 million in cash and net prorations. The 14,603 square foot single-tenant property was vacant at the time of purchase and is located in Gilbert, Arizona. On August 26, 2015, we acquired two parcels of undeveloped land totaling 3.12 acres for 120,000 OP units. The OP units, are convertible on a one -for- one basis for Whitestone REIT common shares, subject to certain restrictions. The undeveloped land parcels are adjacent to our Keller Place property. On August 26, 2015, we acquired Keller Place, a property that meets our Community Centered Property ® strategy, for approximately $12.0 million in cash and net prorations. The 93,541 square foot property was 92% leased at the time of purchase and is located in the Keller suburb of Fort Worth, Texas. On August 26, 2015, we acquired Quinlan Crossing, a property that meets our Community Centered Property ® strategy, for approximately $37.5 million in cash and net prorations. The 109,892 square foot property was 95% leased at the time of purchase and is located in Austin, Texas. On July 2, 2015, we acquired Parkside Village North, a property that meets our Community Centered Property ® strategy, for approximately $12.5 million in cash and net prorations. The 27,045 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. On July 2, 2015, we acquired Parkside Village South, a property that meets our Community Centered Property ® strategy, for approximately $32.5 million in cash and net prorations. The 90,101 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. On May 27, 2015, we acquired Davenport Village, a property that meets our Community Centered Property ® strategy, for approximately $45.5 million in cash and net prorations. The 128,934 square foot property was 85% leased at the time of purchase and is located in Austin, Texas. On March 31, 2015, we acquired City View Village, a property that meets our Community Centered Property ® strategy, for approximately $6.3 million in cash and net prorations. The 17,870 square foot property was 100% leased at the time of purchase and is located in San Antonio, Texas. Unaudited pro forma results of operations. The following unaudited pro forma results summarized below reflect our consolidated results of operations as if our acquisitions for the years ended December 31, 2017 , 2016 and 2015 were acquired on January 1, 2015 . The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods. Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Total property revenues $ 133,663 $ 129,385 $ 127,485 Net income $ 11,600 $ 16,978 $ 18,219 Net income attributable to Whitestone REIT (1) $ 10,990 $ 16,583 $ 17,912 Basic Earnings Per Share: $ 0.28 $ 0.45 $ 0.53 Diluted Earnings Per Share: $ 0.27 $ 0.44 $ 0.52 Weighted-average common shares outstanding: Basic (2) 37,933 35,637 32,650 Diluted (2) 38,760 36,402 33,702 (1) Net income attributable to Whitestone REIT reflects historical ownership percentages and does not reflect the effects of the April Offering (as defined in Note 14), assuming the sale of the common shares took place on January 1, 2015, as the related impact on ownership percentage is minimal. (2) Pro forma weighted averages reflect the April Offering, assuming the sale of the common shares took place on January 1, 2015. Acquisition costs. Acquisition-related costs of $1.6 million , $2.1 million and $1.7 million are included in general and administrative expenses in our income statements for the years ended December 31, 2017 , 2016 and 2015 , respectively. Development properties. As of March 31, 2017, we had substantially completed construction at our Pinnacle of Scottsdale Phase II property. As of December 31, 2017, we had incurred approximately $5,200,000 in construction costs, including approximately $565,000 in previously capitalized interest and real estate taxes. The 27,063 square foot Community Centered Property ® was 91% leased at year end and is located in Scottsdale, Arizona, and adjacent to Pinnacle of Scottsdale. As of December 31, 2016, we had substantially completed construction at our Shops at Starwood Phase III property. As of December 31, 2017, we had incurred approximately $8.0 million in construction costs, including approximately $1.0 million in previously capitalized interest and real estate taxes. The 35,351 square foot Community Centered Property ® was 71% leased at year end and is located in Frisco, Texas, a northern suburb of Dallas, Texas, and adjacent to Shops at Starwood. Property dispositions. On November 29, 2016, we completed the sale of Centre South and Webster Pointe, located in Houston, Texas, for $4.9 million . This disposition was pursuant to our strategy of recycling capital by disposing of Non-Core Properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property ® strategy. As part of the transaction, we provided short-term seller financing of $1.7 million . We recorded a gain on sale of $2.2 million , including recognizing a $0.5 million gain on sale for the year ended December 31, 2016 and deferring the remaining $1.7 million gain on sale to be recognized upon receipt of principal payments on the financing provided by us. We have not included Centre South and Webster Pointe in discontinued operations as the sale did not meet the definition of discontinued operations. On March 3, 2016, we completed the sale of Brookhill, located in Houston, Texas, for $3.1 million . This disposition was pursuant to our strategy of recycling capital by disposing of Non-Core Properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property ® strategy. We recorded a gain on sale of $1.9 million . The sale was structured as a like-kind exchange within the meaning of Section 1031 of the Code and sales proceeds were deposited into a Section 1031 exchange escrow account with a qualified intermediary and subsequently distributed for general corporate purposes. We have not included Brookhill in discontinued operations as it did not meet the definition of discontinued operations. On February 17, 2016, we completed the sale of approximately 0.5 acres of our 4.5 acre Pinnacle Phase II development parcel, located in Scottsdale, Arizona, for $1.1 million . We recorded a gain on sale of $1.0 million . Involuntary conversion. On August 29, 2015, we experienced a fire at our Corporate Park Northwest property, located in Houston, Texas. As a result, we recorded involuntary conversion losses of $447,000 related to the disposal of 11,268 square feet of property and related improvements and $55,000 in demolition costs which were offset with $569,000 in insurance proceeds. The $67,000 gain on conversion is included as a reduction in our loss on sale or disposal of assets in the consolidated statements of operations and comprehensive income. Hurricane Harvey. In August 2017, Hurricane Harvey impacted the South Texas region, including Houston, Texas. The majority of our Houston properties incurred minor damage and as a result, we recorded approximately $0.5 million in Harvey related repairs recorded in property operation and maintenance expense for the year ended December 31, 2017 , with no insurance recoveries expected. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES On December 8, 2016, we, through our Operating Partnership, entered into a Contribution Agreement (the “Contribution Agreement”) with Pillarstone and Pillarstone Capital REIT (“Pillarstone REIT”) pursuant to which we contributed all of the equity interests in four of our wholly-owned subsidiaries: Whitestone CP Woodland Ph. 2, LLC, a Delaware limited liability company (“CP Woodland”); Whitestone Industrial-Office, LLC, a Texas limited liability company (“Industrial-Office”); Whitestone Offices, LLC, a Texas limited liability company (“Whitestone Offices”); and Whitestone Uptown Tower, LLC, a Delaware limited liability company (“Uptown Tower”, and together with CP Woodland, Industrial-Office and Whitestone Offices, the “Entities”) that own 14 Non-Core Properties that do not fit our Community Centered Property ® strategy, to Pillarstone for aggregate consideration of approximately $84.0 million , consisting of (1) approximately 18.1 million Class A units representing limited partnership interests in Pillarstone (“Pillarstone OP Units”), issued at a price of $1.331 per Pillarstone OP Unit; and (2) the assumption of approximately $65.9 million of liabilities, consisting of (a) approximately $15.5 million of our liability under the 2014 Facility (as defined in Note 9); (b) an approximately $16.3 million promissory note of Uptown Tower under the Loan Agreement, dated as of September 26, 2013, between Uptown Tower, as borrower, and U.S. Bank, National Association, as successor to Morgan Stanley Mortgage Capital Holdings LLC, as lender; and (c) an approximately $34.1 million promissory note (the “Industrial-Office Promissory Note”) of Industrial-Office issued under the Loan Agreement, dated as of November 26, 2013 (the “Industrial-Office Loan Agreement”), between Industrial-Office, as borrower, and Jackson National Life Insurance Company, as lender (collectively, the “Contribution”). In connection with the Contribution, on December 8, 2016, the Operating Partnership entered into an OP Unit Purchase Agreement (the “OP Unit Purchase Agreement”) with Pillarstone REIT and Pillarstone pursuant to which the Operating Partnership agreed to purchase up to an aggregate of $3.0 million of Pillarstone OP Units at a price of $1.331 per Pillarstone OP Unit over the two -year term of the OP Unit Purchase Agreement on the terms set forth therein. The OP Unit Purchase Agreement contains customary closing conditions and the parties have made certain customary representations, warranties and indemnifications to each other in the OP Unit Purchase Agreement. In addition, pursuant to the OP Unit Purchase Agreement, in the event of a Change of Control (as defined therein) of the Company, Pillarstone shall have the right, but not the obligation, to repurchase the Pillarstone OP Units issued thereunder from the Operating Partnership at their initial issue price of $1.331 per Pillarstone OP Unit. In connection with the Contribution, (1) with respect to each Non-Core Property (other than Uptown Tower), Whitestone TRS, Inc., a subsidiary of the Company (“Whitestone TRS”), entered into a Management Agreement with the Entity that owns such Non-Core Property and (2) with respect to Uptown Tower, Whitestone TRS entered into a Management Agreement with Pillarstone (collectively, the “Management Agreements”). Pursuant to the Management Agreements with respect to each Non-Core Property (other than Uptown Tower), Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to such Non-Core Property in exchange for (x) a monthly property management fee equal to 5.0% of the monthly revenues of such Non-Core Property and (y) a monthly asset management fee equal to 0.125% of GAV (as defined in each Management Agreement as, generally, the purchase price of the respective Non-Core Property based upon the purchase price allocations determined pursuant to the Contribution Agreement, excluding all indebtedness, liabilities or claims of any nature) of such Non-Core Property. Pursuant to the Management Agreement with respect to Uptown Tower, Whitestone TRS agreed to provide certain property management, leasing and day-to-day advisory and administrative services to Pillarstone in exchange for (x) a monthly property management fee equal to 3.0% of the monthly revenues of Uptown Tower and (y) a monthly asset management fee equal to 0.125% of GAV of Uptown Tower. As of December 31, 2017 , we owned approximately 81.4% of the total outstanding units of Pillarstone. Additionally, certain of our Named Executive Officers and Trustees serve as Officers and Trustees of Pillarstone REIT. We have determined that we are the primary beneficiary of Pillarstone, through our power to direct the activities of Pillarstone, additional working capital required by Pillarstone under the OP Unit Purchase Agreement and our obligation to absorb losses and receive benefits based on our ownership percentage. Accordingly, we account for Pillarstone as a VIE and fully consolidate in our consolidated financial statements. The carrying amounts and classification of certain assets and liabilities for Pillarstone in our consolidated balance sheets as of December 31, 2017 and 2016 , consists of the following (in thousands): December 31, 2017 2016 Real estate assets, at cost Property $ 95,146 $ 92,338 Accumulated depreciation (35,980 ) (32,533 ) Total real estate assets 59,166 59,805 Cash and cash equivalents 2,812 1,236 Escrows and acquisition deposits 2,188 2,274 Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) 2,364 2,313 Unamortized lease commissions and loan costs 1,265 1,150 Prepaid expenses and other assets (2) 65 82 Total assets $ 67,860 $ 66,860 Liabilities Notes payable (3) $ 48,840 $ 50,001 Accounts payable and accrued expenses (4) 3,494 3,481 Tenants' security deposits 1,191 996 Total liabilities $ 53,525 $ 54,478 (1) Excludes approximately $1.3 million and $0.5 million in accounts receivable due from Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. (2) Excludes approximately $0.9 million in prepaid expenses due from Whitestone that were eliminated in consolidation as of December 31, 2016. (3) Excludes approximately $15.5 million and $15.5 million in notes payable due to Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. (4) Excludes approximately $1.0 million and $0.3 million in accounts payable due to Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. |
Accrued Rents and Accounts Rece
Accrued Rents and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET | ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): December 31, 2017 2016 Tenant receivables $ 15,124 $ 12,972 Accrued rents and other recoveries 17,527 14,237 Allowance for doubtful accounts (9,147 ) (7,258 ) Totals $ 23,504 $ 19,951 |
Unamortized Lease Commissions a
Unamortized Lease Commissions and Loan Costs | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | UNAMORTIZED LEASE COMMISSIONS AND LOAN COSTS Costs which have been deferred consist of the following (in thousands): December 31, 2017 2016 Leasing commissions $ 10,797 $ 8,720 Deferred legal cost 436 — Deferred financing cost 4,071 4,071 Total cost 15,304 12,791 Less: leasing commissions accumulated amortization (4,753 ) (3,597 ) Less: deferred legal cost accumulated amortization (66 ) — Less: deferred financing cost accumulated amortization (2,063 ) (1,111 ) Total cost, net of accumulated amortization $ 8,422 $ 8,083 A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Legal Costs Deferred Financing Costs Total 2018 $ 1,516 $ 79 $ 855 $ 2,450 2019 1,276 69 369 1,714 2020 1,065 56 359 1,480 2021 835 44 235 1,114 2022 602 35 190 827 Thereafter 750 87 — 837 Total $ 6,044 $ 370 $ 2,008 $ 8,422 |
Future Minimum Lease Income
Future Minimum Lease Income | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
FUTURE MINIMUM LEASE INCOME | FUTURE MINIMUM LEASE INCOME We lease the majority of our properties under noncancelable operating leases, which provide for minimum base rents plus, in some instances, contingent rents based upon a percentage of the tenants’ gross receipts. A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2017 is as follows (in thousands): Years Ended December 31, Minimum Future Rents 2018 $ 91,716 2019 79,580 2020 65,752 2021 52,117 2022 39,386 Thereafter 147,748 Total $ 476,299 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2017 2016 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 9,740 $ 9,980 $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 100,000 $80.0 million, 3.72% Note, due June 1, 2027 80,000 — $37.0 million 3.76% Note, due December 1, 2020 (5) 33,148 34,166 $6.5 million 3.80% Note, due January 1, 2019 5,842 6,019 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,360 19,708 $14.0 million 4.34% Note, due September 11, 2024 13,944 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 (5) 16,058 16,298 $15.1 million 4.99% Note, due January 6, 2024 14,865 15,060 $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 (6) — 7,869 $2.6 million 5.46% Note, due October 1, 2023 2,472 2,512 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (7) 232,200 186,600 Total notes payable principal 660,929 545,512 Less deferred financing costs, net of accumulated amortization (1,861 ) (1,492 ) $ 659,068 $ 544,020 (1) Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% . (5) Promissory notes were assumed by Pillarstone in December 2016 (see Note 5). (6) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% . (7) Unsecured line of credit includes certain Pillarstone Properties. Our mortgage debt was collateralized by 20 operating properties as of December 31, 2017 with a combined net book value of $340.6 million and 19 operating properties as of December 31, 2016 with a combined net book value of $189.4 million . Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and the assignment of certain rents and leases associated with those properties. On May 26, 2017, we, through our subsidiary, Whitestone BLVD Place LLC, a Delaware limited liability company, issued a $80.0 million promissory note to American General Life Insurance Company (the “BLVD Note”). The BLVD Note has a fixed interest rate of 3.72% and a maturity date of June 1, 2027. Proceeds from the BLVD Note were used to fund a portion of the purchase price of the acquisition of BLVD Place (See Note 4). On November 7, 2014, we, through our Operating Partnership, entered into an unsecured revolving credit facility (the “2014 Facility”) with the lenders party thereto, with BMO Capital Markets Corp., Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bank, National Association, as co-lead arrangers and joint book runners, and Bank of Montreal, as administrative agent (the “Agent”). The 2014 Facility amended and restated our previous unsecured revolving credit facility. On October 30, 2015, we, through our Operating Partnership, entered into the First Amendment to the 2014 Facility (the “First Amendment”) with the guarantors party thereto, the lenders party thereto and the Agent . We refer to the 2014 Facility, as amended by the First Amendment, as the “Facility.” Pursuant to the First Amendment, the Company made the following amendments to the 2014 Facility: • extended the maturity date of the $300 million unsecured revolving credit facility under the 2014 Facility (the “Revolver”) to October 30, 2019 from November 7, 2018; • converted $100 million of outstanding borrowings under the Revolver to a new $100 million unsecured term loan under the 2014 Facility (“Term Loan 3”) with a maturity date of October 30, 2022; • extended the maturity date of the first $50 million unsecured term loan under the 2014 Facility (“Term Loan 1”) to October 30, 2020 from February 17, 2017; and • extended the maturity date of the second $50 million unsecured term loan under the 2014 Facility (“Term Loan 2” and together with Term Loan 1 and Term Loan 3, the “Term Loans”) to January 29, 2021 from November 7, 2019. Borrowings under the Facility accrue interest (at the Operating Partnership's option) at a Base Rate or an Adjusted LIBOR plus an applicable margin based upon our then existing leverage. As of December 31, 2017 , the interest rate was 3.30% . The applicable margin for Adjusted LIBOR borrowings ranges from 1.40% to 1.95% for the Revolver and 1.35% to 2.25% for the Term Loans. Base Rate means the higher of: (a) the Agent's prime commercial rate, (b) the sum of (i) the average rate quoted by the Agent by two or more federal funds brokers selected by the Agent for sale to the Agent at face value of federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus (ii) 1/2 of 1.00% , and (c) the LIBOR rate for such day plus 1.00% . Adjusted LIBOR means LIBOR divided by one minus the Eurodollar Reserve Percentage. The Eurodollar Reserve Percentage means the maximum reserve percentage at which reserves are imposed by the Board of Governors of the Federal Reserve System on eurocurrency liabilities. We serve as the guarantor for funds borrowed by the Operating Partnership under the Facility. The Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization or extraordinary items) to fixed charges, and maintenance of a minimum net worth. The Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. The Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity to $700 million , upon the satisfaction of certain conditions. As of December 31, 2017 , $432.2 million was drawn on the Facility and our unused borrowing capacity was $67.8 million , assuming that we use the proceeds of the Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. Proceeds from the Facility were used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. We intend to use the additional proceeds from the Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditure, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. On December 8, 2016, in connection with the Contribution, the Operating Partnership entered into the Second Amendment to the Facility and Reaffirmation of Guaranties (the “Second Amendment”) with Pillarstone, the Company and the other Guarantors party thereto, the lenders party thereto and the Agent. Pursuant to the Second Amendment, following the Contribution, Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC were permitted to remain Material Subsidiaries (as defined in the Facility) and Guarantors under the Facility and their respective Pillarstone Properties were each permitted to remain an Eligible Property (as defined in the Facility) and be included in the Borrowing Base (as defined in the Facility) under the Facility. In addition, on December 8, 2016, Pillarstone entered into the Limited Guarantee (the “Limited Guarantee”) with the Agent, pursuant to which Pillarstone agreed to be joined as a party to the Facility to provide a limited guarantee up to the amount of availability generated by the Pillarstone Properties owned by Whitestone Offices, LLC and Whitestone CP Woodland Ph. 2, LLC. As of December 31, 2017 , Pillarstone accounted for approximately $15.5 million of the total amount drawn on the Facility. Certain other of our loans are subject to customary covenants. As of December 31, 2017 , we were in compliance with all loan covenants. Annual maturities of notes payable as of December 31, 2017 are due during the following years: Amount Due Year (in thousands) 2018 $ 12,208 2019 240,249 2020 82,827 2021 51,918 2022 102,007 Thereafter 171,720 Total $ 660,929 Contractual Obligations As of December 31, 2017 , we had the following contractual obligations: Payment due by period (in thousands) Consolidated Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 660,929 $ 12,208 $ 323,076 $ 153,925 $ 171,720 Long-Term Debt - Fixed Interest 80,790 15,223 28,954 18,200 18,413 Long-Term Debt - Variable Interest (1) 14,049 7,663 6,386 — — Unsecured credit facility - Unused commitment fee (2) 249 136 113 — — Operating Lease Obligations 57 33 20 4 — Total $ 756,074 $ 35,263 $ 358,549 $ 172,129 $ 190,133 As of December 31, 2017 , Pillarstone had the following contractual obligations included in the consolidated contractual obligations: Payment due by period (in thousands) Pillarstone Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 49,206 $ 1,343 $ 32,662 $ 631 $ 14,570 Long-Term Debt - Fixed Interest 7,921 2,019 3,882 1,481 539 Long-Term Debt - Variable Interest (3) 937 511 426 — — Total $ 58,064 $ 3,873 $ 36,970 $ 2,112 $ 15,109 (1) As of December 31, 2017 , we had one loan totaling $232.2 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.95% , which reflects our new interest rates under the Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2017 , of 1.37% . (2) The unused commitment fees on the Facility, payable quarterly, are based on the average daily unused amount of the Facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50% . The information in the table above reflects our projected obligations for the Facility based on our December 31, 2017 balance of $432.2 million . (3) The variable interest relates to Pillarstone properties remaining in the Facility. As of December 31, 2017 , Pillarstone accounted for approximately $15.5 million of the total amount drawn on the Facility. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The fair value of our interest rate swaps is as follows (in thousands): Balance Sheet Location Estimated Fair Value Interest rate swaps: December 31, 2017 Accounts payable and accrued expenses $ (3,036 ) December 31, 2016 Accounts payable and accrued expenses $ (662 ) On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 3 under the Facility at 1.73% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $35.0 million of the swap to U.S. Bank, National Association, and $15.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the Facility. The swap began on November 30, 2015 and will mature on October 28, 2022. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 1 under the Facility at 1.75% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the Facility. The swap will begin on February 3, 2017 and will mature on October 30, 2020. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 2 under the Facility at 1.50% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 9 for additional information regarding the Facility. The swap began on December 7, 2015 and will mature on January 29, 2021. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Year ended December 31, 2017 $ 2,022 Interest expense $ (1,575 ) Year ended December 31, 2016 $ 929 Interest expense $ (2,385 ) Year ended December 31, 2015 $ 46 Interest expense $ (991 ) (1) Amounts represent the effective portions of our interest rate swaps. We did not recognize any ineffective portion of our interest rate swaps in earnings for the years ended December 31, 2017 , 2016 and 2015 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by our weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by the weighted-average number of common shares including any dilutive unvested restricted shares. Certain of our performance-based restricted common shares are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. During the years ended December 31, 2017 , 2016 and 2015 , 1,088,292 , 642,132 and 429,809 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the years ended December 31, 2017 , 2016 and 2015 , distributions of $472,000 , $636,000 and $564,000 , respectively, were made to the holders of certain restricted common shares, $16,000 , $16,000 and $36,000 of which were charged against earnings, respectively. See Note 15 for information related to restricted common shares under the 2008 Plan. Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Numerator: Net income $ 8,866 $ 8,128 $ 6,854 Less: Net income attributable to noncontrolling interests (532 ) (197 ) (116 ) Distributions paid on unvested restricted shares (456 ) (620 ) (528 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 7,878 7,311 6,210 Income from discontinued operations — — 11 Less: Net income attributable to noncontrolling interests — — — Income from discontinued operations attributable to Whitestone REIT — — 11 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 7,878 $ 7,311 $ 6,221 Denominator: Weighted average number of common shares - basic 35,428 27,618 24,631 Effect of dilutive securities: Unvested restricted shares 827 765 1,052 Weighted average number of common shares - dilutive 36,255 28,383 25,683 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.25 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.25 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.24 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.24 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
FEDERAL INCOME TAXES | FEDERAL INCOME TAXES Federal income taxes are not provided because we intend to and believe we qualify as a REIT under the provisions of the Code and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. Our shareholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our shareholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Income earned by our taxable REIT subsidiary, Whitestone Davenport TRS LLC (“Davenport TRS”), is subject to federal income tax. For the year ended December 31, 2016, we recognized $45,000 in income tax expense related to Davenport TRS taxable year. Davenport TRS was dissolved in the fourth quarter of 2016. Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2017 2016 2015 Ordinary income (unaudited) 15.3 % 49.0 % 60.9 % Return of capital (unaudited) 84.7 % 33.7 % 37.7 % Capital gain distributions (unaudited) — % 17.3 % 1.4 % Total 100.0 % 100.0 % 100.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Contribution. Mr. James C. Mastandrea, the Chairman and Chief Executive Officer of the Company, also serves as the Chairman and Chief Executive Officer of Pillarstone REIT and beneficially owns approximately 77.9% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act of 1934, as amended (the “Exchange Act”)). Mr. John J. Dee, the Chief Operating Officer and Corporate Secretary of the Company, also serves as the Senior Vice President and Chief Financial Officer of Pillarstone REIT and beneficially owns approximately 26.3% of the outstanding equity in Pillarstone REIT (when calculated in accordance with Rule 13d-3(d)(1) under the Exchange Act). In addition, Mr. Paul T. Lambert, a Trustee of the Company, also serves as a Trustee of Pillarstone REIT. The Contribution is pursuant to the Company’s strategy of recycling capital by disposing of Non-Core Properties that do not fit the Company’s Community Centered Property ® strategy and the terms of the Contribution Agreement, the OP Unit Purchase Agreement, the Tax Protection Agreement and the Contribution were determined through arm’s-length negotiations. The Contribution was unanimously approved and recommended by a special committee of independent Trustees of the Company. See Note 5 for additional disclosure on the Contribution. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Under our declaration of trust, as amended, we have authority to issue up to 400 million common shares of beneficial interest, $0.001 par value per share, and up to 50 million preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On April 25, 2017, we completed the sale of 8,018,500 common shares, including 1,018,500 common shares purchased by the underwriters upon exercise of their option to purchase additional common shares, at a public offering price per share of $13.00 (the “April Offering”). Total net proceeds from the April Offering, after deducting offering expenses, were approximately $99.9 million , which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from the April Offering to repay a portion of the Facility and for general corporate purposes, including funding a portion of the purchase price of BLVD Place and Eldorado Plaza. On June 4, 2015, we entered into nine amended and restated equity distribution agreements (the “2015 equity distribution agreements”) for an at-the-market distribution program. Pursuant to the terms and conditions of the 2015 equity distribution agreements, we can issue and sell up to an aggregate of $50 million of our common shares. Actual sales will depend on a variety of factors to be determined by us from time to time, including (among others) market conditions, the trading price of our common shares, capital needs and our determinations of the appropriate sources of funding for us, and will be made in transactions that will be deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act. We have no obligation to sell any of our common shares, and can at any time suspend offers under the 2015 equity distribution agreements or terminate the 2015 equity distribution agreements. For the year ended December 31, 2017, we sold 1,324,038 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $18.6 million . In connection with such sales, we paid compensation of approximately $0.3 million to the sales agents. For the year ended December 31, 2016, we sold 2,063,697 common shares under the 2015 equity distribution agreements, with net proceeds to us of approximately $30.0 million . In connection with such sales, we paid compensation of approximately $0.5 million to the sales agents. Operating Partnership Units Substantially all of our business is conducted through the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2017 , we owned a 97.3% interest in the Operating Partnership. Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to Whitestone common shares. As of December 31, 2017 and 2016 , there were 40,184,532 and 30,450,377 OP units outstanding, respectively. We owned 39,100,951 and 29,347,741 OP units as of December 31, 2017 and 2016 , respectively. The balance of the OP units is owned by third parties, including certain trustees. Our weighted-average share ownership in the Operating Partnership was approximately 97.0% , 97.8% and 98.3% for the years ended December 31, 2017 , 2016 and 2015 , respectively. For the year ended December 31, 2017 and 2016 , 19,055 and 15,450 OP units, respectively, were redeemed for an equal number of common shares. Distributions The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2017 Fourth Quarter $ 0.2850 $ 11,002 $ 0.2850 $ 309 $ 11,311 Third Quarter 0.2850 10,948 0.2850 309 11,257 Second Quarter 0.2850 10,093 0.2850 310 10,403 First Quarter 0.2850 8,429 0.2850 313 8,742 Total $ 1.1400 $ 40,472 $ 1.1400 $ 1,241 $ 41,713 2016 Fourth Quarter $ 0.2850 $ 8,305 $ 0.2850 $ 314 $ 8,619 Third Quarter 0.2850 8,109 0.2850 138 8,247 Second Quarter 0.2850 7,786 0.2850 138 7,924 First Quarter 0.2850 7,711 0.2850 139 7,850 Total $ 1.1400 $ 31,911 $ 1.1400 $ 729 $ 32,640 |
Incentive Share Plan
Incentive Share Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
INCENTIVE SHARE PLAN | INCENTIVE SHARE PLAN On July 29, 2008, our shareholders approved the 2008 Plan. On December 22, 2010, our board of trustees amended the 2008 Plan to allow for awards in or related to Class B common shares pursuant to the 2008 Plan. On June 27, 2012, our Class B common shares were redesignated as “common shares.” The 2008 Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units, which may be redeemed for cash or, at our option, common shares of Whitestone. The maximum aggregate number of common shares that may be issued under the 2008 Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of common shares that may be issued under the 2008 Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than shares and/or units issued to or held by Whitestone). The Compensation Committee of our board of trustees administers the 2008 Plan, except with respect to awards to non-employee trustees, for which the 2008 Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. On April 2, 2014, the Compensation Committee approved the modification of the vesting provisions with respect to awards of an aggregate of 633,704 restricted common shares and restricted common share units for certain of our employees. The modified time-based shares vested annually in three equal installments. The modified performance-based restricted common shares and restricted common share units were modified to include performance-based vesting based on achievement of certain absolute financial goals, as well as one to two years of time-based vesting post achievement of financial goals. Continued employment is required through the applicable vesting date. Additionally, 2,049,116 restricted performance-based common share units were granted with the same vesting conditions as the modified performance-based grants described above. If the performance targets are not met prior to December 31, 2018, any unvested performance-based restricted common shares and restricted common share units will be forfeited. The Compensation Committee approved the grant of an aggregate of 320,000 and 143,000 time-based restricted common share units on June 30, 2016 and 2015, respectively, to James C. Mastandrea and David K. Holeman. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 267,783 performance-based restricted common share units under the 2008 Plan with market-based vesting conditions (the “TSR Units”) to certain of our employees. Vesting is contingent upon achieving Total Shareholder Return relative to the peer group defined in the TSR Unit award agreements over a three -year performance period. At the end of the performance period, the number of common shares awarded for each vested TSR Unit will vary from 0% to 200% depending on the Company's ranking in the peer group (the “TSR Peer Group Ranking”). Continued employment is required through the vesting date. The grant date fair value for each TSR Unit of $12.37 was determined using the Monte Carlo simulation method and is being recognized as share-based compensation expense ratably from the September 30, 2017 grant date to the end of the performance period, December 31, 2019. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the performance period of approximately three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the expected life of the grant. On September 6, 2017, the Compensation Committee approved the grant of an aggregate of 965,000 performance-based restricted common share units under the 2008 Plan which only vest immediately prior to the consummation of a Change in Control (as defined in the 2008 Plan) that occurs on or before September 30, 2024 (the “CIC Units”) to certain of our employees. Continued employment is required through the vesting date. If a Change in Control does not occur on or before September 30, 2024, the CIC Units shall be immediately forfeited. The Company considers a Change in Control on or before September 30, 2024 to be improbable, and no expense has been recognized for the CIC Units. If a Change in Control occurs, any outstanding CIC Units would be expensed immediately on the date of the Change in Control using the grant date fair value. The grant date fair value for each CIC Unit of $13.05 was determined based on the Company's closing share price on the grant date. A summary of the share-based incentive plan activity as of and for the year ended December 31, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2017 2,044,334 $ 14.48 Granted 1,354,534 12.92 Modified to new agreements — — Modified from existing agreements — — Vested (881,710 ) 14.55 Forfeited (35,827 ) 14.38 Non-vested at December 31, 2017 2,481,331 $ 13.60 Available for grant at December 31, 2017 868,815 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. A summary of our nonvested and vested shares activity for the years ended December 31, 2017 , 2016 and 2015 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2017 1,354,534 $ 12.92 (881,710 ) $ 12,829 Year Ended December 31, 2016 545,778 $ 14.85 (734,261 ) $ 10,577 Year Ended December 31, 2015 327,122 $ 13.49 (348,786 ) $ 4,969 Total compensation recognized in earnings for share-based payments for the years ended December 31, 2017 , 2016 and 2015 was $10.4 million , $10.2 million and $7.3 million , respectively. Based on our current financial projections, we expect approximately 83% of the unvested awards, exclusive of 965,000 CIC Units, to vest over the next 24 months. As of December 31, 2017 , there was approximately $2.3 million in unrecognized compensation cost related to outstanding non-vested performance-based shares, which are expected to vest over a period of 15 months, $2.8 million in unrecognized compensation cost related to outstanding non-vested TSR Units, which are expected to vest over a period of 24 months and approximately $0.5 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 3 months beginning on January 1, 2018. We expect to record approximately $5.6 million in share-based compensation subsequent to the year ended December 31, 2017 . The unrecognized share-based compensation cost is expected to vest over a weighted average period of 18 months. The dilutive impact of the performance-based shares will be included in the denominator of the earnings per share calculation beginning in the period that the performance conditions are expected to be met. The dilutive impact of the TSR Units is based on the Company's TSR Peer Group Ranking as of the reporting date and weighted according to the number of days outstanding in the period. As of December 31, 2017 , the TSR Peer Group Ranking called for 200% attainment. The dilutive impact of the CIC Units is based on the probability of a Change in Control. Because the Company considers a Change in Control on or before September 30, 2024 to be improbable, no CIC Units are included in the Company's dilutive shares. At our annual meeting of shareholders on May 11, 2017, our shareholders voted to approve the 2018 Long-Term Equity Incentive Ownership Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of up to 3,433,831 common shares and OP units pursuant to awards under the 2018 Plan. The 2018 Plan will become effective on July 30, 2018, which is the day after the 2008 Plan expires. |
Grants to Trustees
Grants to Trustees | 12 Months Ended |
Dec. 31, 2017 | |
Grants to Trustees [Abstract] | |
GRANTS TO TRUSTEES | GRANTS TO TRUSTEES On December 12, 2017, each of our six independent trustees and one trustee emeritus was granted 3,000 common shares, which vest immediately and are prorated based on date appointed. The 16,281 common shares granted to our trustees had a grant fair value of $14.46 per share. On December 12, 2017, three of our independent trustees each elected to receive a total of 2,320 common shares with a grant date fair value of $14.46 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2017 was determined using quoted prices available on the date of grant. On December 21, 2016, each of our four independent trustees and one trustee emeritus was granted 1,500 common shares, which vest immediately. The 7,500 common shares granted to our trustees had a grant date fair value of $14.07 per share. On December 21, 2016, two of our independent trustees each elected to receive a total of 3,128 common shares with a grant date fair value of $14.07 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2016 was determined using quoted prices available on the date of grant. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are a participant in various legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we believe that the final outcome of these matters will not have a material effect on our financial position, results of operations, or cash flows. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our management historically has not differentiated by property types and therefore does not present segment information. |
Select Quarterly Financial Data
Select Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECT QUARTERLY FINANCIAL DATA (unaudited) | SELECT QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2017 and 2016 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2017 Revenues $ 28,267 $ 30,208 $ 33,653 $ 33,831 Net income $ 1,557 $ 2,144 $ 3,140 $ 2,025 Net income attributable to Whitestone REIT $ 1,440 $ 1,983 $ 2,993 $ 1,921 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.05 $ 0.05 $ 0.07 $ 0.05 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.05 $ 0.07 $ 0.05 2016 Revenues $ 25,435 $ 25,129 $ 25,508 $ 28,365 Net income $ 5,088 $ 1,509 $ 964 $ 567 Net income attributable to Whitestone REIT $ 4,997 $ 1,484 $ 949 $ 532 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.18 $ 0.05 $ 0.03 $ 0.01 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.18 $ 0.05 $ 0.03 $ 0.01 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 27, 2018, we completed the sale of Bellnott Square, located in Houston, Texas, for $4.7 million . This disposition was pursuant to our strategy of recycling capital by disposing of Non-Core Properties, primarily properties that we owned at the time our current management team assumed the management of the Company, that do not fit our Community Centered Property strategy. We expect to record a gain on sale of approximately $0.3 million in 2018. We have not included Bellnott Square as held for sale at December 31, 2017 as it did not meet the definition of discontinued operations. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | (in thousands) Balance at Charged to Deductions Balance at Beginning Costs and from End of Description of Year Expense Reserves Year Allowance for doubtful accounts: Year ended December 31, 2017 $ 7,258 $ 2,340 $ (451 ) $ 9,147 Year ended December 31, 2016 6,647 1,585 (974 ) 7,258 Year ended December 31, 2015 4,964 1,974 (291 ) 6,647 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Whitestone Properties: Ahwatukee Plaza $ 5,126 $ 4,086 $ 365 $ — $ 5,126 $ 4,451 $ 9,577 Anthem Marketplace 4,790 17,973 319 — 4,790 18,292 23,082 Bellnott Square 1,154 4,638 554 — 1,154 5,192 6,346 Bissonnet Beltway 415 1,947 448 — 415 2,395 2,810 BLVD Place 63,893 90,942 93 — 63,893 91,035 154,928 The Citadel 472 1,777 2,593 — 472 4,370 4,842 City View Village 2,044 4,149 11 — 2,044 4,160 6,204 Davenport Village 11,367 34,101 972 — 11,367 35,073 46,440 Desert Canyon 1,976 1,704 1,485 — 1,976 3,189 5,165 Eldorado Plaza 16,551 30,746 67 — 16,551 30,813 47,364 Fountain Hills Plaza 5,113 15,340 199 — 5,113 15,539 20,652 Fountain Square 5,573 9,828 2,224 — 5,573 12,052 17,625 Fulton Ranch Towne Center 7,604 22,612 1,957 — 7,604 24,569 32,173 Gilbert Tuscany Village 1,767 3,233 1,721 — 1,767 4,954 6,721 Gilbert Tuscany Village Hard Corner 856 794 9 — 856 803 1,659 Heritage Trace Plaza 6,209 13,821 300 — 6,209 14,121 20,330 Headquarters Village 7,171 18,439 873 — 7,171 19,312 26,483 Keller Place 5,977 7,577 465 — 5,977 8,042 14,019 Kempwood Plaza 733 1,798 1,750 — 733 3,548 4,281 La Mirada 12,853 24,464 441 — 12,853 24,905 37,758 Lion Square 1,546 4,289 4,260 — 1,546 8,549 10,095 The Marketplace at Central 1,305 5,324 1,328 — 1,305 6,652 7,957 Market Street at DC Ranch 9,710 26,779 3,925 — 9,710 30,704 40,414 Mercado at Scottsdale Ranch 8,728 12,560 865 — 8,728 13,425 22,153 Paradise Plaza 6,155 10,221 1,155 — 6,155 11,376 17,531 Parkside Village North 3,877 8,629 249 — 3,877 8,878 12,755 Parkside Village South 5,562 27,154 345 — 5,562 27,499 33,061 Pima Norte 1,086 7,162 2,151 517 1,086 — 9,830 — 10,916 Pinnacle of Scottsdale 6,648 22,466 1,649 — 6,648 24,115 30,763 Pinnacle of Scottsdale Phase II 883 4,659 1,157 565 883 — 6,381 — 7,264 The Promenade at Fulton Ranch 5,198 13,367 212 — 5,198 13,579 18,777 Providence 918 3,675 1,287 — 918 4,962 5,880 Quinlan Crossing 9,561 28,683 146 — 9,561 28,829 38,390 Shaver 184 633 82 — 184 715 899 Shops at Pecos Ranch 3,781 15,123 747 — 3,781 15,870 19,651 Shops at Starwood 4,093 11,487 281 — 4,093 11,768 15,861 The Shops at Williams Trace 5,920 14,297 256 — 5,920 14,553 20,473 South Richey 778 2,584 1,856 — 778 4,440 5,218 Spoerlein Commons 2,340 7,296 868 — 2,340 8,164 10,504 The Strand at Huebner Oaks 5,805 12,335 275 — 5,805 12,610 18,415 SugarPark Plaza 1,781 7,125 1,046 — 1,781 8,171 9,952 Sunridge 276 1,186 524 — 276 1,710 1,986 Sunset at Pinnacle Peak 3,610 2,734 725 — 3,610 3,459 7,069 Terravita Marketplace 7,171 9,392 798 — 7,171 10,190 17,361 Torrey Square 1,981 2,971 1,287 — 1,981 4,258 6,239 Town Park 850 2,911 397 — 850 3,308 4,158 Village Square at Dana Park 10,877 40,250 3,133 — 10,877 43,383 54,260 Westchase 423 1,751 3,142 — 423 4,893 5,316 Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Williams Trace Plaza 6,800 14,003 255 — 6,800 14,258 21,058 Windsor Park 2,621 10,482 8,884 — 2,621 19,366 21,987 Woodlake Plaza 1,107 4,426 2,254 — 1,107 6,680 7,787 $ 283,219 $ 645,923 $ 62,385 $ 1,082 $ 283,219 $ 709,390 $ 992,609 Development Properties: Seville $ 6,913 $ 25,518 $ 497 $ — $ 6,913 $ 26,015 32,928 Shops at Starwood Phase III 1,818 7,069 1,323 954 1,818 9,346 11,164 Total - Development Properties (3) $ 8,731 $ 32,587 $ 1,820 $ 954 $ 8,731 $ 35,361 $ 44,092 Total Whitestone Properties $ 291,950 $ 678,510 $ 64,205 $ 2,036 $ 291,950 $ 744,751 $ 1,036,701 Pillarstone Properties: 9101 LBJ Freeway (4) $ 1,597 $ 6,078 $ 1,513 $ — $ 1,597 $ 7,591 $ 9,188 Corporate Park Northwest 1,534 6,306 2,268 — 1,534 8,574 10,108 Corporate Park West 2,555 10,267 1,615 — 2,555 11,882 14,437 Corporate Park Woodland 652 5,330 830 — 652 6,160 6,812 Corporate Park Woodland II 2,758 — 26 — 2,758 26 2,784 Dairy Ashford 226 1,211 49 — 226 1,260 1,486 Holly Hall Industrial Park 608 2,516 395 — 608 2,911 3,519 Holly Knight 320 1,293 402 — 320 1,695 2,015 Interstate 10 Warehouse 208 3,700 495 — 208 4,195 4,403 Main Park 1,328 2,721 1,113 — 1,328 3,834 5,162 Plaza Park 902 3,294 1,141 — 902 4,435 5,337 Uptown Tower (5) 1,621 15,551 4,975 — 1,621 20,526 22,147 Westbelt Plaza 568 2,165 958 — 568 3,123 3,691 Westgate Service Center 672 2,776 1,175 — 672 3,951 4,623 Total - Pillarstone Properties $ 15,549 $ 63,208 $ 16,955 $ — $ 15,549 $ 80,163 $ 95,712 Land Held for Development: Anthem Marketplace $ 204 $ — $ — $ — $ 204 $ — $ 204 BLVD Place Phase II-B 10,500 — 420 — 10,500 420 10,920 Dana Park Development 4,000 — 25 — 4,000 25 4,025 Eldorado Plaza Development 911 — — — 911 — 911 Fountain Hills 277 — — — 277 — 277 Market Street at DC Ranch 704 — — — 704 — 704 Total - Land Held for Development $ 16,596 $ — $ 445 $ — $ 16,596 $ 445 $ 17,041 Grand Totals $ 324,095 $ 741,718 $ 81,605 $ 2,036 $ 324,095 $ 825,359 $ 1,149,454 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Whitestone Properties: Ahwatukee Plaza $ 783 8/16/2011 5-39 years Anthem Marketplace (6) 2,178 6/28/2013 5-39 years Bellnott Square 2,144 1/1/2002 5-39 years Bissonnet Beltway 1,771 1/1/1999 5-39 years BLVD Place (7) 1,360 5/26/2017 5-39 years The Citadel 1,496 9/28/2010 5-39 years City View Village 293 3/31/2015 5-39 years Davenport Village 2,431 5/27/2015 5-39 years Desert Canyon 593 4/13/2011 5-39 years Eldorado Plaza 460 5/3/2017 5-39 years Fountain Hills Plaza 1,735 10/7/2013 5-39 years Fountain Square 1,859 9/21/2012 5-39 years Fulton Ranch Towne Center 1,877 11/5/2014 5-39 years Gilbert Tuscany Village 1,320 6/28/2011 5-39 years Gilbert Tuscany Village Hard Corner 73 8/28/2015 5-39 years Heritage Trace Plaza 1,310 7/1/2014 5-39 years Headquarters Village (8) 2,474 3/28/2013 5-39 years Keller Place 481 8/26/2015 5-39 years Kempwood Plaza 1,400 2/2/1999 5-39 years La Mirada 789 9/30/2016 5-39 years Lion Square 4,088 1/1/2000 5-39 years The Marketplace at Central 1,439 11/1/2010 5-39 years Market Street at DC Ranch 3,670 12/5/2013 5-39 years Mercado at Scottsdale Ranch 1,668 6/19/2013 5-39 years Paradise Plaza (9) 1,692 8/8/2012 5-39 years Parkside Village North 580 7/2/2015 5-39 years Parkside Village South 1,817 7/2/2015 5-39 years Pima Norte 2,514 10/4/2007 5-39 years Pinnacle of Scottsdale (10) 4,045 12/22/2011 5-39 years Pinnacle of Scottsdale Phase II 219 3/31/2017 5-39 years The Promenade at Fulton Ranch 1,111 11/5/2014 5-39 years Providence 2,095 3/30/2001 5-39 years Quinlan Crossing 1,732 8/26/2015 5-39 years Shaver 327 12/17/1999 5-39 years Shops at Pecos Ranch (11) 2,155 12/28/2012 5-39 years Shops at Starwood (12) 1,882 12/28/2011 5-39 years The Shops at Williams Trace 1,164 12/24/2014 5-39 years South Richey 2,101 8/25/1999 5-39 years Spoerlein Commons 1,998 1/16/2009 5-39 years The Strand at Huebner Oaks 1,115 9/19/2014 5-39 years SugarPark Plaza 2,769 9/8/2004 5-39 years Sunridge 788 1/1/2002 5-39 years Sunset at Pinnacle Peak 589 5/29/2012 5-39 years Terravita Marketplace (13) 1,763 8/8/2011 5-39 years Torrey Square 2,416 1/1/2000 5-39 years Town Park 1,950 1/1/1999 5-39 years Village Square at Dana Park (14) 6,160 9/21/2012 5-39 years Westchase 1,897 1/1/2002 5-39 years Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Williams Trace Plaza 1,114 12/24/2014 5-39 years Windsor Park 7,796 12/16/2003 5-39 years Woodlake Plaza (17) 2,282 3/14/2005 5-39 years $ 93,763 Development Properties: Seville $ 838 9/30/2016 5-39 years Shops at Starwood Phase III 257 12/31/2016 5-39 years Total - Development Properties (3) $ 1,095 Total - Whitestone Properties $ 94,858 Pillarstone Properties: 9101 LBJ Freeway (4) $ 2,710 8/10/2005 5-39 years Corporate Park Northwest 3,679 1/1/2002 5-39 years Corporate Park West (15) 4,959 1/1/2002 5-39 years Corporate Park Woodland (15) 3,331 11/1/2000 5-39 years Corporate Park Woodland II 5 10/17/2013 5-39 years Dairy Ashford (15) 686 1/1/1999 5-39 years Holly Hall Industrial Park (15) 1,356 1/1/2002 5-39 years Holly Knight 1,090 8/1/2000 5-39 years Interstate 10 Warehouse (15) 2,852 1/1/1999 5-39 years Main Park (15) 1,957 1/1/1999 5-39 years Plaza Park (15) 2,352 1/1/2000 5-39 years Uptown Tower (5) (16) 7,504 11/22/2005 5-39 years Westbelt Plaza (15) 1,981 1/1/1999 5-39 years Westgate Service Center (15) 1,714 1/1/2002 5-39 years Total - Pillarstone Properties $ 36,176 Land Held for Development: Anthem Marketplace $ — 6/28/2013 Land - Not Depreciated BLVD Place Phase II-B — 5/26/2017 Land - Not Depreciated Dana Park Development — 9/21/2012 Land - Not Depreciated Eldorado Plaza Development — 12/29/2017 Land - Not Depreciated Fountain Hills — 10/7/2013 Land - Not Depreciated Market Street at DC Ranch — 12/5/2013 Land - Not Depreciated Total - Land Held For Development $ — Grand Total $ 131,034 (1) Reconciliations of total real estate carrying value for the three years ended December 31, follows: ( in thousands) 2017 2016 2015 Balance at beginning of period $ 920,310 $ 835,538 $ 673,655 Additions during the period: Acquisitions 213,545 69,749 150,331 Improvements 17,575 22,036 12,653 231,120 91,785 162,984 Deductions - cost of real estate sold or retired (1,976 ) (7,013 ) (1,101 ) Balance at close of period $ 1,149,454 $ 920,310 $ 835,538 (2) The aggregate cost of real estate (in thousands) for federal income tax purposes for Whitestone is $1,027,360 and $84,646 for Pillarstone. (3) Includes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. (4) This property includes improvements and accumulated depreciation of approximately $385,000 and $77,000 , respectively, related to Whitestone leased spaces. (5) This property includes improvements and accumulated depreciation of approximately $181,000 and $119,000 , respectively, related to Whitestone leased spaces. (6) This property secures a $15.1 million mortgage note. (7) This property secures a $80.0 million mortgage note. (8) This property secures a $19.0 million mortgage note. (9) This property secures a $9.2 million mortgage note. (10) This property secures a $14.1 million mortgage note. (11) This property secures a $14.0 million mortgage note. (12) This property secures a $14.3 million mortgage note. (13) This property secures a $10.5 million mortgage note. (14) This property secures a $2.6 million mortgage note. (15) These properties secure a $37.0 million mortgage note. (16) This property secures a $16.5 million mortgage note. (17) This property secures a $6.5 million mortgage note. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2017 , 2016 and 2015 , we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. We also consolidate a variable interest entity (“VIE”) when we are determined to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management and other contractual agreements. See Note 5 for additional disclosure on our VIE. Noncontrolling interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for- one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. |
Basis of Accounting | Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. |
Reclassifications | Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. During 2016, we reclassified certain deferred financing costs, previously classified as an asset as a direct reduction from the carrying amount of certain debt liabilities for all periods presented. Deferred financing costs related to our unsecured line of credit have not been reclassified. See Note 9 for additional information. These reclassifications had no effect on net income or equity. |
Restricted Cash | Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024, which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities. |
Share-Based Compensation | Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management’s most recent estimates using the fair value of the shares as of the grant date. We recognized $10.4 million , $10.2 million and $7.3 million in share-based compensation expense for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Noncontrolling Interests | Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. |
Revenue Recognition | Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2017 and 2016 consisted of demand deposits at commercial banks and brokerage accounts. We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2017 and 2016, there were net book credit balances of $0.8 million and $1.5 million , respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets. |
Marketable Securities | Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. |
Development Properties | Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the year ended December 31, 2017 , approximately $439,000 and $277,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2016 , approximately $324,000 and $71,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2015 , approximately $106,000 and $69,000 in interest expense and real estate taxes, respectively, were capitalized. |
Acquired Properties and Acquired Lease Intangibles | Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. |
Depreciation | Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. |
Impairment | Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2017 . |
Accrued Rents and Accounts Receivable | Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2017 and 2016 , we had an allowance for uncollectible accounts of $9.1 million and $7.3 million , respectively. As of December 31, 2017 , 2016 and 2015 , we recorded bad debt expense in the amount of $2.3 million , $1.6 million and $2.0 million , respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. |
Unamortized Lease Commissions and Loan Costs | Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. |
Prepaids and Other Assets, Policy | Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. |
Federal Income and State Taxes | Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate ( 1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2017 , 2016 and 2015 , we recorded a margin tax provision of $0.4 million , $0.2 million and $0.4 million , respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $659.6 million and $540.0 million as compared to the book value of approximately $660.9 million and $545.5 million as of December 31, 2017 and 2016 , respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2017 and 2016 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2017 and current estimates of fair value may differ significantly from the amounts presented herein. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedge's change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2017 , we consider our cash flow hedges to be highly effective. |
Concentration of Risk | Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In May 2014, the FASB issued guidance, as amended in subsequent updates, establishing a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The standard also requires an entity to recognize revenue 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 goods or services and also requires certain additional disclosures. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018 and do not expect this standard to have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged with the exception of changes related to costs which qualify as initial direct costs. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods on or after December 15, 2018, with early adoption permitted. We will adopt this guidance on a modified retrospective basis beginning January 1, 2019, and such adoption will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized. We capitalized $436,000 in legal related costs for the year ended December 31, 2017. In March 2016, the FASB issued guidance simplifying the accounting for share-based payment transactions, including the income tax consequences, balance sheet classification of awards and the classification on the statement of cash flows. We have adopted this guidance as of January 1, 2017. The main provision regarding excess tax benefits did not have an impact on our consolidated financial statements due to our status as a REIT for federal income tax purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and we will continue to classify cash paid by us for employee taxes when common shares were repurchased to cover minimum statutory requirements under cash flows from financing activities. In November 2016, the FASB issued guidance requiring that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance effective January 1, 2018, and we will reconcile cash and cash equivalents and restricted cash and restricted cash equivalents on a retrospective basis, whereas under the previous guidance, we reported restricted cash and restricted cash equivalents under cash flows from financing activities. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or dispositions) of assets or businesses. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a prospective basis beginning January 1, 2018 and believe the majority of our future acquisitions will qualify as asset acquisitions and the associated transaction costs will be capitalized as opposed to expensed under previous guidance. In February 2017, the FASB issued guidance clarifying the scope of asset derecognition guidance, adds guidance for partial sales of nonfinancial assets and clarifies recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. This guidance became effective for the reporting periods beginning on or after December 15, 2017, and interim periods within those fiscal years. We have adopted this guidance on a modified retrospective basis beginning January 1, 2018 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | Available-for-sale securities consist of the following (in thousands): December 31, 2017 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 50 $ — $ (18 ) $ 32 Total available-for-sale securities $ 50 $ — $ (18 ) $ 32 December 31, 2016 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 654 $ — $ (137 ) $ 517 Total available-for-sale securities $ 654 $ — $ (137 ) $ 517 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of pro forma results of operations | The following unaudited pro forma results summarized below reflect our consolidated results of operations as if our acquisitions for the years ended December 31, 2017 , 2016 and 2015 were acquired on January 1, 2015 . The unaudited consolidated pro forma results of operations is not necessarily indicative of what the actual results of operations would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods. Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Total property revenues $ 133,663 $ 129,385 $ 127,485 Net income $ 11,600 $ 16,978 $ 18,219 Net income attributable to Whitestone REIT (1) $ 10,990 $ 16,583 $ 17,912 Basic Earnings Per Share: $ 0.28 $ 0.45 $ 0.53 Diluted Earnings Per Share: $ 0.27 $ 0.44 $ 0.52 Weighted-average common shares outstanding: Basic (2) 37,933 35,637 32,650 Diluted (2) 38,760 36,402 33,702 (1) Net income attributable to Whitestone REIT reflects historical ownership percentages and does not reflect the effects of the April Offering (as defined in Note 14), assuming the sale of the common shares took place on January 1, 2015, as the related impact on ownership percentage is minimal. (2) Pro forma weighted averages reflect the April Offering, assuming the sale of the common shares took place on January 1, 2015. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The carrying amounts and classification of certain assets and liabilities for Pillarstone in our consolidated balance sheets as of December 31, 2017 and 2016 , consists of the following (in thousands): December 31, 2017 2016 Real estate assets, at cost Property $ 95,146 $ 92,338 Accumulated depreciation (35,980 ) (32,533 ) Total real estate assets 59,166 59,805 Cash and cash equivalents 2,812 1,236 Escrows and acquisition deposits 2,188 2,274 Accrued rents and accounts receivable, net of allowance for doubtful accounts (1) 2,364 2,313 Unamortized lease commissions and loan costs 1,265 1,150 Prepaid expenses and other assets (2) 65 82 Total assets $ 67,860 $ 66,860 Liabilities Notes payable (3) $ 48,840 $ 50,001 Accounts payable and accrued expenses (4) 3,494 3,481 Tenants' security deposits 1,191 996 Total liabilities $ 53,525 $ 54,478 (1) Excludes approximately $1.3 million and $0.5 million in accounts receivable due from Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. (2) Excludes approximately $0.9 million in prepaid expenses due from Whitestone that were eliminated in consolidation as of December 31, 2016. (3) Excludes approximately $15.5 million and $15.5 million in notes payable due to Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. (4) Excludes approximately $1.0 million and $0.3 million in accounts payable due to Whitestone that were eliminated in consolidation as of December 31, 2017 and 2016 , respectively. |
Accrued Rents and Accounts Re33
Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accrued Rent and Accounts Receivable, Net | Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): December 31, 2017 2016 Tenant receivables $ 15,124 $ 12,972 Accrued rents and other recoveries 17,527 14,237 Allowance for doubtful accounts (9,147 ) (7,258 ) Totals $ 23,504 $ 19,951 |
Unamortized Lease Commissions34
Unamortized Lease Commissions and Loan Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Unamortized Leasing Comissions and Loan Costs | Costs which have been deferred consist of the following (in thousands): December 31, 2017 2016 Leasing commissions $ 10,797 $ 8,720 Deferred legal cost 436 — Deferred financing cost 4,071 4,071 Total cost 15,304 12,791 Less: leasing commissions accumulated amortization (4,753 ) (3,597 ) Less: deferred legal cost accumulated amortization (66 ) — Less: deferred financing cost accumulated amortization (2,063 ) (1,111 ) Total cost, net of accumulated amortization $ 8,422 $ 8,083 |
Schedule of Expected Future Amortization of Deferred Costs | A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Legal Costs Deferred Financing Costs Total 2018 $ 1,516 $ 79 $ 855 $ 2,450 2019 1,276 69 369 1,714 2020 1,065 56 359 1,480 2021 835 44 235 1,114 2022 602 35 190 827 Thereafter 750 87 — 837 Total $ 6,044 $ 370 $ 2,008 $ 8,422 |
Future Minimum Lease Income (Ta
Future Minimum Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2017 is as follows (in thousands): Years Ended December 31, Minimum Future Rents 2018 $ 91,716 2019 79,580 2020 65,752 2021 52,117 2022 39,386 Thereafter 147,748 Total $ 476,299 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2017 2016 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 9,740 $ 9,980 $50.0 million, 1.75% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 100,000 $80.0 million, 3.72% Note, due June 1, 2027 80,000 — $37.0 million 3.76% Note, due December 1, 2020 (5) 33,148 34,166 $6.5 million 3.80% Note, due January 1, 2019 5,842 6,019 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 19,360 19,708 $14.0 million 4.34% Note, due September 11, 2024 13,944 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $16.5 million 4.97% Note, due September 26, 2023 (5) 16,058 16,298 $15.1 million 4.99% Note, due January 6, 2024 14,865 15,060 $9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 (6) — 7,869 $2.6 million 5.46% Note, due October 1, 2023 2,472 2,512 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 (7) 232,200 186,600 Total notes payable principal 660,929 545,512 Less deferred financing costs, net of accumulated amortization (1,861 ) (1,492 ) $ 659,068 $ 544,020 (1) Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. (2) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% . (5) Promissory notes were assumed by Pillarstone in December 2016 (see Note 5). (6) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% . (7) Unsecured line of credit includes certain Pillarstone Properties. |
Schedule of Maturities of Debt | Annual maturities of notes payable as of December 31, 2017 are due during the following years: Amount Due Year (in thousands) 2018 $ 12,208 2019 240,249 2020 82,827 2021 51,918 2022 102,007 Thereafter 171,720 Total $ 660,929 |
Schedule of Contractual Obligations | As of December 31, 2017 , we had the following contractual obligations: Payment due by period (in thousands) Consolidated Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 660,929 $ 12,208 $ 323,076 $ 153,925 $ 171,720 Long-Term Debt - Fixed Interest 80,790 15,223 28,954 18,200 18,413 Long-Term Debt - Variable Interest (1) 14,049 7,663 6,386 — — Unsecured credit facility - Unused commitment fee (2) 249 136 113 — — Operating Lease Obligations 57 33 20 4 — Total $ 756,074 $ 35,263 $ 358,549 $ 172,129 $ 190,133 As of December 31, 2017 , Pillarstone had the following contractual obligations included in the consolidated contractual obligations: Payment due by period (in thousands) Pillarstone Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 49,206 $ 1,343 $ 32,662 $ 631 $ 14,570 Long-Term Debt - Fixed Interest 7,921 2,019 3,882 1,481 539 Long-Term Debt - Variable Interest (3) 937 511 426 — — Total $ 58,064 $ 3,873 $ 36,970 $ 2,112 $ 15,109 (1) As of December 31, 2017 , we had one loan totaling $232.2 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.40% to LIBOR plus 1.95% , which reflects our new interest rates under the Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2017 , of 1.37% . (2) The unused commitment fees on the Facility, payable quarterly, are based on the average daily unused amount of the Facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50% . The information in the table above reflects our projected obligations for the Facility based on our December 31, 2017 balance of $432.2 million . (3) The variable interest relates to Pillarstone properties remaining in the Facility. As of December 31, 2017 , Pillarstone accounted for approximately $15.5 million of the total amount drawn on the Facility. |
Derivatives and Hedging Activ37
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of activity and fair value of interest rate swaps | The fair value of our interest rate swaps is as follows (in thousands): Balance Sheet Location Estimated Fair Value Interest rate swaps: December 31, 2017 Accounts payable and accrued expenses $ (3,036 ) December 31, 2016 Accounts payable and accrued expenses $ (662 ) A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Year ended December 31, 2017 $ 2,022 Interest expense $ (1,575 ) Year ended December 31, 2016 $ 929 Interest expense $ (2,385 ) Year ended December 31, 2015 $ 46 Interest expense $ (991 ) (1) Amounts represent the effective portions of our interest rate swaps. We did not recognize any ineffective portion of our interest rate swaps in earnings for the years ended December 31, 2017 , 2016 and 2015 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Numerator: Net income $ 8,866 $ 8,128 $ 6,854 Less: Net income attributable to noncontrolling interests (532 ) (197 ) (116 ) Distributions paid on unvested restricted shares (456 ) (620 ) (528 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 7,878 7,311 6,210 Income from discontinued operations — — 11 Less: Net income attributable to noncontrolling interests — — — Income from discontinued operations attributable to Whitestone REIT — — 11 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 7,878 $ 7,311 $ 6,221 Denominator: Weighted average number of common shares - basic 35,428 27,618 24,631 Effect of dilutive securities: Unvested restricted shares 827 765 1,052 Weighted average number of common shares - dilutive 36,255 28,383 25,683 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.25 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.25 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.24 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.22 $ 0.26 $ 0.24 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Characterization of Cash Dividends Distrubuted for Income Tax Purpose | For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2017 2016 2015 Ordinary income (unaudited) 15.3 % 49.0 % 60.9 % Return of capital (unaudited) 84.7 % 33.7 % 37.7 % Capital gain distributions (unaudited) — % 17.3 % 1.4 % Total 100.0 % 100.0 % 100.0 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Distributions | The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2017 Fourth Quarter $ 0.2850 $ 11,002 $ 0.2850 $ 309 $ 11,311 Third Quarter 0.2850 10,948 0.2850 309 11,257 Second Quarter 0.2850 10,093 0.2850 310 10,403 First Quarter 0.2850 8,429 0.2850 313 8,742 Total $ 1.1400 $ 40,472 $ 1.1400 $ 1,241 $ 41,713 2016 Fourth Quarter $ 0.2850 $ 8,305 $ 0.2850 $ 314 $ 8,619 Third Quarter 0.2850 8,109 0.2850 138 8,247 Second Quarter 0.2850 7,786 0.2850 138 7,924 First Quarter 0.2850 7,711 0.2850 139 7,850 Total $ 1.1400 $ 31,911 $ 1.1400 $ 729 $ 32,640 |
Incentive Share Plan (Tables)
Incentive Share Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Incentive Plan Activity | A summary of the share-based incentive plan activity as of and for the year ended December 31, 2017 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2017 2,044,334 $ 14.48 Granted 1,354,534 12.92 Modified to new agreements — — Modified from existing agreements — — Vested (881,710 ) 14.55 Forfeited (35,827 ) 14.38 Non-vested at December 31, 2017 2,481,331 $ 13.60 Available for grant at December 31, 2017 868,815 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. |
Schedule of Nonvested and Vested Shares Activity | A summary of our nonvested and vested shares activity for the years ended December 31, 2017 , 2016 and 2015 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2017 1,354,534 $ 12.92 (881,710 ) $ 12,829 Year Ended December 31, 2016 545,778 $ 14.85 (734,261 ) $ 10,577 Year Ended December 31, 2015 327,122 $ 13.49 (348,786 ) $ 4,969 |
Select Quarterly Financial Da42
Select Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2017 and 2016 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2017 Revenues $ 28,267 $ 30,208 $ 33,653 $ 33,831 Net income $ 1,557 $ 2,144 $ 3,140 $ 2,025 Net income attributable to Whitestone REIT $ 1,440 $ 1,983 $ 2,993 $ 1,921 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.05 $ 0.05 $ 0.07 $ 0.05 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.04 $ 0.05 $ 0.07 $ 0.05 2016 Revenues $ 25,435 $ 25,129 $ 25,508 $ 28,365 Net income $ 5,088 $ 1,509 $ 964 $ 567 Net income attributable to Whitestone REIT $ 4,997 $ 1,484 $ 949 $ 532 Basic Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.18 $ 0.05 $ 0.03 $ 0.01 Diluted Earnings per share: Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.18 $ 0.05 $ 0.03 $ 0.01 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Description of Business and N43
Description of Business and Nature of Operations (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2004shares | Dec. 31, 2017property | Dec. 31, 2017CommercialProperties | Dec. 31, 2016property | Dec. 31, 2015property | |
Real Estate Properties [Line Items] | |||||
Reorganization and conversion, number of common shares (in shares) | shares | 1.42857 | ||||
Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 73 | 73 | 69 | 70 | |
Consolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 14 | ||||
Retail Site [Member] | Community Centered Properties™ [Member] | Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 51 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage | 81.40% | ||||
Redevelopment, New Acquisitions Portfolio [Member] | Retail Site [Member] | Community Centered Properties™ [Member] | Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 2 | ||||
Redevelopment, New Acquisitions Portfolio [Member] | Land [Member] | Parcels Held for Future Development [Member] | Wholly Owned Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 6 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred legal cost | $ 436 | $ 0 | |
Share-based compensation | 10,410 | 10,231 | $ 7,337 |
Net book credit balances | $ 800 | 1,500 | |
Conversion ratio for class A common stock to OP unit (in shares) | 1 | ||
Interest expense capitalized | $ 439 | 324 | 106 |
Real estate taxes capitalized | 277 | 71 | 69 |
Allowance for doubtful accounts | 9,147 | 7,258 | |
Provision for doubtful accounts | 2,340 | 1,585 | 1,974 |
Fair value of long-term debt | 659,600 | 540,000 | |
Book value of long-term debt | 660,900 | 545,500 | |
2008 Long-Term Equity Incentive Ownership Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 10,400 | $ 10,200 | $ 7,300 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Depreciation (Details) - Building and Building Improvements [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Restricted Cash (Details) - Anthem Marketplace Note [Member] $ in Millions | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Face amount of debt | $ 15.1 |
Stated interest rate | 4.99% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Taxes (Details) - TEXAS - State and Local Jurisdiction [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||
Applicable tax rate used to determine state margin tax | 1.00% | ||
Standard deduction rate used to determine state margin tax | 30.00% | ||
Margin tax provision recognized | $ 0.4 | $ 0.2 | $ 0.4 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 50,000 | $ 654,000 | ||
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ||
Losses in Accumulated Other Comprehensive Income | (18,000) | (137,000) | ||
Estimated Fair Value | [1] | 32,000 | 517,000 | |
Proceeds from sales of marketable securities | 513,000 | 0 | $ 496,000 | |
Gross realized gains | 5,000 | 44,000 | ||
Gross realized losses | 96,000 | $ 0 | ||
Unrealized holding loss | 18,000 | 137,000 | ||
Real estate sector common stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 50,000 | 654,000 | ||
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ||
Losses in Accumulated Other Comprehensive Income | (18,000) | (137,000) | ||
Estimated Fair Value | $ 32,000 | $ 517,000 | ||
[1] | Assets of consolidated Variable Interest Entities included in the total assets |
Real Estate Narrative (Details)
Real Estate Narrative (Details) | Dec. 29, 2017USD ($)a | May 26, 2017USD ($)ft²a | May 03, 2017USD ($)ft² | Nov. 29, 2016USD ($) | Sep. 30, 2016USD ($)ft²shares | Mar. 03, 2016USD ($) | Feb. 17, 2016USD ($)a | Aug. 29, 2015USD ($)ft² | Aug. 28, 2015USD ($)ft² | Aug. 26, 2015USD ($)ft²aparcelshares | Jul. 02, 2015USD ($)ft² | May 27, 2015USD ($)ft² | Mar. 31, 2015USD ($)ft² | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($)ft²shares | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2017shares | Dec. 31, 2017ft² | Dec. 31, 2017 | Dec. 31, 2017property | Dec. 31, 2017CommercialProperties |
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Revenue | $ 33,831,000 | $ 33,653,000 | $ 30,208,000 | $ 28,267,000 | $ 28,365,000 | $ 25,508,000 | $ 25,129,000 | $ 25,435,000 | $ 125,959,000 | $ 104,437,000 | $ 93,416,000 | ||||||||||||||||||
Net income | 1,921,000 | $ 2,993,000 | $ 1,983,000 | $ 1,440,000 | 532,000 | $ 949,000 | $ 1,484,000 | $ 4,997,000 | 8,334,000 | 7,931,000 | 6,749,000 | ||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | ||||||||||||||||||||||||||||
Payments to acquire property | 125,468,000 | 60,616,000 | 147,950,000 | ||||||||||||||||||||||||||
Acquisition-related costs | 1,600,000 | 2,100,000 | 1,700,000 | ||||||||||||||||||||||||||
Gain on property dispositions | (167,000) | 3,261,000 | (185,000) | ||||||||||||||||||||||||||
Gain on sale of properties | 16,000 | 3,357,000 | $ 0 | ||||||||||||||||||||||||||
Hurricane [Member] | Cost Of Property Repairs And Maintenance [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Loss from catastrophes | 500,000 | ||||||||||||||||||||||||||||
El Dorado Plaza [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 1.83 | ||||||||||||||||||||||||||||
Payments to acquire property | $ 900,000 | ||||||||||||||||||||||||||||
La Mirada and Seville [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Consideration transferred | $ 60,700,000 | ||||||||||||||||||||||||||||
Equity interest (in shares) | shares | 621,053 | ||||||||||||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | 1 | |||||||||||||||||||||||||||
La Mirada [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 147,209 | 147,209 | |||||||||||||||||||||||||||
Property percentage occupied | 90.00% | 90.00% | |||||||||||||||||||||||||||
Seville [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 90,042 | 90,042 | |||||||||||||||||||||||||||
Property percentage occupied | 88.00% | 88.00% | |||||||||||||||||||||||||||
Gilbert Tuscany Village [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 14,603 | ||||||||||||||||||||||||||||
Payments to acquire property | $ 1,700,000 | ||||||||||||||||||||||||||||
Keller Place [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 93,541 | ||||||||||||||||||||||||||||
Property percentage occupied | 92.00% | ||||||||||||||||||||||||||||
Area of land (in acres) | a | 3.12 | ||||||||||||||||||||||||||||
Equity interest (in shares) | shares | 120,000 | ||||||||||||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | ||||||||||||||||||||||||||||
Payments to acquire property | $ 12,000,000 | ||||||||||||||||||||||||||||
Number of undeveloped parcels | parcel | 2 | ||||||||||||||||||||||||||||
Quinlan Crossing [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 109,892 | ||||||||||||||||||||||||||||
Property percentage occupied | 95.00% | ||||||||||||||||||||||||||||
Payments to acquire property | $ 37,500,000 | ||||||||||||||||||||||||||||
Parkside Village North [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 27,045 | ||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | ||||||||||||||||||||||||||||
Payments to acquire property | $ 12,500,000 | ||||||||||||||||||||||||||||
Parkside Village South [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 90,101 | ||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | ||||||||||||||||||||||||||||
Payments to acquire property | $ 32,500,000 | ||||||||||||||||||||||||||||
Davenport Village [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 128,934 | ||||||||||||||||||||||||||||
Property percentage occupied | 85.00% | ||||||||||||||||||||||||||||
Payments to acquire property | $ 45,500,000 | ||||||||||||||||||||||||||||
City View Village [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 17,870 | ||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | ||||||||||||||||||||||||||||
Payments to acquire property | $ 6,300,000 | ||||||||||||||||||||||||||||
Pinnacle of Scottsdale Phase II [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 27,063 | ||||||||||||||||||||||||||||
Property percentage occupied | 91.00% | ||||||||||||||||||||||||||||
Construction costs incurred | 5,200,000 | 5,200,000 | |||||||||||||||||||||||||||
Capitalized interest and real estate taxes | 565,000 | 565,000 | |||||||||||||||||||||||||||
Shops at Starwood Phase III [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 35,351 | ||||||||||||||||||||||||||||
Property percentage occupied | 71.00% | ||||||||||||||||||||||||||||
Construction costs incurred | 8,000,000 | 8,000,000 | |||||||||||||||||||||||||||
Capitalized interest and real estate taxes | $ 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||
Zeta, Royal Crest and Featherwood [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 4,900,000 | ||||||||||||||||||||||||||||
Short-term seller financing provided | 1,700,000 | ||||||||||||||||||||||||||||
Gain on property dispositions | 2,200,000 | ||||||||||||||||||||||||||||
Gain on sale of properties recognized | $ 500,000 | ||||||||||||||||||||||||||||
Deferred gain on sale of property | $ 1,700,000 | $ 1,700,000 | |||||||||||||||||||||||||||
Brookhill [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 3,100,000 | ||||||||||||||||||||||||||||
Gain on sale of properties | $ 1,900,000 | ||||||||||||||||||||||||||||
Pinnacle Phase II [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 4.5 | ||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 1,100,000 | ||||||||||||||||||||||||||||
Gain on sale of properties | $ 1,000,000 | ||||||||||||||||||||||||||||
Area of land sold (in acres) | a | 0.5 | ||||||||||||||||||||||||||||
Corporate Park Northwest [Member] | Fire [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 11,268 | ||||||||||||||||||||||||||||
Loss from catastrophes | $ 447,000 | ||||||||||||||||||||||||||||
Demolition costs | 55,000 | ||||||||||||||||||||||||||||
Insurance recoveries | 569,000 | ||||||||||||||||||||||||||||
Corporate Park Northwest [Member] | Fire [Member] | Loss on Sale or Disposal of Asset [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gain on business interruption insurance recovery | $ 67,000 | ||||||||||||||||||||||||||||
Wholly Owned Properties [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Number of properties | 69 | 69 | 70 | 73 | 73 | ||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 6,600,000 | ||||||||||||||||||||||||||||
BLVD Place [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 216,944 | ||||||||||||||||||||||||||||
Consideration transferred | $ 158,000,000 | ||||||||||||||||||||||||||||
Mortgage financing | 80,000,000 | ||||||||||||||||||||||||||||
Cash purchase price | $ 78,000,000 | ||||||||||||||||||||||||||||
Property percentage occupied | 99.00% | ||||||||||||||||||||||||||||
Area of land (in acres) | a | 1.43 | ||||||||||||||||||||||||||||
Revenue | 9,300,000 | ||||||||||||||||||||||||||||
Net income | 5,100,000 | ||||||||||||||||||||||||||||
El Dorado Plaza [Member] | |||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 221,577 | ||||||||||||||||||||||||||||
Consideration transferred | $ 46,600,000 | ||||||||||||||||||||||||||||
Property percentage occupied | 96.00% | ||||||||||||||||||||||||||||
Revenue | 3,000,000 | ||||||||||||||||||||||||||||
Net income | $ 1,600,000 |
Real Estate Pro Forma Results o
Real Estate Pro Forma Results of Operations (Details) - BLVD Place [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Total property revenues | $ 133,663 | $ 129,385 | $ 127,485 |
Net income | 11,600 | 16,978 | 18,219 |
Net income attributable to Whitestone REIT | $ 10,990 | $ 16,583 | $ 17,912 |
Basic Earnings Per Share (in dollars per share) | $ 0.28 | $ 0.45 | $ 0.53 |
Diluted Earnings Per Share (in dollars per share) | $ 0.27 | $ 0.44 | $ 0.52 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 37,933 | 35,637 | 32,650 |
Diluted (in shares) | 38,760 | 36,402 | 33,702 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ / shares in Units, $ in Thousands | Dec. 08, 2016USD ($)subsidiaryproperty$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Real estate assets, at cost | ||||||||
Property | [1] | $ 1,149,454 | $ 920,310 | |||||
Accumulated depreciation | [1] | (131,034) | (107,258) | |||||
Total real estate assets | [1] | 1,018,420 | 813,052 | |||||
Cash and cash equivalents | 7,817 | [1] | 4,168 | [1] | $ 2,587 | $ 4,236 | ||
Escrows and acquisition deposits | [1] | 10,104 | 6,620 | |||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | [1] | 23,504 | 19,951 | |||||
Unamortized lease commissions and loan costs | [1] | 8,422 | 8,083 | |||||
Prepaid expenses and other assets | [1] | 3,228 | 2,762 | |||||
Total assets | [1] | 1,071,732 | 855,209 | |||||
Liabilities: | ||||||||
Notes payable | [2] | 659,068 | 544,020 | |||||
Accounts payable and accrued expenses | [2] | 35,995 | 28,692 | |||||
Tenants' security deposits | [2] | 6,885 | 6,125 | |||||
Total liabilities | [2] | $ 713,414 | 587,566 | |||||
Pillarstone Variable Interest Entity [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of wholly-owned subsidiaries contributed to variable interest entity | subsidiary | 4 | |||||||
Number of non-core properties contributed to variable interest entity | property | 14 | |||||||
Consideration amount | $ 84,000 | |||||||
Consideration, limited partnership interest | $ 18,100 | |||||||
Consideration, limited partnership interest (in dollars per share) | $ / shares | $ 1.331 | |||||||
Liabilities assumed | $ 65,900 | |||||||
OP unit purchase agreement amount | $ 3,000 | |||||||
OP unit purchase agreement unit price (in dollars per share) | $ / shares | $ 1.331 | |||||||
OP unit purchase agreement term | 2 years | |||||||
Monthly property management fee | 5.00% | |||||||
Monthly asset management fee | 0.125% | |||||||
Ownership percentage | 81.40% | |||||||
Real estate assets, at cost | ||||||||
Property | $ 95,146 | 92,338 | ||||||
Accumulated depreciation | (35,980) | (32,533) | ||||||
Total real estate assets | 59,166 | 59,805 | ||||||
Cash and cash equivalents | 2,812 | 1,236 | ||||||
Escrows and acquisition deposits | 2,188 | 2,274 | ||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 2,364 | 2,313 | ||||||
Unamortized lease commissions and loan costs | 1,265 | 1,150 | ||||||
Prepaid expenses and other assets | 65 | 82 | ||||||
Total assets | 67,860 | 66,860 | ||||||
Liabilities: | ||||||||
Notes payable | 48,840 | 50,001 | ||||||
Accounts payable and accrued expenses | 3,494 | 3,481 | ||||||
Tenants' security deposits | 1,191 | 996 | ||||||
Total liabilities | 53,525 | 54,478 | ||||||
Pillarstone Variable Interest Entity [Member] | Consolidation, Eliminations [Member] | ||||||||
Real estate assets, at cost | ||||||||
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 1,300 | 500 | ||||||
Prepaid expenses and other assets | 900 | |||||||
Liabilities: | ||||||||
Notes payable | 15,500 | 15,500 | ||||||
Accounts payable and accrued expenses | $ 1,000 | $ 300 | ||||||
Pillarstone Variable Interest Entity [Member] | Uptown Tower [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Monthly property management fee | 3.00% | |||||||
Monthly asset management fee | 0.125% | |||||||
Pillarstone Variable Interest Entity [Member] | Line of Credit [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | $ 15,500 | |||||||
Pillarstone Variable Interest Entity [Member] | Notes Payable, Other Payables [Member] | Uptown Tower Promissory Note [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | 16,300 | |||||||
Pillarstone Variable Interest Entity [Member] | Notes Payable, Other Payables [Member] | Industrial-Office Promissory Note [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Liabilities assumed | $ 34,100 | |||||||
[1] | Assets of consolidated Variable Interest Entities included in the total assets | |||||||
[2] | Liabilities of consolidated Variable Interest Entities included in the total liabilities |
Accrued Rents and Accounts Re52
Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Tenant receivables | $ 15,124 | $ 12,972 | |
Accrued rents and other recoveries | 17,527 | 14,237 | |
Allowance for doubtful accounts | (9,147) | (7,258) | |
Totals | [1] | $ 23,504 | $ 19,951 |
[1] | Assets of consolidated Variable Interest Entities included in the total assets |
Unamortized Lease Commissions53
Unamortized Lease Commissions and Loan Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing commissions | $ 10,797 | $ 8,720 | |
Deferred legal cost | 436 | 0 | |
Deferred financing cost | 4,071 | 4,071 | |
Total cost | 15,304 | 12,791 | |
Less: leasing commissions accumulated amortization | (4,753) | (3,597) | |
Less: deferred legal cost accumulated amortization | 66 | 0 | |
Less: deferred financing cost accumulated amortization | (2,063) | (1,111) | |
Total cost, net of accumulated amortization | [1] | $ 8,422 | $ 8,083 |
[1] | Assets of consolidated Variable Interest Entities included in the total assets |
Unamortized Lease Commissions54
Unamortized Lease Commissions and Loan Costs (Details 2) $ in Thousands | Dec. 31, 2017USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Expected Amortization of Deferred Leasing Commissions Year 2018 | $ 1,516 |
Expected Amortization of Deferred Leasing Commissions Year 2019 | 1,276 |
Expected Amortization of Deferred Leasing Commissions Year 2020 | 1,065 |
Expected Amortization of Deferred Leasing Commissions Year 2021 | 835 |
Expected Amortization of Deferred Leasing Commissions Year 2022 | 602 |
Expected Amortization of Deferred Leasing Commissions Thereafter | 750 |
Expected Amortization of Deferred Leasing Commissions | 6,044 |
Expected Amortization of Deferred Legal Costs Year One | 79 |
Expected Amortization of Deferred Legal Costs Year Two | 69 |
Expected Amortization of Deferred Legal Costs Year Three | 56 |
Expected Amortization of Deferred Legal Costs Year Four | 44 |
Expected Amortization of Deferred Legal Costs Year Five | 35 |
Expected Amortization of Deferred Legal Costs Year Thereafter | 87 |
Expected Amortization of Deferred Legal Costs | 370 |
Expected Amortization of Deferred Financing Costs Year 2018 | 855 |
Expected Amortization of Deferred Financing Costs Year 2019 | 369 |
Expected Amortization of Deferred Financing Costs Year 2020 | 359 |
Expected Amortization of Deferred Financing Costs Year 2021 | 235 |
Expected Amortization of Deferred Financing Costs Year 2022 | 190 |
Expected Amortization of Deferred Financing Costs Thereafter | 0 |
Expected Amortization of Deferred Financing Costs | 2,008 |
Expected Amortization of Deferred Costs Year 2018 | 2,450 |
Expected Amortization of Deferred Costs Year 2019 | 1,714 |
Expected Amortization of Deferred Costs Year 2020 | 1,480 |
Expected Amortization of Deferred Costs Year 2021 | 1,114 |
Expected Amortization of Deferred Costs Year 2022 | 827 |
Expected Amortization of Deferred Costs Thereafter | 837 |
Expected Amortization of Deferred Costs | $ 8,422 |
Future Minimum Lease Income (De
Future Minimum Lease Income (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 91,716 |
2,019 | 79,580 |
2,020 | 65,752 |
2,021 | 52,117 |
2,022 | 39,386 |
Thereafter | 147,748 |
Total | $ 476,299 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) | Nov. 07, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | May 26, 2017 | Feb. 03, 2017 | Aug. 31, 2012 |
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 660,929,000 | $ 545,512,000 | ||||
Less deferred financing costs, net of accumulated amortization | (1,861,000) | (1,492,000) | ||||
Long-term debt | 659,068,000 | 544,020,000 | ||||
Fixed Rate Notes [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | 9,740,000 | 9,980,000 | ||||
Face amount of debt | $ 10,500,000 | $ 10,500,000 | ||||
Basis spread on variable rate | 2.00% | 2.00% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 50,000,000 | $ 50,000,000 | ||||
Face amount of debt | $ 50,000,000 | $ 50,000,000 | ||||
Imputed interest rate | 1.75% | 1.75% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | 1.35% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | 1.90% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 50,000,000 | $ 50,000,000 | ||||
Face amount of debt | $ 50,000,000 | $ 50,000,000 | ||||
Imputed interest rate | 1.50% | 1.50% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | 1.35% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | 1.90% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 100,000,000 | $ 100,000,000 | ||||
Face amount of debt | $ 100,000,000 | $ 100,000,000 | ||||
Imputed interest rate | 1.73% | 1.73% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.65% | 1.65% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||
Fixed Rate Notes [Member] | $80.0 million, 3.72% Note, due June 1, 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 80,000,000 | $ 0 | ||||
Face amount of debt | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | |||
Stated interest rate | 3.72% | 3.72% | 3.72% | |||
Fixed Rate Notes [Member] | $37.0 million 3.76% Note, due December 1, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 33,148,000 | $ 34,166,000 | ||||
Face amount of debt | $ 37,000,000 | $ 37,000,000 | ||||
Stated interest rate | 3.76% | 3.76% | ||||
Fixed Rate Notes [Member] | $6.5 million 3.80% Note, due January 1, 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 5,842,000 | $ 6,019,000 | ||||
Face amount of debt | $ 6,500,000 | $ 6,500,000 | ||||
Stated interest rate | 3.80% | 3.80% | ||||
Fixed Rate Notes [Member] | $19.0 million 4.15% Note, due December 1, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 19,000,000 | $ 19,000,000 | ||||
Face amount of debt | $ 19,000,000 | $ 19,000,000 | ||||
Stated interest rate | 4.15% | 4.15% | ||||
Fixed Rate Notes [Member] | $20.2 million 4.28% Note, due June 6, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 19,360,000 | $ 19,708,000 | ||||
Face amount of debt | $ 20,200,000 | $ 20,200,000 | ||||
Stated interest rate | 4.28% | 4.28% | ||||
Fixed Rate Notes [Member] | $14.0 million 4.34% Note, due September 11, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 13,944,000 | $ 14,000,000 | ||||
Face amount of debt | $ 14,000,000 | $ 14,000,000 | ||||
Stated interest rate | 4.34% | 4.34% | ||||
Fixed Rate Notes [Member] | $14.3 million 4.34% Note, due September 11, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 14,300,000 | $ 14,300,000 | ||||
Face amount of debt | $ 14,300,000 | $ 14,300,000 | ||||
Stated interest rate | 4.34% | 4.34% | ||||
Fixed Rate Notes [Member] | $16.5 million 4.97% Note, due September 26, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 16,058,000 | $ 16,298,000 | ||||
Face amount of debt | $ 16,500,000 | $ 16,500,000 | ||||
Stated interest rate | 4.97% | 4.97% | ||||
Fixed Rate Notes [Member] | $15.1 million 4.99% Note, due January 6, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 14,865,000 | $ 15,060,000 | ||||
Face amount of debt | $ 15,100,000 | $ 15,100,000 | ||||
Stated interest rate | 4.99% | 4.99% | ||||
Fixed Rate Notes [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Debt discount | $ 1,300,000 | |||||
Imputed interest rate | 4.13% | |||||
Fixed Rate Notes [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 0 | $ 7,869,000 | ||||
Face amount of debt | $ 9,200,000 | $ 9,200,000 | ||||
Basis spread on variable rate | 2.00% | 2.00% | ||||
Fixed Rate Notes [Member] | $2.6 million 5.46% Note, due October 1, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 2,472,000 | $ 2,512,000 | ||||
Face amount of debt | $ 2,600,000 | $ 2,600,000 | ||||
Stated interest rate | 5.46% | 5.46% | ||||
Floating Rate Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 232,200,000 | |||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% | |||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable principal | $ 232,200,000 | $ 186,600,000 | ||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | 1.40% | ||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% | 1.95% | ||||
Interest Rate Swap [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.55% | |||||
Interest Rate Swap [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 0.84% | 1.75% | ||||
Interest Rate Swap [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.50% | |||||
Interest Rate Swap [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.73% | |||||
Interest Rate Swap [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.72% | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Nov. 07, 2014USD ($) | Dec. 31, 2017USD ($)propertyloan | May 26, 2017USD ($) | Dec. 31, 2016USD ($)CollateralizedProperties | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 659,068,000 | $ 544,020,000 | |||
Notes payable | [1] | $ 659,068,000 | $ 544,020,000 | ||
Number of collateralized properties | 20 | 19 | |||
Carrying value of collateralized properties | $ 340,600,000 | $ 189,400,000 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee | 0.20% | ||||
Credit facility, usage | 50.00% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee | 0.25% | ||||
Credit facility, usage | 50.00% | ||||
Floating Rate Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 232,200,000 | ||||
Number of loans (in loans) | loan | 1 | ||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.40% | ||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.95% | ||||
Floating Rate Notes [Member] | one-month LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.37% | ||||
Fixed Rate Notes [Member] | $80.0 million, 3.72% Note, due June 1, 2027 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 3.72% | 3.72% | 3.72% | ||
Face amount of debt | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | ||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 3.30% | ||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | ||||
Credit facility, amount outstanding | $ 432,200,000 | ||||
Credit facility, remaining borrowing capacity | 67,800,000 | ||||
Credit facility, increased borrowing capacity | 700,000,000 | ||||
Revolving Credit Facility [Member] | Pillarstone [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, amount outstanding | $ 15,500,000 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.40% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.95% | ||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.35% | ||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Term Loan [Member] | Term Loan 3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 100,000,000 | ||||
Term Loan [Member] | Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | 50,000,000 | ||||
Term Loan [Member] | Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 50,000,000 | ||||
[1] | Liabilities of consolidated Variable Interest Entities included in the total liabilities |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Debt) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 12,208 |
2,019 | 240,249 |
2,020 | 82,827 |
2,021 | 51,918 |
2,022 | 102,007 |
Thereafter | 171,720 |
Long-Term Debt - Principal, Total | $ 660,929 |
Debt (Contractual Obligations)
Debt (Contractual Obligations) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Long-Term Debt - Principal, Total | $ 660,929 |
Long-Term Debt - Principal, Less than 1 year (2018) | 12,208 |
Long-Term Debt - Principal, 1 - 3 years (2019 - 2020) | 323,076 |
Long-Term Debt - Principal, 3 - 5 years (2021 - 2022) | 153,925 |
Long-Term Debt - Principal, More than 5 years (after 2022) | 171,720 |
Long-Term Debt - Fixed Interest, Total | 80,790 |
Long-Term Debt - Fixed Interest, Less than 1 year (2018) | 15,223 |
Long-Term Debt - Fixed Interest, 1 - 3 years (2019 - 2020) | 28,954 |
Long-Term Debt - Fixed Interest, 3 - 5 years (2021 - 2022) | 18,200 |
Long-Term Debt - Fixed Interest, More than 5 years (after 2022) | 18,413 |
Long-Term Debt - Variable Interest, Total | 14,049 |
Long-Term Debt - Variable Interest, Less than 1 year (2018) | 7,663 |
Long-Term Debt - Variable Interest, 1 - 3 years (2019 - 2020) | 6,386 |
Long-Term Debt - Variable Interest, 3 - 5 years (2021 - 2022) | 0 |
Long-Term Debt - Variable Interest, More than 5 years (after 2022) | 0 |
Unsecured revolving credit facility - Unused commitment fee, Total | 249 |
Unsecured revolving credit facility - Unused commitment fee, Less than 1 year (2018) | 136 |
Unsecured revolving credit facility - Unused commitment fee, 1 - 3 years (2019 - 2020) | 113 |
Unsecured revolving credit facility - Unused commitment fee, 3 - 5 years (2021 - 2022) | 0 |
Unsecured revolving credit facility - Unused commitment fee, More than 5 years (after 2022) | 0 |
Operating Lease Obligations, Total | 57 |
Operating Lease Obligations, Less than 1 year (2018) | 33 |
Operating Lease Obligations, 1 - 3 years (2019 - 2020) | 20 |
Operating Lease Obligations, 3 - 5 years (2021 - 2022) | 4 |
Operating Lease Obligations, More than 5 years (after 2022) | 0 |
Contractual Obligations, Total | 756,074 |
Contractual Obligations, Less than 1 year (2018) | 35,263 |
Contractual Obligations, 1 - 3 years (2019 - 2020) | 358,549 |
Contractual Obligations, 3 - 5 years (2021 - 2022) | 172,129 |
Contractual Obligations, More than 5 years (after 2022) | 190,133 |
Pillarstone Variable Interest Entity [Member] | |
Debt Instrument [Line Items] | |
Long-Term Debt - Principal, Total | 49,206 |
Long-Term Debt - Principal, Less than 1 year (2018) | 1,343 |
Long-Term Debt - Principal, 1 - 3 years (2019 - 2020) | 32,662 |
Long-Term Debt - Principal, 3 - 5 years (2021 - 2022) | 631 |
Long-Term Debt - Principal, More than 5 years (after 2022) | 14,570 |
Long-Term Debt - Fixed Interest, Total | 7,921 |
Long-Term Debt - Fixed Interest, Less than 1 year (2018) | 2,019 |
Long-Term Debt - Fixed Interest, 1 - 3 years (2019 - 2020) | 3,882 |
Long-Term Debt - Fixed Interest, 3 - 5 years (2021 - 2022) | 1,481 |
Long-Term Debt - Fixed Interest, More than 5 years (after 2022) | 539 |
Long-Term Debt - Variable Interest, Total | 937 |
Long-Term Debt - Variable Interest, Less than 1 year (2018) | 511 |
Long-Term Debt - Variable Interest, 1 - 3 years (2019 - 2020) | 426 |
Long-Term Debt - Variable Interest, 3 - 5 years (2021 - 2022) | 0 |
Long-Term Debt - Variable Interest, More than 5 years (after 2022) | 0 |
Contractual Obligations, Total | 58,064 |
Contractual Obligations, Less than 1 year (2018) | 3,873 |
Contractual Obligations, 1 - 3 years (2019 - 2020) | 36,970 |
Contractual Obligations, 3 - 5 years (2021 - 2022) | 2,112 |
Contractual Obligations, More than 5 years (after 2022) | $ 15,109 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 19, 2015 | |
Interest Rate Swaps [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Amount Recognized as Comprehensive Income (Loss) | $ 2,022 | $ 929 | $ 46 | ||
Amount of Gain (Loss) Recognized in Earnings | (1,575) | (2,385) | $ (991) | ||
Interest Rate Swaps [Member] | Accounts Payable and Accrued Expenses [Member] | |||||
Derivative [Line Items] | |||||
Estimated fair value | $ (3,036) | $ (662) | |||
Term Loan 3 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.725% | ||||
Term Loan 3 [Member] | U.S. Bank National Association [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | $ 35,000 | ||||
Term Loan 3 [Member] | SunTrust Bank [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 15,000 | ||||
Term Loan 1 [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 14,000 | ||||
Term Loan 1 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.75% | ||||
Term Loan 1 [Member] | U.S. Bank National Association [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 6,500 | ||||
Term Loan 1 [Member] | Wells Fargo Bank, National Association [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 14,000 | ||||
Term Loan 1 [Member] | SunTrust Bank [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 5,000 | ||||
Term Loan 1 [Member] | Regions Bank [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 3,800 | ||||
Term Loan 2 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 1.50% | ||||
Term Loan 2 [Member] | U.S. Bank National Association [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 6,500 | ||||
Term Loan 2 [Member] | Wells Fargo Bank, National Association [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 14,000 | ||||
Term Loan 2 [Member] | Bank of American, N.A. [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 14,000 | ||||
Term Loan 2 [Member] | SunTrust Bank [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | 5,000 | ||||
Term Loan 2 [Member] | Regions Bank [Member] | |||||
Derivative [Line Items] | |||||
Swap amount assigned to counterparty | $ 3,800 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income | $ 2,025 | $ 3,140 | $ 2,144 | $ 1,557 | $ 567 | $ 964 | $ 1,509 | $ 5,088 | $ 8,866 | $ 8,128 | $ 6,854 |
Less: Net income attributable to noncontrolling interests | (532) | (197) | (116) | ||||||||
Distributions paid on unvested restricted shares | (456) | (620) | (528) | ||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | 7,878 | 7,311 | 6,210 | ||||||||
Income from discontinued operations | 0 | 0 | 11 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Income from discontinued operations attributable to Whitestone REIT | 0 | 0 | 11 | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 7,878 | $ 7,311 | $ 6,221 | ||||||||
Denominator: | |||||||||||
Weighted average number of common shares - basic | 35,428,000 | 27,618,000 | 24,631,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted shares | 827,000 | 765,000 | 1,052,000 | ||||||||
Weighted average number of common shares - dilutive | 36,255,000 | 28,383,000 | 25,683,000 | ||||||||
Basic: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.22 | $ 0.26 | $ 0.25 | ||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.03 | $ 0.05 | $ 0.18 | 0.22 | 0.26 | 0.25 |
Diluted: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.22 | 0.26 | 0.24 | ||||||||
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.05 | $ 0.18 | $ 0.22 | $ 0.26 | $ 0.24 |
OP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
OP units excluded from diluted earnings per share because their effect would be anti-dilutive (in shares) | 1,088,292 | 642,132 | 429,809 | ||||||||
Restricted Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Distributions to holders of certain restricted common shares | $ 472 | $ 636 | $ 564 | ||||||||
Distributions to holders of certain restricted common shares charged against earnings | $ 16 | $ 16 | $ 36 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | $ 386 | $ 289 | $ 372 |
Ordinary income (unaudited) | 15.30% | 49.00% | 60.90% |
Return of capital (unaudited) | 84.70% | 33.70% | 37.70% |
Capital gain distributions (unaudited) | 0.00% | 17.30% | 1.40% |
Total | 100.00% | 100.00% | 100.00% |
Davenport TRS [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | $ 45 |
Related Party Transactions (Det
Related Party Transactions (Details) - Beneficial Owner [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Mr. James C. Mastandrea [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage | 77.90% |
Mr. John J. Dee [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage | 26.30% |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | Apr. 25, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Jun. 04, 2015USD ($)agreement |
Class of Stock [Line Items] | |||||||||||||
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||
Common shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
Preferred shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Common shares, issued (in shares) | 39,221,773 | 29,468,563 | 39,221,773 | 29,468,563 | |||||||||
Amount authorized | $ | $ 50,000 | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ | $ 118,412 | $ 30,014 | $ 49,649 | ||||||||||
Ownership interest in operating partnership | 97.30% | ||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | 1 | 1 | |||||||||||
Weighted-average share ownership in operating partnership | 97.00% | 97.80% | 98.30% | ||||||||||
Number of equity distribution agreements | agreement | 9 | ||||||||||||
OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
OP units outstanding (in shares) | 40,184,532 | 30,450,377 | 40,184,532 | 30,450,377 | |||||||||
Conversion of stock, shares converted (in shares) | 19,055 | 15,450 | |||||||||||
OP units owned (in shares) | 39,100,951 | 29,347,741 | 39,100,951 | 29,347,741 | |||||||||
Cash Distribution [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Total Amount Paid | $ | $ 11,311 | $ 11,257 | $ 10,403 | $ 8,742 | $ 8,619 | $ 8,247 | $ 7,924 | $ 7,850 | $ 41,713 | $ 32,640 | |||
Cash Distribution [Member] | Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||
Total Amount Paid | $ | $ 11,002 | $ 10,948 | $ 10,093 | $ 8,429 | $ 8,305 | $ 8,109 | $ 7,786 | $ 7,711 | $ 40,472 | $ 31,911 | |||
Cash Distribution [Member] | OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||
Total Amount Paid | $ | $ 309 | $ 309 | $ 310 | $ 313 | $ 314 | $ 138 | $ 138 | $ 139 | $ 1,241 | $ 729 | |||
ATM Program [Member] | Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of commons shares (in shares) | 1,324,038 | ||||||||||||
Proceeds from issuance | $ | $ 18,600 | ||||||||||||
Payments of exchange offer costs | $ | $ 300 | ||||||||||||
Private Placement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of commons shares (in shares) | 8,018,500 | ||||||||||||
Share price of equity offering (in dollars per share) | $ / shares | $ 13 | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ | $ 99,900 | ||||||||||||
Over-Allotment Option [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of commons shares (in shares) | 1,018,500 | ||||||||||||
2015 Equity Distribution Agreement [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance of commons shares (in shares) | 2,063,697 | ||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ | $ 30,000 | ||||||||||||
Payments for Commissions | $ | $ 500 |
Incentive Share Plan (Narrative
Incentive Share Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 06, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 02, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 11, 2017 | Dec. 22, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation | $ 10,410 | $ 10,231 | $ 7,337 | ||||||
Restricted Common Shares and Restricted Share Units [Member] | Time-Based Vesting [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-option equity instruments granted (in shares) | 320,000 | 143,000 | |||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 24 months | ||||||||
Restricted stock granted (in shares) | 267,783 | ||||||||
Performance period | 3 years | ||||||||
Award vesting percentage | 200.00% | ||||||||
Grant date fair value (in dollars per share) | $ 12.37 | ||||||||
Unrecognized compensation cost | $ 2,800 | ||||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 0.00% | ||||||||
Restricted Stock [Member] | Market-Based Vesting (TSR Units) [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 200.00% | ||||||||
Restricted Stock [Member] | Immediate Vesting (CIC Units) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock granted (in shares) | 965,000 | 965,000 | |||||||
Grant date fair value (in dollars per share) | $ 13.05 | ||||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 24 months | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of maximum number of shares issued under plan to aggregate shares (as a percent) | 12.50% | ||||||||
Share-based compensation | $ 10,400 | $ 10,200 | $ 7,300 | ||||||
Unrecognized compensation cost | $ 5,600 | ||||||||
Period from recognition | 18 months | ||||||||
Number of shares authorized (in shares) | 3,433,831 | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 2 years | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 83.00% | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Time and Performance-Based Vesting [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-option equity instruments granted (in shares) | 633,704 | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Performance Vesting [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-option equity instruments granted (in shares) | 2,049,116 | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period | 15 months | ||||||||
Unrecognized compensation cost | $ 2,300 | ||||||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Non-Vested Time Based Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost | $ 500 |
Incentive Share Plan (Schedule
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Non-vested (in shares) | 2,044,334 | ||
Shares, Granted (in shares) | 1,354,534 | 545,778 | 327,122 |
Modified to new agreements (in shares) | 0 | ||
Modified from existing agreements (in shares) | 0 | ||
Shares, Vested (in shares) | (881,710) | (734,261) | (348,786) |
Shares, Forfeited (in shares) | (35,827) | ||
Shares, Non-vested (in shares) | 2,481,331 | 2,044,334 | |
Shares, Available for grant (in shares) | 868,815 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $ 14.48 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 12.92 | $ 14.85 | $ 13.49 |
Modified to new agreements (in dollars per share) | 0 | ||
Modified from existing agreements (in dollars per share) | 0 | ||
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | 14.55 | ||
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | 14.38 | ||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $ 13.60 | $ 14.48 |
Incentive Share Plan (Schedul67
Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Granted, Non-Vested Shares Isused (in shares) | 1,354,534 | 545,778 | 327,122 |
Shares, Vested (in shares) | 881,710 | 734,261 | 348,786 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ 12.92 | $ 14.85 | $ 13.49 |
Shares Vested, Total Vest-Date Fair Value | $ 12,829 | $ 10,577 | $ 4,969 |
Grants to Trustees (Details)
Grants to Trustees (Details) | Dec. 12, 2017trustee$ / sharesshares | Dec. 21, 2016trustee$ / sharesshares |
Individual Trustee Grant Agreements 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of independent trustees | trustee | 6 | 4 |
Number of trustee emeritus | trustee | 1 | 1 |
Individual Trustee Grant Agreements 1 [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock granted to trustees (in shares) | shares | 16,281 | 7,500 |
Stock granted to trustees, vested in period (in shares) | shares | 3,000 | 1,500 |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.46 | $ 14.07 |
Individual Trustee Grant Agreements 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of independent trustees | trustee | 3 | 2 |
Individual Trustee Grant Agreements 2 [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock granted to trustees (in shares) | shares | 2,320 | 3,128 |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.46 | $ 14.07 |
Select Quarterly Financial Da69
Select Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 33,831 | $ 33,653 | $ 30,208 | $ 28,267 | $ 28,365 | $ 25,508 | $ 25,129 | $ 25,435 | $ 125,959 | $ 104,437 | $ 93,416 |
Net income | 2,025 | 3,140 | 2,144 | 1,557 | 567 | 964 | 1,509 | 5,088 | 8,866 | 8,128 | 6,854 |
Net income (loss) attributable to Whitestone REIT | $ 1,921 | $ 2,993 | $ 1,983 | $ 1,440 | $ 532 | $ 949 | $ 1,484 | $ 4,997 | $ 8,334 | $ 7,931 | $ 6,749 |
Basic Earnings Per Share: | |||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.03 | $ 0.05 | $ 0.18 | $ 0.22 | $ 0.26 | $ 0.25 |
Diluted Earnings Per Share: | |||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.05 | $ 0.07 | $ 0.05 | $ 0.04 | $ 0.01 | $ 0.03 | $ 0.05 | $ 0.18 | $ 0.22 | $ 0.26 | $ 0.24 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||||
Gain on property dispositions | $ (167) | $ 3,261 | $ (185) | ||
Bellnott Square [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from sale of real estate | $ 4,700 | ||||
Scenario, Forecast [Member] | Bellnott Square [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Gain on property dispositions | $ 300 |
Schedule II - Valuation and Q71
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 7,258 | $ 6,647 | $ 4,964 |
Charged to Costs and Expense | 2,340 | 1,585 | 1,974 |
Deductions from Reserves | (451) | (974) | (291) |
Balance at End of Year | $ 9,147 | $ 7,258 | $ 6,647 |
Schedule III - Real Estate an72
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Initial Cost | ||||
Land | $ 324,095,000 | |||
Building and Improvements | 741,718,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 81,605,000 | |||
Carrying Costs | 2,036,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 324,095,000 | |||
Building and Improvements | 825,359,000 | |||
Total | $ 920,310,000 | $ 835,538,000 | $ 673,655,000 | 1,149,454,000 |
Accumulated Depreciation | $ 131,034,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of period | 920,310,000 | 835,538,000 | 673,655,000 | |
Additions during the period: | ||||
Acquisitions | 213,545,000 | 69,749,000 | 150,331,000 | |
Improvements | 17,575,000 | 22,036,000 | 12,653,000 | |
Real estate, total additions | 231,120,000 | 91,785,000 | 162,984,000 | |
Deductions - cost of real estate sold or retired | (1,976,000) | (7,013,000) | (1,101,000) | |
Balance at close of period | $ 1,149,454,000 | $ 920,310,000 | $ 835,538,000 | |
New acquisitions through earlier attainment, percent occupancy | 90.00% | |||
New acquisitions through earlier attainment, term of ownership | 18 months | |||
Anthem Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | $ 15,100,000 | |||
BLVD Place [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 80,000,000 | |||
Headquarters Village [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 19,000,000 | |||
Paradise Plaza [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 9,200,000 | |||
Pinnacle of Scottsdale [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,100,000 | |||
Shops at Pecos Ranch [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,000,000 | |||
Shops at Starwood [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,300,000 | |||
Terravita Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 10,500,000 | |||
Village Square at Dana Park [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 2,600,000 | |||
Woodlake Plaza [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 6,500,000 | |||
9101 LBJ Freeway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 77,000 | |||
Additions during the period: | ||||
Improvements | $ 385,000 | |||
Uptown Tower [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 119,000 | |||
Additions during the period: | ||||
Improvements | 181,000 | |||
Amount of encumbrances | 16,500,000 | |||
Various Pillarstone Properties [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 37,000,000 | |||
Whitestone [Member] | ||||
Initial Cost | ||||
Land | 291,950,000 | |||
Building and Improvements | 678,510,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 64,205,000 | |||
Carrying Costs | 2,036,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 291,950,000 | |||
Building and Improvements | 744,751,000 | |||
Total | 1,036,701,000 | 1,036,701,000 | ||
Accumulated Depreciation | 94,858,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,036,701,000 | |||
Aggregate cost of real estate for federal income tax purposes | 1,027,360,000 | |||
Whitestone [Member] | Retail Communities [Member] | ||||
Initial Cost | ||||
Land | 283,219,000 | |||
Building and Improvements | 645,923,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 62,385,000 | |||
Carrying Costs | 1,082,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 283,219,000 | |||
Building and Improvements | 709,390,000 | |||
Total | 992,609,000 | 992,609,000 | ||
Accumulated Depreciation | 93,763,000 | |||
Additions during the period: | ||||
Balance at close of period | 992,609,000 | |||
Whitestone [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,126,000 | |||
Building and Improvements | 4,086,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 365,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,126,000 | |||
Building and Improvements | 4,451,000 | |||
Total | 9,577,000 | 9,577,000 | ||
Accumulated Depreciation | 783,000 | |||
Additions during the period: | ||||
Balance at close of period | 9,577,000 | |||
Whitestone [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 4,790,000 | |||
Building and Improvements | 17,973,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 319,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,790,000 | |||
Building and Improvements | 18,292,000 | |||
Total | 23,082,000 | 23,082,000 | ||
Accumulated Depreciation | 2,178,000 | |||
Additions during the period: | ||||
Balance at close of period | 23,082,000 | |||
Whitestone [Member] | Retail Communities [Member] | Bellnott Square [Member] | ||||
Initial Cost | ||||
Land | 1,154,000 | |||
Building and Improvements | 4,638,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 554,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,154,000 | |||
Building and Improvements | 5,192,000 | |||
Total | 6,346,000 | 6,346,000 | ||
Accumulated Depreciation | 2,144,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,346,000 | |||
Whitestone [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Initial Cost | ||||
Land | 415,000 | |||
Building and Improvements | 1,947,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 448,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 415,000 | |||
Building and Improvements | 2,395,000 | |||
Total | 2,810,000 | 2,810,000 | ||
Accumulated Depreciation | 1,771,000 | |||
Additions during the period: | ||||
Balance at close of period | 2,810,000 | |||
Whitestone [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Initial Cost | ||||
Land | 63,893,000 | |||
Building and Improvements | 90,942,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 93,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 63,893,000 | |||
Building and Improvements | 91,035,000 | |||
Total | 154,928,000 | 154,928,000 | ||
Accumulated Depreciation | 1,360,000 | |||
Additions during the period: | ||||
Balance at close of period | 154,928,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Initial Cost | ||||
Land | 472,000 | |||
Building and Improvements | 1,777,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,593,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 472,000 | |||
Building and Improvements | 4,370,000 | |||
Total | 4,842,000 | 4,842,000 | ||
Accumulated Depreciation | 1,496,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,842,000 | |||
Whitestone [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Initial Cost | ||||
Land | 2,044,000 | |||
Building and Improvements | 4,149,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 11,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,044,000 | |||
Building and Improvements | 4,160,000 | |||
Total | 6,204,000 | 6,204,000 | ||
Accumulated Depreciation | 293,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,204,000 | |||
Whitestone [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Initial Cost | ||||
Land | 11,367,000 | |||
Building and Improvements | 34,101,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 972,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 11,367,000 | |||
Building and Improvements | 35,073,000 | |||
Total | 46,440,000 | 46,440,000 | ||
Accumulated Depreciation | 2,431,000 | |||
Additions during the period: | ||||
Balance at close of period | 46,440,000 | |||
Whitestone [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Initial Cost | ||||
Land | 1,976,000 | |||
Building and Improvements | 1,704,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,485,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,976,000 | |||
Building and Improvements | 3,189,000 | |||
Total | 5,165,000 | 5,165,000 | ||
Accumulated Depreciation | 593,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,165,000 | |||
Whitestone [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Initial Cost | ||||
Land | 16,551,000 | |||
Building and Improvements | 30,746,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 67,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 16,551,000 | |||
Building and Improvements | 30,813,000 | |||
Total | 47,364,000 | 47,364,000 | ||
Accumulated Depreciation | 460,000 | |||
Additions during the period: | ||||
Balance at close of period | 47,364,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,113,000 | |||
Building and Improvements | 15,340,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 199,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,113,000 | |||
Building and Improvements | 15,539,000 | |||
Total | 20,652,000 | 20,652,000 | ||
Accumulated Depreciation | 1,735,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,652,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Initial Cost | ||||
Land | 5,573,000 | |||
Building and Improvements | 9,828,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,224,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,573,000 | |||
Building and Improvements | 12,052,000 | |||
Total | 17,625,000 | 17,625,000 | ||
Accumulated Depreciation | 1,859,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,625,000 | |||
Whitestone [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Initial Cost | ||||
Land | 7,604,000 | |||
Building and Improvements | 22,612,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,957,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,604,000 | |||
Building and Improvements | 24,569,000 | |||
Total | 32,173,000 | 32,173,000 | ||
Accumulated Depreciation | 1,877,000 | |||
Additions during the period: | ||||
Balance at close of period | 32,173,000 | |||
Whitestone [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Initial Cost | ||||
Land | 1,767,000 | |||
Building and Improvements | 3,233,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,721,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,767,000 | |||
Building and Improvements | 4,954,000 | |||
Total | 6,721,000 | 6,721,000 | ||
Accumulated Depreciation | 1,320,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,721,000 | |||
Whitestone [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Initial Cost | ||||
Land | 856,000 | |||
Building and Improvements | 794,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 9,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 856,000 | |||
Building and Improvements | 803,000 | |||
Total | 1,659,000 | 1,659,000 | ||
Accumulated Depreciation | 73,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,659,000 | |||
Whitestone [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,209,000 | |||
Building and Improvements | 13,821,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 300,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,209,000 | |||
Building and Improvements | 14,121,000 | |||
Total | 20,330,000 | 20,330,000 | ||
Accumulated Depreciation | 1,310,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,330,000 | |||
Whitestone [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Initial Cost | ||||
Land | 7,171,000 | |||
Building and Improvements | 18,439,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 873,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171,000 | |||
Building and Improvements | 19,312,000 | |||
Total | 26,483,000 | 26,483,000 | ||
Accumulated Depreciation | 2,474,000 | |||
Additions during the period: | ||||
Balance at close of period | 26,483,000 | |||
Whitestone [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Initial Cost | ||||
Land | 5,977,000 | |||
Building and Improvements | 7,577,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 465,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,977,000 | |||
Building and Improvements | 8,042,000 | |||
Total | 14,019,000 | 14,019,000 | ||
Accumulated Depreciation | 481,000 | |||
Additions during the period: | ||||
Balance at close of period | 14,019,000 | |||
Whitestone [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Initial Cost | ||||
Land | 733,000 | |||
Building and Improvements | 1,798,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,750,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 733,000 | |||
Building and Improvements | 3,548,000 | |||
Total | 4,281,000 | 4,281,000 | ||
Accumulated Depreciation | 1,400,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,281,000 | |||
Whitestone [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Initial Cost | ||||
Land | 12,853,000 | |||
Building and Improvements | 24,464,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 441,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 12,853,000 | |||
Building and Improvements | 24,905,000 | |||
Total | 37,758,000 | 37,758,000 | ||
Accumulated Depreciation | 789,000 | |||
Additions during the period: | ||||
Balance at close of period | 37,758,000 | |||
Whitestone [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Initial Cost | ||||
Land | 1,546,000 | |||
Building and Improvements | 4,289,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 4,260,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,546,000 | |||
Building and Improvements | 8,549,000 | |||
Total | 10,095,000 | 10,095,000 | ||
Accumulated Depreciation | 4,088,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,095,000 | |||
Whitestone [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Initial Cost | ||||
Land | 1,305,000 | |||
Building and Improvements | 5,324,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,328,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,305,000 | |||
Building and Improvements | 6,652,000 | |||
Total | 7,957,000 | 7,957,000 | ||
Accumulated Depreciation | 1,439,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,957,000 | |||
Whitestone [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 9,710,000 | |||
Building and Improvements | 26,779,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,925,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,710,000 | |||
Building and Improvements | 30,704,000 | |||
Total | 40,414,000 | 40,414,000 | ||
Accumulated Depreciation | 3,670,000 | |||
Additions during the period: | ||||
Balance at close of period | 40,414,000 | |||
Whitestone [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Initial Cost | ||||
Land | 8,728,000 | |||
Building and Improvements | 12,560,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 865,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 8,728,000 | |||
Building and Improvements | 13,425,000 | |||
Total | 22,153,000 | 22,153,000 | ||
Accumulated Depreciation | 1,668,000 | |||
Additions during the period: | ||||
Balance at close of period | 22,153,000 | |||
Whitestone [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,155,000 | |||
Building and Improvements | 10,221,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,155,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,155,000 | |||
Building and Improvements | 11,376,000 | |||
Total | 17,531,000 | 17,531,000 | ||
Accumulated Depreciation | 1,692,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,531,000 | |||
Whitestone [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Initial Cost | ||||
Land | 3,877,000 | |||
Building and Improvements | 8,629,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 249,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,877,000 | |||
Building and Improvements | 8,878,000 | |||
Total | 12,755,000 | 12,755,000 | ||
Accumulated Depreciation | 580,000 | |||
Additions during the period: | ||||
Balance at close of period | 12,755,000 | |||
Whitestone [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Initial Cost | ||||
Land | 5,562,000 | |||
Building and Improvements | 27,154,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 345,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,562,000 | |||
Building and Improvements | 27,499,000 | |||
Total | 33,061,000 | 33,061,000 | ||
Accumulated Depreciation | 1,817,000 | |||
Additions during the period: | ||||
Balance at close of period | 33,061,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Initial Cost | ||||
Land | 1,086,000 | |||
Building and Improvements | 7,162,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,151,000 | |||
Carrying Costs | 517,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,086,000 | |||
Building and Improvements | 9,830,000 | |||
Total | 10,916,000 | 10,916,000 | ||
Accumulated Depreciation | 2,514,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,916,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Initial Cost | ||||
Land | 6,648,000 | |||
Building and Improvements | 22,466,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,649,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,648,000 | |||
Building and Improvements | 24,115,000 | |||
Total | 30,763,000 | 30,763,000 | ||
Accumulated Depreciation | 4,045,000 | |||
Additions during the period: | ||||
Balance at close of period | 30,763,000 | |||
Whitestone [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Initial Cost | ||||
Land | 883,000 | |||
Building and Improvements | 4,659,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,157,000 | |||
Carrying Costs | 565,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 883,000 | |||
Building and Improvements | 6,381,000 | |||
Total | 7,264,000 | 7,264,000 | ||
Accumulated Depreciation | 219,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,264,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Initial Cost | ||||
Land | 5,198,000 | |||
Building and Improvements | 13,367,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 212,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,198,000 | |||
Building and Improvements | 13,579,000 | |||
Total | 18,777,000 | 18,777,000 | ||
Accumulated Depreciation | 1,111,000 | |||
Additions during the period: | ||||
Balance at close of period | 18,777,000 | |||
Whitestone [Member] | Retail Communities [Member] | Providence [Member] | ||||
Initial Cost | ||||
Land | 918,000 | |||
Building and Improvements | 3,675,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,287,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 918,000 | |||
Building and Improvements | 4,962,000 | |||
Total | 5,880,000 | 5,880,000 | ||
Accumulated Depreciation | 2,095,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,880,000 | |||
Whitestone [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Initial Cost | ||||
Land | 9,561,000 | |||
Building and Improvements | 28,683,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 146,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,561,000 | |||
Building and Improvements | 28,829,000 | |||
Total | 38,390,000 | 38,390,000 | ||
Accumulated Depreciation | 1,732,000 | |||
Additions during the period: | ||||
Balance at close of period | 38,390,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Initial Cost | ||||
Land | 184,000 | |||
Building and Improvements | 633,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 82,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 184,000 | |||
Building and Improvements | 715,000 | |||
Total | 899,000 | 899,000 | ||
Accumulated Depreciation | 327,000 | |||
Additions during the period: | ||||
Balance at close of period | 899,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Initial Cost | ||||
Land | 3,781,000 | |||
Building and Improvements | 15,123,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 747,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,781,000 | |||
Building and Improvements | 15,870,000 | |||
Total | 19,651,000 | 19,651,000 | ||
Accumulated Depreciation | 2,155,000 | |||
Additions during the period: | ||||
Balance at close of period | 19,651,000 | |||
Whitestone [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Initial Cost | ||||
Land | 4,093,000 | |||
Building and Improvements | 11,487,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 281,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,093,000 | |||
Building and Improvements | 11,768,000 | |||
Total | 15,861,000 | 15,861,000 | ||
Accumulated Depreciation | 1,882,000 | |||
Additions during the period: | ||||
Balance at close of period | 15,861,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Initial Cost | ||||
Land | 5,920,000 | |||
Building and Improvements | 14,297,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 256,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,920,000 | |||
Building and Improvements | 14,553,000 | |||
Total | 20,473,000 | 20,473,000 | ||
Accumulated Depreciation | 1,164,000 | |||
Additions during the period: | ||||
Balance at close of period | 20,473,000 | |||
Whitestone [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Initial Cost | ||||
Land | 778,000 | |||
Building and Improvements | 2,584,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,856,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 778,000 | |||
Building and Improvements | 4,440,000 | |||
Total | 5,218,000 | 5,218,000 | ||
Accumulated Depreciation | 2,101,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,218,000 | |||
Whitestone [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Initial Cost | ||||
Land | 2,340,000 | |||
Building and Improvements | 7,296,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 868,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,340,000 | |||
Building and Improvements | 8,164,000 | |||
Total | 10,504,000 | 10,504,000 | ||
Accumulated Depreciation | 1,998,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,504,000 | |||
Whitestone [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Initial Cost | ||||
Land | 5,805,000 | |||
Building and Improvements | 12,335,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 275,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,805,000 | |||
Building and Improvements | 12,610,000 | |||
Total | 18,415,000 | 18,415,000 | ||
Accumulated Depreciation | 1,115,000 | |||
Additions during the period: | ||||
Balance at close of period | 18,415,000 | |||
Whitestone [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,781,000 | |||
Building and Improvements | 7,125,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,046,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,781,000 | |||
Building and Improvements | 8,171,000 | |||
Total | 9,952,000 | 9,952,000 | ||
Accumulated Depreciation | 2,769,000 | |||
Additions during the period: | ||||
Balance at close of period | 9,952,000 | |||
Whitestone [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Initial Cost | ||||
Land | 276,000 | |||
Building and Improvements | 1,186,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 524,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 276,000 | |||
Building and Improvements | 1,710,000 | |||
Total | 1,986,000 | 1,986,000 | ||
Accumulated Depreciation | 788,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,986,000 | |||
Whitestone [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Initial Cost | ||||
Land | 3,610,000 | |||
Building and Improvements | 2,734,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 725,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,610,000 | |||
Building and Improvements | 3,459,000 | |||
Total | 7,069,000 | 7,069,000 | ||
Accumulated Depreciation | 589,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,069,000 | |||
Whitestone [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Initial Cost | ||||
Land | 7,171,000 | |||
Building and Improvements | 9,392,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 798,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171,000 | |||
Building and Improvements | 10,190,000 | |||
Total | 17,361,000 | 17,361,000 | ||
Accumulated Depreciation | 1,763,000 | |||
Additions during the period: | ||||
Balance at close of period | 17,361,000 | |||
Whitestone [Member] | Retail Communities [Member] | Torrey Square [Member] | ||||
Initial Cost | ||||
Land | 1,981,000 | |||
Building and Improvements | 2,971,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,287,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,981,000 | |||
Building and Improvements | 4,258,000 | |||
Total | 6,239,000 | 6,239,000 | ||
Accumulated Depreciation | 2,416,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,239,000 | |||
Whitestone [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Initial Cost | ||||
Land | 850,000 | |||
Building and Improvements | 2,911,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 397,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 850,000 | |||
Building and Improvements | 3,308,000 | |||
Total | 4,158,000 | 4,158,000 | ||
Accumulated Depreciation | 1,950,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,158,000 | |||
Whitestone [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Initial Cost | ||||
Land | 10,877,000 | |||
Building and Improvements | 40,250,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,133,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 10,877,000 | |||
Building and Improvements | 43,383,000 | |||
Total | 54,260,000 | 54,260,000 | ||
Accumulated Depreciation | 6,160,000 | |||
Additions during the period: | ||||
Balance at close of period | 54,260,000 | |||
Whitestone [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Initial Cost | ||||
Land | 423,000 | |||
Building and Improvements | 1,751,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,142,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 423,000 | |||
Building and Improvements | 4,893,000 | |||
Total | 5,316,000 | 5,316,000 | ||
Accumulated Depreciation | 1,897,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,316,000 | |||
Whitestone [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,800,000 | |||
Building and Improvements | 14,003,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 255,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,800,000 | |||
Building and Improvements | 14,258,000 | |||
Total | 21,058,000 | 21,058,000 | ||
Accumulated Depreciation | 1,114,000 | |||
Additions during the period: | ||||
Balance at close of period | 21,058,000 | |||
Whitestone [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Initial Cost | ||||
Land | 2,621,000 | |||
Building and Improvements | 10,482,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 8,884,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,621,000 | |||
Building and Improvements | 19,366,000 | |||
Total | 21,987,000 | 21,987,000 | ||
Accumulated Depreciation | 7,796,000 | |||
Additions during the period: | ||||
Balance at close of period | 21,987,000 | |||
Whitestone [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,107,000 | |||
Building and Improvements | 4,426,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,254,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,107,000 | |||
Building and Improvements | 6,680,000 | |||
Total | 7,787,000 | 7,787,000 | ||
Accumulated Depreciation | 2,282,000 | |||
Additions during the period: | ||||
Balance at close of period | 7,787,000 | |||
Whitestone [Member] | Development Properties [Member] | ||||
Initial Cost | ||||
Land | 8,731,000 | |||
Building and Improvements | 32,587,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,820,000 | |||
Carrying Costs | 954,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 8,731,000 | |||
Building and Improvements | 35,361,000 | |||
Total | 44,092,000 | 44,092,000 | ||
Accumulated Depreciation | 1,095,000 | |||
Additions during the period: | ||||
Balance at close of period | 44,092,000 | |||
Whitestone [Member] | Development Properties [Member] | Seville [Member] | ||||
Initial Cost | ||||
Land | 6,913,000 | |||
Building and Improvements | 25,518,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 497,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,913,000 | |||
Building and Improvements | 26,015,000 | |||
Total | 32,928,000 | 32,928,000 | ||
Accumulated Depreciation | 838,000 | |||
Additions during the period: | ||||
Balance at close of period | 32,928,000 | |||
Whitestone [Member] | Development Properties [Member] | Shops at Starwood Phase III [Member] | ||||
Initial Cost | ||||
Land | 1,818,000 | |||
Building and Improvements | 7,069,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,323,000 | |||
Carrying Costs | 954,000 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,818,000 | |||
Building and Improvements | 9,346,000 | |||
Total | 11,164,000 | 11,164,000 | ||
Accumulated Depreciation | 257,000 | |||
Additions during the period: | ||||
Balance at close of period | $ 11,164,000 | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Bellnott Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Torrey Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Development Properties [Member] | Seville [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Minimum [Member] | Development Properties [Member] | Shops at Starwood Phase III [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Bellnott Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | BLVD Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | El Dorado Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | La Mirada [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale Phase II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Torrey Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Retail Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Development Properties [Member] | Seville [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Whitestone [Member] | Maximum [Member] | Development Properties [Member] | Shops at Starwood Phase III [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | ||||
Initial Cost | ||||
Land | 15,549,000 | |||
Building and Improvements | 63,208,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 16,955,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 15,549,000 | |||
Building and Improvements | 80,163,000 | |||
Total | $ 95,712,000 | 95,712,000 | ||
Accumulated Depreciation | 36,176,000 | |||
Additions during the period: | ||||
Balance at close of period | 95,712,000 | |||
Aggregate cost of real estate for federal income tax purposes | 84,646,000 | |||
Pillarstone [Member] | 9101 LBJ Freeway [Member] | ||||
Initial Cost | ||||
Land | 1,597,000 | |||
Building and Improvements | 6,078,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,513,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,597,000 | |||
Building and Improvements | 7,591,000 | |||
Total | 9,188,000 | 9,188,000 | ||
Accumulated Depreciation | 2,710,000 | |||
Additions during the period: | ||||
Balance at close of period | 9,188,000 | |||
Pillarstone [Member] | Corporate Park Northwest [Member] | ||||
Initial Cost | ||||
Land | 1,534,000 | |||
Building and Improvements | 6,306,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,268,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,534,000 | |||
Building and Improvements | 8,574,000 | |||
Total | 10,108,000 | 10,108,000 | ||
Accumulated Depreciation | 3,679,000 | |||
Additions during the period: | ||||
Balance at close of period | 10,108,000 | |||
Pillarstone [Member] | Corporate Park West [Member] | ||||
Initial Cost | ||||
Land | 2,555,000 | |||
Building and Improvements | 10,267,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,615,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,555,000 | |||
Building and Improvements | 11,882,000 | |||
Total | 14,437,000 | 14,437,000 | ||
Accumulated Depreciation | 4,959,000 | |||
Additions during the period: | ||||
Balance at close of period | 14,437,000 | |||
Pillarstone [Member] | Corporate Park Woodland [Member] | ||||
Initial Cost | ||||
Land | 652,000 | |||
Building and Improvements | 5,330,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 830,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 652,000 | |||
Building and Improvements | 6,160,000 | |||
Total | 6,812,000 | 6,812,000 | ||
Accumulated Depreciation | 3,331,000 | |||
Additions during the period: | ||||
Balance at close of period | 6,812,000 | |||
Pillarstone [Member] | Corporate Park Woodland II [Member] | ||||
Initial Cost | ||||
Land | 2,758,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 26,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,758,000 | |||
Building and Improvements | 26,000 | |||
Total | 2,784,000 | 2,784,000 | ||
Accumulated Depreciation | 5,000 | |||
Additions during the period: | ||||
Balance at close of period | 2,784,000 | |||
Pillarstone [Member] | Dairy Ashford [Member] | ||||
Initial Cost | ||||
Land | 226,000 | |||
Building and Improvements | 1,211,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 49,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 226,000 | |||
Building and Improvements | 1,260,000 | |||
Total | 1,486,000 | 1,486,000 | ||
Accumulated Depreciation | 686,000 | |||
Additions during the period: | ||||
Balance at close of period | 1,486,000 | |||
Pillarstone [Member] | Holly Hall Industrial Park [Member] | ||||
Initial Cost | ||||
Land | 608,000 | |||
Building and Improvements | 2,516,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 395,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 608,000 | |||
Building and Improvements | 2,911,000 | |||
Total | 3,519,000 | 3,519,000 | ||
Accumulated Depreciation | 1,356,000 | |||
Additions during the period: | ||||
Balance at close of period | 3,519,000 | |||
Pillarstone [Member] | Holly Knight [Member] | ||||
Initial Cost | ||||
Land | 320,000 | |||
Building and Improvements | 1,293,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 402,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 320,000 | |||
Building and Improvements | 1,695,000 | |||
Total | 2,015,000 | 2,015,000 | ||
Accumulated Depreciation | 1,090,000 | |||
Additions during the period: | ||||
Balance at close of period | 2,015,000 | |||
Pillarstone [Member] | Interstate 10 Warehouse [Member] | ||||
Initial Cost | ||||
Land | 208,000 | |||
Building and Improvements | 3,700,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 495,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 208,000 | |||
Building and Improvements | 4,195,000 | |||
Total | 4,403,000 | 4,403,000 | ||
Accumulated Depreciation | 2,852,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,403,000 | |||
Pillarstone [Member] | Main Park [Member] | ||||
Initial Cost | ||||
Land | 1,328,000 | |||
Building and Improvements | 2,721,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,113,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,328,000 | |||
Building and Improvements | 3,834,000 | |||
Total | 5,162,000 | 5,162,000 | ||
Accumulated Depreciation | 1,957,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,162,000 | |||
Pillarstone [Member] | Plaza Park [Member] | ||||
Initial Cost | ||||
Land | 902,000 | |||
Building and Improvements | 3,294,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,141,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 902,000 | |||
Building and Improvements | 4,435,000 | |||
Total | 5,337,000 | 5,337,000 | ||
Accumulated Depreciation | 2,352,000 | |||
Additions during the period: | ||||
Balance at close of period | 5,337,000 | |||
Pillarstone [Member] | Uptown Tower [Member] | ||||
Initial Cost | ||||
Land | 1,621,000 | |||
Building and Improvements | 15,551,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 4,975,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,621,000 | |||
Building and Improvements | 20,526,000 | |||
Total | 22,147,000 | 22,147,000 | ||
Accumulated Depreciation | 7,504,000 | |||
Additions during the period: | ||||
Balance at close of period | 22,147,000 | |||
Pillarstone [Member] | Westbelt Plaza [Member] | ||||
Initial Cost | ||||
Land | 568,000 | |||
Building and Improvements | 2,165,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 958,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 568,000 | |||
Building and Improvements | 3,123,000 | |||
Total | 3,691,000 | 3,691,000 | ||
Accumulated Depreciation | 1,981,000 | |||
Additions during the period: | ||||
Balance at close of period | 3,691,000 | |||
Pillarstone [Member] | Westgate Service Center [Member] | ||||
Initial Cost | ||||
Land | 672,000 | |||
Building and Improvements | 2,776,000 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,175,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 672,000 | |||
Building and Improvements | 3,951,000 | |||
Total | 4,623,000 | 4,623,000 | ||
Accumulated Depreciation | 1,714,000 | |||
Additions during the period: | ||||
Balance at close of period | 4,623,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | ||||
Initial Cost | ||||
Land | 16,596,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 445,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 16,596,000 | |||
Building and Improvements | 445,000 | |||
Total | 17,041,000 | 17,041,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 17,041,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 204,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 204,000 | |||
Building and Improvements | 0 | |||
Total | 204,000 | 204,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 204,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 704,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 704,000 | |||
Building and Improvements | 0 | |||
Total | 704,000 | 704,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 704,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | BLVD Place Phase II-B [Member] | ||||
Initial Cost | ||||
Land | 10,500,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 420,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 10,500,000 | |||
Building and Improvements | 420,000 | |||
Total | 10,920,000 | 10,920,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 10,920,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | Dana Park Development [Member] | ||||
Initial Cost | ||||
Land | 4,000,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 25,000 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,000,000 | |||
Building and Improvements | 25,000 | |||
Total | 4,025,000 | 4,025,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 4,025,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | Eldorado Plaza Development [Member] | ||||
Initial Cost | ||||
Land | 911,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 911,000 | |||
Building and Improvements | 0 | |||
Total | 911,000 | 911,000 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 911,000 | |||
Pillarstone [Member] | Land Held for Development [Member] | Fountain Hills [Member] | ||||
Initial Cost | ||||
Land | 277,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 277,000 | |||
Building and Improvements | 0 | |||
Total | 277,000 | 277,000 | ||
Accumulated Depreciation | $ 0 | |||
Additions during the period: | ||||
Balance at close of period | $ 277,000 | |||
Pillarstone [Member] | Minimum [Member] | 9101 LBJ Freeway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Corporate Park Northwest [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Corporate Park West [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Corporate Park Woodland [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Corporate Park Woodland II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Dairy Ashford [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Holly Hall Industrial Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Holly Knight [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Interstate 10 Warehouse [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Main Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Plaza Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Uptown Tower [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Westbelt Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Minimum [Member] | Westgate Service Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Pillarstone [Member] | Maximum [Member] | 9101 LBJ Freeway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Corporate Park Northwest [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Corporate Park West [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Corporate Park Woodland [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Corporate Park Woodland II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Dairy Ashford [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Holly Hall Industrial Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Holly Knight [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Interstate 10 Warehouse [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Main Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Plaza Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Uptown Tower [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Westbelt Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Pillarstone [Member] | Maximum [Member] | Westgate Service Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years |