Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-34364 | ||
Entity Registrant Name | OFFICE PROPERTIES INCOME TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 26-4273474 | ||
Entity Address, Address Line One | Two Newton Place | ||
Entity Address, Address Line Two | 255 Washington Street | ||
Entity Address, Address Line Three | Suite 300 | ||
Entity Address, City or Town | Newton | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02458-1634 | ||
City Area Code | 617 | ||
Local Phone Number | 219-1440 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.2 | ||
Entity Common Stock, Shares Outstanding | 48,201,531 | ||
Documents Incorporated by Reference | Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2019. | ||
Entity Central Index Key | 0001456772 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest | ||
Trading Symbol | OPI | ||
Security Exchange Name | NASDAQ | ||
5.875% Senior Notes Due 2046 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.875% Senior Notes due 2046 | ||
Trading Symbol | OPINI | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate properties: | ||
Land | $ 840,550 | $ 924,164 |
Buildings and improvements | 2,652,681 | 3,020,472 |
Total real estate properties, gross | 3,493,231 | 3,944,636 |
Accumulated depreciation | (387,656) | (375,147) |
Total real estate properties, net | 3,105,575 | 3,569,489 |
Assets of properties held for sale | 70,877 | 253,501 |
Investments in unconsolidated joint ventures | 39,756 | 43,665 |
Acquired real estate leases, net | 732,382 | 1,056,558 |
Cash and cash equivalents | 93,744 | 35,349 |
Restricted cash | 6,952 | 3,594 |
Rents receivable | 83,556 | 72,051 |
Deferred leasing costs, net | 40,107 | 25,672 |
Other assets, net | 20,187 | 178,704 |
Total assets | 4,193,136 | 5,238,583 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Unsecured revolving credit facility | 0 | 175,000 |
Unsecured term loans, net | 0 | 387,152 |
Senior unsecured notes, net | 2,017,379 | 2,357,497 |
Mortgage notes payable, net | 309,946 | 335,241 |
Liabilities of properties held for sale | 14,693 | 4,271 |
Accounts payable and other liabilities | 125,048 | 145,536 |
Due to related persons | 7,141 | 34,887 |
Assumed real estate lease obligations, net | 13,175 | 20,031 |
Total liabilities | 2,487,382 | 3,459,615 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,201,941 and 48,082,903 shares issued and outstanding, respectively | 482 | 481 |
Additional paid in capital | 2,612,425 | 2,609,801 |
Cumulative net income | 177,217 | 146,882 |
Cumulative other comprehensive income (loss) | (200) | 106 |
Cumulative common distributions | (1,084,170) | (978,302) |
Total shareholders’ equity | 1,705,754 | 1,778,968 |
Total liabilities and shareholders’ equity | $ 4,193,136 | $ 5,238,583 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 48,201,941 | 48,082,903 |
Common shares of beneficial interest, shares outstanding (in shares) | 48,201,941 | 48,082,903 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 678,404 | $ 426,560 | $ 316,532 |
Expenses: | |||
Real estate taxes | 73,717 | 49,708 | 37,942 |
Utility expenses | 34,302 | 26,425 | 20,998 |
Other operating expenses | 120,943 | 89,610 | 65,349 |
Depreciation and amortization | 289,885 | 162,488 | 109,588 |
Loss on impairment of real estate | 22,255 | 8,630 | 9,490 |
Acquisition and transaction related costs | 682 | 14,508 | 0 |
General and administrative | 32,728 | 24,922 | 18,847 |
Total expenses | 574,512 | 376,291 | 262,214 |
Gain on sale of real estate | 105,131 | 20,661 | 0 |
Dividend income | 1,960 | 1,337 | 1,216 |
Loss on equity securities, net | (44,007) | (7,552) | 0 |
Interest income | 1,045 | 639 | 1,962 |
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $10,740, $3,626 and $3,420, respectively) | (134,880) | (89,865) | (65,406) |
Loss on early extinguishment of debt | (769) | (709) | (1,715) |
Income (loss) from continuing operations before income tax expense and equity in net losses of investees | 32,372 | (25,220) | (9,625) |
Income tax expense | (778) | (117) | (101) |
Equity in net losses of investees | (1,259) | (2,269) | (13) |
Income (loss) from continuing operations | 30,335 | (27,606) | (9,739) |
Income from discontinued operations | 0 | 5,722 | 21,829 |
Net income (loss) | 30,335 | (21,884) | 12,090 |
Other comprehensive income (loss): | |||
Unrealized gain on equity securities | 0 | 0 | 24,042 |
Unrealized loss on financial instrument | (200) | ||
Unrealized loss on financial instrument | 0 | 0 | |
Equity in unrealized gain (loss) of investees | (106) | (40) | 9,428 |
Other comprehensive income (loss) | (306) | (40) | 33,470 |
Comprehensive income (loss) | 30,029 | (21,924) | 45,560 |
Net income (loss) | 30,335 | (21,884) | 12,090 |
Preferred units of limited partnership distributions | 0 | (371) | (275) |
Net income (loss) available for common shareholders | $ 30,335 | $ (22,255) | $ 11,815 |
Weighted average common shares outstanding (basic) (in shares) | 48,062 | 24,830 | 21,158 |
Weighted average common shares outstanding (diluted) (in shares) | 48,062 | 24,830 | 21,158 |
Per common share amounts (basic and diluted): | |||
Income (loss) from continuing operations (in dollars per share) | $ 0.63 | $ (1.13) | $ (0.47) |
Income from discontinued operations (in dollars per share) | 0 | 0.23 | 1.03 |
Net income (loss) available for common shareholders (in dollars per share) | $ 0.63 | $ (0.90) | $ 0.56 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net amortization of debt premiums and discounts and debt issuance costs | $ 10,740 | $ 3,626 | $ 3,420 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid In Capital | Cumulative Net Income | Cumulative Other Comprehensive Income (Loss) | Cumulative Common Distributions |
Balance beginning (in shares) at Dec. 31, 2016 | 17,794,477 | |||||
Balance beginning at Dec. 31, 2016 | $ 935,004 | $ 178 | $ 1,474,067 | $ 96,329 | $ 26,957 | $ (662,527) |
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of shares, net (in shares) | 6,976,757 | |||||
Issuance of shares, net | 493,866 | $ 70 | 493,796 | |||
Share grants (in shares) | 18,836 | |||||
Share grants | $ 1,361 | 1,361 | ||||
Share repurchases (in shares) | (3,590) | (3,591) | ||||
Share repurchases | $ (264) | (264) | ||||
Equity in unrealized loss of investees | 9,428 | 9,428 | ||||
Unrealized gain on equity securities | 24,042 | 24,042 | ||||
Amounts reclassified from cumulative other comprehensive income to net income | (34) | |||||
Net income (loss) available for common shareholders | 11,815 | 11,815 | ||||
Distributions to common shareholders | (145,209) | (145,209) | ||||
Balance ending (in shares) at Dec. 31, 2017 | 24,786,479 | |||||
Balance ending at Dec. 31, 2017 | 1,330,043 | $ 248 | 1,968,960 | 108,144 | 60,427 | (807,736) |
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of shares, net (in shares) | 23,281,738 | |||||
Issuance of shares, net | 639,783 | $ 233 | 639,550 | |||
Share grants (in shares) | 19,925 | |||||
Share grants | $ 1,523 | 1,523 | ||||
Share repurchases (in shares) | (4,984) | |||||
Shares forfeitures or repurchases (in shares) | (5,239) | |||||
Share forfeitures or repurchases | $ (232) | (232) | ||||
Equity in unrealized loss of investees | (40) | (40) | ||||
Amounts reclassified from cumulative other comprehensive income to net income | (37) | |||||
Net income (loss) available for common shareholders | (22,255) | (22,255) | ||||
Distributions to common shareholders | (170,566) | (170,566) | ||||
Balance ending (in shares) at Dec. 31, 2018 | 48,082,903 | |||||
Balance ending at Dec. 31, 2018 | 1,778,968 | $ 481 | 2,609,801 | 146,882 | 106 | (978,302) |
Increase (Decrease) in Shareholders' Equity | ||||||
Share grants (in shares) | 136,100 | |||||
Share grants | $ 3,098 | $ 1 | 3,097 | |||
Share repurchases (in shares) | (15,588) | |||||
Shares forfeitures or repurchases (in shares) | (17,062) | |||||
Share forfeitures or repurchases | $ (473) | (473) | ||||
Amounts reclassified from cumulative other comprehensive income to net income | (196) | (196) | ||||
Equity in unrealized gain of investees | 90 | 90 | ||||
Unrealized loss on financial instrument | (200) | (200) | ||||
Net income (loss) available for common shareholders | 30,335 | 30,335 | ||||
Distributions to common shareholders | (105,868) | (105,868) | ||||
Balance ending (in shares) at Dec. 31, 2019 | 48,201,941 | |||||
Balance ending at Dec. 31, 2019 | $ 1,705,754 | $ 482 | $ 2,612,425 | $ 177,217 | $ (200) | $ (1,084,170) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 30,335 | $ (21,884) | $ 12,090 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 89,400 | 66,685 | 52,427 |
Net amortization of debt premiums, discounts and issuance costs | 10,740 | 3,626 | 3,420 |
Amortization of acquired real estate leases | 197,978 | 94,375 | 56,174 |
Amortization of deferred leasing costs | 5,973 | 4,833 | 3,802 |
Gain on sale of real estate | (105,131) | (20,661) | 0 |
Loss on impairment of real estate | 22,255 | 8,630 | 9,490 |
Loss on early extinguishment of debt | 769 | 709 | 1,715 |
Straight line rental income | (27,507) | (10,164) | (5,582) |
Other non-cash expenses, net | 2,011 | 250 | 300 |
Loss on equity securities, net | 44,007 | 7,552 | 0 |
Increase in carrying value of property included in discontinued operations | 0 | 0 | (619) |
Equity in net losses of investees | 1,259 | 2,269 | 13 |
Distribution of earnings from Affiliates Insurance Company | 2,438 | 0 | 0 |
Equity in earnings of Select Income REIT included in discontinued operations | 0 | (20,873) | (21,584) |
Net gain on issuance of shares by Select Income REIT included in discontinued operations | 0 | (29) | (72) |
Loss on sale of Select Income REIT shares included in discontinued operations | 0 | 15,180 | 0 |
Distributions of earnings from Select Income REIT | 0 | 20,873 | 21,584 |
Change in assets and liabilities: | |||
Rents receivable | 12,586 | 5,021 | (4,990) |
Deferred leasing costs | (27,971) | (9,203) | (5,017) |
Other assets | 3,266 | 1,127 | 1,368 |
Accounts payable and other liabilities | (19,333) | (3,303) | 11,696 |
Due to related persons | (27,746) | (97) | 1,339 |
Net cash provided by operating activities | 215,329 | 144,916 | 137,554 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions | (2,905) | 25,221 | (1,187,012) |
Real estate improvements | (62,676) | (47,500) | (45,940) |
Distributions in excess of earnings from Select Income REIT | 0 | 17,251 | 29,248 |
Distributions in excess of earnings from unconsolidated joint ventures | 2,370 | 3,751 | 482 |
Distributions in excess of earnings from Affiliates Insurance Company | 6,562 | 0 | 0 |
Proceeds from sale of properties, net | 829,794 | 304,808 | 15,083 |
Proceeds from sale of Select Income REIT shares | 0 | 435,125 | 0 |
Proceeds from sale of The RMR Group Inc. common shares, net | 104,674 | 0 | 0 |
Net cash provided by (used in) investing activities | 877,819 | 738,656 | (1,188,139) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (12,054) | (3,708) | (11,909) |
Repayment of unsecured term loans | (388,000) | (162,000) | 0 |
Repayment of senior unsecured notes | (350,000) | 0 | 0 |
Proceeds from issuance of senior notes, after discounts | 0 | 0 | 297,954 |
Proceeds from issuance of common shares, net | 0 | 0 | 493,866 |
Borrowings on unsecured revolving credit facility | 430,000 | 238,000 | 645,000 |
Repayments on unsecured revolving credit facility | (605,000) | (741,000) | (235,000) |
Payment of debt issuance costs | 0 | (3,936) | (4,644) |
Repurchase of common shares | (473) | (232) | (264) |
Redemption of preferred units of limited partnership | 0 | (20,221) | 0 |
Preferred units of limited partnership distributions | 0 | (646) | 0 |
Distributions to common shareholders | (105,868) | (170,566) | (145,209) |
Net cash (used in) provided by financing activities | (1,031,395) | (864,309) | 1,039,794 |
Increase (decrease) in cash, cash equivalents and restricted cash | 61,753 | 19,263 | (10,791) |
Cash, cash equivalents and restricted cash at beginning of period | 38,943 | 19,680 | 30,471 |
Cash, cash equivalents and restricted cash at end of period | 100,696 | 38,943 | 19,680 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 131,735 | 65,188 | 55,048 |
Income taxes paid | 491 | 68 | 117 |
NON-CASH INVESTING ACTIVITIES: | |||
Assumed working capital | 0 | 25,170 | (1,596) |
Real estate and investment acquired by issuance of common shares | 0 | (639,809) | 0 |
Real estate and investment acquired by assumption of debt | 0 | (1,719,772) | 0 |
NON-CASH FINANCING ACTIVITIES: | |||
Select Income REIT unsecured revolving credit facility | 0 | 108,000 | 0 |
Assumption of mortgage notes payable | 0 | 161,772 | 167,548 |
Assumption of senior unsecured notes | 0 | 1,450,000 | 0 |
Preferred units of limited partnership issued | 0 | 0 | 20,221 |
Issuance of common shares | $ 0 | $ 639,809 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 93,744 | $ 35,349 | $ 16,569 |
Restricted Cash | 6,952 | 3,594 | 3,111 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 100,696 | $ 38,943 | $ 19,680 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Office Properties Income Trust, or OPI, we, us or our, is a real estate investment trust, or REIT, formed in 2009 under Maryland law. As of December 31, 2019 , our wholly owned properties were comprised of 189 properties located in 35 states and the District of Columbia containing approximately 25.7 million rentable square feet and we had a noncontrolling ownership interest in three properties totaling approximately 0.4 million rentable square feet through two unconsolidated joint ventures in which we own 51% and 50% interests. Merger with Select Income REIT On December 31, 2018, we completed our acquisition of Select Income REIT, or SIR, a REIT that owned properties primarily net leased to single tenants, pursuant to a merger transaction, or the SIR Merger. As a result of the SIR Merger, we acquired SIR’s property portfolio of 99 properties with approximately 16.5 million rentable square feet. The aggregate transaction value, based on the closing price of our common shares on December 31, 2018 of $6.87 per share (prior to the Reverse Share Split, as defined below), was approximately $2,409,740 , excluding closing costs of approximately $27,497 ( $14,508 of which was paid by us and $12,989 of which was paid by SIR) and including the repayment or assumption of approximately $1,719,772 of SIR debt. In connection with the SIR Merger, SIR shareholders received 1.04 of our newly issued common shares for each common share of SIR, with cash paid in lieu of fractional shares. As a condition of the SIR Merger, on October 9, 2018, we sold all of the 24,918,421 common shares of SIR we then owned, or the Secondary Sale, in an underwritten public offering at a price of $18.25 per share, raising net proceeds of $435,125 after deducting underwriting discounts and offering expenses. We used the net proceeds from the Secondary Sale to repay amounts then outstanding under our revolving credit facility. In addition, as a condition of the SIR Merger, on December 27, 2018, SIR paid a pro rata distribution to SIR’s shareholders of record as of the close of business on December 20, 2018 of all 45,000,000 common shares of beneficial interest of Industrial Logistics Properties Trust, or ILPT, that SIR owned, or the ILPT Distribution. The SIR Merger and the other transactions in connection with the SIR Merger, including the Secondary Sale and the ILPT Distribution, are collectively referred to herein as the SIR Transactions. Following completion of the SIR Merger and the other SIR Transactions, on December 31, 2018, we effected a reverse share split of our common shares, or the Reverse Share Split, pursuant to which every four of our common shares issued and outstanding as of the effective time of the Reverse Share Split were converted and reclassified into one of our common shares. All impacted amounts and share information included in the consolidated financial statements and notes hereto for the periods presented prior to January 1, 2019 have been retroactively adjusted for the Reverse Share Split as if the Reverse Share Split occurred on the first day of the first period presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years . In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net decreases to rental income of $2,710 , $2,903 and $2,764 during the years ended December 31, 2019 , 2018 and 2017 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $195,268 , $91,472 and $53,410 during the years ended December 31, 2019 , 2018 and 2017 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2019 and 2018 , our acquired real estate leases and assumed real estate obligations, excluding properties classified as held for sale, were as follows: December 31, 2019 2018 Acquired real estate leases: Capitalized above market lease values $ 61,971 $ 62,260 Less: accumulated amortization (29,927 ) (20,956 ) Capitalized above market lease values, net 32,044 41,304 Lease origination value 1,032,769 1,168,979 Less: accumulated amortization (332,431 ) (153,725 ) Lease origination value, net 700,338 1,015,254 Acquired real estate leases, net $ 732,382 $ 1,056,558 Assumed real estate lease obligations: Capitalized below market lease values $ 28,118 $ 31,091 Less: accumulated amortization (14,943 ) (11,060 ) Assumed real estate lease obligations, net $ 13,175 $ 20,031 As of December 31, 2019 , the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 4.7 years, 6.2 years and 5.8 years, respectively. Future amortization of net intangible lease assets and liabilities, to be recognized over the current terms of the associated leases as of December 31, 2019 are estimated to be $162,586 in 2020 , $135,002 in 2021 , $118,465 in 2022 , $97,087 in 2023 , $71,836 in 2024 and $134,231 thereafter. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts. Deferred Leasing Costs . Deferred leasing costs include brokerage costs, inducements and, until January 1, 2019, legal fees associated with our entering leases. We amortize those costs, which are included in depreciation and amortization expense, on a straight line basis over the terms of the respective leases. Effective January 1, 2019, in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2016-02, Leases , legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). Deferred leasing costs, excluding properties classified as held for sale, totaled $55,716 and $38,840 at December 31, 2019 and 2018 , respectively, and accumulated amortization of deferred leasing costs totaled $15,609 and $13,168 at December 31, 2019 and 2018 , respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2019 are estimated to be $5,949 in 2020 , $5,419 in 2021 , $4,591 in 2022 , $3,973 in 2023 , $3,536 in 2024 and $16,639 thereafter. Debt Issuance Costs . Debt issuance costs include capitalized issuance or assumption costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2019 and 2018 , debt issuance costs for our revolving credit facility were $4,125 and accumulated amortization of debt issuance costs for our revolving credit facility were $1,059 and $49 , respectively. Debt issuance costs, net of accumulated amortization, for our former term loans, senior unsecured notes and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2019 and 2018 , debt issuance costs, net of accumulated amortization, for our former term loans, senior unsecured notes and mortgage notes payable totaled $10,631 and $12,888 , respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility, senior unsecured notes and mortgage notes as of December 31, 2019 are estimated to be $1,948 in 2020 , $1,934 in 2021 , $1,703 in 2022 , $407 in 2023 , $344 in 2024 and $7,361 thereafter. Mortgage Notes Receivable. In connection with a property we sold in July 2016, we provided $3,600 of mortgage financing to the buyer. The mortgage note requires interest to be paid at an annual rate of LIBOR plus 4.0% , subject to a minimum annual interest rate of 5.0% , and requires monthly payments of interest only until maturity on June 30, 2021. The mortgage note receivable of $3,600 is included in other assets in our consolidated balance sheets at December 31, 2019 and 2018. Equity Securities. We previously owned 2,801,060 common shares of class A common stock of The RMR Group Inc., or RMR Inc., including 1,586,836 common shares acquired from SIR on December 31, 2018 in connection with the SIR Merger, that we sold on July 1, 2019 for net proceeds of $104,674 , after deducting underwriting discounts and commissions and other offering expenses. Prior to the sale of our shares of RMR Inc. class A common stock on July 1, 2019, our equity securities were recorded at fair value based on their quoted market price at the end of each reporting period. Effective January 1, 2018, changes in the fair value of our equity securities were recorded through earnings in accordance with ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Prior to January 1, 2018, unrealized gains and losses on equity securities were recorded as a component of cumulative comprehensive income (loss) in shareholders’ equity. See Note 5 for more information regarding the sale of our RMR Inc. class A common stock. Equity Method Investments. We account for our investments in Affiliates Insurance Company, or AIC, until AIC was dissolved as described in Note 5, and SIR, until we sold the SIR common shares we owned as described in Note 1, using the equity method of accounting. Significant influence was present through common representation on the boards of trustees or directors of us, AIC, until February 13, 2020, and, SIR, until December 31, 2018. See Notes 5, 10 and 11 for more information of our investments in AIC and SIR. We also own 51% and 50% interests in two unconsolidated joint ventures which own three properties. The properties owned by these joint ventures are encumbered by an aggregate $82,000 of mortgage indebtedness. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting. See Note 3 for more information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. Other Liabilities. We initially acquired 1,541,201 shares of class A common stock of RMR Inc. on June 5, 2015 for cash and share consideration of $17,462 . We concluded, for accounting purposes, that the cash and share consideration we paid for our investment in these shares represented a discount to the fair value of these shares. We initially accounted for this investment under the cost method of accounting and recorded this investment at its estimated fair value of $39,833 as of June 5, 2015 using Level 3 inputs, as defined in the fair value hierarchy under U.S. generally accepted accounting principles, or GAAP. As a result, we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares. This liability is included in accounts payable and other liabilities in our consolidated balance sheets. This liability is being amortized on a straight line basis through December 31, 2035 as an allocated reduction to our business management and property management fee expense. We amortized $1,087 of this liability during each of the years ended December 31, 2019 , 2018 and 2017 . These amounts are included in the net business management and property management fee amounts for such periods. As of December 31, 2019 , the remaining unamortized amount of this liability was $17,406 . Future amortization of this liability as of December 31, 2019 is estimated to be $1,087 in 2020 through 2024 and $11,971 thereafter. Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. In February 2016, FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. Upon adoption, (i) allowances for bad debts are now recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our consolidated statements of comprehensive income (loss). Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods are not reclassified to conform to the current presentation. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We increased rental income by $27,507 , $10,164 and $5,582 to record revenue on a straight line basis during the years ended December 31, 2019 , 2018 and 2017 , respectively. Rents receivable, excluding properties classified as held for sale, include $54,837 and $34,006 of straight line rent receivables at December 31, 2019 and 2018 , respectively. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $91,076 , $45,261 and $30,998 for the years ended December 31, 2019 , 2018 and 2017, respectively, of which tenant reimbursements totaled $86,353 , $40,764 and $27,146 , respectively. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2039 as of December 31, 2019 : Year Amount 2020 $ 489,420 2021 466,210 2022 428,149 2023 381,164 2024 313,456 Thereafter 1,052,669 Total $ 3,131,068 In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2019 , tenants who currently represent approximately 6.7% of our total operating lease maturities have currently exercisable rights to terminate their leases before the stated terms of their leases expire. In 2020 , 2021 , 2022 , 2023 , 2024 , 2025 , 2026 , 2027 , 2028 , 2030 and 2034 , early termination rights become exercisable by other tenants who currently represent an additional approximately 4.8% , 1.6% , 2.7% , 1.1% , 2.0% , 5.2% , 2.6% , 1.1% , 2.6% , 0.8% and 0.2% of our total operating lease maturities, respectively. In addition, as of December 31, 2019 , 13 of our tenants have the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These 13 tenants represent approximately 6.4% of our total operating lease maturities as of December 31, 2019 . Right of use asset and lease liability. In connection with our acquisition of First Potomac Realty Trust, or FPO, in 2017, we assumed the lease for FPO’s former corporate headquarters, which expires on January 31, 2021. We sublease a portion of the space, which sublease expires on January 31, 2021. For leases where we are the lessee, we are required to record a right of use asset and lease liability for all leases with a term greater than 12 months. The value of the right of use asset and related liability representing our future obligation under the lease arrangement for which we are the lessee were $2,149 and $2,179 , respectively, as of December 31, 2019 . The right of use asset and related lease liability are included within other assets, net and accounts payable and other liabilities, respectively, within our consolidated balance sheets. Rent expense incurred under the lease, net of sublease revenue, was $1,670 , $1,707 and $374 for the years ended December 31, 2019 , 2018 and 2017, respectively. As of December 31, 2019 , our lease provides for contractual minimum rent payments to a third party during the remaining lease term as summarized below: Year Contractual Minimum Rent Payments 2020 $ 2,049 2021 175 Total lease payments 2,224 Less: imputed interest (45 ) Present value of lease liabilities $ 2,179 Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. Cumulative Other Comprehensive Income (Loss). Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our equity method investees and, prior to the adoption of ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to our former investment in RMR Inc. See Notes 3 and 5 for more information regarding these investments. Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) available for common shareholders by the weighted average number of our common shares of beneficial ownership, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2019, 2018 and 2017, 12 , four and five unvested common shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. Segment Reporting. We operate in one business segment: direct ownership of real estate properties. New Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective as of January 1, 2020. We adopted this standard using the modified retrospective approach. The implementation of this standard did not have a material impact in our consolidated financial statements. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate Properties As of December 31, 2019 , our wholly owned properties were comprised of 189 properties with approximately 25.7 million rentable square feet, with an aggregate undepreciated carrying value of $3,555,131 , including $61,900 classified as held for sale, and we had a noncontrolling ownership interest in three properties totaling approximately 0.4 million rentable square feet through two unconsolidated joint ventures in which we own 51% and 50% interests. We generally lease space at our properties on a gross lease, modified gross lease or net lease basis pursuant to fixed term contracts expiring between 2020 and 2039. Some of our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2019 , we entered into 107 leases for 2.9 million rentable square feet for a weighted (by rentable square feet) average lease term of 8.6 years and we made commitments for approximately $77,541 of leasing related costs. As of December 31, 2019 , we have estimated unspent leasing related obligations of $55,984 . Merger with Select Income REIT As described in Note 1, on December 31, 2018, we completed the SIR Merger, pursuant to which we acquired SIR’s property portfolio of 99 properties with approximately 16.5 million rentable square feet. The total consideration transferred and assumed debt for the SIR Merger was $2,409,740 , including the assumption of $1,719,772 of debt and excluding acquisition related costs. The following table summarizes the consideration transferred and liabilities assumed: Total Purchase Price (excluding acquisition costs): OPI common shares issued 23,282,704 Closing price of OPI common shares on December 31, 2018 $ 27.48 Value of consideration transferred $ 639,809 Cash consideration for fractional shares 8 Equity issuance costs (239 ) Value of consideration transferred 639,578 Assumed working capital 50,390 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Select Income REIT unsecured revolving credit facility repaid at closing 108,000 Non-cash portion of purchase price 1,770,162 Total consideration transferred and liabilities assumed $ 2,409,740 As of December 31, 2019, we finalized the purchase price allocation for the SIR Merger from the preliminary amounts reported as of December 31, 2018. The adjustments made during the year ended December 31, 2019 to the fair value of acquired assets and liabilities assumed did not have a significant impact on our consolidated balance sheets or our consolidated statements of comprehensive income (loss). The following table summarizes the purchase price allocation for SIR based on estimated fair values as of the December 31, 2018: Purchase Price Allocation: Land $ 477,977 Buildings and improvements 956,801 Assets of properties held for sale 6,846 Acquired real estate leases 854,431 Cash 24,744 Restricted cash 476 Rents receivable 11,370 Other assets (1) 88,658 Total assets 2,421,303 Unsecured revolving credit facility (2) (108,000 ) Senior unsecured notes (3) (1,410,947 ) Mortgage notes payable (4) (159,490 ) Accounts payable and other liabilities (61,289 ) Assumed real estate lease obligations (11,879 ) Due to related persons (30,120 ) Net assets acquired 639,578 Assumed working capital 50,390 Select Income REIT unsecured revolving credit facility repaid at closing (2) 108,000 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Consideration transferred and liabilities assumed (5) $ 2,409,740 (1) Other assets include $84,229 for SIR’s investment in shares of class A common stock of RMR Inc. which was recorded at fair value as of December 31, 2018. (2) We repaid the outstanding balance under SIR’s revolving credit facility at the closing of the SIR Merger with borrowings under our revolving credit facility. (3) The aggregate principal balance of the senior unsecured notes was $1,450,000 as of December 31, 2018. (4) The aggregate principal balance of the mortgage notes payable was $161,772 as of December 31, 2018. (5) Purchase price excludes acquisition related costs. We were the accounting acquirer of SIR and accounted for the SIR Merger as a business combination because substantially all of the fair value of the gross assets acquired was not concentrated in a single identifiable asset or a group of similar identifiable assets and we acquired inputs and a substantive process that together significantly contributed to the ability to create outputs. Although we have and SIR had no employees, the personnel and various services required to operate our and SIR’s businesses are and were provided pursuant to business and property management agreements with RMR LLC. These agreements were in effect before, and, in our case, remain in effect after, the SIR Merger. As a result, our acquisition of SIR included a substantive process for accounting purposes. The assets acquired and liabilities assumed were recorded at their respective fair values and added to our consolidated balance sheet as of December 31, 2018. We allocated the purchase price based on the estimated fair values of the acquired assets and liabilities assumed in a manner consistent with our purchase price allocation accounting policy described in Note 2. We engaged an independent real estate consulting firm to assist us with determining the purchase price allocations and to provide market information and evaluations which are relevant to purchase price allocations and determinations of useful lives. As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 5.8 years, 7.2 years and 5.7 years, respectively. FPO Transaction On October 2, 2017, we completed our acquisition of FPO, as a result of which we acquired 72 properties with 6.0 million rentable square feet, and FPO’s 51% and 50% interests in two joint ventures that own three properties with 0.4 million rentable square feet, or collectively, the FPO Transaction. The aggregate value we paid for FPO was $1,370,888 , including $651,696 in cash to FPO’s shareholders, the repayment of $483,000 of FPO debt and the assumption of $167,548 of mortgage debt; this amount excludes the $82,000 of mortgage debt that encumber the three properties owned by the two joint ventures and the payment of certain transaction fees and expenses, net of FPO cash on hand. We financed the cash payments for the FPO Transaction with borrowings under our revolving credit facility and with cash on hand, including net proceeds from our public offerings of common shares and senior unsecured notes. We accounted for the FPO Transaction as an asset acquisition. Our allocation of the purchase price was based on estimates of the relative fair value of the acquired assets and assumed liabilities. The following table summarizes the total consideration paid and the estimated fair values of the assets acquired and liabilities assumed in the FPO Transaction: Total Purchase Price: Cash consideration $ 1,175,140 Acquisition related costs 9,575 Total cash consideration 1,184,715 Preferred units of limited partnership issued (1) 20,221 Acquired net working capital (1,596 ) Assumed mortgage notes 167,548 Non-cash portion of purchase price 186,173 Gross purchase price $ 1,370,888 Purchase Price Allocation: Land $ 360,909 Buildings and improvements 681,340 Acquired real estate leases (2) 283,498 Investment in unconsolidated joint ventures 51,305 Cash 11,191 Restricted cash 1,018 Rents receivable 2,672 Other assets 3,640 Total assets 1,395,573 Mortgage notes payable (3) (167,936 ) Assumed real estate lease obligations (2) (5,776 ) Accounts payable and accrued expenses (10,640 ) Rents collected in advance (1,436 ) Security deposits (4,849 ) Net assets acquired 1,204,936 Assumed working capital (1,596 ) Assumed principal balance of debt 167,548 Gross purchase price $ 1,370,888 (1) Pursuant to the terms of the FPO Transaction, each unit of limited partnership interest in FPO’s operating partnership that was not liquidated on the closing date was exchanged on a one-for-one basis for 5.5% Series A Cumulative Preferred Units of the surviving subsidiary. As of December 31, 2017, the carrying value of these Series A Cumulative Preferred Units was $20,496 and was recorded as temporary equity on our consolidated balance sheet. On May 1, 2018, we redeemed all 1,813,504 of the outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit (plus accrued and unpaid distributions) for an aggregate of $20,310 . (2) As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 3.2 years , 3.1 years and 3.8 years , respectively. (3) Includes fair value adjustments totaling $388 on $167,936 principal amount of mortgage notes we assumed in connection with the FPO Transaction. Pro Forma Information (Unaudited) The following table presents our pro forma results of operations for the year ended December 31, 2018 as if the SIR Transactions and related financing activities, had occurred on January 1, 2018. The SIR results of operations included in this pro forma financial information have been adjusted to remove ILPT’s results of operations for the year ended December 31, 2018. The effect of these adjustments was to decrease pro forma rental income and pro forma net income by $152,735 and $46,237 , respectively, for the year ended December 31, 2018. This pro forma financial information is not necessarily indicative of what our actual financial position or results of operations would have been for the period presented or for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases, leases we entered since December 31, 2018, or leases we may enter in the future, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information and such differences could be significant. Year Ended December 31, 2018 Rental income $ 758,596 Net loss $ (87,240 ) Net loss per common share $ (1.82 ) During the year ended December 31, 2018, we did not recognize any revenue or operating income from the assets acquired and liabilities assumed in the SIR Merger. Unconsolidated Joint Ventures We own interests in two joint ventures that own three properties. We account for these investments under the equity method of accounting. As of December 31, 2019 and 2018 , our investment in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investment at December 31, Number of Properties Location Square Feet Joint Venture 2019 2018 Prosperity Metro Plaza 51% $ 22,483 $ 23,969 2 Fairfax, VA 328,456 1750 H Street, NW 50% 17,273 19,696 1 Washington, D.C. 115,411 Total $ 39,756 $ 43,665 3 443,867 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at December 31, 2019 and 2018 Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2024 32,000 Weighted Average/Total 3.93% $ 82,000 (1) Includes the effect of mark to market purchase accounting. At December 31, 2019 , the aggregate unamortized basis difference of our two unconsolidated joint ventures of $7,951 is primarily attributable to the difference between the amount for which we purchased our interest in the joint ventures, including transaction costs, and the historical carrying value of the net assets of the joint ventures. This difference will be amortized over the remaining useful life of the related properties and included in the reported amount of equity in net earnings (losses) of investees. 2019 Disposition Activities During the year ended December 31, 2019, we sold 58 properties with a combined 6.2 million rentable square feet for an aggregate sales price of $ 848,853 , excluding closing costs. The sales of these properties, as presented in the following table (except for the March 2019 sale), do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate February 2019 34 Northern Virginia and Maryland 1,635,868 $ 198,500 $ — $ 732 March 2019 1 Washington, D.C. 129,035 70,000 22,075 — May 2019 1 Buffalo, NY 121,711 16,900 — 5,137 May 2019 1 Maynard, MA 287,037 5,000 (227 ) — June 2019 1 Kapolei, HI 416,956 7,100 — — July 2019 1 San Jose, CA 71,750 14,000 (270 ) — July 2019 1 Nashua, NH 321,800 25,000 8,401 — August 2019 1 Arlington, TX 182,630 14,900 187 — August 2019 1 Rochester, NY 94,800 4,765 (104 ) — August 2019 1 Hanover, PA 502,300 5,500 (417 ) — August 2019 1 San Antonio, TX 618,017 198,000 3,869 — September 2019 1 Topeka, KS 143,934 15,600 36 — September 2019 1 Falling Waters, WV 40,348 650 — 2,179 September 2019 1 San Diego, CA 43,918 8,950 3,062 — October 2019 3 Columbia, SC 180,703 10,750 — 3,581 November 2019 3 Metro DC - MD 372,605 61,938 1,177 — December 2019 1 San Diego, CA 148,488 23,750 6,823 — December 2019 1 Phoenix, AZ 122,646 12,850 860 — December 2019 1 Houston, TX 497,477 130,000 59,992 — December 2019 1 Kansas City, KS 170,817 11,700 — 1,172 December 2019 1 San Jose, CA 75,621 13,000 (333 ) — 58 6,178,461 $ 848,853 $ 105,131 $ 12,801 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. As of December 31, 2019, we had six properties with an aggregate undepreciated carrying value of $61,900 under agreements to sell, as presented in the following table. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2019. Date of Sale Agreement Number of Properties Location Square Feet Gross Sale Price (1) October 2019 (2) 2 Stafford, VA 64,656 $ 14,063 October 2019 1 Fairfax, VA 83,130 22,200 October 2019 (2) 1 Windsor, CT 97,256 7,000 November 2019 (3) 1 Trenton, NJ 267,025 30,100 November 2019 1 Lincolnshire, IL 222,717 12,000 6 734,784 $ 85,363 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. (2) The sale of these properties was completed in January 2020. (3) We recorded a $9,454 loss on impairment of real estate during the year ended December 31, 2019 to adjust the carrying value of this property to its estimated fair value less costs to sell. 2018 Disposition Activities During the year ended December 31, 2018, we sold 19 properties with a combined 2.2 million rentable square feet for an aggregate purchase price of $320,255 , excluding closing costs. The sales of these properties, as presented in the following table, do not represent significant dispositions individually or in the aggregate nor do they represent a strategic shift. As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain on Sale of Real Estate Loss on Impairment of Real Estate March 2018 1 Minneapolis, MN 193,594 $ 20,000 $ — $ 640 May 2018 1 New York, NY 187,060 118,500 17,249 — May 2018 1 Sacramento, CA 110,500 10,755 — 3,029 November 2018 1 Golden, CO 43,231 4,000 54 — December 2018 15 Southern Virginia 1,640,252 167,000 3,358 — 19 2,174,637 $ 320,255 $ 20,661 $ 3,669 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. In February 2018, we entered an agreement to sell an office property located in Safford, AZ with 36,139 rentable square feet for $8,250 . We recorded a $2,453 loss on impairment of real estate to reduce the carrying value of the property to its estimated fair value less costs to sell in the three months ended March 31, 2018. In April 2018, the buyer terminated the sale agreement and we removed this property from held for sale status. We recorded a $322 adjustment to impairment of real estate to increase the carrying value of the property to its estimated fair value during the year ended December 31, 2018. During the year ended December 31, 2018, we also recorded a $2,830 loss on impairment of real estate to reduce the carrying value of a portfolio of 34 properties, which was classified as held for sale as of December 31, 2018, to its estimated fair value less costs to sell. 2017 Disposition Activities - Continuing Operations In October 2017, we sold one vacant office property located in Albuquerque, NM with 29,045 rentable square feet and a net book value of $1,885 as of the date of sale, for $2,000 , excluding closing costs. During the year ended December 31, 2017 , we recorded a $230 loss on impairment of real estate to reduce the carrying value of this property to its estimated fair value. 2017 Disposition Activities – Discontinued Operations In August 2017, we sold one vacant office property in Falls Church, VA with 0.2 million rentable square feet and a net book value of $12,901 as of the date of sale for $13,523 , excluding closing costs. Results of operations for this property, which qualified as held for sale prior to our adoption in 2014 of ASU No. 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , are classified as discontinued operations in our consolidated financial statements. During the year ended December 31, 2017 , we recorded an adjustment of $619 to increase the carrying value of this property to its estimated fair value less costs to sell. Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 Rental income $ 17 Real estate taxes (88 ) Utility expenses (97 ) Other operating expenses (202 ) General and administrative (76 ) Increase in carrying value of property included in discontinued operations 619 Income from discontinued operations $ 173 2019 and 2020 Acquisition Activities In November 2019, we acquired a land parcel for $2,900 , excluding acquisition related costs, and in January 2020, we entered into an agreement to acquire a property for $11,500 , excluding acquisition related costs, both of which are adjacent to a property we own in Boston, MA. Other 2017 Acquisition Activities During the year ended December 31, 2017 , we acquired one property located in Manassas, VA with 0.1 million rentable square feet. This property was 100% leased to Prince William County on the date of acquisition. This transaction was accounted for as an asset acquisition. The purchase price was $12,657 , including capitalized acquisition costs of $37 . Our allocation of the purchase price of this acquisition is based on the relative estimated fair value of the acquired assets and assumed liabilities is presented in the following table. Acquisition Date Location Number of Properties Square Feet Purchase Price Land Building and Improvements Other Assumed Assets Jan 2017 Manassas, VA 1 69,374 $ 12,657 $ 1,562 $ 8,253 $ 2,842 In September 2017, we acquired transferable development rights that allow us to expand a property we own in Washington, D.C. for a purchase price of $2,030 , excluding acquisition costs. |
Business and Property Managemen
Business and Property Management Agreements with RMR LLC | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Business and Property Management Agreements with RMR LLC | Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by The RMR Group LLC, or RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations. Prior to the consummation of the SIR Merger, SIR had similar business and property management agreements with RMR LLC on substantially similar terms, which agreements were terminated in connection with the SIR Merger. See Notes 1 and 5 for more information regarding our relationship, agreements and transactions with SIR and RMR LLC. Management Agreements with RMR LLC . Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee. The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of: • the sum of (a) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000 , plus (c) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000 ; and • the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000 , plus (b) 0.5% of our Average Market Capitalization exceeding $250,000 . The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves; provided, however, our prior ownership of SIR common shares was not included as part of our real estate investments for purposes of calculating our base management fee due to RMR LLC since SIR paid separate business management fees to RMR LLC. • Incentive Management Fee . The incentive management fee which may be earned by RMR LLC for an annual period is calculated as follows: • An amount, subject to a cap based on the value of our common shares outstanding, equal to 12% of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable index, or the benchmark return per share, for the relevant measurement period. Effective as of January 1, 2019, we amended our business management agreement with RMR LLC so that the SNL U.S. Office REIT Index will be used for periods beginning on and after January 1, 2019, with the SNL U.S. REIT Equity Index for periods ending on or prior to December 31, 2018. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. • The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued or if we repurchase our common shares during the measurement period. • No incentive management fee is payable by us unless our total return per share during the measurement period is positive. • The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. • If our total return per share exceeds 12% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable index for such measurement period and 12% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable index by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable index. • The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. • Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $21,320 , $16,381 and $12,464 for the years ended December 31, 2019, 2018 and 2017, respectively. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for these periods. The net business management fees we recognized for each of the years ended December 31, 2019, 2018 and 2017 reflect a reduction of $603 , for the amortization of the liability we recorded in connection with our investment in RMR Inc., as further described in Note 2. No incentive management fee was payable to RMR LLC under our business management agreement for the years ended December 31, 2019, 2018 or 2017. • Property Management and Construction Supervision Fees . The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR LLC, we recognized aggregate net property management and construction supervision fees of $21,911 , $13,989 and $11,566 for each of the years ended December 31, 2019, 2018 and 2017, respectively. The net property management and construction supervision fees we recognized for the years ended December 31, 2019, 2018 and 2017 reflect a reduction of $484 for each of those years for the amortization of the liability we recorded in connection with our investment in RMR Inc., as further described in Note 2. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. In January 2019, we paid RMR LLC $2,185 for SIR’s 2018 business management, property management and construction supervision fees that it had accrued, but not paid, as of December 31, 2018. We also paid RMR LLC a business management incentive fee of $25,817 , which represented the incentive fee incurred, but not paid, by SIR for the year ended December 31, 2018. We had assumed the obligation to pay these amounts as a result of the SIR Merger. • Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $26,442 , $21,279 and $15,321 for these expenses and costs for each of the years ended December 31, 2019, 2018 and 2017, respectively. We included these amounts in other operating expenses and general and administrative expense, as applicable, for these periods. We assumed the obligation to reimburse RMR LLC for similar expenses and costs that RMR LLC had incurred on behalf of SIR in the ordinary course but which SIR had not paid as of December 31, 2018. We reimbursed RMR LLC $462 in January 2019 for these SIR expenses and costs. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2039, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR LLC: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination, would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC. • Transition Services . RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors . Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR LLC and other companies to which RMR LLC or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR LLC, we acknowledge that RMR LLC may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR LLC. |
Related Person Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Related Person Transactions We have relationships and historical and continuing transactions with SIR (prior to the SIR Merger), RMR LLC, RMR Inc. and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR Inc. is the managing member of RMR LLC. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and is a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. David M. Blackman, our other Managing Trustee and our President and Chief Executive Officer, also serves as an officer and employee of RMR LLC, and each of our other officers, is also an officer and employee of RMR LLC. Some of our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR LLC or its subsidiaries provide management services, including SIR (until it ceased to exist). Adam Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these companies and other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 4 for more information regarding our management agreements with RMR LLC. Leases with RMR LLC . We lease office space to RMR LLC in certain of our properties for RMR LLC’s property management offices. Pursuant to our lease agreements with RMR LLC, we recognized rental income from RMR LLC for leased office space of $1,142 , $1,026 and $303 for the years ended December 31, 2019, 2018 and 2017, respectively. Our office space leases with RMR LLC are terminable by RMR LLC if our management agreements with RMR LLC are terminated. Share Awards to RMR LLC Employees . As described further in Note 9, we award shares to our officers and other employees of RMR LLC annually. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four anniversaries of the grant dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR LLC. These awards to RMR LLC employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC. See Note 9 for more information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on vesting share awards. RMR Inc. On July 1, 2019, we sold all of the 2,801,060 shares of class A common stock of RMR Inc. that we owned in an underwritten public offering at a price to the public of $40.00 per share pursuant to an underwriting agreement among us, RMR Inc., certain other REITs managed by RMR LLC that also sold their class A common stock of RMR Inc. in the offering and the underwriters named therein. We received net proceeds of $104,674 from this sale, after deducting underwriting discounts and commissions and other offering expenses. SIR . As described further in Note 1, we completed the SIR Merger effective December 31, 2018. See Notes 3, 10 and 11 for more information regarding the SIR Merger and our former equity method investment in SIR. AIC . Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR LLC provides management services owned AIC in equal amounts. We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC. The policies under that program expired on June 30, 2019, and we and the other AIC shareholders elected not to renew the AIC property insurance program; we have instead purchased standalone property insurance coverage with unrelated third party insurance providers. We paid aggregate annual premiums, including taxes and fees, of $1,211 , $757 and $1,032 in connection with this insurance program for the policy years ended June 30, 2019, 2018 and 2017, respectively. Properties we acquired as a result of the SIR Merger were already previously included in this insurance program because SIR was a participant in the program. SIR paid an annual premium, including taxes and fees, of $1,666 in connection with this insurance program for the policy year ended June 30, 2019. As of December 31, 2019, 2018 and 2017, our investment in AIC had a carrying value of $298 , $8,751 and $8,304 , respectively. These amounts are included in other assets in our consolidated balance sheets. We recognized income of $281 , $516 and $608 related to our investment in AIC for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts are presented as equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss). Our other comprehensive income (loss) includes our proportionate share of unrealized gains and (losses) on securities which are owned and held for sale by AIC of $90 , $(69) and $461 related to our investment in AIC for the years ended December 31, 2019, 2018 and 2017, respectively. On February 13, 2020, AIC was dissolved and in connection with its dissolution, we and each other AIC shareholder received an initial liquidating distribution of $9,000 from AIC in December 2019. RMR LLC historically provided management and administrative services to AIC for a fee equal to 3.0% of the total premiums paid for insurance arranged by AIC. As a result of the property insurance program having been discontinued as of June 30, 2019, AIC has not incurred fees payable to RMR LLC since that time. Directors’ and Officers’ Liability Insurance. We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services, including SIR (until it ceased to exist), participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2020. We paid aggregate premiums of $190 , $198 and $91 |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration | Concentration Tenant and Credit Concentration We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. As of December 31, 2019 , the U.S. Government, 11 state governments, and two other government tenants combined were responsible for approximately 35.5% of our annualized rental income. As of December 31, 2018 and 2017 , the U.S. Government, 13 state governments and three other government tenants combined were responsible for 35.4% and 62.6% of our annualized rental income, respectively. The U.S. Government is our largest tenant by annualized rental income and represented approximately 25.0% , 25.6% and 43.5% of our annualized rental income as of December 31, 2019 , 2018 and 2017 , respectively. Geographic Concentration At December 31, 2019 , our 189 wholly owned properties were located in 35 states and the District of Columbia. Properties located in Virginia , California , the District of Columbia, Texas and Maryland were responsible for approximately 15.6% , 11.9% , 10.4% , 7.9% , and 6.6% of our annualized rental income as of December 31, 2019 , respectively. Properties located in the metropolitan Washington, D.C. market area were responsible for approximately 24.1% of our annualized rental income as of December 31, 2019 . |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness At December 31, 2019 and 2018 , our outstanding indebtedness consisted of the following: December 31, 2019 2018 Revolving credit facility, due in 2023 $ — $ 175,000 Unsecured term loan, due in 2020 — 300,000 Unsecured term loan, due in 2022 — 88,000 Senior unsecured notes, 3.750% interest rate, due in 2019 — 350,000 Senior unsecured notes, 3.600% interest rate, due in 2020 (1)(2) 400,000 400,000 Senior unsecured notes, 4.000% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.150% interest rate, due in 2022 (1) 300,000 300,000 Senior unsecured notes, 4.250% interest rate, due in 2024 (1) 350,000 350,000 Senior unsecured notes, 4.500% interest rate, due in 2025 (1) 400,000 400,000 Senior unsecured notes, 5.875% interest rate, due in 2046 310,000 310,000 Mortgage note payable, 7.000% interest rate, due in 2019 — 7,939 Mortgage note payable, 5.720% interest rate, due in 2020 32,888 33,703 Mortgage note payable, 4.160% interest rate, due in 2020 (1) 40,062 40,772 Mortgage note payable, 8.150% interest rate, due in 2021 1,683 2,912 Mortgage note payable, 5.877% interest rate, due in 2021 (3) 13,166 13,437 Mortgage note payable, 4.220% interest rate, due in 2022 26,522 27,210 Mortgage note payable, 3.550% interest rate, due in 2023 (1) 71,000 71,000 Mortgage note payable, 3.700% interest rate, due in 2023 (1) 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 24,108 24,509 Mortgage note payable, 4.050% interest rate, due in 2030 66,780 66,780 2,386,209 3,311,262 Unamortized debt premiums, discounts and issuance costs (45,756 ) (56,372 ) $ 2,340,453 $ 3,254,890 (1) We assumed these senior unsecured notes and mortgage notes in connection with the SIR Merger. (2) In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020 using cash on hand, proceeds from property sales and borrowings under our revolving credit facility. (3) The carrying value of this mortgage note of $13,128 is net of unamortized issuance costs of $38 and is included in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019. Our $750,000 revolving credit facility is governed by a credit agreement, or our credit agreement, with a syndicate of institutional lenders that includes a feature under which the maximum aggregate borrowing availability may be increased to up to $1,950,000 in certain circumstances. Our $750,000 revolving credit facility is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is January 31, 2023 and, subject to our payment of an extension fee and meeting certain other conditions, we have the option to extend the stated maturity date of our revolving credit facility by two additional six month periods. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayment is due until maturity. We are required to pay interest at a rate of LIBOR plus a premium, which was 110 basis points per annum at December 31, 2019 , on the amount outstanding under our revolving credit facility. We also pay a facility fee on the total amount of lending commitments under our revolving credit facility, which was 25 basis points per annum at December 31, 2019 . Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2019 and 2018 , the annual interest rate payable on borrowings under our revolving credit facility was 2.7% and 3.6% , respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 3.3% , 3.0% and 2.4% , for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , we had no amounts outstanding under our revolving credit facility and $750,000 available for borrowing. As of February 19, 2020, we had $335,000 outstanding under our revolving credit facility and $415,000 available for borrowing under our revolving credit facility. During the year ended December 31, 2019, we repaid in full our $300,000 term loan, which was scheduled to mature on March 31, 2020, without penalty. The weighted average annual interest rate under this term loan was 3.9% for the period from January 1, 2019 to August 23, 2019, and 3.4% and 2.5% , for the years ended December 31, 2018 and 2017 , respectively. On February 11, 2019, we repaid the remaining $88,000 outstanding on our $250,000 term loan, which was scheduled to mature on March 31, 2022, without penalty. The weighted average annual interest rate under this term loan was 4.3% for the period from January 1, 2019 to February 11, 2019, and 3.8% and 2.9% for the years ended December 31, 2018 and 2017 , respectively. As a result of the principal payments of our term loans, we recognized a loss on early extinguishment of debt of $643 during the year ended December 31, 2019 , to write off unamortized debt issuance costs. In July 2019, we redeemed, at par plus accrued interest, all $350,000 of our 3.75% senior unsecured notes due 2019. As a result of the redemption of our 3.75% senior unsecured notes due 2019, we recognized a loss on early extinguishment of debt of $126 during the year ended December 31, 2019 to write off unamortized debt issuance costs and discounts. In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020. Our credit agreement and senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR LLC ceasing to act as our business and property manager. Our credit agreement and our senior unsecured notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, require us to comply with certain financial and other covenants and, in the case of our credit agreement, restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our credit agreement and senior unsecured notes indentures and their supplements at December 31, 2019 . On March 1, 2019, we repaid at maturity, at par plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $7,890 using cash on hand. At December 31, 2019 , 11 of our consolidated properties with an aggregate net book value of $597,619 were encumbered by mortgage notes with an aggregate principal amount of $326,209 , including one mortgage note with an outstanding principal balance of $13,166 classified in liabilities of properties held for sale in our consolidated balance sheet. Our mortgage notes are non-recourse, subject to certain limited exceptions and do not contain any material financial covenants. None of our unsecured debt obligations require sinking fund payments prior to their maturity dates. The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2019 are as follows: Year Principal Payment 2020 $ 475,707 2021 14,420 2022 625,518 2023 143,784 2024 350,000 Thereafter 776,780 $ 2,386,209 (1) (1) Total consolidated debt outstanding as of December 31, 2019 , net of unamortized premiums, discounts and issuance costs totaling $45,756 , was $2,340,453 . |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The following table presents certain of our assets measured at fair value at December 31, 2019 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Non-Recurring Fair Value Measurements Assets: Assets of properties held for sale (1) $ 30,100 $ — $ 30,100 $ — (1) We recorded impairment charges of $9,454 to reduce the carrying value of one property that is classified as held for sale in our consolidated balance sheet to its estimated fair value, less costs to sell of $682 , based upon a negotiated sale price with a third party buyer (a Level 2 input as defined in the fair value hierarchy under GAAP). See Note 3 for more information. In addition to the assets described in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, a mortgage note receivable, accounts payable, a revolving credit facility, senior unsecured notes, mortgage notes payable, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2019 and 2018, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2019 As of December 31, 2018 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 3.750% interest rate, due in 2019 $ — $ — $ 349,239 $ 348,903 Senior unsecured notes, 3.60% interest rate, due in 2020 (2) 399,934 400,048 399,146 399,146 Senior unsecured notes, 4.00% interest rate, due in 2022 297,657 306,096 296,735 295,047 Senior unsecured notes, 4.15% interest rate, due in 2022 297,795 307,221 296,736 296,736 Senior unsecured notes, 4.25% interest rate, due in 2024 340,018 364,602 337,736 337,736 Senior unsecured notes, 4.50% interest rate, due in 2025 381,055 419,578 377,329 377,329 Senior unsecured notes, 5.875% interest rate, due in 2046 300,920 322,028 300,576 274,288 Mortgage notes payable (3) 323,074 331,675 335,241 336,365 Total $ 2,340,453 $ 2,451,248 $ 2,692,738 $ 2,665,550 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $45,756 and $55,524 as of December 31, 2019 and 2018 , respectively. (2) In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020 using cash on hand, proceeds from property sales and borrowings under our revolving credit facility. (3) Includes one mortgage note with a carrying value of $13,128 net of unamortized issuance costs totaling $38 which is classified in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019 . We estimated the fair value of our senior unsecured notes (except for our senior unsecured notes due 2046) using an average of the bid and ask price of the notes as of the measurement date (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair value of our senior unsecured notes due 2046 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of the 2009 Incentive Share Award Plan, or the 2009 Plan. During the years ended December 31, 2019 , 2018 and 2017 , we granted to our officers and other employees of RMR LLC annual share awards of 103,100 , 14,675 and 14,337 of our common shares, respectively, valued at $3,080 , $995 and $1,067 , in aggregate, respectively. We also granted each of our eight Trustees 3,000 of our common shares in 2019 with an aggregate value of $575 ( $72 per Trustee), each of our then six Trustees 750 common shares in 2018 with an aggregate value of $254 ( $42 per Trustee) and each of our then six Trustees 750 common shares in 2017 with an aggregate value of $392 ( $65 per Trustee) as part of their annual compensation. In addition, we granted 3,000 of our common shares, with a value of $270 ( $90 per Trustee) in connection with the election of three of our Trustees in 2019 and 750 of our common shares, with a value of $41 in connection with the election of one of our Trustees in 2018. The values of the share grants were based upon the closing price of our common shares trading on Nasdaq on the date of grant. The common shares awarded to our Trustees vested immediately. The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of grant. We include the value of granted shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2019 , 2018 and 2017 , is as follows: 2019 2018 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 55,321 $ 73.25 26,062 $ 78.24 24,743 $ 82.36 Granted 136,100 $ 28.84 19,925 $ 64.73 18,837 $ 77.44 Forfeited (1,474 ) $ 49.10 (255 ) $ 52.96 — $ — Vested (83,267 ) $ 27.78 (18,634 ) $ 63.80 (17,518 ) $ 83.20 Unvested acquired in the SIR Merger (1) — $ — 28,223 $ 27.48 — $ — Unvested at end of year 106,680 $ 40.16 55,321 $ 73.25 26,062 $ 78.24 (1) Represents unvested shares granted under SIR’s equity compensation plan that were converted into shares under the 2009 Plan, and which will have similar vesting requirements as shares granted under the 2009 Plan. The 106,680 unvested shares as of December 31, 2019 are scheduled to vest as follows: 32,677 shares in 2020, 28,875 shares in 2021, 24,808 shares in 2022 and 20,320 shares in 2023. As of December 31, 2019 , the estimated future compensation expense for the unvested shares was $3,672 . The weighted average period over which the compensation expense will be recorded is approximately 25 months . During the years ended December 31, 2019 , 2018 and 2017 , we recorded $3,088 , $1,337 and $1,377 , respectively, of compensation expense related to the 2009 Plan. At December 31, 2019 , 211,334 of our common shares remained available for issuance under the 2009 Plan. Share Purchases During the years ended December 31, 2019 , 2018 and 2017 we purchased 15,588 , 4,984 and 3,590 of our common shares, respectively, at weighted average prices of $29.76 , $46.54 , $73.63 per common share, respectively, from our Trustees and current and former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions During the years ended December 31, 2019 , 2018 and 2017 , we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Return of Capital Ordinary Income Qualified Dividend 2019 $ 2.20 $ 105,868 —% 100.00% —% 2018 $ 6.88 $ 170,566 68.60% 31.40% —% 2017 $ 6.88 $ 145,209 49.35% 50.65% —% On January 16, 2020, we declared a dividend payable to common shareholders of record on January 27, 2020 in the amount of $0.55 per share, or $26,511 . We expect to pay this distribution on or about February 20, 2020. 2017 Sale of Shares On July 5, 2017, we sold 6,250,000 of our common shares at a price of $74.00 per share in an underwritten public offering. On August 3, 2017, we sold 726,757 of our common shares at a price of $74.00 per share pursuant to an overallotment option granted to the underwriters for the July offering. The aggregate net proceeds from these sales of $493,866 , after payment of the underwriters’ discount and other offering expenses, were used to finance, in part, the FPO Transaction. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents our share of the comprehensive income (loss) of our equity method investees, and prior to December 31, 2017, the unrealized gain (loss) on our former investment in RMR Inc. The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the years ended December 31, 2019 , 2018 and 2017 : Unrealized Gain on Investment in Equity Securities Equity in Unrealized Gains (Losses) of Investees (1) Unrealized Loss on Financial Instrument (2) Total Balance at December 31, 2016 $ 21,074 $ 5,883 $ — $ 26,957 Other comprehensive income before reclassifications 24,042 9,462 — 33,504 Amounts reclassified from cumulative other comprehensive income to net income — (34 ) — (34 ) Net current period other comprehensive income 24,042 9,428 — 33,470 Balance at December 31, 2017 45,116 15,311 — 60,427 Amounts reclassified from cumulative other comprehensive income to retained earnings (45,116 ) (15,165 ) — (60,281 ) Balance at January 1, 2018 — 146 — 146 Other comprehensive loss before reclassifications — (3 ) — (3 ) Amounts reclassified from cumulative other comprehensive income to net loss — (37 ) — (37 ) Net current period other comprehensive loss — (40 ) — (40 ) Balance at December 31, 2018 — 106 — 106 Other comprehensive loss before reclassifications — 90 (200 ) (110 ) Amounts reclassified from cumulative other comprehensive income to net income — (196 ) — (196 ) Net current period other comprehensive loss — (106 ) (200 ) (306 ) Balance at December 31, 2019 $ — $ — $ (200 ) $ (200 ) (1) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss). (2) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in interest expense in our consolidated statements of comprehensive income (loss). Preferred Units of Limited Partnership On May 1, 2018, one of our subsidiaries redeemed all 1,813,504 of its outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit plus accrued and unpaid distributions (an aggregate of $20,310 ). |
Equity Investment in Select Inc
Equity Investment in Select Income REIT | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment in Select Income REIT | Equity Investment in Select Income REIT Until October 9, 2018, we owned 24,918,421 , or approximately 27.8% , of the then outstanding SIR common shares. As described in Note 1, we completed the Secondary Sale on that date. As a result of the Secondary Sale, we recorded a loss of $18,665 during the year ended December 31, 2018. We accounted for our investment in SIR under the equity method and had previously reported our investment in SIR as a reportable segment. As a result of the Secondary Sale and the elimination of a reportable segment, our former equity method investment in SIR is classified as discontinued operations in our consolidated statements of comprehensive income (loss). See Note 11 for more information regarding discontinued operations. Under the equity method, we recorded our proportionate share of SIR’s net income as equity in earnings of SIR in our consolidated statements of comprehensive income (loss). During the period from January 1, 2018 to October 9, 2018 and the year ended December 31, 2017, we recorded $24,358 and $21,584 of equity in earnings of SIR, respectively. Our other comprehensive income (loss) includes our proportionate share of SIR’s unrealized gains of $28 and $8,967 for the period from January 1, 2018 to October 9, 2018 and the year ended December 31, 2017 , respectively. The adjusted GAAP cost basis of our investment in SIR was less than our proportionate share of SIR’s total shareholders’ equity book value on the dates we acquired the shares. Prior to the Secondary Sale, we were accreting a basis difference to earnings over the estimated remaining useful lives of certain real estate assets and intangible assets and liabilities owned by SIR. This accretion increased our equity in the earnings of SIR by $3,233 and $2,944 for the period from January 1, 2018 to October 9, 2018 and the year ended December 31, 2017 , respectively. During the period from January 1, 2018 to October 9, 2018 and the year ended December 31, 2017 , we received cash distributions from SIR totaling $38,124 and $50,832 , respectively. During the period from January 1, 2018 to October 9, 2018 and the year ended December 31, 2017 , SIR issued 63,157 and 59,502 common shares, respectively. We recognized a gain on issuance of shares by SIR of $29 and $72 during the period from January 1, 2018 to October 9, 2018, and the year ended December 31, 2017 , respectively, as a result of the per share issuance price of these SIR common shares being above the then average per share carrying value of our SIR common shares. The following table presents summarized income statement data of SIR: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Revenues: Rental income $ 298,003 $ 392,285 Tenant reimbursements and other income 60,514 75,818 Total revenues 358,517 468,103 Expenses: Real estate taxes 36,748 44,131 Other operating expenses 43,714 55,567 Depreciation and amortization 105,326 137,672 Acquisition and transaction related costs 3,796 1,075 General and administrative 47,353 54,909 Write-off of straight line rent receivable, net 10,626 12,517 Loss on asset impairment — 4,047 Loss on impairment of real estate assets 9,706 229 Total expenses 257,269 310,147 Gain on sale of real estate 4,075 — Dividend income 1,190 1,587 Unrealized gain on equity securities 53,159 — Interest income 753 91 Interest expense (69,446 ) (92,870 ) Loss on early extinguishment of debt (1,192 ) — Income before income tax expense and equity in earnings of an investee 89,787 66,764 Income tax expense (446 ) (466 ) Equity in earnings of an investee 882 608 Net income 90,223 66,906 Net income allocated to noncontrolling interest (15,841 ) — Net income attributed to SIR $ 74,382 $ 66,906 Weighted average common shares outstanding (basic) 89,395 89,351 Weighted average common shares outstanding (diluted) 89,411 89,370 Net income attributed to SIR per common share (basic and diluted) $ 0.83 $ 0.75 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As described in Note 1, on October 9, 2018, we sold all 24,918,421 SIR common shares that we then owned in the Secondary Sale. We recorded a loss of $18,665 during the year ended December 31, 2018 related to this sale. The sale of our SIR common shares qualifies as discontinued operations; accordingly, our former equity method investment in SIR is classified as discontinued operations in our consolidated statements of comprehensive income (loss). As described in Note 3, in August 2017, we sold one vacant office property in Falls Church, VA with 164,746 rentable square feet and a net book value of $12,901 as of the date of sale for $13,523 , excluding closing costs. Results of operations for this property, which qualified as held for sale prior to our adoption in 2014 of ASU No. 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , are classified as discontinued operations in our consolidated statements of comprehensive income (loss). The following table presents the components of income from discontinued operations for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Equity in earnings of Select Income REIT $ — $ 24,358 $ 21,584 Net gain on issuance of shares by Select Income REIT — 29 72 Loss on sale of Select Income REIT shares — (18,665 ) — Income from property discontinued operations — — 173 Income from discontinued operations $ — $ 5,722 $ 21,829 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following is a summary of our unaudited quarterly results of operations for 2019 and 2018 . 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Rental income $ 174,777 $ 176,032 $ 167,411 $ 160,184 Net income (loss) available for common shareholders $ 34,019 $ (64,774 ) $ (3,939 ) $ 65,029 Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.71 $ (1.35 ) $ (0.08 ) $ 1.35 Common distributions declared $ 0.55 $ 0.55 $ 0.55 $ 0.55 2018 First Second Third Fourth Rental income $ 108,717 $ 108,085 $ 106,102 $ 103,656 Net income (loss) available for common shareholders $ 6,287 $ 29,602 $ (449 ) $ (57,695 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.25 $ 1.20 $ (0.02 ) $ (2.31 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original Inverness Center Birmingham, AL 3 $ — $ 5,907 $ 12,098 $ 1,372 $ — $ 5,907 $ 13,470 $ 19,377 $ (425 ) 12/31/2018 1984 445 Jan Davis Drive Huntsville, AL 1 — 1,501 1,492 — — 1,501 1,492 2,993 (40 ) 12/31/2018 2007 4905 Moores Mill Road Huntsville, AL 1 — 4,592 36,324 1,627 — 4,592 37,951 42,543 (1,093 ) 12/31/2018 1979 131 Clayton Street Montgomery, AL 1 — 920 9,084 216 — 920 9,300 10,220 (1,942 ) 6/22/2011 2007 4344 Carmichael Road Montgomery, AL 1 — 1,374 11,658 233 — 1,374 11,891 13,265 (1,752 ) 12/17/2013 2009 15451 North 28th Avenue Phoenix, AZ 1 — 1,917 7,416 625 — 1,917 8,041 9,958 (1,054 ) 9/10/2014 1996 16001 North 28th Avenue Phoenix, AZ 1 — 3,355 412 44 — 3,355 456 3,811 (14 ) 12/31/2018 1998 711 S 14th Avenue Safford, AZ 1 — 460 11,708 790 (4,440 ) 364 8,154 8,518 (454 ) 6/16/2010 1992 Regents Center Tempe, AZ 2 — 4,121 3,042 — — 4,121 3,042 7,163 (149 ) 12/31/2018 1988 Campbell Place Carlsbad, CA 2 — 5,769 3,871 549 — 5,769 4,420 10,189 (115 ) 12/31/2018 2007 Folsom Corporate Center Folsom, CA 1 — 2,904 5,583 — — 2,904 5,583 8,487 (174 ) 12/31/2018 2008 Bayside Technology Park Fremont, CA 1 — 10,784 648 (1 ) — 10,784 647 11,431 (21 ) 12/31/2018 1990 5045 East Butler Street Fresno, CA 1 — 7,276 61,118 139 — 7,276 61,257 68,533 (26,566 ) 8/29/2002 1971 10949 N. Mather Boulevard Rancho Cordova, CA 1 — 562 16,923 916 — 562 17,839 18,401 (2,655 ) 10/30/2013 2012 11020 Sun Center Drive Rancho Cordova, CA 1 — 1,466 8,797 1,401 — 1,466 10,198 11,664 (808 ) 12/20/2016 1983 100 Redwood Shores Parkway Redwood City, CA 1 — 14,454 7,721 — — 14,454 7,721 22,175 (214 ) 12/31/2018 1993 3875 Atherton Road Rocklin, CA 1 — 177 853 — — 177 853 1,030 (23 ) 12/31/2018 1991 801 K Street Sacramento, CA 1 — 4,688 61,994 7,087 — 4,688 69,081 73,769 (8,306 ) 1/29/2016 1989 9815 Goethe Road Sacramento, CA 1 — 1,450 9,465 1,523 — 1,450 10,988 12,438 (2,307 ) 9/14/2011 1992 Capitol Place Sacramento, CA 1 — 2,290 35,891 9,822 — 2,290 45,713 48,003 (12,081 ) 12/17/2009 1988 4560 Viewridge Road San Diego, CA 1 — 4,269 18,316 4,319 — 4,347 22,557 26,904 (11,467 ) 3/31/1997 1996 2115 O’Nel Drive San Jose, CA 1 — 12,305 5,062 — — 12,305 5,062 17,367 (140 ) 12/31/2018 1984 North First Street San Jose, CA 1 — 8,311 4,003 188 — 8,311 4,191 12,502 (116 ) 12/31/2018 1984 Rio Robles Drive San Jose, CA 3 — 23,687 13,698 614 — 23,687 14,312 37,999 (403 ) 12/31/2018 1984 2450 and 2500 Walsh Avenue Santa Clara, CA 2 — 13,374 16,651 — — 13,374 16,651 30,025 (461 ) 12/31/2018 1982 3250 and 3260 Jay Street Santa Clara, CA 2 — 19,899 14,051 — — 19,899 14,051 33,950 (390 ) 12/31/2018 1982 603 San Juan Avenue Stockton, CA 1 — 563 5,470 — — 563 5,470 6,033 (1,015 ) 7/20/2012 2012 350 West Java Drive Sunnyvale, CA 1 — 24,609 462 21 — 24,609 483 25,092 (14 ) 12/31/2018 1984 7958 South Chester Street Centennial, CO 1 — 6,682 7,153 105 — 6,682 7,258 13,940 (200 ) 12/31/2018 2000 350 Spectrum Loop Colorado Springs, CO 1 — 3,650 7,732 86 — 3,650 7,818 11,468 (219 ) 12/31/2018 2000 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 333 Inverness Drive South Englewood, CO 1 — 5,711 4,543 — — 5,711 4,543 10,254 (136 ) 12/31/2018 1998 12795 West Alameda Parkway Lakewood, CO 1 1,687 2,640 23,777 1,339 — 2,640 25,116 27,756 (6,195 ) 1/15/2010 1988 Corporate Center Lakewood, CO 3 — 2,887 27,537 3,889 — 2,887 31,426 34,313 (13,409 ) 10/11/2002 1980 11 Dupont Circle, NW Washington, DC 1 64,686 28,255 44,743 5,095 — 28,255 49,838 78,093 (3,366 ) 10/2/2017 1974 1211 Connecticut Avenue, NW Washington, DC 1 26,542 30,388 24,667 2,168 — 30,388 26,835 57,223 (1,793 ) 10/2/2017 1967 1401 K Street, NW Washington, DC 1 24,502 29,215 34,656 4,461 — 29,215 39,117 68,332 (2,910 ) 10/2/2017 1929 20 Massachusetts Avenue Washington, DC 1 — 12,009 51,527 21,755 — 12,223 73,068 85,291 (37,223 ) 3/31/1997 1996 440 First Street, NW Washington, DC 1 — 27,903 38,624 1,332 — 27,903 39,956 67,859 (2,339 ) 10/2/2017 1982 625 Indiana Avenue Washington, DC 1 — 26,000 25,955 8,491 — 26,000 34,446 60,446 (8,694 ) 8/17/2010 1989 840 First Street, NE Washington, DC 1 33,219 42,727 73,278 2,222 — 42,727 75,500 118,227 (4,303 ) 10/2/2017 2003 10350 NW 112th Avenue Miami, FL 1 — 4,798 2,757 — — 4,798 2,757 7,555 (76 ) 12/31/2018 2002 7850 Southwest 6th Court Plantation, FL 1 — 4,800 30,592 383 — 4,800 30,975 35,775 (6,808 ) 5/12/2011 1999 8900 Grand Oak Circle Tampa, FL 1 — 1,100 11,773 427 — 1,100 12,200 13,300 (2,787 ) 10/15/2010 1994 180 Ted Turner Drive SW Atlanta, GA 1 — 5,717 20,017 295 — 5,717 20,312 26,029 (3,747 ) 7/25/2012 2007 Corporate Square Atlanta, GA 5 — 3,996 29,762 27,962 — 3,996 57,724 61,720 (15,442 ) 7/16/2004 1967 Executive Park Atlanta, GA 1 — 1,521 11,826 4,041 — 1,521 15,867 17,388 (6,437 ) 7/16/2004 1972 One Georgia Center Atlanta, GA 1 — 10,250 27,933 9,227 — 10,250 37,160 47,410 (6,646 ) 9/30/2011 1968 One Primerica Parkway Duluth, GA 1 — 6,927 22,951 — — 6,927 22,951 29,878 (636 ) 12/31/2018 2013 4712 Southpark Boulevard Ellenwood, GA 1 — 1,390 19,635 118 — 1,390 19,753 21,143 (3,653 ) 7/25/2012 2005 91-209 Kuhela Street Kapolei, HI 1 — 1,998 — 10 — 1,998 10 2,008 — 12/31/2018 Land 8305 NW 62nd Avenue Johnston, IA 1 — 2,649 7,997 — — 2,649 7,997 10,646 (221 ) 12/31/2018 2011 1185, 1249 & 1387 S. Vinnell Way Boise, ID 3 — 3,390 29,026 935 — 3,390 29,961 33,351 (5,684 ) 9/11/2012 1996; 1997; 2002 2020 S. Arlington Heights Arlington Heights, IL 1 — 1,450 13,588 444 — 1,450 14,032 15,482 (3,467 ) 12/29/2009 1988 400 South Jefferson Street Chicago, IL 1 49,299 19,379 20,115 — — 19,379 20,115 39,494 (558 ) 12/31/2018 1947 1415 West Diehl Road Naperville, IL 1 — 12,333 20,586 776 — 12,333 21,362 33,695 (636 ) 12/31/2018 2001 440 North Fairway Drive Vernon Hills, IL 1 — 4,465 441 — — 4,465 441 4,906 (13 ) 12/31/2018 1,992 7601 and 7635 Interactive Way Indianapolis, IN 2 — 3,337 14,522 26 — 3,337 14,548 17,885 (376 ) 12/31/2018 2003 Intech Park Indianapolis, IN 3 — 4,170 69,759 7,050 — 4,170 76,809 80,979 (15,777 ) 10/14/2011 2000; 2001; 2008 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original The Atrium at Circleport II Erlanger, KY 1 — 1,796 1,933 — — 1,796 1,933 3,729 (80 ) 12/31/2018 1999 7125 Industrial Road Florence, KY 1 — 1,698 11,722 293 — 1,698 12,015 13,713 (2,074 ) 12/31/2012 1980 251 Causeway Street Boston, MA 1 — 8,130 17,293 3,296 — 8,130 20,589 28,719 (4,708 ) 8/17/2010 1987 300 and 330 Billerica Road Chelmsford, MA 2 — 4,700 — 458 — 4,700 458 5,158 (3 ) 12/31/2018 1984 75 Pleasant Street Malden, MA 1 — 1,050 31,086 856 — 1,050 31,942 32,992 (7,500 ) 5/24/2010 2008 25 Newport Avenue Quincy, MA 1 — 2,700 9,199 1,879 — 2,700 11,078 13,778 (2,464 ) 2/16/2011 1985 One Montvale Avenue Stoneham, MA 1 — 1,670 11,035 2,693 — 1,670 13,728 15,398 (3,101 ) 6/16/2010 1945 314 Littleton Road Westford, MA 1 — 5,691 8,487 41 — 5,691 8,528 14,219 (238 ) 12/31/2018 2007 Annapolis Commerce Center Annapolis, MD 2 — 4,057 7,665 370 — 4,057 8,035 12,092 (523 ) 10/2/2017 1989 4201 Patterson Avenue Baltimore, MD 1 — 901 8,097 4,099 (85 ) 892 12,120 13,012 (5,401 ) 10/15/1998 1989 7001 Columbia Gateway Drive Columbia, MD 1 — 5,642 10,352 — — 5,642 10,352 15,994 (305 ) 12/31/2018 2008 Hillside Center Columbia, MD 2 — 3,437 4,228 576 — 3,437 4,804 8,241 (277 ) 10/2/2017 2001 TenThreeTwenty Columbia, MD 1 — 3,126 16,361 1,537 — 3,126 17,898 21,024 (1,177 ) 10/2/2017 1982 3300 75th Avenue Landover, MD 1 — 4,110 36,371 1,513 — 4,110 37,884 41,994 (9,310 ) 2/26/2010 1985 2115 East Jefferson Street Rockville, MD 1 — 3,349 11,152 436 — 3,349 11,588 14,937 (1,815 ) 8/27/2013 1981 Redland 520/530 Rockville, MD 3 — 12,714 61,377 1,744 — 12,714 63,121 75,835 (3,541 ) 10/2/2017 2008 Redland 540 Rockville, MD 1 — 10,740 17,714 6,001 — 10,740 23,715 34,455 (1,909 ) 10/2/2017 2003 Rutherford Business Park Windsor Mill, MD 1 — 1,598 10,219 472 — 1,598 10,691 12,289 (1,845 ) 11/16/2012 1972 3550 Green Court Ann Arbor, MI 1 — 3,630 4,857 — — 3,630 4,857 8,487 (142 ) 12/31/2018 1998 11411 E. Jefferson Avenue Detroit, MI 1 — 630 18,002 451 — 630 18,453 19,083 (4,402 ) 4/23/2010 2009 Rosedale Corporate Plaza Roseville, MN 1 — 672 6,045 1,526 — 672 7,571 8,243 (3,759 ) 12/1/1999 1987 1300 Summit Street Kansas City, MO 1 — 2,776 12,070 1,143 — 2,776 13,213 15,989 (2,399 ) 9/27/2012 1998 2555 Grand Boulevard Kansas City, MO 1 — 4,085 51,399 472 — 4,085 51,871 55,956 (1,408 ) 12/31/2018 2003 4241-4300 NE 34th Street Kansas City, MO 1 — 1,443 6,193 4,180 — 1,780 10,036 11,816 (4,523 ) 3/31/1997 1995 1220 Echelon Parkway Jackson, MS 1 — 440 25,458 258 — 440 25,716 26,156 (4,760 ) 7/25/2012 2009 2300 and 2400 Yorkmont Road Charlotte, NC 2 — 1,334 19,075 1,387 — 1,334 20,462 21,796 (587 ) 12/31/2018 1995 18010 and 18020 Burt Street Omaha, NE 2 — 6,977 12,500 — — 6,977 12,500 19,477 (346 ) 12/31/2018 2012 500 Charles Ewing Boulevard Ewing, NJ 1 — 4,808 26,002 — — 4,808 26,002 30,810 (721 ) 12/31/2018 2012 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original 299 Jefferson Road Parsippany, NJ 1 — 4,543 2,914 493 — 4,543 3,407 7,950 (85 ) 12/31/2018 2011 One Jefferson Road Parsippany, NJ 1 — 4,415 5,249 10 — 4,415 5,259 9,674 (143 ) 12/31/2018 2009 Airline Corporate Center Colonie, NY 1 — 790 6,400 406 — 790 6,806 7,596 (1,253 ) 6/22/2012 2004 5000 Corporate Court Holtsville, NY 1 — 6,530 17,711 3,799 — 6,530 21,510 28,040 (4,492 ) 8/31/2011 2000 8687 Carling Road Liverpool, NY 1 — 566 — — — 566 — 566 — 12/31/2018 1997 1212 Pittsford - Victor Road Pittsford, NY 1 — 608 78 530 — 608 608 1,216 (5 ) 12/31/2018 1965 2231 Schrock Road Columbus, OH 1 — 716 217 101 — 716 318 1,034 (10 ) 12/31/2018 1999 4600 25th Avenue Salem, OR 1 — 6,510 17,973 6,658 — 6,510 24,631 31,141 (5,904 ) 12/20/2011 1957 8800 Tinicum Boulevard Philadelphia, PA 1 40,310 5,573 22,686 — — 5,573 22,686 28,259 (629 ) 12/31/2018 2000 9680 Old Bailes Road Fort Mill, SC 1 — 834 2,944 — — 834 2,944 3,778 (82 ) 12/31/2018 2007 One Memphis Place Memphis, TN 1 — 1,630 5,645 7,435 — 1,630 13,080 14,710 (2,996 ) 9/17/2010 1985 16001 North Dallas Parkway Addison, TX 2 — 10,158 63,036 331 — 10,158 63,367 73,525 (1,870 ) 12/31/2018 1987 Research Park Austin, TX 2 — 4,258 13,747 536 — 4,258 14,283 18,541 (835 ) 12/31/2018 1999 10451 Clay Road Houston, TX 1 — 5,495 10,253 — — 5,495 10,253 15,748 (284 ) 12/31/2018 2013 202 North Castlegory Road Houston, TX 1 — 863 5,024 — — 863 5,024 5,887 (131 ) 12/31/2018 2016 6380 Rogerdale Road Houston, TX 1 — 12,628 6,113 14 — 12,628 6,127 18,755 (170 ) 12/31/2018 2006 4221 W. John Carpenter Freeway Irving, TX 1 — 1,413 2,365 1,737 — 1,413 4,102 5,515 (123 ) 12/31/2018 1995 8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard Irving, TX 3 — 10,185 31,566 — — 10,185 31,566 41,751 (875 ) 12/31/2018 1990 1511 East Common Street New Braunfels, TX 1 — 4,965 1,266 67 — 4,965 1,333 6,298 (35 ) 12/31/2018 2005 2900 West Plano Parkway Plano, TX 1 — 6,819 8,831 — — 6,819 8,831 15,650 (244 ) 12/31/2018 1998 3400 West Plano Parkway Plano, TX 1 — 4,543 15,964 321 — 4,543 16,285 20,828 (451 ) 12/31/2018 1994 3600 Wiseman Boulevard San Antonio, TX 1 — 3,493 6,662 137 — 3,493 6,799 10,292 (194 ) 12/31/2018 2004 701 Clay Road Waco, TX 1 — 2,030 8,708 9,450 — 2,060 18,128 20,188 (5,351 ) 12/23/1997 1997 1800 Novell Place Provo, UT 1 — 7,487 43,487 — — 7,487 43,487 50,974 (1,301 ) 12/31/2018 2000 4885-4931 North 300 West Provo, UT 2 — 3,915 9,429 21 — 3,915 9,450 13,365 (276 ) 12/31/2018 2009 14660, 14672 & 14668 Lee Road Chantilly, VA 3 — 6,966 74,214 2,278 — 6,966 76,492 83,458 (5,879 ) 12/22/2016 1998; 2002; 2006 1434 Crossways Chesapeake, VA 2 — 3,617 19,527 2,010 — 3,617 21,537 25,154 (1,749 ) 10/2/2017 1998 Greenbrier Towers Chesapeake, VA 2 — 3,437 11,241 1,457 — 3,437 12,698 16,135 (1,080 ) 10/2/2017 1985 Enterchange at Meadowville Chester, VA 1 — 1,478 9,594 283 — 1,478 9,877 11,355 (1,558 ) 8/28/2013 1999 Pender Business Park Fairfax, VA 4 — 2,487 21,386 1,127 — 2,487 22,513 25,000 (3,530 ) 11/4/2013 2000 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Cost amount carried at Close of Period Property Location Number of Properties Encumbrances (1) Land Buildings Impairments/ Land Buildings Total (2) Accumulated (3) Date(s) Original Three Flint Hill Fairfax, VA 1 — 5,991 25,536 2,897 — 5,991 28,433 34,424 (2,058 ) 10/2/2017 1984 7987 Ashton Avenue Manassas, VA 1 — 1,562 8,253 694 — 1,562 8,947 10,509 (717 ) 1/3/2017 1989 Two Commercial Place Norfolk, VA 1 — 4,494 21,508 389 — 4,494 21,897 26,391 (563 ) 12/31/2018 1974 1759 & 1760 Business Center Drive Reston, VA 2 — 9,066 78,658 4,093 — 9,066 82,751 91,817 (11,392 ) 5/28/2014 1987 1775 Wiehle Avenue Reston, VA 1 — 4,138 26,120 1,446 — 4,138 27,566 31,704 (1,583 ) 10/2/2017 2001 501 South 5th Street Richmond, VA 1 — 14,767 39,101 230 — 14,767 39,331 54,098 (1,134 ) 12/31/2018 2009 9201 Forest Hill Avenue Richmond, VA 1 — 1,344 375 150 — 1,344 525 1,869 (12 ) 12/31/2018 1985 9960 Mayland Drive Richmond, VA 1 — 2,614 15,930 2,440 — 2,614 18,370 20,984 (2,559 ) 5/20/2014 1994 Parham Place Richmond, VA 3 — 913 1,099 15 — 913 1,114 2,027 (31 ) 12/31/2018 1989; 2012 1751 Blue Hills Drive Roanoke, VA 1 — 2,689 7,761 — — 2,689 7,761 10,450 (215 ) 12/31/2018 2003 Atlantic Corporate Park Sterling, VA 2 — 5,752 29,316 2,055 — 5,752 31,371 37,123 (1,690 ) 10/2/2017 2008 Orbital Sciences Campus Sterling, VA 3 — 12,275 19,320 25 — 12,275 19,345 31,620 (570 ) 12/31/2018 2001 Sterling Business Park Lots 8 and 9 Sterling, VA 1 — 9,177 44,324 52 — 9,177 44,376 53,553 (2,493 ) 10/2/2017 2016 65 Bowdoin Street S. Burlington, VT 1 — 700 8,416 140 — 700 8,556 9,256 (2,090 ) 4/9/2010 2009 840 North Broadway Everett, WA 2 — 3,360 15,376 2,649 — 3,360 18,025 21,385 (3,716 ) 6/28/2012 1985 Stevens Center Richland, WA 2 — 3,970 17,035 4,456 — 4,042 21,419 25,461 (10,658 ) 3/31/1997 1995 351, 401, 501 Elliott Ave West Seattle, WA 3 69,701 26,640 52,740 654 — 26,640 53,394 80,034 (1,467 ) 12/31/2018 2000 11050 West Liberty Drive Milwaukee, WI 1 — 945 4,539 103 — 945 4,642 5,587 (998 ) 6/9/2011 2006 5353 Yellowstone Road Cheyenne, WY 1 — 1,915 8,217 1,346 — 1,950 9,528 11,478 (4,907 ) 3/31/1997 1995 183 $ 309,946 $ 839,889 $ 2,425,029 $ 232,838 $ (4,525 ) $ 840,550 $ 2,652,681 $ 3,493,231 $ (387,656 ) Properties Held for Sale — — — — 1 Targeting Center Windsor, CT 1 — 1,428 588 — — 1,428 588 2,016 (13 ) 12/31/2018 1980 475 Bond Street Lincolnshire, IL 1 — 4,764 552 — — 4,764 552 5,316 (11 ) 12/31/2018 2000 50 West State Street Trenton, NJ 1 — 5,000 38,203 3,337 (18,623 ) 3,866 24,051 27,917 — 12/30/2010 1989 3920 Pender Drive Fairfax, VA 1 13,128 2,934 12,840 538 — 2,934 13,378 16,312 (1,796 ) 3/21/2014 1981 Aquia Commerce Center Stafford, VA 2 — 2,090 7,465 784 — 2,090 8,249 10,339 (1,733 ) 6/22/2011 1988; 1999 6 13,128 16,216 59,648 4,659 (18,623 ) 15,082 46,818 61,900 (3,553 ) 189 $ 323,074 $ 856,105 $ 2,484,677 $ 237,497 $ (23,148 ) $ 855,632 $ 2,699,499 $ 3,555,131 $ (391,209 ) (1) Represents mortgage debt, net of the unamortized balance of the fair value adjustments and debt issuance costs totaling $ 3,135 . (2) Excludes the value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $6,971,434 . (3) Depreciation on building and improvements is provided for periods ranging up to 40 years and on equipment up to 12 years An analysis of the carrying amount of real estate properties and accumulated depreciation is as follows: Real Estate Properties Accumulated Depreciation Balance at December 31, 2016 $ 1,888,760 $ 296,804 Additions 1,100,138 45,315 Loss on asset impairment (9,490 ) — Disposals (3,687 ) (271 ) Balance at December 31, 2017 2,975,721 341,848 Additions 1,486,342 65,215 Loss on asset impairment (8,630 ) — Disposals (286,837 ) (18,740 ) Cost basis adjustment (1) (5,005 ) (5,005 ) Reclassification of assets of properties held for sale (216,955 ) (8,171 ) Balance at December 31, 2018 3,944,636 375,147 Additions 66,221 89,398 Loss on asset impairment (22,255 ) — Disposals (424,302 ) (64,167 ) Cost basis adjustment (1) (9,169 ) (9,169 ) Reclassification of assets of properties held for sale (61,900 ) (3,553 ) Balance at December 31, 2019 $ 3,493,231 $ 387,656 (1) Represents the reclassification between accumulated depreciation and building made to certain properties reclassified as assets of properties held for sale at fair value in accordance with GAAP. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are wholly owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. |
Real Estate Properties | We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives. Real Estate Properties. We record our properties at cost and provide depreciation on real estate investments on a straight line basis over estimated useful lives generally ranging from 7 to 40 years . In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. We allocate a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amounts over the estimated life of the relationships. For transactions that qualify as business combinations, we allocate the excess, if any, of the consideration over the fair value of the assets acquired to goodwill. We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net decreases to rental income of $2,710 , $2,903 and $2,764 during the years ended December 31, 2019 , 2018 and 2017 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases, net in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $195,268 , $91,472 and $53,410 during the years ended December 31, 2019 , 2018 and 2017 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts. |
Deferred Leasing Costs | Deferred Leasing Costs . Deferred leasing costs include brokerage costs, inducements and, until January 1, 2019, legal fees associated with our entering leases. We amortize those costs, which are included in depreciation and amortization expense, on a straight line basis over the terms of the respective leases. Effective January 1, 2019, in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2016-02, Leases |
Debt Issuance Costs | Debt Issuance Costs . Debt issuance costs include capitalized issuance or assumption costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our revolving credit facility are included in other assets in our consolidated balance sheets. As of December 31, 2019 and 2018 , debt issuance costs for our revolving credit facility were $4,125 and accumulated amortization of debt issuance costs for our revolving credit facility were $1,059 and $49 |
Equity Securities | Equity Securities. We previously owned 2,801,060 common shares of class A common stock of The RMR Group Inc., or RMR Inc., including 1,586,836 common shares acquired from SIR on December 31, 2018 in connection with the SIR Merger, that we sold on July 1, 2019 for net proceeds of $104,674 , after deducting underwriting discounts and commissions and other offering expenses. Prior to the sale of our shares of RMR Inc. class A common stock on July 1, 2019, our equity securities were recorded at fair value based on their quoted market price at the end of each reporting period. Effective January 1, 2018, changes in the fair value of our equity securities were recorded through earnings in accordance with ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . Prior to January 1, 2018, unrealized gains and losses on equity |
Equity Method Investments | Equity Method Investments. We account for our investments in Affiliates Insurance Company, or AIC, until AIC was dissolved as described in Note 5, and SIR, until we sold the SIR common shares we owned as described in Note 1, using the equity method of accounting. Significant influence was present through common representation on the boards of trustees or directors of us, AIC, until February 13, 2020, and, SIR, until December 31, 2018. See Notes 5, 10 and 11 for more information of our investments in AIC and SIR. We also own 51% and 50% interests in two unconsolidated joint ventures which own three properties. The properties owned by these joint ventures are encumbered by an aggregate $82,000 of mortgage indebtedness. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting. See Note 3 for more information regarding our unconsolidated joint ventures. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. |
Revenue Recognition | Revenue Recognition. We are a lessor of commercial office properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. In February 2016, FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. Upon adoption, (i) allowances for bad debts are now recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our consolidated statements of comprehensive income (loss). Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods are not reclassified to conform to the current presentation. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We increased rental income by $27,507 , $10,164 and $5,582 to record revenue on a straight line basis during the years ended December 31, 2019 , 2018 and 2017 , respectively. Rents receivable, excluding properties classified as held for sale, include $54,837 and $34,006 of straight line rent receivables at December 31, 2019 and 2018 , respectively. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $91,076 , $45,261 and $30,998 for the years ended December 31, 2019 , 2018 and 2017, respectively, of which tenant reimbursements totaled $86,353 , $40,764 and $27,146 , respectively. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2039 as of December 31, 2019 : Year Amount 2020 $ 489,420 2021 466,210 2022 428,149 2023 381,164 2024 313,456 Thereafter 1,052,669 Total $ 3,131,068 In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2019 , tenants who currently represent approximately 6.7% of our total operating lease maturities have currently exercisable rights to terminate their leases before the stated terms of their leases expire. In 2020 , 2021 , 2022 , 2023 , 2024 , 2025 , 2026 , 2027 , 2028 , 2030 and 2034 , early termination rights become exercisable by other tenants who currently represent an additional approximately 4.8% , 1.6% , 2.7% , 1.1% , 2.0% , 5.2% , 2.6% , 1.1% , 2.6% , 0.8% and 0.2% of our total operating lease maturities, respectively. In addition, as of December 31, 2019 , 13 of our tenants have the right to terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the |
Income Taxes | Income Taxes. |
Cumulative Other Comprehensive Income | Cumulative Other Comprehensive Income (Loss). Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our equity method investees and, prior to the adoption of ASU No. 2016-01 on January 1, 2018, unrealized gains and losses related to our former investment in RMR Inc. See Notes 3 and 5 for more information regarding these investments. |
Per Common Share Amounts | Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) available for common shareholders by the weighted average number of our common shares of beneficial ownership, $.01 |
Use of Estimates | Use of Estimates. Preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. |
Reclassifications | Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentation. |
Segment Reporting | Segment Reporting. We operate in one business segment: direct ownership of real estate properties. |
New Accounting Pronouncements | New Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective as of January 1, 2020. We adopted this standard using the modified retrospective approach. The implementation of this standard did not have a material impact in our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2019 and 2018 , our acquired real estate leases and assumed real estate obligations, excluding properties classified as held for sale, were as follows: December 31, 2019 2018 Acquired real estate leases: Capitalized above market lease values $ 61,971 $ 62,260 Less: accumulated amortization (29,927 ) (20,956 ) Capitalized above market lease values, net 32,044 41,304 Lease origination value 1,032,769 1,168,979 Less: accumulated amortization (332,431 ) (153,725 ) Lease origination value, net 700,338 1,015,254 Acquired real estate leases, net $ 732,382 $ 1,056,558 Assumed real estate lease obligations: Capitalized below market lease values $ 28,118 $ 31,091 Less: accumulated amortization (14,943 ) (11,060 ) Assumed real estate lease obligations, net $ 13,175 $ 20,031 |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Allocation of Purchase Price | The following table summarizes the total consideration paid and the estimated fair values of the assets acquired and liabilities assumed in the FPO Transaction: Total Purchase Price: Cash consideration $ 1,175,140 Acquisition related costs 9,575 Total cash consideration 1,184,715 Preferred units of limited partnership issued (1) 20,221 Acquired net working capital (1,596 ) Assumed mortgage notes 167,548 Non-cash portion of purchase price 186,173 Gross purchase price $ 1,370,888 Purchase Price Allocation: Land $ 360,909 Buildings and improvements 681,340 Acquired real estate leases (2) 283,498 Investment in unconsolidated joint ventures 51,305 Cash 11,191 Restricted cash 1,018 Rents receivable 2,672 Other assets 3,640 Total assets 1,395,573 Mortgage notes payable (3) (167,936 ) Assumed real estate lease obligations (2) (5,776 ) Accounts payable and accrued expenses (10,640 ) Rents collected in advance (1,436 ) Security deposits (4,849 ) Net assets acquired 1,204,936 Assumed working capital (1,596 ) Assumed principal balance of debt 167,548 Gross purchase price $ 1,370,888 (1) Pursuant to the terms of the FPO Transaction, each unit of limited partnership interest in FPO’s operating partnership that was not liquidated on the closing date was exchanged on a one-for-one basis for 5.5% Series A Cumulative Preferred Units of the surviving subsidiary. As of December 31, 2017, the carrying value of these Series A Cumulative Preferred Units was $20,496 and was recorded as temporary equity on our consolidated balance sheet. On May 1, 2018, we redeemed all 1,813,504 of the outstanding 5.5% Series A Cumulative Preferred Units for $11.15 per unit (plus accrued and unpaid distributions) for an aggregate of $20,310 . (2) As of the date acquired, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 3.2 years , 3.1 years and 3.8 years , respectively. (3) Includes fair value adjustments totaling $388 on $167,936 principal amount of mortgage notes we assumed in connection with the FPO Transaction. Acquisition Date Location Number of Properties Square Feet Purchase Price Land Building and Improvements Other Assumed Assets Jan 2017 Manassas, VA 1 69,374 $ 12,657 $ 1,562 $ 8,253 $ 2,842 Purchase Price Allocation: Land $ 477,977 Buildings and improvements 956,801 Assets of properties held for sale 6,846 Acquired real estate leases 854,431 Cash 24,744 Restricted cash 476 Rents receivable 11,370 Other assets (1) 88,658 Total assets 2,421,303 Unsecured revolving credit facility (2) (108,000 ) Senior unsecured notes (3) (1,410,947 ) Mortgage notes payable (4) (159,490 ) Accounts payable and other liabilities (61,289 ) Assumed real estate lease obligations (11,879 ) Due to related persons (30,120 ) Net assets acquired 639,578 Assumed working capital 50,390 Select Income REIT unsecured revolving credit facility repaid at closing (2) 108,000 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Consideration transferred and liabilities assumed (5) $ 2,409,740 (1) Other assets include $84,229 for SIR’s investment in shares of class A common stock of RMR Inc. which was recorded at fair value as of December 31, 2018. (2) We repaid the outstanding balance under SIR’s revolving credit facility at the closing of the SIR Merger with borrowings under our revolving credit facility. (3) The aggregate principal balance of the senior unsecured notes was $1,450,000 as of December 31, 2018. (4) The aggregate principal balance of the mortgage notes payable was $161,772 as of December 31, 2018. (5) Purchase price excludes acquisition related costs. The following table summarizes the consideration transferred and liabilities assumed: Total Purchase Price (excluding acquisition costs): OPI common shares issued 23,282,704 Closing price of OPI common shares on December 31, 2018 $ 27.48 Value of consideration transferred $ 639,809 Cash consideration for fractional shares 8 Equity issuance costs (239 ) Value of consideration transferred 639,578 Assumed working capital 50,390 Assumed senior unsecured notes, principal balance 1,450,000 Assumed mortgage notes payable, principal balance 161,772 Select Income REIT unsecured revolving credit facility repaid at closing 108,000 Non-cash portion of purchase price 1,770,162 Total consideration transferred and liabilities assumed $ 2,409,740 |
Schedule of Pro Forma Information | The following table presents our pro forma results of operations for the year ended December 31, 2018 as if the SIR Transactions and related financing activities, had occurred on January 1, 2018. The SIR results of operations included in this pro forma financial information have been adjusted to remove ILPT’s results of operations for the year ended December 31, 2018. The effect of these adjustments was to decrease pro forma rental income and pro forma net income by $152,735 and $46,237 , respectively, for the year ended December 31, 2018. This pro forma financial information is not necessarily indicative of what our actual financial position or results of operations would have been for the period presented or for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases, leases we entered since December 31, 2018, or leases we may enter in the future, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information and such differences could be significant. Year Ended December 31, 2018 Rental income $ 758,596 Net loss $ (87,240 ) Net loss per common share $ (1.82 ) |
Schedule of Joint Ventures | As of December 31, 2019 and 2018 , our investment in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investment at December 31, Number of Properties Location Square Feet Joint Venture 2019 2018 Prosperity Metro Plaza 51% $ 22,483 $ 23,969 2 Fairfax, VA 328,456 1750 H Street, NW 50% 17,273 19,696 1 Washington, D.C. 115,411 Total $ 39,756 $ 43,665 3 443,867 The following table provides a summary of the mortgage debt of our two unconsolidated joint ventures: Joint Venture Interest Rate (1) Maturity Date Principal Balance at December 31, 2019 and 2018 Prosperity Metro Plaza 4.09% 12/1/2029 $ 50,000 1750 H Street, NW 3.69% 8/1/2024 32,000 Weighted Average/Total 3.93% $ 82,000 |
Schedule of Disposal Groups | As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate February 2019 34 Northern Virginia and Maryland 1,635,868 $ 198,500 $ — $ 732 March 2019 1 Washington, D.C. 129,035 70,000 22,075 — May 2019 1 Buffalo, NY 121,711 16,900 — 5,137 May 2019 1 Maynard, MA 287,037 5,000 (227 ) — June 2019 1 Kapolei, HI 416,956 7,100 — — July 2019 1 San Jose, CA 71,750 14,000 (270 ) — July 2019 1 Nashua, NH 321,800 25,000 8,401 — August 2019 1 Arlington, TX 182,630 14,900 187 — August 2019 1 Rochester, NY 94,800 4,765 (104 ) — August 2019 1 Hanover, PA 502,300 5,500 (417 ) — August 2019 1 San Antonio, TX 618,017 198,000 3,869 — September 2019 1 Topeka, KS 143,934 15,600 36 — September 2019 1 Falling Waters, WV 40,348 650 — 2,179 September 2019 1 San Diego, CA 43,918 8,950 3,062 — October 2019 3 Columbia, SC 180,703 10,750 — 3,581 November 2019 3 Metro DC - MD 372,605 61,938 1,177 — December 2019 1 San Diego, CA 148,488 23,750 6,823 — December 2019 1 Phoenix, AZ 122,646 12,850 860 — December 2019 1 Houston, TX 497,477 130,000 59,992 — December 2019 1 Kansas City, KS 170,817 11,700 — 1,172 December 2019 1 San Jose, CA 75,621 13,000 (333 ) — 58 6,178,461 $ 848,853 $ 105,131 $ 12,801 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. As of December 31, 2019, we had six properties with an aggregate undepreciated carrying value of $61,900 under agreements to sell, as presented in the following table. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2019. Date of Sale Agreement Number of Properties Location Square Feet Gross Sale Price (1) October 2019 (2) 2 Stafford, VA 64,656 $ 14,063 October 2019 1 Fairfax, VA 83,130 22,200 October 2019 (2) 1 Windsor, CT 97,256 7,000 November 2019 (3) 1 Trenton, NJ 267,025 30,100 November 2019 1 Lincolnshire, IL 222,717 12,000 6 734,784 $ 85,363 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. (2) The sale of these properties was completed in January 2020. (3) We recorded a $9,454 loss on impairment of real estate during the year ended December 31, 2019 to adjust the carrying value of this property to its estimated fair value less costs to sell. Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain on Sale of Real Estate Loss on Impairment of Real Estate March 2018 1 Minneapolis, MN 193,594 $ 20,000 $ — $ 640 May 2018 1 New York, NY 187,060 118,500 17,249 — May 2018 1 Sacramento, CA 110,500 10,755 — 3,029 November 2018 1 Golden, CO 43,231 4,000 54 — December 2018 15 Southern Virginia 1,640,252 167,000 3,358 — 19 2,174,637 $ 320,255 $ 20,661 $ 3,669 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 Rental income $ 17 Real estate taxes (88 ) Utility expenses (97 ) Other operating expenses (202 ) General and administrative (76 ) Increase in carrying value of property included in discontinued operations 619 Income from discontinued operations $ 173 The following table presents the components of income from discontinued operations for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Equity in earnings of Select Income REIT $ — $ 24,358 $ 21,584 Net gain on issuance of shares by Select Income REIT — 29 72 Loss on sale of Select Income REIT shares — (18,665 ) — Income from property discontinued operations — — 173 Income from discontinued operations $ — $ 5,722 $ 21,829 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | At December 31, 2019 and 2018 , our outstanding indebtedness consisted of the following: December 31, 2019 2018 Revolving credit facility, due in 2023 $ — $ 175,000 Unsecured term loan, due in 2020 — 300,000 Unsecured term loan, due in 2022 — 88,000 Senior unsecured notes, 3.750% interest rate, due in 2019 — 350,000 Senior unsecured notes, 3.600% interest rate, due in 2020 (1)(2) 400,000 400,000 Senior unsecured notes, 4.000% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.150% interest rate, due in 2022 (1) 300,000 300,000 Senior unsecured notes, 4.250% interest rate, due in 2024 (1) 350,000 350,000 Senior unsecured notes, 4.500% interest rate, due in 2025 (1) 400,000 400,000 Senior unsecured notes, 5.875% interest rate, due in 2046 310,000 310,000 Mortgage note payable, 7.000% interest rate, due in 2019 — 7,939 Mortgage note payable, 5.720% interest rate, due in 2020 32,888 33,703 Mortgage note payable, 4.160% interest rate, due in 2020 (1) 40,062 40,772 Mortgage note payable, 8.150% interest rate, due in 2021 1,683 2,912 Mortgage note payable, 5.877% interest rate, due in 2021 (3) 13,166 13,437 Mortgage note payable, 4.220% interest rate, due in 2022 26,522 27,210 Mortgage note payable, 3.550% interest rate, due in 2023 (1) 71,000 71,000 Mortgage note payable, 3.700% interest rate, due in 2023 (1) 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 24,108 24,509 Mortgage note payable, 4.050% interest rate, due in 2030 66,780 66,780 2,386,209 3,311,262 Unamortized debt premiums, discounts and issuance costs (45,756 ) (56,372 ) $ 2,340,453 $ 3,254,890 (1) We assumed these senior unsecured notes and mortgage notes in connection with the SIR Merger. (2) In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020 using cash on hand, proceeds from property sales and borrowings under our revolving credit facility. (3) The carrying value of this mortgage note of $13,128 is net of unamortized issuance costs of $38 and is included in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019. |
Schedule of Required Principal Payments | The required principal payments due during the next five years and thereafter under all our outstanding consolidated debt as of December 31, 2019 are as follows: Year Principal Payment 2020 $ 475,707 2021 14,420 2022 625,518 2023 143,784 2024 350,000 Thereafter 776,780 $ 2,386,209 (1) (1) Total consolidated debt outstanding as of December 31, 2019 , net of unamortized premiums, discounts and issuance costs totaling $45,756 , was $2,340,453 . |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured on a Non-Recurring Basis at Fair Value, Categorized by the Level of Inputs Used in the Valuation Assets | The following table presents certain of our assets measured at fair value at December 31, 2019 , categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Non-Recurring Fair Value Measurements Assets: Assets of properties held for sale (1) $ 30,100 $ — $ 30,100 $ — (1) We recorded impairment charges of $9,454 to reduce the carrying value of one property that is classified as held for sale in our consolidated balance sheet to its estimated fair value, less costs to sell of $682 , based upon a negotiated sale price with a third party buyer (a Level 2 input as defined in the fair value hierarchy under GAAP). See Note 3 for more information. |
Schedule of Fair Value and Carrying Value of Financial Instruments | At December 31, 2019 and 2018, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows: As of December 31, 2019 As of December 31, 2018 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 3.750% interest rate, due in 2019 $ — $ — $ 349,239 $ 348,903 Senior unsecured notes, 3.60% interest rate, due in 2020 (2) 399,934 400,048 399,146 399,146 Senior unsecured notes, 4.00% interest rate, due in 2022 297,657 306,096 296,735 295,047 Senior unsecured notes, 4.15% interest rate, due in 2022 297,795 307,221 296,736 296,736 Senior unsecured notes, 4.25% interest rate, due in 2024 340,018 364,602 337,736 337,736 Senior unsecured notes, 4.50% interest rate, due in 2025 381,055 419,578 377,329 377,329 Senior unsecured notes, 5.875% interest rate, due in 2046 300,920 322,028 300,576 274,288 Mortgage notes payable (3) 323,074 331,675 335,241 336,365 Total $ 2,340,453 $ 2,451,248 $ 2,692,738 $ 2,665,550 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $45,756 and $55,524 as of December 31, 2019 and 2018 , respectively. (2) In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020 using cash on hand, proceeds from property sales and borrowings under our revolving credit facility. (3) Includes one mortgage note with a carrying value of $13,128 net of unamortized issuance costs totaling $38 which is classified in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019 . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Shares Granted And Vested Under The Terms of The Entity's 2009 Plan | A summary of shares granted, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2019 , 2018 and 2017 , is as follows: 2019 2018 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 55,321 $ 73.25 26,062 $ 78.24 24,743 $ 82.36 Granted 136,100 $ 28.84 19,925 $ 64.73 18,837 $ 77.44 Forfeited (1,474 ) $ 49.10 (255 ) $ 52.96 — $ — Vested (83,267 ) $ 27.78 (18,634 ) $ 63.80 (17,518 ) $ 83.20 Unvested acquired in the SIR Merger (1) — $ — 28,223 $ 27.48 — $ — Unvested at end of year 106,680 $ 40.16 55,321 $ 73.25 26,062 $ 78.24 (1) Represents unvested shares granted under SIR’s equity compensation plan that were converted into shares under the 2009 Plan, and which will have similar vesting requirements as shares granted under the 2009 Plan. |
Schedule of Dividends | During the years ended December 31, 2019 , 2018 and 2017 , we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distribution Characterization of Distribution Year Return of Capital Ordinary Income Qualified Dividend 2019 $ 2.20 $ 105,868 —% 100.00% —% 2018 $ 6.88 $ 170,566 68.60% 31.40% —% 2017 $ 6.88 $ 145,209 49.35% 50.65% —% |
Schedule of Changes In Each Component of Cumulative Other Comprehensive Income (Loss) | The following table presents changes in the amounts we recognized in cumulative other comprehensive income (loss) by component for the years ended December 31, 2019 , 2018 and 2017 : Unrealized Gain on Investment in Equity Securities Equity in Unrealized Gains (Losses) of Investees (1) Unrealized Loss on Financial Instrument (2) Total Balance at December 31, 2016 $ 21,074 $ 5,883 $ — $ 26,957 Other comprehensive income before reclassifications 24,042 9,462 — 33,504 Amounts reclassified from cumulative other comprehensive income to net income — (34 ) — (34 ) Net current period other comprehensive income 24,042 9,428 — 33,470 Balance at December 31, 2017 45,116 15,311 — 60,427 Amounts reclassified from cumulative other comprehensive income to retained earnings (45,116 ) (15,165 ) — (60,281 ) Balance at January 1, 2018 — 146 — 146 Other comprehensive loss before reclassifications — (3 ) — (3 ) Amounts reclassified from cumulative other comprehensive income to net loss — (37 ) — (37 ) Net current period other comprehensive loss — (40 ) — (40 ) Balance at December 31, 2018 — 106 — 106 Other comprehensive loss before reclassifications — 90 (200 ) (110 ) Amounts reclassified from cumulative other comprehensive income to net income — (196 ) — (196 ) Net current period other comprehensive loss — (106 ) (200 ) (306 ) Balance at December 31, 2019 $ — $ — $ (200 ) $ (200 ) (1) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss). (2) Amounts reclassified from cumulative other comprehensive income (loss) to net income (loss) is included in interest expense in our consolidated statements of comprehensive income (loss). |
Equity Investment in Select I_2
Equity Investment in Select Income REIT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Financial Data of Select Income Realty (SIR) | The following table presents summarized income statement data of SIR: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Revenues: Rental income $ 298,003 $ 392,285 Tenant reimbursements and other income 60,514 75,818 Total revenues 358,517 468,103 Expenses: Real estate taxes 36,748 44,131 Other operating expenses 43,714 55,567 Depreciation and amortization 105,326 137,672 Acquisition and transaction related costs 3,796 1,075 General and administrative 47,353 54,909 Write-off of straight line rent receivable, net 10,626 12,517 Loss on asset impairment — 4,047 Loss on impairment of real estate assets 9,706 229 Total expenses 257,269 310,147 Gain on sale of real estate 4,075 — Dividend income 1,190 1,587 Unrealized gain on equity securities 53,159 — Interest income 753 91 Interest expense (69,446 ) (92,870 ) Loss on early extinguishment of debt (1,192 ) — Income before income tax expense and equity in earnings of an investee 89,787 66,764 Income tax expense (446 ) (466 ) Equity in earnings of an investee 882 608 Net income 90,223 66,906 Net income allocated to noncontrolling interest (15,841 ) — Net income attributed to SIR $ 74,382 $ 66,906 Weighted average common shares outstanding (basic) 89,395 89,351 Weighted average common shares outstanding (diluted) 89,411 89,370 Net income attributed to SIR per common share (basic and diluted) $ 0.83 $ 0.75 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | As a result, the results of operations of these properties are included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss). Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate February 2019 34 Northern Virginia and Maryland 1,635,868 $ 198,500 $ — $ 732 March 2019 1 Washington, D.C. 129,035 70,000 22,075 — May 2019 1 Buffalo, NY 121,711 16,900 — 5,137 May 2019 1 Maynard, MA 287,037 5,000 (227 ) — June 2019 1 Kapolei, HI 416,956 7,100 — — July 2019 1 San Jose, CA 71,750 14,000 (270 ) — July 2019 1 Nashua, NH 321,800 25,000 8,401 — August 2019 1 Arlington, TX 182,630 14,900 187 — August 2019 1 Rochester, NY 94,800 4,765 (104 ) — August 2019 1 Hanover, PA 502,300 5,500 (417 ) — August 2019 1 San Antonio, TX 618,017 198,000 3,869 — September 2019 1 Topeka, KS 143,934 15,600 36 — September 2019 1 Falling Waters, WV 40,348 650 — 2,179 September 2019 1 San Diego, CA 43,918 8,950 3,062 — October 2019 3 Columbia, SC 180,703 10,750 — 3,581 November 2019 3 Metro DC - MD 372,605 61,938 1,177 — December 2019 1 San Diego, CA 148,488 23,750 6,823 — December 2019 1 Phoenix, AZ 122,646 12,850 860 — December 2019 1 Houston, TX 497,477 130,000 59,992 — December 2019 1 Kansas City, KS 170,817 11,700 — 1,172 December 2019 1 San Jose, CA 75,621 13,000 (333 ) — 58 6,178,461 $ 848,853 $ 105,131 $ 12,801 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. As of December 31, 2019, we had six properties with an aggregate undepreciated carrying value of $61,900 under agreements to sell, as presented in the following table. We have classified these properties as held for sale in our consolidated balance sheet at December 31, 2019. Date of Sale Agreement Number of Properties Location Square Feet Gross Sale Price (1) October 2019 (2) 2 Stafford, VA 64,656 $ 14,063 October 2019 1 Fairfax, VA 83,130 22,200 October 2019 (2) 1 Windsor, CT 97,256 7,000 November 2019 (3) 1 Trenton, NJ 267,025 30,100 November 2019 1 Lincolnshire, IL 222,717 12,000 6 734,784 $ 85,363 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. (2) The sale of these properties was completed in January 2020. (3) We recorded a $9,454 loss on impairment of real estate during the year ended December 31, 2019 to adjust the carrying value of this property to its estimated fair value less costs to sell. Date of Sale Number of Properties Location Square Feet Gross Sale Price (1) Gain on Sale of Real Estate Loss on Impairment of Real Estate March 2018 1 Minneapolis, MN 193,594 $ 20,000 $ — $ 640 May 2018 1 New York, NY 187,060 118,500 17,249 — May 2018 1 Sacramento, CA 110,500 10,755 — 3,029 November 2018 1 Golden, CO 43,231 4,000 54 — December 2018 15 Southern Virginia 1,640,252 167,000 3,358 — 19 2,174,637 $ 320,255 $ 20,661 $ 3,669 (1) Gross sale price is the gross contract price, includes purchase price adjustments, if any, and excludes closing costs. Summarized income statement information for this property is as follows: Statements of Income (Loss) Year Ended December 31, 2017 Rental income $ 17 Real estate taxes (88 ) Utility expenses (97 ) Other operating expenses (202 ) General and administrative (76 ) Increase in carrying value of property included in discontinued operations 619 Income from discontinued operations $ 173 The following table presents the components of income from discontinued operations for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Equity in earnings of Select Income REIT $ — $ 24,358 $ 21,584 Net gain on issuance of shares by Select Income REIT — 29 72 Loss on sale of Select Income REIT shares — (18,665 ) — Income from property discontinued operations — — 173 Income from discontinued operations $ — $ 5,722 $ 21,829 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of our unaudited quarterly results of operations for 2019 and 2018 . 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Rental income $ 174,777 $ 176,032 $ 167,411 $ 160,184 Net income (loss) available for common shareholders $ 34,019 $ (64,774 ) $ (3,939 ) $ 65,029 Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.71 $ (1.35 ) $ (0.08 ) $ 1.35 Common distributions declared $ 0.55 $ 0.55 $ 0.55 $ 0.55 2018 First Second Third Fourth Rental income $ 108,717 $ 108,085 $ 106,102 $ 103,656 Net income (loss) available for common shareholders $ 6,287 $ 29,602 $ (449 ) $ (57,695 ) Net income (loss) available for common shareholders per common share (basic and diluted) $ 0.25 $ 1.20 $ (0.02 ) $ (2.31 ) Common distributions declared $ 1.72 $ 1.72 $ 1.72 $ 1.72 |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands, ft² in Millions | Dec. 31, 2018USD ($)ft²$ / sharesshares | Dec. 27, 2018shares | Oct. 09, 2018USD ($)$ / sharesshares | Oct. 02, 2017USD ($)ft²propertyjoint_venture | Jul. 05, 2017$ / sharesshares | Dec. 31, 2019USD ($)ft²propertystatejoint_venture | Dec. 31, 2018USD ($)ft²property$ / sharesshares | Dec. 31, 2017USD ($) |
Real Estate Properties [Line Items] | ||||||||
Number of joint ventures | joint_venture | 2 | |||||||
Proceeds from sale of The RMR Group Inc. common shares, net | $ 104,674 | $ 0 | $ 0 | |||||
Stock split conversion ratio | 0.25 | |||||||
Continuing Operations | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties | property | 189 | |||||||
Number of states in which owned properties located | state | 35 | |||||||
Rentable area of properties (in square feet) | ft² | 25.7 | |||||||
First Potomac Realty Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 6 | 0.4 | ||||||
Number of properties acquired | property | 72 | |||||||
Total consideration transferred and liabilities assumed | $ 1,370,888 | |||||||
Liabilities assumed | $ 483,000 | |||||||
SIR | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 16.5 | 16.5 | ||||||
Number of properties acquired | property | 99 | |||||||
Share price (in dollars per share) | $ / shares | $ 6.87 | $ 6.87 | ||||||
Total consideration transferred and liabilities assumed | $ 2,409,740 | |||||||
Transaction costs | $ 27,497 | 27,497 | ||||||
Payment transaction costs | $ 14,508 | |||||||
Liabilities assumed | $ 1,719,772 | |||||||
Share conversion ratio (in shares) | shares | 1.04 | 1.04 | ||||||
Common Shares | SIR | ||||||||
Real Estate Properties [Line Items] | ||||||||
Share price (in dollars per share) | $ / shares | $ 27.48 | $ 27.48 | ||||||
Underwritten Public Offering | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of shares sold (in shares) | shares | 6,250,000 | |||||||
Sale of stock (in dollars per share) | $ / shares | $ 74 | |||||||
Underwritten Public Offering | Common Shares | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of shares sold (in shares) | shares | 24,918,421 | |||||||
Sale of stock (in dollars per share) | $ / shares | $ 18.25 | |||||||
Proceeds from sale of The RMR Group Inc. common shares, net | $ 435,125 | |||||||
First Potomac Realty Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties | property | 3 | 3 | ||||||
Number of joint ventures | joint_venture | 2 | 2 | ||||||
First Potomac Realty Trust | First Potomac Realty Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Rentable area of properties (in square feet) | ft² | 0.4 | |||||||
SIR | ||||||||
Real Estate Properties [Line Items] | ||||||||
Payment transaction costs | $ 12,989 | |||||||
Joint Venture Property 1 | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interest | 50.00% | |||||||
Joint Venture Property 1 | First Potomac Realty Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interest | 50.00% | 51.00% | ||||||
Joint Venture Property 2 | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interest | 51.00% | |||||||
Joint Venture Property 2 | First Potomac Realty Trust | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interest | 51.00% | 50.00% | ||||||
Industrial Logistics Properties Trust | SIR | ||||||||
Real Estate Properties [Line Items] | ||||||||
Shares owned (in shares) | shares | 45,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Real Estate Properties, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||
Net decreases to rental income from amortization of capitalized above market and below market leases | $ 2,710 | $ 2,903 | $ 2,764 |
Amortization of the value of leases | $ 197,978 | 94,375 | 56,174 |
Minimum | Buildings and Improvements | |||
Real Estate [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Maximum | Buildings and Improvements | |||
Real Estate [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Weighted Average | |||
Real Estate [Line Items] | |||
Below market, acquired lease amortization period | 5 years 9 months 18 days | ||
Above Market Lease | Weighted Average | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 4 years 8 months 12 days | ||
Original Value Lease | |||
Real Estate [Line Items] | |||
Amortization of the value of leases | $ 195,268 | $ 91,472 | $ 53,410 |
Original Value Lease | Weighted Average | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 6 years 2 months 12 days | ||
Continuing Operations | |||
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations | |||
2020 | $ 162,586 | ||
2021 | 135,002 | ||
2022 | 118,465 | ||
2023 | 97,087 | ||
2024 | 71,836 | ||
Thereafter | $ 134,231 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Real Estate Assets and Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Line Items] | ||
Acquired real estate leases, net | $ 732,382 | $ 1,056,558 |
Capitalized below market lease values | 28,118 | 31,091 |
Less: accumulated amortization | (14,943) | (11,060) |
Assumed real estate lease obligations, net | 13,175 | 20,031 |
Above Market Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 61,971 | 62,260 |
Less: accumulated amortization | (29,927) | (20,956) |
Acquired real estate leases, net | 32,044 | 41,304 |
Original Value Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 1,032,769 | 1,168,979 |
Less: accumulated amortization | (332,431) | (153,725) |
Acquired real estate leases, net | $ 700,338 | $ 1,015,254 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Leasing and Debt Issuance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
Deferred financing fees, net | $ 10,631 | $ 12,888 |
Future amortization of deferred financing fees | ||
2020 | 1,948 | |
2021 | 1,934 | |
2022 | 1,703 | |
2023 | 407 | |
2024 | 344 | |
Thereafter | 7,361 | |
Continuing Operations | ||
Debt Instrument [Line Items] | ||
Deferred leasing costs, gross | 55,716 | 38,840 |
Accumulated amortization of deferred leasing costs | 15,609 | 13,168 |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
2020 | 5,949 | |
2021 | 5,419 | |
2022 | 4,591 | |
2023 | 3,973 | |
2024 | 3,536 | |
Thereafter | 16,639 | |
Unsecured Revolving Credit Facility | ||
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ||
Deferred financing fees, gross | 4,125 | |
Accumulated amortization of deferred financing fees | $ 1,059 | $ 49 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Mortgage Notes Receivable (Details) - Real Estate Loan - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable | $ 3,600 | $ 3,600 | $ 3,600 |
Minimum interest rate | 5.00% | ||
LIBOR | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Basis spread on variable rate | 4.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Equity Securities (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2018 | Aug. 03, 2017 |
Related Party Transaction [Line Items] | |||
Sale of stock, consideration received on transaction | $ 493,866 | ||
Class A Common Shares | RMR Inc | |||
Related Party Transaction [Line Items] | |||
Common shares owned in RMR Inc. (in shares) | 2,801,060 | ||
Shares acquired (in shares) | 1,586,836 | ||
IPO | RMR Inc | |||
Related Party Transaction [Line Items] | |||
Sale of stock, consideration received on transaction | $ 104,674 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 02, 2017propertyjoint_venture | Jun. 05, 2015USD ($)shares | Dec. 31, 2019USD ($)segmentpropertyjoint_venture$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares |
Schedule of Equity Method Investments [Line Items] | |||||
Number of joint ventures | joint_venture | 2 | ||||
Unamortized discount (premium), net | $ 17,406 | ||||
Future amortization of liability | 1,087 | ||||
Amortization of liability thereafter | 11,971 | ||||
Increase in rental income to record revenue on straight line basis | 27,507 | $ 10,164 | $ 5,582 | ||
Rental income | 91,076 | 45,261 | 30,998 | ||
Tenant reimbursements received | $ 86,353 | $ 40,764 | $ 27,146 | ||
Common shares of beneficial interest, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Antidilutive securities (in shares) | shares | 12 | 4 | 5 | ||
Number of business segments | segment | 1 | ||||
First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of joint ventures | joint_venture | 2 | 2 | |||
Number of properties | property | 3 | 3 | |||
Joint Venture Property 1 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 50.00% | ||||
Joint Venture Property 1 | First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 50.00% | 51.00% | |||
Joint Venture Property 2 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 51.00% | ||||
Joint Venture Property 2 | First Potomac Realty Trust | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of ownership interest | 51.00% | 50.00% | |||
Unconsolidated Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of properties | property | 3 | ||||
Mortgage indebtedness | $ 82,000 | ||||
Continuing Operations | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of properties | property | 189 | ||||
Increase in rental income to record revenue on straight line basis | $ 27,507 | $ 10,164 | $ 5,582 | ||
Straight line rent receivables | 54,837 | 34,006 | |||
RMR Inc | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investment shares acquired (in shares) | shares | 1,541,201 | ||||
Payments to acquire equity securities | $ 17,462 | ||||
Equity securities | $ 39,833 | ||||
Amortization of liability | 1,087 | $ 1,087 | $ 1,087 | ||
Amortization of liability, year two | 1,087 | ||||
Related Party Transaction Amortization Of Liability, Year Three | 1,087 | ||||
Related Party Transaction Amortization Of Liability, Year Four | 1,087 | ||||
Related Party Transaction Amortization Of Liability, Year Five | $ 1,087 | ||||
Tenant Concentration | |||||
Schedule of Equity Method Investments [Line Items] | |||||
2020 | 4.80% | ||||
2021 | 1.60% | ||||
2022 | 2.70% | ||||
2023 | 1.10% | ||||
2024 | 2.00% | ||||
2025 | 5.20% | ||||
2026 | 2.60% | ||||
2027 | 1.10% | ||||
2028 | 2.60% | ||||
2030 | 0.80% | ||||
2034 | 0.20% | ||||
Government Tenants, All Other | Tenant Concentration | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Concentration risk, percentage | 6.70% | ||||
13 Government Tenants | Tenant Concentration | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Concentration risk, percentage | 6.40% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Operating Lease Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
2020 | $ 489,420 |
2021 | 466,210 |
2022 | 428,149 |
2023 | 381,164 |
2024 | 313,456 |
Thereafter | 1,052,669 |
Total | $ 3,131,068 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Right of Use Asset and Lease Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
2020 | $ 489,420 | ||
2021 | 466,210 | ||
Total | 3,131,068 | ||
Corporate Headquarters | |||
Lessee, Lease, Description [Line Items] | |||
Right-of-use asset | 2,149 | ||
Lease expense | 1,670 | ||
Lease expense | $ 1,707 | $ 374 | |
2020 | 2,049 | ||
2021 | 175 | ||
Total | 2,224 | ||
Present value of lease liabilities | (45) | ||
Operating lease, liability | $ 2,179 |
Real Estate Properties - Narrat
Real Estate Properties - Narrative (Details) $ in Thousands | Oct. 02, 2017USD ($)ft²propertyjoint_venture | Jan. 31, 2020USD ($) | Nov. 30, 2019USD ($) | Feb. 28, 2018USD ($)ft² | Oct. 31, 2017USD ($)ft²property | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($)ft²property | Dec. 31, 2019USD ($)ft²property | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft²property | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²propertyjoint_venturelease | Dec. 31, 2018USD ($)ft²property | Dec. 31, 2017USD ($)ft²property | Dec. 31, 2017USD ($)ft² | Dec. 31, 2017USD ($)ft² |
Real Estate Properties [Line Items] | ||||||||||||||||||||
Carrying value | $ 3,555,131 | $ 3,555,131 | ||||||||||||||||||
Number of properties, noncontrolling interest | property | 2 | |||||||||||||||||||
Number of leases entered | lease | 107 | |||||||||||||||||||
Rentable square feet (in sqft) | ft² | 2,900,000 | |||||||||||||||||||
Weighted average lease term | 8 years 7 months 6 days | |||||||||||||||||||
Expenditures committed on leases | $ 77,541 | |||||||||||||||||||
Operating leases committed expenditures on leases executed in period committed but unspent tenant related obligations | 55,984 | $ 55,984 | ||||||||||||||||||
Number of joint ventures | joint_venture | 2 | |||||||||||||||||||
Revenues | 160,184 | $ 167,411 | $ 176,032 | $ 174,777 | $ 103,656 | $ 106,102 | $ 108,085 | $ 108,717 | $ 678,404 | $ 426,560 | $ 316,532 | |||||||||
Loss on impairment of real estate | 22,255 | 8,630 | 9,490 | |||||||||||||||||
Real estate properties, net | $ 3,105,575 | $ 3,569,489 | $ 3,105,575 | $ 3,569,489 | ||||||||||||||||
Continuing Operations | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 189 | 189 | ||||||||||||||||||
Area of properties (in square feet) | ft² | 25,700,000 | 25,700,000 | ||||||||||||||||||
Number of Properties | property | 189 | 189 | ||||||||||||||||||
SIR | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 16,500,000 | 16,500,000 | ||||||||||||||||||
Number of properties acquired | property | 99 | |||||||||||||||||||
Total consideration transferred and liabilities assumed | $ 2,409,740 | |||||||||||||||||||
Payments to acquire business, gross | 8 | |||||||||||||||||||
Liabilities assumed | 1,719,772 | |||||||||||||||||||
First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 6,000,000 | 400,000 | 400,000 | |||||||||||||||||
Number of properties acquired | property | 72 | |||||||||||||||||||
Total consideration transferred and liabilities assumed | $ 1,370,888 | |||||||||||||||||||
Payments to acquire business, gross | 1,175,140 | |||||||||||||||||||
Liabilities assumed | 483,000 | |||||||||||||||||||
Long term debt acquired | 167,936 | |||||||||||||||||||
Mortgages | SIR | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Long term debt acquired | $ 159,490 | $ 159,490 | ||||||||||||||||||
FPO Mortgage | Mortgages | First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Long term debt acquired | 167,548 | |||||||||||||||||||
Joint Venture Mortgage | Mortgages | First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Long term debt acquired | $ 82,000 | |||||||||||||||||||
Disposal Group, Held-for-sale | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 34 | 34 | ||||||||||||||||||
Carrying value | $ 61,900 | $ 61,900 | ||||||||||||||||||
Loss on impairment of real estate | $ 2,830 | |||||||||||||||||||
Disposal Group, Disposed of by Sale | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 58 | 19 | 58 | 19 | ||||||||||||||||
Area of properties (in square feet) | ft² | 6,178,461 | 2,200,000 | 6,178,461 | 2,200,000 | ||||||||||||||||
Number of Properties | property | 58 | 58 | ||||||||||||||||||
Purchase price | $ 848,853 | |||||||||||||||||||
Aggregate sale price of properties sold, excluding closing costs | 848,853 | $ 320,255 | ||||||||||||||||||
Loss on impairment of real estate | $ 12,801 | |||||||||||||||||||
Office Property | One Property | Disposal Group, Disposed of by Sale | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 2,174,637 | 2,174,637 | ||||||||||||||||||
Number of Properties | property | 19 | 19 | ||||||||||||||||||
Aggregate sale price of properties sold, excluding closing costs | $ 320,255 | |||||||||||||||||||
Loss on impairment of real estate | 3,669 | |||||||||||||||||||
Safford, AZ | Disposal Group, Disposed of by Sale | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 36,139 | |||||||||||||||||||
Aggregate sale price of properties sold, excluding closing costs | $ 8,250 | |||||||||||||||||||
Loss on impairment of real estate | $ 2,453 | $ 322 | ||||||||||||||||||
Albuquerque, NM | Office Property | One Property | Disposal Group, Disposed of by Sale | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 1 | |||||||||||||||||||
Area of properties (in square feet) | ft² | 29,045 | |||||||||||||||||||
Aggregate sale price of properties sold, excluding closing costs | $ 2,000 | |||||||||||||||||||
Loss on impairment of real estate | 230 | |||||||||||||||||||
Real estate properties, net | $ 1,885 | |||||||||||||||||||
Falls Church, VA | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 1 | |||||||||||||||||||
Area of properties (in square feet) | ft² | 164,746 | |||||||||||||||||||
Real estate properties, net | $ 12,901 | |||||||||||||||||||
Falls Church, VA | Office Property | One Property | Discontinued Operations | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 200,000 | |||||||||||||||||||
Aggregate sale price of properties sold, excluding closing costs | $ 13,523 | |||||||||||||||||||
Real estate properties, net | $ 12,901 | |||||||||||||||||||
Increase the carrying value of property | $ (619) | |||||||||||||||||||
Boston, MA | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Purchase price | $ 2,900 | |||||||||||||||||||
Manassas, VA | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 69,374 | 69,374 | 69,374 | |||||||||||||||||
Purchase price | $ 12,657 | |||||||||||||||||||
Percentage of property lease | 100.00% | |||||||||||||||||||
Capitalized transaction costs | $ 37 | $ 37 | $ 37 | |||||||||||||||||
Manassas, VA | Office Property | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties acquired | 1 | 1 | ||||||||||||||||||
Washington, D.C. | Transferable Development Rights | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Payments to acquire intangible assets | $ 2,030 | |||||||||||||||||||
Joint Venture Property 1 | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Percentage of ownership interest | 50.00% | 50.00% | ||||||||||||||||||
Joint Venture Property 2 | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Percentage of ownership interest | 51.00% | 51.00% | ||||||||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of properties owned | property | 3 | 3 | ||||||||||||||||||
Area of properties (in square feet) | ft² | 443,867 | 443,867 | ||||||||||||||||||
Number of Properties | property | 3 | 3 | ||||||||||||||||||
Equity method investment, difference between carrying amount and underlying equity | $ 7,951 | $ 7,951 | ||||||||||||||||||
Above Market Lease | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 2 months 12 days | 5 years 9 months 18 days | ||||||||||||||||||
Lease Agreements | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 1 month 6 days | 7 years 2 months 12 days | ||||||||||||||||||
Capitalized Below Market Leases | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Below market, acquired lease amortization period | 3 years 9 months 18 days | 5 years 8 months 12 days | ||||||||||||||||||
First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Number of joint ventures | joint_venture | 2 | 2 | ||||||||||||||||||
Number of Properties | property | 3 | 3 | 3 | |||||||||||||||||
First Potomac Realty Trust | First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Area of properties (in square feet) | ft² | 400,000 | |||||||||||||||||||
First Potomac Realty Trust | Joint Venture Property 1 | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Percentage of ownership interest | 50.00% | 51.00% | 51.00% | |||||||||||||||||
First Potomac Realty Trust | Joint Venture Property 2 | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Percentage of ownership interest | 51.00% | 50.00% | 50.00% | |||||||||||||||||
FPO Shareholders | First Potomac Realty Trust | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Payments to acquire business, gross | $ 651,696 | |||||||||||||||||||
Acquisition-related Costs | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Revenues | $ (152,735) | |||||||||||||||||||
Net income | $ (46,237) | |||||||||||||||||||
Subsequent Event | Boston, MA | ||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||
Purchase price | $ 11,500 |
Real Estate Properties - Summar
Real Estate Properties - Summary of Consideration Transferred and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Purchase Price (excluding acquisition costs): | ||||
Assumed working capital | $ 0 | $ 25,170 | $ (1,596) | |
Select Income REIT unsecured revolving credit facility repaid at closing | $ 7,890 | |||
SIR | ||||
Total Purchase Price (excluding acquisition costs): | ||||
Closing price of OPI common shares (in dollars per share) | $ 6.87 | |||
Cash consideration for fractional shares | $ 8 | |||
Equity issuance costs | (239) | |||
Value of consideration transferred | 639,578 | |||
Assumed working capital | 50,390 | |||
Select Income REIT unsecured revolving credit facility repaid at closing | 108,000 | |||
Non-cash portion of purchase price | 1,770,162 | |||
Total consideration transferred and liabilities assumed | 2,409,740 | |||
Senior Unsecured Notes | SIR | ||||
Total Purchase Price (excluding acquisition costs): | ||||
Assumed notes, principal balance | 1,450,000 | |||
Mortgage Note Payable | SIR | ||||
Total Purchase Price (excluding acquisition costs): | ||||
Assumed notes, principal balance | $ 161,772 | |||
Common Shares | SIR | ||||
Total Purchase Price (excluding acquisition costs): | ||||
OPI common shares issued (in shares) | 23,282,704 | |||
Closing price of OPI common shares (in dollars per share) | $ 27.48 | |||
Value of consideration transferred | $ 639,809 |
Real Estate Properties - Purcha
Real Estate Properties - Purchase Price Allocation for SIR (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Purchase Price Allocation: | ||||
Assumed working capital | $ 0 | $ 25,170 | $ (1,596) | |
Select Income REIT unsecured revolving credit facility repaid at closing | $ 7,890 | |||
SIR | ||||
Purchase Price Allocation: | ||||
Land | 477,977 | |||
Buildings and improvements | 956,801 | |||
Assets of properties held for sale | 6,846 | |||
Acquired real estate leases | 854,431 | |||
Cash | 24,744 | |||
Restricted cash | 476 | |||
Rents receivable | 11,370 | |||
Other assets | 88,658 | |||
Total assets | 2,421,303 | |||
Accounts payable and other liabilities | 61,289 | |||
Assumed real estate lease obligations | 11,879 | |||
Due to related persons | 30,120 | |||
Net assets acquired | 639,578 | |||
Assumed working capital | 50,390 | |||
Select Income REIT unsecured revolving credit facility repaid at closing | 108,000 | |||
Consideration transferred and liabilities assumed | 2,409,740 | |||
Line of Credit | SIR | ||||
Purchase Price Allocation: | ||||
Long term debt acquired | 108,000 | |||
Senior Unsecured Notes | SIR | ||||
Purchase Price Allocation: | ||||
Long term debt acquired | 1,410,947 | |||
Assumed mortgage notes | 1,450,000 | |||
Principal balance | 1,450,000 | |||
Mortgage Note Payable | SIR | ||||
Purchase Price Allocation: | ||||
Long term debt acquired | 159,490 | |||
Assumed mortgage notes | 161,772 | |||
Principal balance | 161,772 | |||
RMR LLC | SIR | ||||
Purchase Price Allocation: | ||||
Investment at fair value | $ 84,229 |
Real Estate Properties - FPO Tr
Real Estate Properties - FPO Transaction (Details) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2018 | Oct. 02, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total Purchase Price: | |||||
Acquisition and transaction related costs | $ 682 | $ 14,508 | $ 0 | ||
Acquired net working capital | $ 0 | $ (25,170) | $ 1,596 | ||
Above Market Lease | |||||
Purchase Price Allocation: | |||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 2 months 12 days | 5 years 9 months 18 days | |||
Lease Origination Value | |||||
Purchase Price Allocation: | |||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years 1 month 6 days | 7 years 2 months 12 days | |||
Capitalized Below Market Leases | |||||
Purchase Price Allocation: | |||||
Below market, acquired lease amortization period | 3 years 9 months 18 days | 5 years 8 months 12 days | |||
Series A Cumulative Preferred Units | |||||
Purchase Price Allocation: | |||||
Preferred stock, dividend rate, percentage | 5.50% | ||||
Preferred stock, value, outstanding | $ 20,496 | ||||
Shares outstanding (in shares) | 1,813,504 | ||||
Redemption percentage | 5.50% | ||||
Redemption price (in dollars per share) | $ 11.15 | ||||
Redemption amount | $ 20,310 | ||||
First Potomac Realty Trust | |||||
Total Purchase Price: | |||||
Payments to acquire business, gross | $ 1,175,140 | ||||
Acquisition and transaction related costs | 9,575 | ||||
Value of consideration transferred | 1,184,715 | ||||
Preferred units of limited partnership issued | 20,221 | ||||
Acquired net working capital | (1,596) | ||||
Assumed mortgage notes | 167,548 | ||||
Non-cash portion of purchase price | 186,173 | ||||
Total consideration transferred and liabilities assumed | 1,370,888 | ||||
Purchase Price Allocation: | |||||
Land | 360,909 | ||||
Buildings and improvements | 681,340 | ||||
Acquired real estate leases | 283,498 | ||||
Investment in unconsolidated joint ventures | 51,305 | ||||
Cash | 11,191 | ||||
Restricted cash | 1,018 | ||||
Rents receivable | 2,672 | ||||
Other assets | 3,640 | ||||
Total assets | 1,395,573 | ||||
Mortgage notes payable | (167,936) | ||||
Assumed real estate lease obligations | (5,776) | ||||
Accounts payable and accrued expenses | (10,640) | ||||
Rents collected in advance | (1,436) | ||||
Security deposits | (4,849) | ||||
Net assets acquired | 1,204,936 | ||||
First Potomac Realty Trust | Mortgage Note Payable | FPO Mortgage | |||||
Purchase Price Allocation: | |||||
Mortgage notes payable | (167,548) | ||||
Fair value adjustment | 388 | ||||
Long-term debt, fair value | 167,936 | ||||
First Potomac Realty Trust | Mortgage Note Payable | Joint Venture Mortgage | |||||
Purchase Price Allocation: | |||||
Mortgage notes payable | $ (82,000) |
Real Estate Properties - Summ_2
Real Estate Properties - Summary of Pro Forma Results (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Real Estate [Abstract] | |
Rental income | $ 758,596 |
Net loss | $ (87,240) |
Net loss per common share (in dollars per share) | $ / shares | $ (1.82) |
Real Estate Properties - Schedu
Real Estate Properties - Schedule of Unconsolidated Joint Ventures (Details) - Unconsolidated Joint Ventures $ in Thousands | Dec. 31, 2019USD ($)ft²property | Dec. 31, 2018USD ($) |
Real Estate [Line Items] | ||
OPI Carrying Value of Investment at December 31, | $ | $ 39,756 | $ 43,665 |
Number of properties | property | 3 | |
Square feet (in square feet) | ft² | 443,867 | |
Prosperity Metro Plaza | ||
Real Estate [Line Items] | ||
OPI Ownership | 51.00% | |
OPI Carrying Value of Investment at December 31, | $ | $ 22,483 | 23,969 |
Number of properties | property | 2 | |
Square feet (in square feet) | ft² | 328,456 | |
1750 H Street, NW | ||
Real Estate [Line Items] | ||
OPI Ownership | 50.00% | |
OPI Carrying Value of Investment at December 31, | $ | $ 17,273 | $ 19,696 |
Number of properties | property | 1 | |
Square feet (in square feet) | ft² | 115,411 |
Real Estate Properties - Sche_2
Real Estate Properties - Schedule of Unconsolidated Joint Venture: Mortgage Debt (Details) - Mortgages - Unconsolidated Joint Ventures - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Line Items] | ||
Interest rate (as a percent) | 3.93% | |
Principal balance | $ 82,000 | $ 82,000 |
Prosperity Metro Plaza | ||
Real Estate [Line Items] | ||
Interest rate (as a percent) | 4.09% | |
Principal balance | $ 50,000 | 50,000 |
1750 H Street, NW | ||
Real Estate [Line Items] | ||
Interest rate (as a percent) | 3.69% | |
Principal balance | $ 32,000 | $ 32,000 |
Real Estate Properties - Dispos
Real Estate Properties - Disposition Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²property | Dec. 31, 2018USD ($)ft²property | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||
Gain on sale of real estate | $ 105,131 | $ 20,661 | $ 0 |
Loss on impairment of real estate | $ 22,255 | $ 8,630 | $ 9,490 |
Discontinued Operations, Held-for-sale | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 6 | ||
Rentable area of properties (in square feet) | ft² | 734,784 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 85,363 | ||
Discontinued Operations, Held-for-sale | Stafford, VA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 2 | ||
Rentable area of properties (in square feet) | ft² | 64,656 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 14,063 | ||
Discontinued Operations, Held-for-sale | Fairfax, VA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 83,130 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 22,200 | ||
Discontinued Operations, Held-for-sale | Windsor, CT | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 97,256 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 7,000 | ||
Discontinued Operations, Held-for-sale | Trenton, NJ | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 267,025 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 30,100 | ||
Loss on impairment of real estate | $ 9,454 | ||
Discontinued Operations, Held-for-sale | Lincolnshire, IL | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 222,717 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 12,000 | ||
Disposal Group, Disposed of by Sale | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 58 | ||
Rentable area of properties (in square feet) | ft² | 6,178,461 | 2,200,000 | |
Aggregate sale price of properties sold, excluding closing costs | $ 848,853 | $ 320,255 | |
Gain on sale of real estate | 105,131 | ||
Loss on impairment of real estate | $ 12,801 | ||
Disposal Group, Disposed of by Sale | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 19 | ||
Rentable area of properties (in square feet) | ft² | 2,174,637 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 320,255 | ||
Gain on sale of real estate | 20,661 | ||
Loss on impairment of real estate | $ 3,669 | ||
Disposal Group, Disposed of by Sale | Northern Virginia and Maryland | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 34 | ||
Rentable area of properties (in square feet) | ft² | 1,635,868 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 198,500 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 732 | ||
Disposal Group, Disposed of by Sale | Washington, D.C. | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 129,035 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 70,000 | ||
Gain on sale of real estate | 22,075 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Buffalo, NY | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 121,711 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 16,900 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 5,137 | ||
Disposal Group, Disposed of by Sale | Maynard, MA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 287,037 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 5,000 | ||
Gain on sale of real estate | (227) | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Kapolei, HI | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 416,956 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 7,100 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Nashua, NH | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 321,800 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 25,000 | ||
Gain on sale of real estate | 8,401 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Arlington, TX | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 182,630 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 14,900 | ||
Gain on sale of real estate | 187 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Rochester, NY | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 94,800 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 4,765 | ||
Gain on sale of real estate | (104) | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Hanover, PA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 502,300 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 5,500 | ||
Gain on sale of real estate | (417) | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | San Antonio, TX | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 618,017 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 198,000 | ||
Gain on sale of real estate | 3,869 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Topeka, KS | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 143,934 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 15,600 | ||
Gain on sale of real estate | 36 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Falling Waters, WV | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 40,348 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 650 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 2,179 | ||
Disposal Group, Disposed of by Sale | Columbia,SC | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 3 | ||
Rentable area of properties (in square feet) | ft² | 180,703 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 10,750 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 3,581 | ||
Disposal Group, Disposed of by Sale | Metro DC - MD | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 3 | ||
Rentable area of properties (in square feet) | ft² | 372,605 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 61,938 | ||
Gain on sale of real estate | 1,177 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Phoenix,AZ | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 122,646 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 12,850 | ||
Gain on sale of real estate | 860 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Houston,TX | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 497,477 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 130,000 | ||
Gain on sale of real estate | 59,992 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Kansas City, KS | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 170,817 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 11,700 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 1,172 | ||
Disposal Group, Disposed of by Sale | Minneapolis, NM | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 193,594 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 20,000 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 640 | ||
Disposal Group, Disposed of by Sale | New York, NY | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 187,060 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 118,500 | ||
Gain on sale of real estate | 17,249 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Sacramento, CA | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 110,500 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 10,755 | ||
Gain on sale of real estate | 0 | ||
Loss on impairment of real estate | $ 3,029 | ||
Disposal Group, Disposed of by Sale | Golden, CO | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 43,231 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 4,000 | ||
Gain on sale of real estate | 54 | ||
Loss on impairment of real estate | $ 0 | ||
Disposal Group, Disposed of by Sale | Southern Virginia | One Property | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 15 | ||
Rentable area of properties (in square feet) | ft² | 1,640,252 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 167,000 | ||
Gain on sale of real estate | 3,358 | ||
Loss on impairment of real estate | $ 0 | ||
July 2019 | Disposal Group, Disposed of by Sale | San Jose, CA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 71,750 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 14,000 | ||
Gain on sale of real estate | (270) | ||
Loss on impairment of real estate | $ 0 | ||
September 2019 | Disposal Group, Disposed of by Sale | San Diego, CA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 43,918 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 8,950 | ||
Gain on sale of real estate | 3,062 | ||
Loss on impairment of real estate | $ 0 | ||
December 2019 | Disposal Group, Disposed of by Sale | San Jose, CA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 75,621 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 13,000 | ||
Gain on sale of real estate | (333) | ||
Loss on impairment of real estate | $ 0 | ||
December 2019 | Disposal Group, Disposed of by Sale | San Diego, CA | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 1 | ||
Rentable area of properties (in square feet) | ft² | 148,488 | ||
Aggregate sale price of properties sold, excluding closing costs | $ 23,750 | ||
Gain on sale of real estate | 6,823 | ||
Loss on impairment of real estate | $ 0 |
Real Estate Properties - Income
Real Estate Properties - Income Statement Information for Disposal of Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations | $ 0 | $ 5,722 | $ 21,829 |
Discontinued Operations, Disposed of by Sale | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental income | 17 | ||
Real estate taxes | (88) | ||
Utility expenses | (97) | ||
Other operating expenses | (202) | ||
General and administrative | (76) | ||
Increase in carrying value of property included in discontinued operations | 619 | ||
Income from discontinued operations | $ 173 |
Real Estate Properties - Summ_3
Real Estate Properties - Summary of Acquisition Activities (Details) - Manassas, VA $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft²property | Dec. 31, 2017USD ($)ft² | Dec. 31, 2017USD ($)ft² | |
Real Estate Properties [Line Items] | |||
Square feet (in square feet) | ft² | 69,374 | 69,374 | 69,374 |
Purchase price | $ 12,657 | ||
Land | $ 1,562 | 1,562 | $ 1,562 |
Building and Improvements | 8,253 | 8,253 | 8,253 |
Other Assumed Assets | $ 2,842 | $ 2,842 | $ 2,842 |
Office Property | |||
Real Estate Properties [Line Items] | |||
Number of properties | 1 | 1 |
Business and Property Managem_2
Business and Property Management Agreements with RMR LLC (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($)employeeagreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||
Recognized amortization of the liability | $ 603 | $ 603 | ||
Incentive management fee | 0 | 0 | ||
Transaction amount | 484 | 484 | ||
RMR LLC | ||||
Related Party Transaction [Line Items] | ||||
Number of employees | employee | 0 | |||
Number of agreements with RMR LLC to provide management services | agreement | 2 | |||
Net business management fees | 16,381 | 12,464 | ||
Recognized amortization of the liability | $ 603 | |||
Management fees as percentage of gross collected rents | 3.00% | |||
Construction supervision fees as percentage of construction costs | 5.00% | |||
Reimbursement amounts | $ 462 | $ 26,442 | 21,279 | 15,321 |
RMR LLC | Net Property Management and Construction Supervision Fees | ||||
Related Party Transaction [Line Items] | ||||
Net business management fees | 21,320 | |||
Transaction amount | 21,911 | $ 13,989 | $ 11,566 | |
Reimbursement amounts | $ 484 | |||
RMR LLC | Transition Services | ||||
Related Party Transaction [Line Items] | ||||
Duration of transition services | 120 days | |||
Amended And Restate Business Management Agreement | RMR LLC | ||||
Related Party Transaction [Line Items] | ||||
Percentage applied on average historical cost of real estate investment properties acquired | 0.50% | |||
Base management fee payable as percentage of average historical cost of real estate investments | 0.70% | |||
Percentage of average closing stock price on stock exchange | 0.70% | |||
Management fee payable as percentage of average market capitalization exceeding specified amount | 0.50% | |||
Percentage for limitation and adjustments of incentive management fee payable | 12.00% | |||
Measurement period for incentive management fee | 3 years | |||
Percentage for limitation and adjustments of incentive management fee payable, minimum total return per share percentage change | 5.00% | |||
Average closing price of our common shares, consecutive trading days | 10 days | |||
Highest Average closing price of our common shares, final consecutive trading days | 30 days | |||
Percentage of base business management fee payable in common shares | 1.50% | |||
Amended And Restate Business Management Agreement | RMR LLC | Up C Transaction | ||||
Related Party Transaction [Line Items] | ||||
Written notice for convenience | 60 days | |||
Window of written notice after calendar year | 60 days | |||
Window for written notice after change of control | 12 months | |||
Remaining termination fee term | 10 years | |||
Minimum | Amended And Restate Business Management Agreement | RMR LLC | ||||
Related Party Transaction [Line Items] | ||||
Threshold amount of average market capitalization | $ 250,000 | |||
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction | 2.00% | |||
Minimum | Amended And Restate Business Management Agreement | RMR LLC | Up C Transaction | ||||
Related Party Transaction [Line Items] | ||||
Termination fee term | 19 years | |||
Maximum | Amended And Restate Business Management Agreement | RMR LLC | ||||
Related Party Transaction [Line Items] | ||||
Threshold amount of real estate investments | $ 250,000 | |||
Base management fee payable average market capitalization | $ 250,000 | |||
Percentage for limitation and adjustments of incentive management fee payable, total return per share percentage, reduction | 5.00% | |||
Maximum | Amended And Restate Business Management Agreement | RMR LLC | Up C Transaction | ||||
Related Party Transaction [Line Items] | ||||
Termination fee term | 20 years | |||
RMR LLC | ||||
Related Party Transaction [Line Items] | ||||
Incentive management fee | $ 0 | |||
SIR | RMR LLC | Net Property Management and Construction Supervision Fees | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | 2,185 | |||
SIR | RMR LLC | Business Management Incentive Fee | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 25,817 |
Related Person Transactions (De
Related Person Transactions (Details) $ / shares in Units, $ in Thousands | Feb. 13, 2020USD ($) | Jul. 01, 2019USD ($)$ / sharesshares | Aug. 03, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | |||||||||
Sale of stock, consideration received on transaction | $ 493,866 | ||||||||
Equity in net losses of investees | $ (1,259) | $ (2,269) | $ (13) | ||||||
Distribution of earnings from Affiliates Insurance Company | 2,438 | 0 | 0 | ||||||
Property Insurance Premium Expense | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 190 | 198 | 91 | ||||||
RMR LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of agreements with RMR LLC to provide management services | agreement | 2 | ||||||||
Rental income earned | $ 1,142 | 1,026 | 303 | ||||||
Related party transaction | 16,381 | 12,464 | |||||||
AIC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amount invested in equity investee | 298 | 8,751 | 8,304 | ||||||
Equity in unrealized gain (loss) of investees | 281 | 516 | 608 | ||||||
Equity in net losses of investees | 90 | $ (69) | $ 461 | ||||||
AIC | Subsequent Event | |||||||||
Related Party Transaction [Line Items] | |||||||||
Distribution of earnings from Affiliates Insurance Company | $ 9,000 | ||||||||
AIC | Property Insurance Premium Expense, June 2018 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 757 | ||||||||
AIC | Property Insurance Premium Expense, June 2017 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,032 | ||||||||
AIC | Property Insurance Premium Expense, June 2019 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,211 | ||||||||
IPO | RMR Inc | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares sold (in shares) | shares | 2,801,060 | ||||||||
Sale of stock (in dollars per share) | $ / shares | $ 40 | ||||||||
Sale of stock, consideration received on transaction | $ 104,674 | ||||||||
SIR | AIC | Property Insurance Premium Expense, June 2019 | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction | $ 1,666 | ||||||||
AIC | RMR LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service fee percentage | 3.00% | ||||||||
Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Officers and Other Employees | Share-based Payment Arrangement, Tranche 1 | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||
Officers and Other Employees | Share-based Payment Arrangement, Tranche 2 | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||
Officers and Other Employees | Share-based Payment Arrangement, Tranche 3 | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||
Officers and Other Employees | Share-based Compensation Award, Tranche 4 | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||
Officers and Other Employees | Share-based Compensation Award, Tranche 5 | Common Shares | 2009 Award Plan | |||||||||
Related Party Transaction [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% |
Concentration (Details)
Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2019propertystategovernment_tenantstate_government | Dec. 31, 2018government | Dec. 31, 2017government_tenant | |
Continuing Operations | |||
Concentration Risk [Line Items] | |||
Number of properties | property | 189 | ||
Number of states in which acquired properties located | state | 35 | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Virginia | |||
Concentration Risk [Line Items] | |||
Annualized rental income percent | 15.60% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | California | |||
Concentration Risk [Line Items] | |||
Annualized rental income percent | 11.90% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | District of Columbia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.10% | ||
Annualized rental income percent | 10.40% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Texas | |||
Concentration Risk [Line Items] | |||
Annualized rental income percent | 7.90% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Maryland | |||
Concentration Risk [Line Items] | |||
Annualized rental income percent | 6.60% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U S Government, State Governments, and Other Governments | |||
Concentration Risk [Line Items] | |||
Number of state governments | 11 | 13 | |
Number of other governments | government_tenant | 2 | 3 | |
Concentration risk, percentage | 35.50% | 35.40% | 62.60% |
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 25.00% | 25.60% | 43.50% |
Indebtedness - Outstanding Debt
Indebtedness - Outstanding Debt (Details) - USD ($) $ in Thousands | Jan. 20, 2020 | Jul. 15, 2019 | Feb. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 2,386,209 | $ 3,311,262 | |||
Unamortized debt premiums, discounts and issuance costs | (45,756) | (56,372) | |||
Total debt | $ 2,340,453 | 3,254,890 | |||
Senior unsecured notes, 3.600% interest rate, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.60% | ||||
Senior unsecured notes, 4.000% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.00% | ||||
Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.15% | ||||
Senior unsecured notes, 4.250% interest rate, due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.25% | ||||
Senior unsecured notes, 4.500% interest rate, due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.50% | ||||
Unsecured Term Loan | Unsecured term loan, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 0 | 300,000 | |||
Unsecured Term Loan | Unsecured term loan, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | 0 | 88,000 | |||
Repayments of debt | $ 88,000 | ||||
Senior Unsecured Notes | Senior unsecured notes, 3.750% interest rate, due in 2019 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | 0 | $ 350,000 | |||
Repayments of debt | $ 350 | ||||
Interest rate (as a percent) | 3.75% | ||||
Senior Unsecured Notes | Senior unsecured notes, 3.600% interest rate, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 400,000 | $ 400,000 | |||
Interest rate (as a percent) | 3.60% | ||||
Senior Unsecured Notes | Senior unsecured notes, 4.000% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 300,000 | 300,000 | |||
Interest rate (as a percent) | 4.00% | ||||
Senior Unsecured Notes | Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 300,000 | 300,000 | |||
Interest rate (as a percent) | 4.15% | ||||
Senior Unsecured Notes | Senior unsecured notes, 4.250% interest rate, due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 350,000 | 350,000 | |||
Interest rate (as a percent) | 4.25% | ||||
Senior Unsecured Notes | Senior unsecured notes, 4.500% interest rate, due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 400,000 | 400,000 | |||
Interest rate (as a percent) | 4.50% | ||||
Senior Unsecured Notes | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 310,000 | 310,000 | |||
Interest rate (as a percent) | 5.875% | ||||
Mortgage Note Payable | Mortgage note payable, 7.000% interest rate, due in 2019 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 0 | $ 7,939 | |||
Interest rate (as a percent) | 7.00% | ||||
Mortgage Note Payable | Mortgage note payable, 5.720% interest rate, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 32,888 | $ 33,703 | |||
Interest rate (as a percent) | 5.72% | ||||
Mortgage Note Payable | Mortgage note payable, 4.160% interest rate, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 40,062 | 40,772 | |||
Interest rate (as a percent) | 4.16% | ||||
Mortgage Note Payable | Mortgage note payable, 8.150% interest rate, due in 2021 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 1,683 | 2,912 | |||
Interest rate (as a percent) | 8.15% | ||||
Mortgage Note Payable | Mortgage note payable, 5.877% interest rate, due in 2021 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 13,166 | 13,437 | |||
Interest rate (as a percent) | 5.877% | ||||
Mortgage Note Payable | Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 26,522 | 27,210 | |||
Interest rate (as a percent) | 4.22% | ||||
Mortgage Note Payable | Mortgage note payable, 3.550% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 71,000 | 71,000 | |||
Interest rate (as a percent) | 3.55% | ||||
Mortgage Note Payable | Mortgage note payable, 3.700% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 50,000 | 50,000 | |||
Interest rate (as a percent) | 3.70% | ||||
Mortgage Note Payable | Mortgage note payable, 4.800% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 24,108 | 24,509 | |||
Interest rate (as a percent) | 4.80% | ||||
Mortgage Note Payable | Mortgage note payable, 4.050% interest rate, due in 2030 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 66,780 | 66,780 | |||
Interest rate (as a percent) | 4.05% | ||||
Revolving credit facility, due in 2023 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 0 | $ 175,000 | |||
Subsequent Event | Senior Unsecured Notes | Senior unsecured notes, 3.600% interest rate, due in 2020 | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt | $ 400,000 | ||||
Interest rate (as a percent) | 3.60% | ||||
Disposal Group, Held-for-sale | Mortgage Note Payable | |||||
Debt Instrument [Line Items] | |||||
Total debt | 13,128 | ||||
Unamortized debt issuance expense | $ 38 |
Indebtedness - Narrative Inform
Indebtedness - Narrative Information (Details) $ in Thousands | Jan. 20, 2020USD ($) | Jul. 15, 2019USD ($) | Feb. 11, 2019USD ($) | Jan. 31, 2020USD ($) | Feb. 11, 2019 | Mar. 31, 2019USD ($) | Aug. 23, 2019 | Dec. 31, 2019USD ($)buildingextension_option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 19, 2020USD ($) | Mar. 01, 2019property |
Debt Instrument [Line Items] | ||||||||||||
Principal of properties collateralized | $ 326,209 | |||||||||||
Number of properties, securing mortgage | property | 1 | |||||||||||
Unsecured revolving credit facility | 0 | $ 175,000 | ||||||||||
Loss on early extinguishment of debt | $ (769) | (709) | $ (1,715) | |||||||||
Extinguishment of debt, amount | $ 7,890 | |||||||||||
Number of buildings collateralized | building | 11 | |||||||||||
Book value of properties collateralized | $ 597,619 | |||||||||||
Long-term debt | 2,340,453 | $ 3,254,890 | ||||||||||
Unsecured Debt Loan in 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300 | |||||||||||
Weighted average annual interest rate | 3.90% | 3.40% | 2.50% | |||||||||
Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.60% | |||||||||||
Unsecured Debt | Unsecured term loan, due in 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 250 | |||||||||||
Weighted average annual interest rate | 4.30% | 3.80% | 2.90% | |||||||||
Repayments of debt | $ 88,000 | |||||||||||
Loss on early extinguishment of debt | $ 643 | |||||||||||
Senior Unsecured Notes | 3.750% Senior Unsecured Notes Due In 2019 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.75% | |||||||||||
Repayments of debt | $ 350 | |||||||||||
Senior Unsecured Notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.60% | |||||||||||
SIR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Extinguishment of debt, amount | $ 108,000 | |||||||||||
Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.75% | 3.75% | ||||||||||
Loss on early extinguishment of debt | $ (126) | |||||||||||
Unsecured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | 750,000 | |||||||||||
Principal of properties collateralized | $ 1,950,000 | |||||||||||
Maturity term of revolving credit facility | extension_option | 2 | |||||||||||
Debt Instrument, optional extension period | 6 months | |||||||||||
Debt instrument, rate premium | 1.10% | |||||||||||
Commitment fee percentage | 0.25% | |||||||||||
Interest rate (as a percent) | 2.70% | 3.60% | ||||||||||
Weighted average annual interest rate | 3.30% | 3.00% | 2.40% | |||||||||
Unsecured revolving credit facility | $ 0 | |||||||||||
Available borrowings | 750,000 | |||||||||||
Subsequent Event | Senior Unsecured Notes | 3.60% Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 400,000 | |||||||||||
Subsequent Event | Senior Unsecured Notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.60% | |||||||||||
Repayments of debt | $ 400,000 | |||||||||||
Subsequent Event | SIR | Senior Unsecured Notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate (as a percent) | 3.60% | |||||||||||
Subsequent Event | Unsecured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unsecured revolving credit facility | $ 335,000 | |||||||||||
Available borrowings | $ 415,000 | |||||||||||
Liabilities of Properties Held For Sale | Mortgage Note Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 13,166 | |||||||||||
LIBOR | Unsecured Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.25% |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 475,707 | |
2021 | 14,420 | |
2022 | 625,518 | |
2023 | 143,784 | |
2024 | 350,000 | |
Thereafter | 776,780 | |
Total | 2,386,209 | $ 3,311,262 |
Unamortized debt premiums, discounts and issuance costs | (45,756) | (56,372) |
Total debt outstanding | $ 2,340,453 | $ 3,254,890 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Asset Measured at Fair Value (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value of Assets and Liabilities | |||
Loss on impairment of real estate | $ 22,255 | $ 8,630 | $ 9,490 |
Recurring | |||
Fair Value of Assets and Liabilities | |||
Other liability | 30,100 | ||
Recurring | Level 1 inputs | |||
Fair Value of Assets and Liabilities | |||
Other liability | 0 | ||
Recurring | Level 2 inputs | |||
Fair Value of Assets and Liabilities | |||
Other liability | 30,100 | ||
Recurring | Level 3 inputs | |||
Fair Value of Assets and Liabilities | |||
Other liability | 0 | ||
Trenton, NJ | Discontinued Operations, Held-for-sale | |||
Fair Value of Assets and Liabilities | |||
Loss on impairment of real estate | $ 9,454 | ||
Number of impaired properties | property | 1,000 | ||
Costs to sell | $ 682 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments | |||
Senior notes | $ 2,017,379 | $ 2,357,497 | |
Mortgage notes payable | 309,946 | 335,241 | |
Unamortized debt premiums, discounts and issuance costs | (45,756) | (56,372) | |
Long-term debt | $ 2,340,453 | 3,254,890 | |
Senior unsecured notes, 3.750% interest rate, due in 2019 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 3.75% | ||
Senior unsecured notes, 3.60% interest rate, due in 2020 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 3.60% | ||
Senior unsecured notes, 4.00% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.00% | ||
Senior unsecured notes, 4.15% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.15% | ||
Senior unsecured notes, 4.25% interest rate, due in 2024 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.25% | ||
Senior unsecured notes, 4.50% interest rate, due in 2025 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.50% | ||
Senior unsecured notes, 5.875% interest rate, due in 2046 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 5.875% | ||
Carrying Amount | |||
Fair Value of Financial Instruments | |||
Mortgage notes payable | $ 323,074 | 335,241 | |
Fair value of debt | 2,340,453 | 2,692,738 | |
Carrying Amount | Senior unsecured notes, 3.750% interest rate, due in 2019 | |||
Fair Value of Financial Instruments | |||
Senior notes | 0 | 349,239 | |
Carrying Amount | Senior unsecured notes, 3.60% interest rate, due in 2020 | |||
Fair Value of Financial Instruments | |||
Senior notes | 399,934 | 399,146 | |
Carrying Amount | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Senior notes | 297,657 | 296,735 | |
Carrying Amount | Senior unsecured notes, 4.15% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Senior notes | 297,795 | 296,736 | |
Carrying Amount | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||
Fair Value of Financial Instruments | |||
Senior notes | 340,018 | 337,736 | |
Carrying Amount | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||
Fair Value of Financial Instruments | |||
Senior notes | 381,055 | 377,329 | |
Carrying Amount | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||
Fair Value of Financial Instruments | |||
Senior notes | 300,920 | 300,576 | |
Fair Value | |||
Fair Value of Financial Instruments | |||
Mortgage notes payable | 331,675 | 336,365 | |
Fair value of debt | 2,451,248 | 2,665,550 | |
Fair Value | Senior unsecured notes, 3.750% interest rate, due in 2019 | |||
Fair Value of Financial Instruments | |||
Senior notes | 0 | 348,903 | |
Fair Value | Senior unsecured notes, 3.60% interest rate, due in 2020 | |||
Fair Value of Financial Instruments | |||
Senior notes | 400,048 | 399,146 | |
Fair Value | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Senior notes | 306,096 | 295,047 | |
Fair Value | Senior unsecured notes, 4.15% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Senior notes | 307,221 | 296,736 | |
Fair Value | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||
Fair Value of Financial Instruments | |||
Senior notes | 364,602 | 337,736 | |
Fair Value | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||
Fair Value of Financial Instruments | |||
Senior notes | 419,578 | 377,329 | |
Fair Value | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||
Fair Value of Financial Instruments | |||
Senior notes | 322,028 | 274,288 | |
Senior Notes and Mortgages | |||
Fair Value of Financial Instruments | |||
Unamortized debt premiums, discounts and issuance costs | $ (45,756) | $ (55,524) | |
Senior Unsecured Notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 3.60% | ||
Senior Unsecured Notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.00% | ||
Senior Unsecured Notes | Senior unsecured notes, 4.15% interest rate, due in 2022 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.15% | ||
Senior Unsecured Notes | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.25% | ||
Senior Unsecured Notes | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 4.50% | ||
Disposal Group, Held-for-sale | Mortgages | |||
Fair Value of Financial Instruments | |||
Long-term debt | $ 13,128 | ||
Unamortized debt issuance expense | $ 38 | ||
Subsequent Event | Senior Unsecured Notes | Senior unsecured notes, 3.60% interest rate, due in 2020 | |||
Fair Value of Financial Instruments | |||
Interest rate (as a percent) | 3.60% | ||
Repayments of debt | $ 400,000 |
Shareholders' Equity - Share Aw
Shareholders' Equity - Share Awards (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)installmenttrusteeshares | Dec. 31, 2018USD ($)trusteeshares | Dec. 31, 2017USD ($)trusteeshares | Dec. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net | $ | $ 639,783 | $ 493,866 | ||
Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 23,281,738 | 6,976,757 | ||
Issuance of shares, net | $ | $ 233 | $ 70 | ||
Officers and Other Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 103,100 | 14,675 | 14,337 | |
Issuance of shares, net | $ | $ 3,080 | $ 995 | $ 1,067 | |
2009 Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 136,100 | 19,925 | 18,837 | |
Number of installments | installment | 5 | |||
Unvested shares (in shares) | 106,680 | 55,321 | 26,062 | 24,743 |
2020 (in shares) | 32,677 | |||
2021 (in shares) | 28,875 | |||
2022 (in shares) | 24,808 | |||
2023 (in shares) | 20,320 | |||
Estimated future compensation expense for the unvested shares | $ | $ 3,672 | |||
Weighted average period of recognition of compensation expenses (in years) | 25 months | |||
Compensation expense | $ | $ 3,088 | $ 1,337 | $ 1,377 | |
Shares available for issuance under plan (in shares) | 211,334 | |||
2009 Award Plan | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 3,000 | |||
Aggregate market value of shares awarded | $ | $ 270 | |||
Market value of common shares awarded to each trustee (in dollars) | $ | $ 90 | |||
2009 Award Plan | Trustees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of trustees | trustee | 8 | 6 | 6 | |
Shares granted (in shares) | 3,000 | 750 | 750 | |
Aggregate market value of shares awarded | $ | $ 575 | $ 254 | $ 392 | |
Market value of common shares awarded to each trustee (in dollars) | $ | $ 72 | $ 42 | $ 65 | |
2009 Award Plan | Managing Trustee | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of trustees | trustee | 3 | |||
Shares granted (in shares) | 750 | |||
Aggregate market value of shares awarded | $ | $ 41 |
Shareholders' Equity - Unvested
Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Unvested at the beginning of the period (in shares) | 55,321 | 26,062 | 24,743 |
Granted (in shares) | 136,100 | 19,925 | 18,837 |
Forfeited (in shares) | (1,474) | (255) | 0 |
Vested (in shares) | (83,267) | (18,634) | (17,518) |
Unvested acquired in the SIR merger (in shares) | 0 | 28,223 | 0 |
Unvested at the end of the period (in shares) | 106,680 | 55,321 | 26,062 |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share) | $ 73.25 | $ 78.24 | $ 82.36 |
Granted (in dollars per share) | 28.84 | 64.73 | 77.44 |
Forfeited (in dollars per share) | 49.10 | 52.96 | 0 |
Vested (in dollars per share) | 27.78 | 63.80 | 83.20 |
Unvested acquired in the SIR merger (in dollars per share) | 0 | 27.48 | 0 |
Unvested at the end of the period (in dollars per share) | $ 40.16 | $ 73.25 | $ 78.24 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchases/Sale of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 16, 2020 | Aug. 03, 2017 | Jul. 05, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||||||||||
Share repurchases (in shares) | 15,588 | 4,984 | 3,590 | |||||||||||
Stock repurchase price (in dollars per share) | $ 29.76 | $ 46.54 | $ 73.63 | |||||||||||
Common distributions declared (in dollars per share) | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 | ||||||
Sale of stock, consideration received on transaction | $ 493,866 | |||||||||||||
Underwritten Public Offering | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares sold (in shares) | 6,250,000 | |||||||||||||
Sale of stock (in dollars per share) | $ 74 | |||||||||||||
Over-Allotment Option | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of shares sold (in shares) | 726,757 | |||||||||||||
Sale of stock (in dollars per share) | $ 74 | |||||||||||||
Subsequent Event | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common distributions declared (in dollars per share) | $ 0.55 | |||||||||||||
Dividends payable | $ 26,511 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Annual Per Share Distribution (in dollars per share) | $ 2.20 | $ 6.88 | $ 6.88 |
Total Distribution | $ 105,868 | $ 170,566 | $ 145,209 |
Characterization of Distribution, Return of Capital | 0.00% | 68.60% | 49.35% |
Characterization of Distribution, Ordinary Income | 100.00% | 31.40% | 50.65% |
Characterization of Distribution, Quality Dividend | 0.00% | 0.00% | 0.00% |
Shareholders' Equity - Cumulati
Shareholders' Equity - Cumulative Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | $ 1,778,968 | $ 1,330,043 | $ 935,004 | |
Adjusted balance | $ 1,330,755 | |||
Other comprehensive income before reclassifications | (110) | (3) | 33,504 | |
Amounts reclassified from cumulative other comprehensive income to net income | (196) | (37) | (34) | |
Other comprehensive income (loss) | (306) | (40) | 33,470 | |
Balance ending | 1,705,754 | 1,778,968 | 1,330,043 | |
Cumulative Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 106 | 60,427 | 26,957 | |
Amounts reclassified from cumulative other comprehensive income to retained earnings | (60,281) | |||
Adjusted balance | 146 | |||
Amounts reclassified from cumulative other comprehensive income to net income | (196) | |||
Balance ending | (200) | 106 | 60,427 | |
Unrealized Gain on Investment in Equity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 0 | 45,116 | 21,074 | |
Amounts reclassified from cumulative other comprehensive income to retained earnings | (45,116) | |||
Adjusted balance | 0 | |||
Other comprehensive income before reclassifications | 24,042 | |||
Other comprehensive income (loss) | 24,042 | |||
Balance ending | 0 | 0 | 45,116 | |
Equity in Unrealized Gains (Losses) of Investees | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 106 | 15,311 | 5,883 | |
Amounts reclassified from cumulative other comprehensive income to retained earnings | (15,165) | |||
Adjusted balance | 146 | |||
Other comprehensive income before reclassifications | 90 | (3) | 9,462 | |
Amounts reclassified from cumulative other comprehensive income to net income | (196) | (37) | (34) | |
Other comprehensive income (loss) | (106) | (40) | 9,428 | |
Balance ending | 0 | 106 | 15,311 | |
Unrealized Loss on Financial Instrument | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance beginning | 0 | 0 | 0 | |
Adjusted balance | $ 0 | |||
Other comprehensive income (loss) | 0 | |||
Balance ending | $ 0 | $ 0 | ||
Unrealized Loss on Financial Instrument | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income before reclassifications | (200) | |||
Other comprehensive income (loss) | (200) | |||
Balance ending | $ (200) |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Units of Limited Partnership (Details) - Series A Cumulative Preferred Units $ / shares in Units, $ in Thousands | May 01, 2018USD ($)$ / sharesshares |
Class of Stock [Line Items] | |
Shares outstanding (in units) | shares | 1,813,504 |
Redemption percentage | 5.50% |
Redemption price (in dollars per share) | $ / shares | $ 11.15 |
Redemption amount | $ | $ 20,310 |
Equity Investment in Select I_3
Equity Investment in Select Income REIT (Details) - USD ($) $ in Thousands | Oct. 09, 2018 | Jul. 05, 2017 | Oct. 09, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, other than temporary impairment | $ 0 | $ 15,180 | $ 0 | ||||
Equity in net losses of investees | (1,259) | (2,269) | (13) | ||||
Unrealized gain (loss) from investees | (40) | 9,428 | |||||
Distribution of earnings from Affiliates Insurance Company | 2,438 | 0 | 0 | ||||
Gain (loss) on issuance of shares by Select Income REIT | 0 | 29 | 72 | ||||
SIR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of outstanding shares owned | 27.80% | 27.80% | |||||
Equity in net losses of investees | $ 24,358 | 21,584 | |||||
Unrealized gain (loss) from investees | 28 | 8,967 | |||||
Accretion of equity in earnings | 3,233 | 2,944 | |||||
Distribution of earnings from Affiliates Insurance Company | $ 38,124 | $ 50,832 | |||||
SIR | SIR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in net losses of investees | $ 882 | 608 | |||||
Issuance of shares, net (in shares) | 63,157 | 59,502 | |||||
Gain (loss) on issuance of shares by Select Income REIT | $ 29 | $ 72 | |||||
Common Shares | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Issuance of shares, net (in shares) | 23,281,738 | 6,976,757 | |||||
Underwritten Public Offering | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of shares sold (in shares) | 6,250,000 | ||||||
Underwritten Public Offering | Common Shares | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of shares sold (in shares) | 24,918,421 | ||||||
Equity method investment, other than temporary impairment | $ 18,665 | ||||||
Discontinued Operations | SIR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, other than temporary impairment | 0 | 18,665 | $ 0 | ||||
Equity in net losses of investees | 0 | 24,358 | 21,584 | ||||
Gain (loss) on issuance of shares by Select Income REIT | $ 0 | $ 29 | $ 72 |
Equity Investment in Select I_4
Equity Investment in Select Income REIT - Income Statement Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Oct. 09, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Rental income | $ 91,076 | $ 45,261 | $ 30,998 | ||||||||||
Total revenues | $ 160,184 | $ 167,411 | $ 176,032 | $ 174,777 | $ 103,656 | $ 106,102 | $ 108,085 | $ 108,717 | 678,404 | 426,560 | 316,532 | ||
Real estate taxes | 73,717 | 49,708 | 37,942 | ||||||||||
Other operating expenses | 120,943 | 89,610 | 65,349 | ||||||||||
Depreciation and amortization | 289,885 | 162,488 | 109,588 | ||||||||||
Acquisition and transaction related costs | 682 | 14,508 | 0 | ||||||||||
General and administrative | 32,728 | 24,922 | 18,847 | ||||||||||
Loss on impairment of real estate assets | 22,255 | 8,630 | 9,490 | ||||||||||
Total expenses | 574,512 | 376,291 | 262,214 | ||||||||||
Gain on sale of real estate | 105,131 | 20,661 | 0 | ||||||||||
Dividend income | 1,960 | 1,337 | 1,216 | ||||||||||
Unrealized gain on equity securities | (44,007) | (7,552) | 0 | ||||||||||
Interest income | 1,045 | 639 | 1,962 | ||||||||||
Interest expense | (134,880) | (89,865) | (65,406) | ||||||||||
Loss on early extinguishment of debt | (769) | (709) | (1,715) | ||||||||||
Income (loss) from continuing operations before income tax expense and equity in net losses of investees | 32,372 | (25,220) | (9,625) | ||||||||||
Income tax expense | (778) | (117) | (101) | ||||||||||
Equity in net losses of investees | (1,259) | (2,269) | (13) | ||||||||||
Net income (loss) | $ 30,335 | $ (21,884) | $ 12,090 | ||||||||||
Weighted average common shares outstanding (basic) (in shares) | 48,062 | 24,830 | 21,158 | ||||||||||
Weighted average common shares outstanding (diluted) (in shares) | 48,062 | 24,830 | 21,158 | ||||||||||
Net income attributed to SIR per common share (basic and diluted) (in dollars per share) | $ 1.35 | $ (0.08) | $ (1.35) | $ 0.71 | $ (2.31) | $ (0.02) | $ 1.20 | $ 0.25 | $ 0.63 | $ (0.90) | $ 0.56 | ||
SIR | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity in net losses of investees | $ 24,358 | $ 21,584 | |||||||||||
SIR | SIR | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Rental income | $ 298,003 | ||||||||||||
Rental income | $ 392,285 | ||||||||||||
Tenant reimbursements and other income | 60,514 | ||||||||||||
Tenant reimbursements and other income | 75,818 | ||||||||||||
Total revenues | 358,517 | 468,103 | |||||||||||
Real estate taxes | 36,748 | 44,131 | |||||||||||
Other operating expenses | 43,714 | 55,567 | |||||||||||
Depreciation and amortization | 105,326 | 137,672 | |||||||||||
Acquisition and transaction related costs | 3,796 | 1,075 | |||||||||||
General and administrative | 47,353 | 54,909 | |||||||||||
Write-off of straight line rent receivable, net | 10,626 | 12,517 | |||||||||||
Loss on asset impairment | 0 | 4,047 | |||||||||||
Loss on impairment of real estate assets | 9,706 | 229 | |||||||||||
Total expenses | 257,269 | 310,147 | |||||||||||
Gain on sale of real estate | 4,075 | 0 | |||||||||||
Dividend income | 1,190 | 1,587 | |||||||||||
Unrealized gain on equity securities | 53,159 | 0 | |||||||||||
Interest income | 753 | 91 | |||||||||||
Interest expense | (69,446) | (92,870) | |||||||||||
Loss on early extinguishment of debt | (1,192) | 0 | |||||||||||
Income (loss) from continuing operations before income tax expense and equity in net losses of investees | 89,787 | 66,764 | |||||||||||
Income tax expense | (446) | (466) | |||||||||||
Equity in net losses of investees | 882 | 608 | |||||||||||
Net income | 90,223 | 66,906 | |||||||||||
Net income allocated to noncontrolling interest | (15,841) | 0 | |||||||||||
Net income (loss) | $ 74,382 | $ 66,906 | |||||||||||
Weighted average common shares outstanding (basic) (in shares) | 89,395 | 89,351 | |||||||||||
Weighted average common shares outstanding (diluted) (in shares) | 89,411 | 89,370 | |||||||||||
Net income attributed to SIR per common share (basic and diluted) (in dollars per share) | $ 0.83 | $ 0.75 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ in Thousands | Oct. 09, 2018shares | Jul. 05, 2017shares | Aug. 31, 2017USD ($)ft²property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on impairment of Select Income REIT investment | $ 0 | $ 15,180 | $ 0 | |||
Net book value | $ 3,105,575 | 3,569,489 | ||||
Falls Church, VA | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties | property | 1 | |||||
Rentable area of properties (in square feet) | ft² | 164,746 | |||||
Net book value | $ 12,901 | |||||
Aggregate sale price of properties sold, excluding closing costs | $ 13,523 | |||||
Underwritten Public Offering | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of shares sold (in shares) | shares | 6,250,000 | |||||
Common Shares | Underwritten Public Offering | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of shares sold (in shares) | shares | 24,918,421 | |||||
Loss on impairment of Select Income REIT investment | $ 18,665 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in earnings of Select Income REIT | $ (1,259) | $ (2,269) | $ (13) |
Net gain on issuance of shares by Select Income REIT | 0 | 29 | 72 |
Loss on sale of Select Income REIT shares | 0 | (15,180) | 0 |
Income from discontinued operations | 0 | 5,722 | 21,829 |
SIR | Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in earnings of Select Income REIT | 0 | 24,358 | 21,584 |
Net gain on issuance of shares by Select Income REIT | 0 | 29 | 72 |
Loss on sale of Select Income REIT shares | 0 | (18,665) | 0 |
Income from property discontinued operations | 0 | 0 | 173 |
Income from discontinued operations | $ 0 | $ 5,722 | $ 21,829 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 160,184 | $ 167,411 | $ 176,032 | $ 174,777 | $ 103,656 | $ 106,102 | $ 108,085 | $ 108,717 | $ 678,404 | $ 426,560 | $ 316,532 |
Net income (loss) available for common shareholders | $ 65,029 | $ (3,939) | $ (64,774) | $ 34,019 | $ (57,695) | $ (449) | $ 29,602 | $ 6,287 | $ 30,335 | $ (22,255) | $ 11,815 |
Net income (loss) available for common shareholders per common share (basic and diluted) (in dollars per share) | $ 1.35 | $ (0.08) | $ (1.35) | $ 0.71 | $ (2.31) | $ (0.02) | $ 1.20 | $ 0.25 | $ 0.63 | $ (0.90) | $ 0.56 |
Common distributions declared (in dollars per share) | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.55 | $ 1.72 | $ 1.72 | $ 1.72 | $ 1.72 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION [Schedule] (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)building | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Real estate and accumulated depreciation | ||||
Number of Properties | building | 183 | |||
Encumbrances | $ 309,946 | |||
Initial Cost to Company | ||||
Land | 839,889 | |||
Buildings and Equipment | 2,425,029 | |||
Costs Capitalized Subsequent to Acquisition | 232,838 | |||
Impairment/ Writedowns | (4,525) | |||
Cost amount carried at Close of Period | ||||
Land | 840,550 | |||
Buildings and Equipment | 2,652,681 | |||
Total | 3,493,231 | $ 3,944,636 | $ 2,975,721 | $ 1,888,760 |
Accumulated Depreciation | $ (387,656) | $ (375,147) | $ (341,848) | $ (296,804) |
Inverness Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 5,907 | |||
Buildings and Equipment | 12,098 | |||
Costs Capitalized Subsequent to Acquisition | 1,372 | |||
Cost amount carried at Close of Period | ||||
Land | 5,907 | |||
Buildings and Equipment | 13,470 | |||
Total | 19,377 | |||
Accumulated Depreciation | $ (425) | |||
445 Jan Davis Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,501 | |||
Buildings and Equipment | 1,492 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,501 | |||
Buildings and Equipment | 1,492 | |||
Total | 2,993 | |||
Accumulated Depreciation | $ (40) | |||
4905 Moores Mill Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,592 | |||
Buildings and Equipment | 36,324 | |||
Costs Capitalized Subsequent to Acquisition | 1,627 | |||
Cost amount carried at Close of Period | ||||
Land | 4,592 | |||
Buildings and Equipment | 37,951 | |||
Total | 42,543 | |||
Accumulated Depreciation | $ (1,093) | |||
131 Clayton Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 920 | |||
Buildings and Equipment | 9,084 | |||
Costs Capitalized Subsequent to Acquisition | 216 | |||
Cost amount carried at Close of Period | ||||
Land | 920 | |||
Buildings and Equipment | 9,300 | |||
Total | 10,220 | |||
Accumulated Depreciation | $ (1,942) | |||
4344 Carmichael Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,374 | |||
Buildings and Equipment | 11,658 | |||
Costs Capitalized Subsequent to Acquisition | 233 | |||
Cost amount carried at Close of Period | ||||
Land | 1,374 | |||
Buildings and Equipment | 11,891 | |||
Total | 13,265 | |||
Accumulated Depreciation | $ (1,752) | |||
15451 North 28th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,917 | |||
Buildings and Equipment | 7,416 | |||
Costs Capitalized Subsequent to Acquisition | 625 | |||
Cost amount carried at Close of Period | ||||
Land | 1,917 | |||
Buildings and Equipment | 8,041 | |||
Total | 9,958 | |||
Accumulated Depreciation | $ (1,054) | |||
16001 North 28th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,355 | |||
Buildings and Equipment | 412 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Cost amount carried at Close of Period | ||||
Land | 3,355 | |||
Buildings and Equipment | 456 | |||
Total | 3,811 | |||
Accumulated Depreciation | $ (14) | |||
711 S 14th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 460 | |||
Buildings and Equipment | 11,708 | |||
Costs Capitalized Subsequent to Acquisition | 790 | |||
Impairment/ Writedowns | (4,440) | |||
Cost amount carried at Close of Period | ||||
Land | 364 | |||
Buildings and Equipment | 8,154 | |||
Total | 8,518 | |||
Accumulated Depreciation | $ (454) | |||
Regents Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,121 | |||
Buildings and Equipment | 3,042 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,121 | |||
Buildings and Equipment | 3,042 | |||
Total | 7,163 | |||
Accumulated Depreciation | $ (149) | |||
Campbell Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,769 | |||
Buildings and Equipment | 3,871 | |||
Costs Capitalized Subsequent to Acquisition | 549 | |||
Cost amount carried at Close of Period | ||||
Land | 5,769 | |||
Buildings and Equipment | 4,420 | |||
Total | 10,189 | |||
Accumulated Depreciation | $ (115) | |||
Folsom Corporate Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,904 | |||
Buildings and Equipment | 5,583 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,904 | |||
Buildings and Equipment | 5,583 | |||
Total | 8,487 | |||
Accumulated Depreciation | $ (174) | |||
Bayside Technology Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,784 | |||
Buildings and Equipment | 648 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Cost amount carried at Close of Period | ||||
Land | 10,784 | |||
Buildings and Equipment | 647 | |||
Total | 11,431 | |||
Accumulated Depreciation | $ (21) | |||
5045 East Butler Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 7,276 | |||
Buildings and Equipment | 61,118 | |||
Costs Capitalized Subsequent to Acquisition | 139 | |||
Cost amount carried at Close of Period | ||||
Land | 7,276 | |||
Buildings and Equipment | 61,257 | |||
Total | 68,533 | |||
Accumulated Depreciation | $ (26,566) | |||
10949 N. Mather Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 562 | |||
Buildings and Equipment | 16,923 | |||
Costs Capitalized Subsequent to Acquisition | 916 | |||
Cost amount carried at Close of Period | ||||
Land | 562 | |||
Buildings and Equipment | 17,839 | |||
Total | 18,401 | |||
Accumulated Depreciation | $ (2,655) | |||
11020 Sun Center Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,466 | |||
Buildings and Equipment | 8,797 | |||
Costs Capitalized Subsequent to Acquisition | 1,401 | |||
Cost amount carried at Close of Period | ||||
Land | 1,466 | |||
Buildings and Equipment | 10,198 | |||
Total | 11,664 | |||
Accumulated Depreciation | $ (808) | |||
100 Redwood Shores Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 14,454 | |||
Buildings and Equipment | 7,721 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 14,454 | |||
Buildings and Equipment | 7,721 | |||
Total | 22,175 | |||
Accumulated Depreciation | $ (214) | |||
3875 Atherton Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 177 | |||
Buildings and Equipment | 853 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 177 | |||
Buildings and Equipment | 853 | |||
Total | 1,030 | |||
Accumulated Depreciation | $ (23) | |||
801 K Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,688 | |||
Buildings and Equipment | 61,994 | |||
Costs Capitalized Subsequent to Acquisition | 7,087 | |||
Cost amount carried at Close of Period | ||||
Land | 4,688 | |||
Buildings and Equipment | 69,081 | |||
Total | 73,769 | |||
Accumulated Depreciation | $ (8,306) | |||
9815 Goethe Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 9,465 | |||
Costs Capitalized Subsequent to Acquisition | 1,523 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 10,988 | |||
Total | 12,438 | |||
Accumulated Depreciation | $ (2,307) | |||
Capitol Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,290 | |||
Buildings and Equipment | 35,891 | |||
Costs Capitalized Subsequent to Acquisition | 9,822 | |||
Cost amount carried at Close of Period | ||||
Land | 2,290 | |||
Buildings and Equipment | 45,713 | |||
Total | 48,003 | |||
Accumulated Depreciation | $ (12,081) | |||
4560 Viewridge Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,269 | |||
Buildings and Equipment | 18,316 | |||
Costs Capitalized Subsequent to Acquisition | 4,319 | |||
Cost amount carried at Close of Period | ||||
Land | 4,347 | |||
Buildings and Equipment | 22,557 | |||
Total | 26,904 | |||
Accumulated Depreciation | $ (11,467) | |||
2115 O’Nel Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,305 | |||
Buildings and Equipment | 5,062 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 12,305 | |||
Buildings and Equipment | 5,062 | |||
Total | 17,367 | |||
Accumulated Depreciation | $ (140) | |||
North First Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 8,311 | |||
Buildings and Equipment | 4,003 | |||
Costs Capitalized Subsequent to Acquisition | 188 | |||
Cost amount carried at Close of Period | ||||
Land | 8,311 | |||
Buildings and Equipment | 4,191 | |||
Total | 12,502 | |||
Accumulated Depreciation | $ (116) | |||
Rio Robles Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 23,687 | |||
Buildings and Equipment | 13,698 | |||
Costs Capitalized Subsequent to Acquisition | 614 | |||
Cost amount carried at Close of Period | ||||
Land | 23,687 | |||
Buildings and Equipment | 14,312 | |||
Total | 37,999 | |||
Accumulated Depreciation | $ (403) | |||
2450 and 2500 Walsh Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 13,374 | |||
Buildings and Equipment | 16,651 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 13,374 | |||
Buildings and Equipment | 16,651 | |||
Total | 30,025 | |||
Accumulated Depreciation | $ (461) | |||
3250 and 3260 Jay Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 19,899 | |||
Buildings and Equipment | 14,051 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 19,899 | |||
Buildings and Equipment | 14,051 | |||
Total | 33,950 | |||
Accumulated Depreciation | $ (390) | |||
603 San Juan Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 563 | |||
Buildings and Equipment | 5,470 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 563 | |||
Buildings and Equipment | 5,470 | |||
Total | 6,033 | |||
Accumulated Depreciation | $ (1,015) | |||
350 West Java Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 24,609 | |||
Buildings and Equipment | 462 | |||
Costs Capitalized Subsequent to Acquisition | 21 | |||
Cost amount carried at Close of Period | ||||
Land | 24,609 | |||
Buildings and Equipment | 483 | |||
Total | 25,092 | |||
Accumulated Depreciation | $ (14) | |||
7958 South Chester Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,682 | |||
Buildings and Equipment | 7,153 | |||
Costs Capitalized Subsequent to Acquisition | 105 | |||
Cost amount carried at Close of Period | ||||
Land | 6,682 | |||
Buildings and Equipment | 7,258 | |||
Total | 13,940 | |||
Accumulated Depreciation | $ (200) | |||
350 Spectrum Loop | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,650 | |||
Buildings and Equipment | 7,732 | |||
Costs Capitalized Subsequent to Acquisition | 86 | |||
Cost amount carried at Close of Period | ||||
Land | 3,650 | |||
Buildings and Equipment | 7,818 | |||
Total | 11,468 | |||
Accumulated Depreciation | $ (219) | |||
333 Inverness Drive South | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,711 | |||
Buildings and Equipment | 4,543 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,711 | |||
Buildings and Equipment | 4,543 | |||
Total | 10,254 | |||
Accumulated Depreciation | $ (136) | |||
12795 West Alameda Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 1,687 | |||
Initial Cost to Company | ||||
Land | 2,640 | |||
Buildings and Equipment | 23,777 | |||
Costs Capitalized Subsequent to Acquisition | 1,339 | |||
Cost amount carried at Close of Period | ||||
Land | 2,640 | |||
Buildings and Equipment | 25,116 | |||
Total | 27,756 | |||
Accumulated Depreciation | $ (6,195) | |||
Corporate Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 2,887 | |||
Buildings and Equipment | 27,537 | |||
Costs Capitalized Subsequent to Acquisition | 3,889 | |||
Cost amount carried at Close of Period | ||||
Land | 2,887 | |||
Buildings and Equipment | 31,426 | |||
Total | 34,313 | |||
Accumulated Depreciation | $ (13,409) | |||
11 Dupont Circle, NW | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 64,686 | |||
Initial Cost to Company | ||||
Land | 28,255 | |||
Buildings and Equipment | 44,743 | |||
Costs Capitalized Subsequent to Acquisition | 5,095 | |||
Cost amount carried at Close of Period | ||||
Land | 28,255 | |||
Buildings and Equipment | 49,838 | |||
Total | 78,093 | |||
Accumulated Depreciation | $ (3,366) | |||
1211 Connecticut Avenue, NW | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 26,542 | |||
Initial Cost to Company | ||||
Land | 30,388 | |||
Buildings and Equipment | 24,667 | |||
Costs Capitalized Subsequent to Acquisition | 2,168 | |||
Cost amount carried at Close of Period | ||||
Land | 30,388 | |||
Buildings and Equipment | 26,835 | |||
Total | 57,223 | |||
Accumulated Depreciation | $ (1,793) | |||
1401 K Street, NW | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 24,502 | |||
Initial Cost to Company | ||||
Land | 29,215 | |||
Buildings and Equipment | 34,656 | |||
Costs Capitalized Subsequent to Acquisition | 4,461 | |||
Cost amount carried at Close of Period | ||||
Land | 29,215 | |||
Buildings and Equipment | 39,117 | |||
Total | 68,332 | |||
Accumulated Depreciation | $ (2,910) | |||
20 Massachusetts Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,009 | |||
Buildings and Equipment | 51,527 | |||
Costs Capitalized Subsequent to Acquisition | 21,755 | |||
Cost amount carried at Close of Period | ||||
Land | 12,223 | |||
Buildings and Equipment | 73,068 | |||
Total | 85,291 | |||
Accumulated Depreciation | $ (37,223) | |||
440 First Street, NW | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 27,903 | |||
Buildings and Equipment | 38,624 | |||
Costs Capitalized Subsequent to Acquisition | 1,332 | |||
Cost amount carried at Close of Period | ||||
Land | 27,903 | |||
Buildings and Equipment | 39,956 | |||
Total | 67,859 | |||
Accumulated Depreciation | $ (2,339) | |||
625 Indiana Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 26,000 | |||
Buildings and Equipment | 25,955 | |||
Costs Capitalized Subsequent to Acquisition | 8,491 | |||
Cost amount carried at Close of Period | ||||
Land | 26,000 | |||
Buildings and Equipment | 34,446 | |||
Total | 60,446 | |||
Accumulated Depreciation | $ (8,694) | |||
840 First Street, NE | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 33,219 | |||
Initial Cost to Company | ||||
Land | 42,727 | |||
Buildings and Equipment | 73,278 | |||
Costs Capitalized Subsequent to Acquisition | 2,222 | |||
Cost amount carried at Close of Period | ||||
Land | 42,727 | |||
Buildings and Equipment | 75,500 | |||
Total | 118,227 | |||
Accumulated Depreciation | $ (4,303) | |||
10350 NW 112th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,798 | |||
Buildings and Equipment | 2,757 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,798 | |||
Buildings and Equipment | 2,757 | |||
Total | 7,555 | |||
Accumulated Depreciation | $ (76) | |||
7850 Southwest 6th Court | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,800 | |||
Buildings and Equipment | 30,592 | |||
Costs Capitalized Subsequent to Acquisition | 383 | |||
Cost amount carried at Close of Period | ||||
Land | 4,800 | |||
Buildings and Equipment | 30,975 | |||
Total | 35,775 | |||
Accumulated Depreciation | $ (6,808) | |||
8900 Grand Oak Circle | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,100 | |||
Buildings and Equipment | 11,773 | |||
Costs Capitalized Subsequent to Acquisition | 427 | |||
Cost amount carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 12,200 | |||
Total | 13,300 | |||
Accumulated Depreciation | $ (2,787) | |||
180 Ted Turner Drive SW | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,717 | |||
Buildings and Equipment | 20,017 | |||
Costs Capitalized Subsequent to Acquisition | 295 | |||
Cost amount carried at Close of Period | ||||
Land | 5,717 | |||
Buildings and Equipment | 20,312 | |||
Total | 26,029 | |||
Accumulated Depreciation | $ (3,747) | |||
Corporate Square | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 5 | |||
Initial Cost to Company | ||||
Land | $ 3,996 | |||
Buildings and Equipment | 29,762 | |||
Costs Capitalized Subsequent to Acquisition | 27,962 | |||
Cost amount carried at Close of Period | ||||
Land | 3,996 | |||
Buildings and Equipment | 57,724 | |||
Total | 61,720 | |||
Accumulated Depreciation | $ (15,442) | |||
Executive Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,521 | |||
Buildings and Equipment | 11,826 | |||
Costs Capitalized Subsequent to Acquisition | 4,041 | |||
Cost amount carried at Close of Period | ||||
Land | 1,521 | |||
Buildings and Equipment | 15,867 | |||
Total | 17,388 | |||
Accumulated Depreciation | $ (6,437) | |||
One Georgia Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,250 | |||
Buildings and Equipment | 27,933 | |||
Costs Capitalized Subsequent to Acquisition | 9,227 | |||
Cost amount carried at Close of Period | ||||
Land | 10,250 | |||
Buildings and Equipment | 37,160 | |||
Total | 47,410 | |||
Accumulated Depreciation | $ (6,646) | |||
One Primerica Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,927 | |||
Buildings and Equipment | 22,951 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,927 | |||
Buildings and Equipment | 22,951 | |||
Total | 29,878 | |||
Accumulated Depreciation | $ (636) | |||
4712 Southpark Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,390 | |||
Buildings and Equipment | 19,635 | |||
Costs Capitalized Subsequent to Acquisition | 118 | |||
Cost amount carried at Close of Period | ||||
Land | 1,390 | |||
Buildings and Equipment | 19,753 | |||
Total | 21,143 | |||
Accumulated Depreciation | $ (3,653) | |||
91-209 Kuhela Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,998 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Cost amount carried at Close of Period | ||||
Land | 1,998 | |||
Buildings and Equipment | 10 | |||
Total | 2,008 | |||
Accumulated Depreciation | $ 0 | |||
8305 NW 62nd Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,649 | |||
Buildings and Equipment | 7,997 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,649 | |||
Buildings and Equipment | 7,997 | |||
Total | 10,646 | |||
Accumulated Depreciation | $ (221) | |||
1185, 1249 & 1387 S. Vinnell Way | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 3,390 | |||
Buildings and Equipment | 29,026 | |||
Costs Capitalized Subsequent to Acquisition | 935 | |||
Cost amount carried at Close of Period | ||||
Land | 3,390 | |||
Buildings and Equipment | 29,961 | |||
Total | 33,351 | |||
Accumulated Depreciation | $ (5,684) | |||
2020 S. Arlington Heights | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 13,588 | |||
Costs Capitalized Subsequent to Acquisition | 444 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 14,032 | |||
Total | 15,482 | |||
Accumulated Depreciation | $ (3,467) | |||
400 South Jefferson Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 49,299 | |||
Initial Cost to Company | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,115 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,115 | |||
Total | 39,494 | |||
Accumulated Depreciation | $ (558) | |||
1415 West Diehl Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,333 | |||
Buildings and Equipment | 20,586 | |||
Costs Capitalized Subsequent to Acquisition | 776 | |||
Cost amount carried at Close of Period | ||||
Land | 12,333 | |||
Buildings and Equipment | 21,362 | |||
Total | 33,695 | |||
Accumulated Depreciation | $ (636) | |||
440 North Fairway Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,465 | |||
Buildings and Equipment | 441 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,465 | |||
Buildings and Equipment | 441 | |||
Total | 4,906 | |||
Accumulated Depreciation | $ (13) | |||
7601 and 7635 Interactive Way | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,337 | |||
Buildings and Equipment | 14,522 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Cost amount carried at Close of Period | ||||
Land | 3,337 | |||
Buildings and Equipment | 14,548 | |||
Total | 17,885 | |||
Accumulated Depreciation | $ (376) | |||
Intech Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 4,170 | |||
Buildings and Equipment | 69,759 | |||
Costs Capitalized Subsequent to Acquisition | 7,050 | |||
Cost amount carried at Close of Period | ||||
Land | 4,170 | |||
Buildings and Equipment | 76,809 | |||
Total | 80,979 | |||
Accumulated Depreciation | $ (15,777) | |||
The Atrium at Circleport II | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,796 | |||
Buildings and Equipment | 1,933 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,796 | |||
Buildings and Equipment | 1,933 | |||
Total | 3,729 | |||
Accumulated Depreciation | $ (80) | |||
7125 Industrial Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,698 | |||
Buildings and Equipment | 11,722 | |||
Costs Capitalized Subsequent to Acquisition | 293 | |||
Cost amount carried at Close of Period | ||||
Land | 1,698 | |||
Buildings and Equipment | 12,015 | |||
Total | 13,713 | |||
Accumulated Depreciation | $ (2,074) | |||
251 Causeway Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 8,130 | |||
Buildings and Equipment | 17,293 | |||
Costs Capitalized Subsequent to Acquisition | 3,296 | |||
Cost amount carried at Close of Period | ||||
Land | 8,130 | |||
Buildings and Equipment | 20,589 | |||
Total | 28,719 | |||
Accumulated Depreciation | $ (4,708) | |||
300 and 330 Billerica Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,700 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 458 | |||
Cost amount carried at Close of Period | ||||
Land | 4,700 | |||
Buildings and Equipment | 458 | |||
Total | 5,158 | |||
Accumulated Depreciation | $ (3) | |||
75 Pleasant Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,050 | |||
Buildings and Equipment | 31,086 | |||
Costs Capitalized Subsequent to Acquisition | 856 | |||
Cost amount carried at Close of Period | ||||
Land | 1,050 | |||
Buildings and Equipment | 31,942 | |||
Total | 32,992 | |||
Accumulated Depreciation | $ (7,500) | |||
25 Newport Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,700 | |||
Buildings and Equipment | 9,199 | |||
Costs Capitalized Subsequent to Acquisition | 1,879 | |||
Cost amount carried at Close of Period | ||||
Land | 2,700 | |||
Buildings and Equipment | 11,078 | |||
Total | 13,778 | |||
Accumulated Depreciation | $ (2,464) | |||
One Montvale Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,670 | |||
Buildings and Equipment | 11,035 | |||
Costs Capitalized Subsequent to Acquisition | 2,693 | |||
Cost amount carried at Close of Period | ||||
Land | 1,670 | |||
Buildings and Equipment | 13,728 | |||
Total | 15,398 | |||
Accumulated Depreciation | $ (3,101) | |||
314 Littleton Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,691 | |||
Buildings and Equipment | 8,487 | |||
Costs Capitalized Subsequent to Acquisition | 41 | |||
Cost amount carried at Close of Period | ||||
Land | 5,691 | |||
Buildings and Equipment | 8,528 | |||
Total | 14,219 | |||
Accumulated Depreciation | $ (238) | |||
Annapolis Commerce Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,057 | |||
Buildings and Equipment | 7,665 | |||
Costs Capitalized Subsequent to Acquisition | 370 | |||
Cost amount carried at Close of Period | ||||
Land | 4,057 | |||
Buildings and Equipment | 8,035 | |||
Total | 12,092 | |||
Accumulated Depreciation | $ (523) | |||
4201 Patterson Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 901 | |||
Buildings and Equipment | 8,097 | |||
Costs Capitalized Subsequent to Acquisition | 4,099 | |||
Impairment/ Writedowns | (85) | |||
Cost amount carried at Close of Period | ||||
Land | 892 | |||
Buildings and Equipment | 12,120 | |||
Total | 13,012 | |||
Accumulated Depreciation | $ (5,401) | |||
7001 Columbia Gateway Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,642 | |||
Buildings and Equipment | 10,352 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,642 | |||
Buildings and Equipment | 10,352 | |||
Total | 15,994 | |||
Accumulated Depreciation | $ (305) | |||
Hillside Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 4,228 | |||
Costs Capitalized Subsequent to Acquisition | 576 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 4,804 | |||
Total | 8,241 | |||
Accumulated Depreciation | $ (277) | |||
TenThreeTwenty | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,126 | |||
Buildings and Equipment | 16,361 | |||
Costs Capitalized Subsequent to Acquisition | 1,537 | |||
Cost amount carried at Close of Period | ||||
Land | 3,126 | |||
Buildings and Equipment | 17,898 | |||
Total | 21,024 | |||
Accumulated Depreciation | $ (1,177) | |||
3300 75th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,110 | |||
Buildings and Equipment | 36,371 | |||
Costs Capitalized Subsequent to Acquisition | 1,513 | |||
Cost amount carried at Close of Period | ||||
Land | 4,110 | |||
Buildings and Equipment | 37,884 | |||
Total | 41,994 | |||
Accumulated Depreciation | $ (9,310) | |||
2115 East Jefferson Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,349 | |||
Buildings and Equipment | 11,152 | |||
Costs Capitalized Subsequent to Acquisition | 436 | |||
Cost amount carried at Close of Period | ||||
Land | 3,349 | |||
Buildings and Equipment | 11,588 | |||
Total | 14,937 | |||
Accumulated Depreciation | $ (1,815) | |||
Redland 520/530 | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,714 | |||
Buildings and Equipment | 61,377 | |||
Costs Capitalized Subsequent to Acquisition | 1,744 | |||
Cost amount carried at Close of Period | ||||
Land | 12,714 | |||
Buildings and Equipment | 63,121 | |||
Total | 75,835 | |||
Accumulated Depreciation | $ (3,541) | |||
Redland 540 | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,740 | |||
Buildings and Equipment | 17,714 | |||
Costs Capitalized Subsequent to Acquisition | 6,001 | |||
Cost amount carried at Close of Period | ||||
Land | 10,740 | |||
Buildings and Equipment | 23,715 | |||
Total | 34,455 | |||
Accumulated Depreciation | $ (1,909) | |||
Rutherford Business Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,598 | |||
Buildings and Equipment | 10,219 | |||
Costs Capitalized Subsequent to Acquisition | 472 | |||
Cost amount carried at Close of Period | ||||
Land | 1,598 | |||
Buildings and Equipment | 10,691 | |||
Total | 12,289 | |||
Accumulated Depreciation | $ (1,845) | |||
3550 Green Court | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,630 | |||
Buildings and Equipment | 4,857 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 3,630 | |||
Buildings and Equipment | 4,857 | |||
Total | 8,487 | |||
Accumulated Depreciation | $ (142) | |||
11411 E. Jefferson Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 630 | |||
Buildings and Equipment | 18,002 | |||
Costs Capitalized Subsequent to Acquisition | 451 | |||
Cost amount carried at Close of Period | ||||
Land | 630 | |||
Buildings and Equipment | 18,453 | |||
Total | 19,083 | |||
Accumulated Depreciation | $ (4,402) | |||
Rosedale Corporate Plaza | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 672 | |||
Buildings and Equipment | 6,045 | |||
Costs Capitalized Subsequent to Acquisition | 1,526 | |||
Cost amount carried at Close of Period | ||||
Land | 672 | |||
Buildings and Equipment | 7,571 | |||
Total | 8,243 | |||
Accumulated Depreciation | $ (3,759) | |||
1300 Summit Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,776 | |||
Buildings and Equipment | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | 1,143 | |||
Cost amount carried at Close of Period | ||||
Land | 2,776 | |||
Buildings and Equipment | 13,213 | |||
Total | 15,989 | |||
Accumulated Depreciation | $ (2,399) | |||
2555 Grand Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,085 | |||
Buildings and Equipment | 51,399 | |||
Costs Capitalized Subsequent to Acquisition | 472 | |||
Cost amount carried at Close of Period | ||||
Land | 4,085 | |||
Buildings and Equipment | 51,871 | |||
Total | 55,956 | |||
Accumulated Depreciation | $ (1,408) | |||
4241-4300 NE 34th Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,443 | |||
Buildings and Equipment | 6,193 | |||
Costs Capitalized Subsequent to Acquisition | 4,180 | |||
Cost amount carried at Close of Period | ||||
Land | 1,780 | |||
Buildings and Equipment | 10,036 | |||
Total | 11,816 | |||
Accumulated Depreciation | $ (4,523) | |||
1220 Echelon Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 440 | |||
Buildings and Equipment | 25,458 | |||
Costs Capitalized Subsequent to Acquisition | 258 | |||
Cost amount carried at Close of Period | ||||
Land | 440 | |||
Buildings and Equipment | 25,716 | |||
Total | 26,156 | |||
Accumulated Depreciation | $ (4,760) | |||
2300 and 2400 Yorkmont Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 1,334 | |||
Buildings and Equipment | 19,075 | |||
Costs Capitalized Subsequent to Acquisition | 1,387 | |||
Cost amount carried at Close of Period | ||||
Land | 1,334 | |||
Buildings and Equipment | 20,462 | |||
Total | 21,796 | |||
Accumulated Depreciation | $ (587) | |||
18010 and 18020 Burt Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 6,977 | |||
Buildings and Equipment | 12,500 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,977 | |||
Buildings and Equipment | 12,500 | |||
Total | 19,477 | |||
Accumulated Depreciation | $ (346) | |||
500 Charles Ewing Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,808 | |||
Buildings and Equipment | 26,002 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,808 | |||
Buildings and Equipment | 26,002 | |||
Total | 30,810 | |||
Accumulated Depreciation | $ (721) | |||
299 Jefferson Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,543 | |||
Buildings and Equipment | 2,914 | |||
Costs Capitalized Subsequent to Acquisition | 493 | |||
Cost amount carried at Close of Period | ||||
Land | 4,543 | |||
Buildings and Equipment | 3,407 | |||
Total | 7,950 | |||
Accumulated Depreciation | $ (85) | |||
One Jefferson Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,415 | |||
Buildings and Equipment | 5,249 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Cost amount carried at Close of Period | ||||
Land | 4,415 | |||
Buildings and Equipment | 5,259 | |||
Total | 9,674 | |||
Accumulated Depreciation | $ (143) | |||
Airline Corporate Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 790 | |||
Buildings and Equipment | 6,400 | |||
Costs Capitalized Subsequent to Acquisition | 406 | |||
Cost amount carried at Close of Period | ||||
Land | 790 | |||
Buildings and Equipment | 6,806 | |||
Total | 7,596 | |||
Accumulated Depreciation | $ (1,253) | |||
5000 Corporate Court | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,530 | |||
Buildings and Equipment | 17,711 | |||
Costs Capitalized Subsequent to Acquisition | 3,799 | |||
Cost amount carried at Close of Period | ||||
Land | 6,530 | |||
Buildings and Equipment | 21,510 | |||
Total | 28,040 | |||
Accumulated Depreciation | $ (4,492) | |||
8687 Carling Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 566 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 566 | |||
Buildings and Equipment | 0 | |||
Total | 566 | |||
Accumulated Depreciation | $ 0 | |||
1212 Pittsford - Victor Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 608 | |||
Buildings and Equipment | 78 | |||
Costs Capitalized Subsequent to Acquisition | 530 | |||
Cost amount carried at Close of Period | ||||
Land | 608 | |||
Buildings and Equipment | 608 | |||
Total | 1,216 | |||
Accumulated Depreciation | $ (5) | |||
2231 Schrock Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 716 | |||
Buildings and Equipment | 217 | |||
Costs Capitalized Subsequent to Acquisition | 101 | |||
Cost amount carried at Close of Period | ||||
Land | 716 | |||
Buildings and Equipment | 318 | |||
Total | 1,034 | |||
Accumulated Depreciation | $ (10) | |||
4600 25th Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,510 | |||
Buildings and Equipment | 17,973 | |||
Costs Capitalized Subsequent to Acquisition | 6,658 | |||
Cost amount carried at Close of Period | ||||
Land | 6,510 | |||
Buildings and Equipment | 24,631 | |||
Total | 31,141 | |||
Accumulated Depreciation | $ (5,904) | |||
8800 Tinicum Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 40,310 | |||
Initial Cost to Company | ||||
Land | 5,573 | |||
Buildings and Equipment | 22,686 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,573 | |||
Buildings and Equipment | 22,686 | |||
Total | 28,259 | |||
Accumulated Depreciation | $ (629) | |||
9680 Old Bailes Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 834 | |||
Buildings and Equipment | 2,944 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 834 | |||
Buildings and Equipment | 2,944 | |||
Total | 3,778 | |||
Accumulated Depreciation | $ (82) | |||
One Memphis Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,630 | |||
Buildings and Equipment | 5,645 | |||
Costs Capitalized Subsequent to Acquisition | 7,435 | |||
Cost amount carried at Close of Period | ||||
Land | 1,630 | |||
Buildings and Equipment | 13,080 | |||
Total | 14,710 | |||
Accumulated Depreciation | $ (2,996) | |||
16001 North Dallas Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 10,158 | |||
Buildings and Equipment | 63,036 | |||
Costs Capitalized Subsequent to Acquisition | 331 | |||
Cost amount carried at Close of Period | ||||
Land | 10,158 | |||
Buildings and Equipment | 63,367 | |||
Total | 73,525 | |||
Accumulated Depreciation | $ (1,870) | |||
Research Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,258 | |||
Buildings and Equipment | 13,747 | |||
Costs Capitalized Subsequent to Acquisition | 536 | |||
Cost amount carried at Close of Period | ||||
Land | 4,258 | |||
Buildings and Equipment | 14,283 | |||
Total | 18,541 | |||
Accumulated Depreciation | $ (835) | |||
10451 Clay Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,495 | |||
Buildings and Equipment | 10,253 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,495 | |||
Buildings and Equipment | 10,253 | |||
Total | 15,748 | |||
Accumulated Depreciation | $ (284) | |||
202 North Castlegory Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 863 | |||
Buildings and Equipment | 5,024 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 863 | |||
Buildings and Equipment | 5,024 | |||
Total | 5,887 | |||
Accumulated Depreciation | $ (131) | |||
6380 Rogerdale Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,628 | |||
Buildings and Equipment | 6,113 | |||
Costs Capitalized Subsequent to Acquisition | 14 | |||
Cost amount carried at Close of Period | ||||
Land | 12,628 | |||
Buildings and Equipment | 6,127 | |||
Total | 18,755 | |||
Accumulated Depreciation | $ (170) | |||
4221 W. John Carpenter Freeway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,413 | |||
Buildings and Equipment | 2,365 | |||
Costs Capitalized Subsequent to Acquisition | 1,737 | |||
Cost amount carried at Close of Period | ||||
Land | 1,413 | |||
Buildings and Equipment | 4,102 | |||
Total | 5,515 | |||
Accumulated Depreciation | $ (123) | |||
8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 10,185 | |||
Buildings and Equipment | 31,566 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 10,185 | |||
Buildings and Equipment | 31,566 | |||
Total | 41,751 | |||
Accumulated Depreciation | $ (875) | |||
1511 East Common Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,965 | |||
Buildings and Equipment | 1,266 | |||
Costs Capitalized Subsequent to Acquisition | 67 | |||
Cost amount carried at Close of Period | ||||
Land | 4,965 | |||
Buildings and Equipment | 1,333 | |||
Total | 6,298 | |||
Accumulated Depreciation | $ (35) | |||
2900 West Plano Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,819 | |||
Buildings and Equipment | 8,831 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 6,819 | |||
Buildings and Equipment | 8,831 | |||
Total | 15,650 | |||
Accumulated Depreciation | $ (244) | |||
3400 West Plano Parkway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,543 | |||
Buildings and Equipment | 15,964 | |||
Costs Capitalized Subsequent to Acquisition | 321 | |||
Cost amount carried at Close of Period | ||||
Land | 4,543 | |||
Buildings and Equipment | 16,285 | |||
Total | 20,828 | |||
Accumulated Depreciation | $ (451) | |||
3600 Wiseman Boulevard | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,493 | |||
Buildings and Equipment | 6,662 | |||
Costs Capitalized Subsequent to Acquisition | 137 | |||
Cost amount carried at Close of Period | ||||
Land | 3,493 | |||
Buildings and Equipment | 6,799 | |||
Total | 10,292 | |||
Accumulated Depreciation | $ (194) | |||
701 Clay Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,030 | |||
Buildings and Equipment | 8,708 | |||
Costs Capitalized Subsequent to Acquisition | 9,450 | |||
Cost amount carried at Close of Period | ||||
Land | 2,060 | |||
Buildings and Equipment | 18,128 | |||
Total | 20,188 | |||
Accumulated Depreciation | $ (5,351) | |||
1800 Novell Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 7,487 | |||
Buildings and Equipment | 43,487 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 7,487 | |||
Buildings and Equipment | 43,487 | |||
Total | 50,974 | |||
Accumulated Depreciation | $ (1,301) | |||
4885-4931 North 300 West | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,915 | |||
Buildings and Equipment | 9,429 | |||
Costs Capitalized Subsequent to Acquisition | 21 | |||
Cost amount carried at Close of Period | ||||
Land | 3,915 | |||
Buildings and Equipment | 9,450 | |||
Total | 13,365 | |||
Accumulated Depreciation | $ (276) | |||
14660, 14672 & 14668 Lee Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 6,966 | |||
Buildings and Equipment | 74,214 | |||
Costs Capitalized Subsequent to Acquisition | 2,278 | |||
Cost amount carried at Close of Period | ||||
Land | 6,966 | |||
Buildings and Equipment | 76,492 | |||
Total | 83,458 | |||
Accumulated Depreciation | $ (5,879) | |||
1434 Crossways | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,617 | |||
Buildings and Equipment | 19,527 | |||
Costs Capitalized Subsequent to Acquisition | 2,010 | |||
Cost amount carried at Close of Period | ||||
Land | 3,617 | |||
Buildings and Equipment | 21,537 | |||
Total | 25,154 | |||
Accumulated Depreciation | $ (1,749) | |||
Greenbrier Towers | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 11,241 | |||
Costs Capitalized Subsequent to Acquisition | 1,457 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 12,698 | |||
Total | 16,135 | |||
Accumulated Depreciation | $ (1,080) | |||
Enterchange at Meadowville | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,478 | |||
Buildings and Equipment | 9,594 | |||
Costs Capitalized Subsequent to Acquisition | 283 | |||
Cost amount carried at Close of Period | ||||
Land | 1,478 | |||
Buildings and Equipment | 9,877 | |||
Total | 11,355 | |||
Accumulated Depreciation | $ (1,558) | |||
Pender Business Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 4 | |||
Initial Cost to Company | ||||
Land | $ 2,487 | |||
Buildings and Equipment | 21,386 | |||
Costs Capitalized Subsequent to Acquisition | 1,127 | |||
Cost amount carried at Close of Period | ||||
Land | 2,487 | |||
Buildings and Equipment | 22,513 | |||
Total | 25,000 | |||
Accumulated Depreciation | $ (3,530) | |||
Three Flint Hill | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,991 | |||
Buildings and Equipment | 25,536 | |||
Costs Capitalized Subsequent to Acquisition | 2,897 | |||
Cost amount carried at Close of Period | ||||
Land | 5,991 | |||
Buildings and Equipment | 28,433 | |||
Total | 34,424 | |||
Accumulated Depreciation | $ (2,058) | |||
7987 Ashton Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,562 | |||
Buildings and Equipment | 8,253 | |||
Costs Capitalized Subsequent to Acquisition | 694 | |||
Cost amount carried at Close of Period | ||||
Land | 1,562 | |||
Buildings and Equipment | 8,947 | |||
Total | 10,509 | |||
Accumulated Depreciation | $ (717) | |||
Two Commercial Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,494 | |||
Buildings and Equipment | 21,508 | |||
Costs Capitalized Subsequent to Acquisition | 389 | |||
Cost amount carried at Close of Period | ||||
Land | 4,494 | |||
Buildings and Equipment | 21,897 | |||
Total | 26,391 | |||
Accumulated Depreciation | $ (563) | |||
1759 & 1760 Business Center Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 9,066 | |||
Buildings and Equipment | 78,658 | |||
Costs Capitalized Subsequent to Acquisition | 4,093 | |||
Cost amount carried at Close of Period | ||||
Land | 9,066 | |||
Buildings and Equipment | 82,751 | |||
Total | 91,817 | |||
Accumulated Depreciation | $ (11,392) | |||
1775 Wiehle Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,138 | |||
Buildings and Equipment | 26,120 | |||
Costs Capitalized Subsequent to Acquisition | 1,446 | |||
Cost amount carried at Close of Period | ||||
Land | 4,138 | |||
Buildings and Equipment | 27,566 | |||
Total | 31,704 | |||
Accumulated Depreciation | $ (1,583) | |||
501 South 5th Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 14,767 | |||
Buildings and Equipment | 39,101 | |||
Costs Capitalized Subsequent to Acquisition | 230 | |||
Cost amount carried at Close of Period | ||||
Land | 14,767 | |||
Buildings and Equipment | 39,331 | |||
Total | 54,098 | |||
Accumulated Depreciation | $ (1,134) | |||
9201 Forest Hill Avenue | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,344 | |||
Buildings and Equipment | 375 | |||
Costs Capitalized Subsequent to Acquisition | 150 | |||
Cost amount carried at Close of Period | ||||
Land | 1,344 | |||
Buildings and Equipment | 525 | |||
Total | 1,869 | |||
Accumulated Depreciation | $ (12) | |||
9960 Mayland Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,614 | |||
Buildings and Equipment | 15,930 | |||
Costs Capitalized Subsequent to Acquisition | 2,440 | |||
Cost amount carried at Close of Period | ||||
Land | 2,614 | |||
Buildings and Equipment | 18,370 | |||
Total | 20,984 | |||
Accumulated Depreciation | $ (2,559) | |||
Parham Place | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 913 | |||
Buildings and Equipment | 1,099 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Cost amount carried at Close of Period | ||||
Land | 913 | |||
Buildings and Equipment | 1,114 | |||
Total | 2,027 | |||
Accumulated Depreciation | $ (31) | |||
1751 Blue Hills Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,689 | |||
Buildings and Equipment | 7,761 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 2,689 | |||
Buildings and Equipment | 7,761 | |||
Total | 10,450 | |||
Accumulated Depreciation | $ (215) | |||
Atlantic Corporate Park | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,752 | |||
Buildings and Equipment | 29,316 | |||
Costs Capitalized Subsequent to Acquisition | 2,055 | |||
Cost amount carried at Close of Period | ||||
Land | 5,752 | |||
Buildings and Equipment | 31,371 | |||
Total | 37,123 | |||
Accumulated Depreciation | $ (1,690) | |||
Orbital Sciences Campus | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,275 | |||
Buildings and Equipment | 19,320 | |||
Costs Capitalized Subsequent to Acquisition | 25 | |||
Cost amount carried at Close of Period | ||||
Land | 12,275 | |||
Buildings and Equipment | 19,345 | |||
Total | 31,620 | |||
Accumulated Depreciation | $ (570) | |||
Sterling Business Park Lots 8 and 9 | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 9,177 | |||
Buildings and Equipment | 44,324 | |||
Costs Capitalized Subsequent to Acquisition | 52 | |||
Cost amount carried at Close of Period | ||||
Land | 9,177 | |||
Buildings and Equipment | 44,376 | |||
Total | 53,553 | |||
Accumulated Depreciation | $ (2,493) | |||
65 Bowdoin Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 700 | |||
Buildings and Equipment | 8,416 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Cost amount carried at Close of Period | ||||
Land | 700 | |||
Buildings and Equipment | 8,556 | |||
Total | 9,256 | |||
Accumulated Depreciation | $ (2,090) | |||
840 North Broadway | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,360 | |||
Buildings and Equipment | 15,376 | |||
Costs Capitalized Subsequent to Acquisition | 2,649 | |||
Cost amount carried at Close of Period | ||||
Land | 3,360 | |||
Buildings and Equipment | 18,025 | |||
Total | 21,385 | |||
Accumulated Depreciation | $ (3,716) | |||
Stevens Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,970 | |||
Buildings and Equipment | 17,035 | |||
Costs Capitalized Subsequent to Acquisition | 4,456 | |||
Cost amount carried at Close of Period | ||||
Land | 4,042 | |||
Buildings and Equipment | 21,419 | |||
Total | 25,461 | |||
Accumulated Depreciation | $ (10,658) | |||
351, 401, 501 Elliott Ave West | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Encumbrances | $ 69,701 | |||
Initial Cost to Company | ||||
Land | 26,640 | |||
Buildings and Equipment | 52,740 | |||
Costs Capitalized Subsequent to Acquisition | 654 | |||
Cost amount carried at Close of Period | ||||
Land | 26,640 | |||
Buildings and Equipment | 53,394 | |||
Total | 80,034 | |||
Accumulated Depreciation | $ (1,467) | |||
11050 West Liberty Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 945 | |||
Buildings and Equipment | 4,539 | |||
Costs Capitalized Subsequent to Acquisition | 103 | |||
Cost amount carried at Close of Period | ||||
Land | 945 | |||
Buildings and Equipment | 4,642 | |||
Total | 5,587 | |||
Accumulated Depreciation | $ (998) | |||
5353 Yellowstone Road | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,915 | |||
Buildings and Equipment | 8,217 | |||
Costs Capitalized Subsequent to Acquisition | 1,346 | |||
Cost amount carried at Close of Period | ||||
Land | 1,950 | |||
Buildings and Equipment | 9,528 | |||
Total | 11,478 | |||
Accumulated Depreciation | $ (4,907) | |||
Total Real Estate Assets | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 189 | |||
Encumbrances | $ 323,074 | |||
Initial Cost to Company | ||||
Land | 856,105 | |||
Buildings and Equipment | 2,484,677 | |||
Costs Capitalized Subsequent to Acquisition | 237,497 | |||
Impairment/ Writedowns | (23,148) | |||
Cost amount carried at Close of Period | ||||
Land | 855,632 | |||
Buildings and Equipment | 2,699,499 | |||
Total | 3,555,131 | |||
Accumulated Depreciation | $ (391,209) | |||
Properties Held for Sale | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 6 | |||
Encumbrances | $ 13,128 | |||
Initial Cost to Company | ||||
Land | 16,216 | |||
Buildings and Equipment | 59,648 | |||
Costs Capitalized Subsequent to Acquisition | 4,659 | |||
Impairment/ Writedowns | (18,623) | |||
Cost amount carried at Close of Period | ||||
Land | 15,082 | |||
Buildings and Equipment | 46,818 | |||
Total | 61,900 | |||
Accumulated Depreciation | $ (3,553) | |||
Properties Held for Sale | 1 Targeting Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,428 | |||
Buildings and Equipment | 588 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 1,428 | |||
Buildings and Equipment | 588 | |||
Total | 2,016 | |||
Accumulated Depreciation | $ (13) | |||
Properties Held for Sale | 475 Bond Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,764 | |||
Buildings and Equipment | 552 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 4,764 | |||
Buildings and Equipment | 552 | |||
Total | 5,316 | |||
Accumulated Depreciation | $ (11) | |||
Properties Held for Sale | 50 West State Street | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,000 | |||
Buildings and Equipment | 38,203 | |||
Costs Capitalized Subsequent to Acquisition | 3,337 | |||
Impairment/ Writedowns | (18,623) | |||
Cost amount carried at Close of Period | ||||
Land | 3,866 | |||
Buildings and Equipment | 24,051 | |||
Total | 27,917 | |||
Accumulated Depreciation | $ 0 | |||
Properties Held for Sale | 3920 Pender Drive | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 1 | |||
Encumbrances | $ 13,128 | |||
Initial Cost to Company | ||||
Land | 2,934 | |||
Buildings and Equipment | 12,840 | |||
Costs Capitalized Subsequent to Acquisition | 538 | |||
Cost amount carried at Close of Period | ||||
Land | 2,934 | |||
Buildings and Equipment | 13,378 | |||
Total | 16,312 | |||
Accumulated Depreciation | $ (1,796) | |||
Properties Held for Sale | Aquia Commerce Center | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 2 | |||
Initial Cost to Company | ||||
Land | $ 2,090 | |||
Buildings and Equipment | 7,465 | |||
Costs Capitalized Subsequent to Acquisition | 784 | |||
Cost amount carried at Close of Period | ||||
Land | 2,090 | |||
Buildings and Equipment | 8,249 | |||
Total | 10,339 | |||
Accumulated Depreciation | $ (1,733) |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION [Schedule] - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Mortgage debt, net | $ 3,135 |
Aggregate cost for federal income tax purposes | $ 6,971,434 |
Useful life of buildings and improvements | 40 years |
Useful life of equipment | 12 years |
SCHEDULE III REAL ESTATE AND _4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION [Schedule] - Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties | |||
Balance at the beginning of the period | $ 3,944,636 | $ 2,975,721 | $ 1,888,760 |
Additions | 66,221 | 1,486,342 | 1,100,138 |
Loss on asset impairment | (22,255) | (8,630) | (9,490) |
Disposals | (424,302) | (286,837) | (3,687) |
Cost basis adjustment | (9,169) | (5,005) | |
Reclassification of assets of properties held for sale | (61,900) | (216,955) | |
Balance at the end of the period | 3,493,231 | 3,944,636 | 2,975,721 |
Accumulated Depreciation | |||
Balance at the beginning of the period | 375,147 | 341,848 | 296,804 |
Additions | 89,398 | 65,215 | 45,315 |
Loss on asset impairment | 0 | 0 | 0 |
Disposals | (64,167) | (18,740) | (271) |
Cost basis adjustment | (9,169) | (5,005) | |
Reclassification of assets of properties held for sale | (3,553) | (8,171) | |
Balance at the end of the period | $ 387,656 | $ 375,147 | $ 341,848 |
Uncategorized Items - opi123119
Label | Element | Value |
Common Stock [Member] | ||
Shares, Outstanding | us-gaap_SharesOutstanding | 24,786,479 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 248,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,968,960,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 169,137,000 |
Cumulative Common Distributions [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (807,736,000) |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 712,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 712,000 |
Accounting Standards Update 2016-01 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (60,281,000) |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 60,281,000 |