Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.4 | ||
Entity Common Stock, Shares Outstanding | 48,425,665 | ||
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 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2021. | ||
Entity Central Index Key | 0001456772 | ||
Document Fiscal Year Focus | 2021 | ||
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 | ||
6.375% Senior Notes Due 2050 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.375% Senior Notes due 2050 | ||
Trading Symbol | OPINL | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Auditor [Line Items] | ||
Auditor Name | Deloitte & Touche LLP | Ernst & Young LLP |
Auditor Location | Boston, Massachusetts | Boston, Massachusetts |
Auditor Firm ID | 34 | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate properties: | ||
Land | $ 874,108 | $ 830,884 |
Buildings and improvements | 3,036,978 | 2,691,259 |
Total real estate properties, gross | 3,911,086 | 3,522,143 |
Accumulated depreciation | (495,912) | (451,914) |
Total real estate properties, net | 3,415,174 | 3,070,229 |
Assets of properties held for sale | 26,598 | 75,177 |
Investments in unconsolidated joint ventures | 34,838 | 37,951 |
Acquired real estate leases, net | 505,629 | 548,943 |
Cash and cash equivalents | 83,026 | 42,045 |
Restricted cash | 1,489 | 14,810 |
Rents receivable | 112,886 | 101,766 |
Deferred leasing costs, net | 53,883 | 42,626 |
Other assets, net | 8,160 | 12,889 |
Total assets | 4,241,683 | 3,946,436 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Unsecured revolving credit facility | 0 | 0 |
Senior unsecured notes, net | 2,479,772 | 2,033,242 |
Mortgage notes payable, net | 98,178 | 169,729 |
Liabilities of properties held for sale | 594 | 891 |
Accounts payable and other liabilities | 142,609 | 116,480 |
Due to related persons | 6,787 | 6,114 |
Assumed real estate lease obligations, net | 17,034 | 10,588 |
Total liabilities | 2,744,974 | 2,337,044 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,425,665 and 48,318,366 shares issued and outstanding, respectively | 484 | 483 |
Additional paid in capital | 2,617,169 | 2,615,305 |
Cumulative net income | 175,715 | 183,895 |
Cumulative common distributions | (1,296,659) | (1,190,291) |
Total shareholders’ equity | 1,496,709 | 1,609,392 |
Total liabilities and shareholders’ equity | $ 4,241,683 | $ 3,946,436 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 48,425,665 | 48,318,366 |
Common shares of beneficial interest, shares outstanding (in shares) | 48,425,665 | 48,318,366 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Rental income | $ 576,482 | $ 587,919 | $ 678,404 |
Expenses: | |||
Real estate taxes | 71,970 | 65,119 | 73,717 |
Utility expenses | 25,251 | 25,384 | 34,302 |
Other operating expenses | 105,825 | 105,465 | 120,943 |
Depreciation and amortization | 241,494 | 251,566 | 289,885 |
Loss on Impairment of Real Estate | 62,420 | 2,954 | 22,255 |
Acquisition and transaction related costs | 0 | 232 | 682 |
General and administrative | 26,858 | 28,443 | 32,728 |
Total expenses | 533,818 | 479,163 | 574,512 |
Gain on sale of real estate | 78,354 | 10,855 | 105,131 |
Dividend income | 0 | 0 | 1,960 |
Loss on equity securities, net | 0 | 0 | (44,007) |
Interest and other income | 7 | 779 | 1,045 |
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $9,771, $9,593 and $10,740, respectively) | (112,385) | (108,303) | (134,880) |
Loss on early extinguishment of debt | (14,068) | (3,839) | (769) |
Income (loss) before income tax expense and equity in net losses of investees | (5,428) | 8,248 | 32,372 |
Income tax expense | (251) | (377) | (778) |
Equity in net losses of investees | (2,501) | (1,193) | (1,259) |
Net income (loss) | (8,180) | 6,678 | 30,335 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on financial instrument | 0 | 200 | (200) |
Equity in unrealized loss of investees | 0 | 0 | (106) |
Other comprehensive income (loss) | 0 | 200 | (306) |
Comprehensive income (loss) | $ (8,180) | $ 6,878 | $ 30,029 |
Weighted average common shares outstanding, basic (in shares) | 48,195 | 48,124 | 48,062 |
Weighted average common shares outstanding, diluted (in shares) | 48,195 | 48,124 | 48,062 |
Per common share amounts (basic and diluted): | |||
Net income (loss) per share, basic | $ (0.17) | $ 0.14 | $ 0.63 |
Net income (loss) per share, diluted | $ (0.17) | $ 0.14 | $ 0.63 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net amortization of debt premiums, discounts and issuance costs | $ 9,771 | $ 9,593 | $ 10,740 |
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, 2018 | 48,082,903 | |||||
Balance beginning 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 | |||
Shares forfeitures or repurchases (in shares) | (17,062) | |||||
Share forfeitures and 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 | 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) |
Increase (Decrease) in Shareholders' Equity | ||||||
Share grants (in shares) | 136,600 | |||||
Share grants | 3,324 | $ 1 | 3,323 | |||
Shares forfeitures or repurchases (in shares) | (20,175) | |||||
Share forfeitures and repurchases | (443) | (443) | ||||
Amounts reclassified from cumulative other comprehensive income to net income | 85 | 85 | ||||
Unrealized loss on financial instrument | 115 | 115 | ||||
Net income | 6,678 | 6,678 | ||||
Distributions to common shareholders | (106,121) | (106,121) | ||||
Balance ending (in shares) at Dec. 31, 2020 | 48,318,366 | |||||
Balance ending at Dec. 31, 2020 | 1,609,392 | $ 483 | 2,615,305 | 183,895 | 0 | (1,190,291) |
Increase (Decrease) in Shareholders' Equity | ||||||
Share grants (in shares) | 145,800 | |||||
Share grants | 2,873 | $ 1 | 2,872 | |||
Shares forfeitures or repurchases (in shares) | (38,501) | |||||
Share forfeitures and repurchases | (1,008) | (1,008) | ||||
Net income | (8,180) | (8,180) | ||||
Distributions to common shareholders | (106,368) | (106,368) | ||||
Balance ending (in shares) at Dec. 31, 2021 | 48,425,665 | |||||
Balance ending at Dec. 31, 2021 | $ 1,496,709 | $ 484 | $ 2,617,169 | $ 175,715 | $ 0 | $ (1,296,659) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (8,180) | $ 6,678 | $ 30,335 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 92,266 | 83,828 | 89,400 |
Net amortization of debt premiums, discounts and issuance costs | 9,771 | 9,593 | 10,740 |
Amortization of acquired real estate leases | 144,826 | 167,192 | 197,978 |
Amortization of deferred leasing costs | 7,878 | 6,887 | 5,973 |
Gain on sale of real estate | (78,354) | (10,855) | (105,131) |
Loss on impairment of real estate | 62,420 | 2,954 | 22,255 |
Loss on early extinguishment of debt | 9,694 | 2,701 | 769 |
Straight line rental income | (15,368) | (16,079) | (27,507) |
Other non-cash expenses, net | 1,782 | 2,229 | 2,011 |
Loss on equity securities, net | 0 | 0 | 44,007 |
Equity in net losses of investees | 2,501 | 1,193 | 1,259 |
Change in assets and liabilities: | |||
Rents receivable | 2,663 | (3,962) | 12,586 |
Deferred leasing costs | (19,769) | (12,128) | (27,971) |
Other assets | 1,538 | 2,505 | 3,266 |
Accounts payable and other liabilities | 7,151 | (8,081) | (19,333) |
Due to related persons | 673 | (1,027) | (27,746) |
Net cash provided by operating activities | 221,492 | 233,628 | 215,329 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions | (563,447) | (47,215) | (2,905) |
Real estate improvements | (100,141) | (81,762) | (62,676) |
Proceeds from sale of properties, net | 219,980 | 102,211 | 829,794 |
Proceeds from repayment of mortgage note receivable | 0 | 2,880 | 0 |
Net cash (used in) provided by investing activities | (442,985) | (22,987) | 877,819 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (72,541) | (155,367) | (12,054) |
Repayment of unsecured term loans | 0 | 0 | (388,000) |
Repayment of senior unsecured notes | (610,000) | (400,000) | (350,000) |
Proceeds from issuance of senior unsecured notes, net | 1,041,809 | 408,932 | 0 |
Borrowings on unsecured revolving credit facility | 755,000 | 561,467 | 430,000 |
Repayments on unsecured revolving credit facility | (755,000) | (561,467) | (605,000) |
Payment of debt issuance costs | (2,744) | (1,492) | 0 |
Repurchase of common shares | (1,003) | (434) | (473) |
Distributions to common shareholders | (106,368) | (106,121) | (105,868) |
Net cash provided by (used in) financing activities | 249,153 | (254,482) | (1,031,395) |
Increase (decrease) in cash, cash equivalents and restricted cash | 27,660 | (43,841) | 61,753 |
Cash, cash equivalents and restricted cash at beginning of period | 56,855 | 100,696 | 38,943 |
Cash, cash equivalents and restricted cash at end of period | 84,515 | 56,855 | 100,696 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 103,200 | 100,083 | 131,735 |
Income taxes paid | 299 | 1,377 | 491 |
NON-CASH INVESTING ACTIVITIES: | |||
Real estate improvements accrued, not paid | 18,492 | 11,981 | 11,457 |
Real estate acquisition | (13,031) | 0 | 0 |
Capitalized interest | 795 | 199 | 26 |
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Cash and cash equivalents | 83,026 | 42,045 | 93,744 |
Restricted cash | 1,489 | 14,810 | 6,952 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | 84,515 | 56,855 | 100,696 |
AIC | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Distribution of earnings from Affiliates Insurance Company | 0 | 0 | 2,438 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Distributions in excess of earnings | 11 | 287 | 6,562 |
Unconsolidated Joint Ventures | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Distributions in excess of earnings | 612 | 612 | 2,370 |
RMR Inc | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of The RMR Group Inc. common shares, net | $ 0 | $ 0 | $ 104,674 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | OrganizationOffice 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, 2021, our wholly owned properties were comprised of 178 properties containing approximately 23,271,000 rentable square feet and we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties totaling approximately 444,000 rentable square feet. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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, buildings 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 $2,288, $5,440 and $2,710 during the years ended December 31, 2021, 2020 and 2019, 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 $142,538, $161,752 and $195,268 during the years ended December 31, 2021, 2020 and 2019, 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, 2021 and 2020, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2021 2020 Acquired real estate leases: Capitalized above market lease values $ 29,925 $ 34,972 Less: accumulated amortization (17,945) (19,291) Capitalized above market lease values, net 11,980 15,681 Lease origination value 885,250 868,459 Less: accumulated amortization (391,601) (335,197) Lease origination value, net 493,649 533,262 Acquired real estate leases, net $ 505,629 $ 548,943 Assumed real estate lease obligations: Capitalized below market lease values $ 29,488 $ 21,092 Less: accumulated amortization (12,454) (10,504) Assumed real estate lease obligations, net $ 17,034 $ 10,588 As of December 31, 2021, the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 3.3 years, 6.3 years and 10.3 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, 2021 are estimated to be $121,814 in 2022, $99,643 in 2023, $77,107 in 2024, $56,168 in 2025, $41,393 in 2026 and $92,470 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 and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We recorded amortization of deferred leasing costs of $6,691, $5,985 and $5,216, and reductions to rental income related to the amortization of inducements of $1,187, $902 and $757 for the years ended December 31, 2021, 2020 and 2019, respectively. Deferred leasing costs, excluding properties classified as held for sale, totaled $74,469 and $59,691 at December 31, 2021 and 2020, respectively, and accumulated amortization of deferred leasing costs totaled $20,586 and $17,065 at December 31, 2021 and 2020, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2021 are estimated to be $8,536 in 2022, $7,798 in 2023, $6,739 in 2024, $5,784 in 2025, $5,132 in 2026 and $19,894 thereafter. Debt Issuance Costs . Costs related to the issuance or assumption of debt are capitalized and 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, 2021 and 2020, debt issuance costs for our revolving credit facility were $4,125 and accumulated amortization of debt issuance costs for our revolving credit facility were $3,079 and $2,069, respectively. Debt issuance costs, net of accumulated amortization, for our 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, 2021 and 2020, debt issuance costs, net of accumulated amortization, for our senior unsecured notes and mortgage notes payable totaled $16,120 and $17,545, 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, 2021 are estimated to be $3,514 in 2022, $2,217 in 2023, $2,155 in 2024, $1,669 in 2025, $1,335 in 2026 and $6,276 thereafter. Equity Securities. We previously owned 2,801,060 common shares of class A common stock of The RMR Group Inc., or RMR Inc. 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. See Note 6 for more information regarding the sale of our RMR Inc. class A common stock. Equity Method Investments. We previously accounted for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved on February 13, 2020, using the equity method of accounting. Significant influence was present through common representation on the boards of trustees or directors of us and AIC. See Note 6 for more information regarding our investment in AIC. We also have noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties. The properties owned by these joint ventures are encumbered by an aggregate of $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 investments 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, 2021, 2020 and 2019. These amounts are included in the net business management and property management fee amounts for such periods disclosed in Note 5. As of December 31, 2021, the remaining unamortized amount of this liability was $15,232. Future amortization of this liability as of December 31, 2021 is estimated to be $1,087 in 2022 through 2026 and $9,797 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. 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. Allowances for bad debts are recognized as a direct reduction of rental income. 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 made the policy election 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. See Note 4 for more information regarding our leases. 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. Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) 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, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the years ended December 31, 2021, 2020 and 2019, there were no dilutive common shares. In addition, for the years ended December 31, 2021, 2020 and 2019, 34, 14 and 12 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. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. Segment Reporting. We operate in one business segment: direct ownership of real estate properties. New Accounting Pronouncements. In October 2021, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , or ASU No. 2021-08, which requires that an acquirer account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The acquiring entity shall recognize and measure the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, rather than at fair value at the acquisition date. ASU No. 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. On October 1, 2021, we early adopted ASU No. 2021-08. The adoption of ASU No. 2021-08 did not have an impact on our consolidated financial statements. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate PropertiesAs of December 31, 2021, our wholly owned properties were comprised of 178 properties containing approximately 23,271,000 rentable square feet, with an aggregate undepreciated carrying value of $3,938,876, including $27,790 classified as held for sale. We also had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties totaling approximately 444,000 rentable square feet. 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 2022 and 2053. 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, 2021, we entered into 85 leases for approximately 2,484,000 rentable square feet for a weighted (by rentable square feet) average lease term of 9.5 years and we made commitments for approximately $142,318 of leasing related costs. As of December 31, 2021, we have estimated unspent leasing related obligations of $121,754. 2021 Acquisition Activities During the year ended December 31, 2021, we acquired three properties containing approximately 926,000 rentable square feet for an aggregate purchase price of $576,478, including net purchase price adjustments of $1,761 and acquisition related costs of $1,264. These acquisitions were accounted for as asset acquisitions. We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets and assumed liabilities as follows: Acquisition Date Location Number of Properties Rentable Square Feet Purchase Price Land Buildings and Improvements Acquired Real Estate Leases Assumed Real Estate Lease Obligations June 2021 Chicago, IL (1) 1 531,000 $ 368,331 $ 42,935 $ 258,348 $ 76,136 $ (9,088) June 2021 Atlanta, GA 1 346,000 180,602 13,040 135,459 32,103 — August 2021 Boston, MA 1 49,000 27,545 16,103 10,217 1,225 — 3 926,000 $ 576,478 $ 72,078 $ 404,024 $ 109,464 $ (9,088) (1) Purchase price includes an adjustment of $13,031 to record an estimated real estate tax liability as of the acquisition date. 2020 Acquisition Activities During the year ended December 31, 2020, we acquired two properties containing approximately 163,000 rentable square feet for an aggregate purchase price of $47,215, including capitalized acquisition related costs of $590. These acquisitions were accounted for as asset acquisitions. We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets as follows: Acquisition Date Location Number of Properties Rentable Square Feet Purchase Price Land Buildings and Improvements Acquired Real Estate Leases February 2020 Boston, MA 1 13,000 $ 11,864 $ 2,618 $ 9,246 $ — December 2020 Fort Mill, SC 1 150,000 35,351 5,031 22,526 7,794 2 163,000 $ 47,215 $ 7,649 $ 31,772 $ 7,794 2019 Acquisition Activities In November 2019, we acquired a land parcel adjacent to a property we own in Boston, MA for $2,900, excluding acquisition related costs. Disposition Activities The sales completed during the years ended December 31, 2021, 2020 and 2019, as presented in the tables below, do not represent significant dispositions individually (unless otherwise noted) or in the aggregate, nor do they represent a strategic shift in our business. 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). 2021 Disposition Activities During the year ended December 31, 2021, we sold six properties, a warehouse facility adjacent to a property we own located in Kansas, MO and two vacant land parcels adjacent to properties we own located in Sterling, VA containing approximately 2,565,000 rentable square feet for an aggregate sales price of $226,915, excluding closing costs. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate January 2021 — Kansas City, MO (2) (3) 10,000 $ 845 $ (63) $ — January 2021 1 Richmond, VA (2) 311,000 130,000 54,181 — April 2021 1 Huntsville, AL 1,371,000 39,000 — 5,383 July 2021 1 Fresno, CA 532,000 6,000 — 33,902 July 2021 1 Liverpool, NY 38,000 650 31 — August 2021 1 Memphis, TN 205,000 15,270 287 — September 2021 1 Stoneham, MA 98,000 6,650 (282) 5,911 October 2021 — Sterling, VA (4) — 28,500 24,200 — 6 2,565,000 $ 226,915 $ 78,354 $ 45,196 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2020. (3) Consists of a warehouse facility adjacent to a property we own located in Kansas City, MO. (4) Consists of two vacant land parcels adjacent to properties we own located in Sterling, VA. As of December 31, 2021, the following four properties met the criteria to be classified as held for sale in our consolidated balance sheet: Date of Sale Agreement Location Number of Properties Rentable Square Feet Gross Sales Price (1) Loss on Impairment of Real Estate December 2021 Rockville, MD (2) 1 129,000 $ 6,750 $ 6,236 December 2021 Chesapeake, VA (3) 2 172,000 18,945 — January 2022 Milwaukee, WI 1 29,000 3,850 755 4 330,000 $ 29,545 $ 6,991 (1) Gross sales price is the gross contract price, excluding closing costs. (2) The sale of this property was completed in January 2022. (3) The sale of these properties was completed in February 2022. As of February 15, 2022, we have entered into an agreement to sell one property that was classified as held for sale as of December 31, 2021 containing approximately 29,000 rentable square feet for a sales price of $3,850, excluding closing costs. This pending sale is subject to conditions, accordingly, we cannot be sure that we will complete this sale or that this sale will not be delayed or the terms will not change. We also recorded a $10,658 loss on impairment of real estate to reduce the carrying value of three properties that were classified as held for sale to their estimated fair values less costs to sell as of September 30, 2021. Subsequently, we removed these properties from held for sale status due to a change of plan for sale and recorded an impairment adjustment of $425 to increase the carrying value of these properties to their estimated fair value as of December 31, 2021. In November 2021, the buyer terminated the previously disclosed agreement to sell five properties located in Brookhaven, GA for a sales price of $56,000. 2020 Disposition Activities During the year ended December 31, 2020, we sold 10 properties containing approximately 906,000 rentable square feet for an aggregate sales price of $110,463, excluding closing costs and including the repayment of one mortgage note with an outstanding principal balance of $13,095, an annual interest rate of 5.9% and a maturity date in August 2021. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate January 2020 2 Stafford, VA 65,000 $ 14,063 $ 4,771 $ — January 2020 1 Windsor, CT 97,000 7,000 314 — February 2020 1 Lincolnshire, IL 223,000 12,000 1,179 — March 2020 1 Trenton, NJ (2) 267,000 30,100 (179) — March 2020 1 Fairfax, VA 83,000 22,200 4,754 — October 2020 4 Fairfax, VA 171,000 25,100 16 2,954 10 906,000 $ 110,463 $ 10,855 $ 2,954 (1) Gross sales price is the gross contract price, excluding closing costs. (2) 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 fair value less costs to sell. 2019 Disposition Activities During the year ended December 31, 2019, we sold 58 properties containing approximately 6,179,000 rentable square feet for an aggregate sales price of $848,853, excluding closing costs. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate February 2019 34 Northern Virginia and Maryland 1,636,000 $ 198,500 $ — $ 732 March 2019 1 Washington, D.C. (2) 129,000 70,000 22,075 — May 2019 1 Buffalo, NY 122,000 16,900 — 5,137 May 2019 1 Maynard, MA 287,000 5,000 (227) — June 2019 1 Kapolei, HI 417,000 7,100 — — July 2019 1 San Jose, CA 72,000 14,000 (270) — July 2019 1 Nashua, NH 322,000 25,000 8,401 — August 2019 1 Arlington, TX 182,000 14,900 187 — August 2019 1 Rochester, NY 95,000 4,765 (104) — August 2019 1 Hanover, PA 502,000 5,500 (417) — August 2019 1 San Antonio, TX 618,000 198,000 3,869 — September 2019 1 Topeka, KS 144,000 15,600 36 — September 2019 1 Falling Waters, WV 40,000 650 — 2,179 September 2019 1 San Diego, CA 44,000 8,950 3,062 — October 2019 3 Columbia, SC 181,000 10,750 — 3,581 November 2019 3 Metro DC - MD 373,000 61,938 1,177 — December 2019 1 San Diego, CA 148,000 23,750 6,823 — December 2019 1 Phoenix, AZ 123,000 12,850 860 — December 2019 1 Houston, TX 497,000 130,000 59,992 — December 2019 1 Kansas City, KS 171,000 11,700 — 1,172 December 2019 1 San Jose, CA 76,000 13,000 (333) — 58 6,179,000 $ 848,853 $ 105,131 $ 12,801 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Represents an individually significant disposition. 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, 2021 and 2020, our investments in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investments at December 31, Number of Properties Location Rentable Square Feet Joint Venture 2021 2020 Prosperity Metro Plaza 51% $ 20,672 $ 21,888 2 Fairfax, VA 329,000 1750 H Street, NW 50% 14,166 16,063 1 Washington, D.C. 115,000 Total $ 34,838 $ 37,951 3 444,000 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, 2021 and 2020 (2) 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. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we do not own. None of the debt is recourse to us. At December 31, 2021, the aggregate unamortized basis difference of our two unconsolidated joint ventures of $6,977 is primarily attributable to the difference between the amount we paid to purchase our interest in these joint ventures, including transaction costs, and the historical carrying value of the net assets of these joint ventures. This difference is being amortized over the remaining useful life of the related properties and the resulting amortization expense is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases Rental income from operating leases, including 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. We increased rental income by $15,368, $16,079 and $27,507 to record revenue on a straight line basis during the years ended December 31, 2021, 2020 and 2019, respectively. Rents receivable, excluding properties classified as held for sale, include $82,978 and $68,824 of straight line rent receivables at December 31, 2021 and 2020, 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 $85,107, $75,851 and $91,076 for the years ended December 31, 2021, 2020 and 2019, respectively, of which tenant reimbursements totaled $81,295, $71,385 and $86,353, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2021: Year Amount 2022 $ 456,350 2023 422,139 2024 360,282 2025 296,945 2026 253,313 Thereafter 1,267,710 Total $ 3,056,739 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, 2021, tenants who currently represent approximately 2.8% of our total operating lease maturities have currently exercisable rights to terminate their leases before the stated terms of their leases expire. In 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2035 and 2040, early termination rights become exercisable by other tenants who currently represent an additional approximately 1.5%, 8.8%, 3.0%, 6.2%, 2.4%, 1.7%, 2.5%, 1.7%, 1.6%, 1.7% and 1.1% of our total operating lease maturities, respectively. In addition, as of December 31, 2021, 14 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 14 tenants represent approximately 6.2% of our total operating lease maturities as of December 31, 2021. As a result of the COVID-19 pandemic, we granted temporary rent assistance totaling $2,483 to 18 tenants. This assistance generally entailed a deferral of, in most cases, one month of rent pursuant to deferred payment plans which required the deferred rent amounts be payable over a 12-month period. We elected to use the FASB relief package that provides entities with the option to account for lease concessions resulting from the COVID-19 pandemic outside of the existing lease modification guidance if the resulting cash flows from the modified lease are substantially the same as or less than the original lease. Because the deferred rent amounts were to be repaid, the cash flows from the respective leases are substantially the same as before the rent deferrals. The deferred amounts did not impact our operating results for the years ended December 31, 2021 and 2020. As of December 31, 2021, we had collected 100% of the granted rent deferrals. Right of use asset and lease liability. For leases where we are the lessee, we are required to record a right of use asset and lease liability for all leases with an initial term greater than 12 months. As of December 31, 2020, we had one lease that met these criteria, which expired on January 31, 2021. We subleased a portion of the space, which sublease also expired on January 31, 2021. The value of the right of use asset and related liability representing our future obligation under the lease arrangement as of December 31, 2020 were $168 and $174, respectively, and are included in other assets, net accounts payable and other liabilities |
Leases | Leases Rental income from operating leases, including 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. We increased rental income by $15,368, $16,079 and $27,507 to record revenue on a straight line basis during the years ended December 31, 2021, 2020 and 2019, respectively. Rents receivable, excluding properties classified as held for sale, include $82,978 and $68,824 of straight line rent receivables at December 31, 2021 and 2020, 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 $85,107, $75,851 and $91,076 for the years ended December 31, 2021, 2020 and 2019, respectively, of which tenant reimbursements totaled $81,295, $71,385 and $86,353, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2021: Year Amount 2022 $ 456,350 2023 422,139 2024 360,282 2025 296,945 2026 253,313 Thereafter 1,267,710 Total $ 3,056,739 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, 2021, tenants who currently represent approximately 2.8% of our total operating lease maturities have currently exercisable rights to terminate their leases before the stated terms of their leases expire. In 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2035 and 2040, early termination rights become exercisable by other tenants who currently represent an additional approximately 1.5%, 8.8%, 3.0%, 6.2%, 2.4%, 1.7%, 2.5%, 1.7%, 1.6%, 1.7% and 1.1% of our total operating lease maturities, respectively. In addition, as of December 31, 2021, 14 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 14 tenants represent approximately 6.2% of our total operating lease maturities as of December 31, 2021. As a result of the COVID-19 pandemic, we granted temporary rent assistance totaling $2,483 to 18 tenants. This assistance generally entailed a deferral of, in most cases, one month of rent pursuant to deferred payment plans which required the deferred rent amounts be payable over a 12-month period. We elected to use the FASB relief package that provides entities with the option to account for lease concessions resulting from the COVID-19 pandemic outside of the existing lease modification guidance if the resulting cash flows from the modified lease are substantially the same as or less than the original lease. Because the deferred rent amounts were to be repaid, the cash flows from the respective leases are substantially the same as before the rent deferrals. The deferred amounts did not impact our operating results for the years ended December 31, 2021 and 2020. As of December 31, 2021, we had collected 100% of the granted rent deferrals. Right of use asset and lease liability. For leases where we are the lessee, we are required to record a right of use asset and lease liability for all leases with an initial term greater than 12 months. As of December 31, 2020, we had one lease that met these criteria, which expired on January 31, 2021. We subleased a portion of the space, which sublease also expired on January 31, 2021. The value of the right of use asset and related liability representing our future obligation under the lease arrangement as of December 31, 2020 were $168 and $174, respectively, and are included in other assets, net accounts payable and other liabilities |
Business and Property Managemen
Business and Property Management Agreements with RMR LLC | 12 Months Ended |
Dec. 31, 2021 | |
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. 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. • 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 • 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 August 1, 2021, we amended our business management agreement with RMR LLC to replace the benchmark index used in the calculation of incentive management fees. Pursuant to this amendment, for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Office REIT Index replaced the discontinued SNL U.S. REIT Office Index and will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR LLC. For periods prior to August 1, 2021, the SNL U.S. REIT Office Index will continue to be used. Accordingly, the calculation of incentive management fees for the next two measurement periods will continue to use the SNL U.S. REIT Office Index in calculating the benchmark returns for periods through July 31, 2021. This change of index was due to S&P Global ceasing to publish the SNL U.S. REIT Office Index. 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 we issue or repurchase our common shares, or if our common shares are forfeited, 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 • 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 in any year 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 in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market 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 $18,637, $17,358 and $21,320 for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019 reflect a reduction of $603, for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 2. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2021, 2020 or 2019. In January 2019, we paid RMR LLC a business management incentive fee of $25,817, which represented the incentive fee for the year ended December 31, 2018 incurred, but not paid, by Select Income REIT, or SIR, which we acquired in 2018. • 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 $21,103, $20,774 and $21,911 for each of the years ended December 31, 2021, 2020 and 2019, respectively. The net property management and construction supervision fees we recognized for the years ended December 31, 2021, 2020 and 2019 reflect a reduction of $484 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 2. For the years ended December 31, 2021, 2020 and 2019, $16,507, $17,328, and $19,320, respectively, of the total net property management and construction supervision fees were expensed to other operating expenses in our consolidated statements of income (loss) and $4,596, $3,446, and $2,591, respectively, were capitalized as building improvements in our consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. • 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 $24,766, $24,919 and $26,442 for these expenses and costs for each of the years ended December 31, 2021, 2020 and 2019, respectively. We included these amounts in other operating expenses and general and administrative expense, as applicable, for these periods. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2041, 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, 2021 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Related Person Transactions We have relationships and historical and continuing transactions with 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 LLC is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director, the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. David Blackman resigned as our President and Chief Executive Officer, effective December 31, 2020, and as a Managing Trustee, effective June 17, 2021. In replacement of Mr. Blackman, Christopher J. Bilotto was appointed as our President and Chief Operating Officer, effective January 1, 2021, and Jennifer Clark was elected as a Managing Trustee, effective on June 17, 2021. Mr. Bilotto is an officer and employee of RMR LLC, Ms. Clark is a managing director and an executive officer of RMR Inc., an officer and employee of RMR LLC and an officer of ABP Trust. In addition, each of our other officers is also an officer and employee of RMR LLC. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services. Mr. Portnoy serves as chair of the board and as a managing director or managing trustee of these public companies. Other officers of RMR LLC, including certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 5 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 $1,138, $1,120 and $1,142 for the years ended December 31, 2021, 2020 and 2019, 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 10, 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 Sonesta . In June 2021, we entered into a 30-year lease agreement with a subsidiary of Sonesta International Hotels Corporation, or Sonesta, in connection with the redevelopment of an office property we own in Washington, D.C. as a mixed-use property. Sonesta’s lease is for the planned full-service hotel component of the property that will include approximately 230,000 rentable square feet, which represents approximately 54% of the total square feet upon completion of the redevelopment. The term of the lease commences upon our delivery of the completed hotel, which we estimate to occur in the first quarter of 2023. Sonesta has two options to extend the term for 10 years each. Pursuant to the lease agreement, Sonesta will pay us annual base rent of approximately $6,436 beginning 18 months after the lease commences. The annual base rent will increase by 10% every five years throughout the term. Sonesta is also obligated to pay its pro rata share of the operating costs for the property. We estimate that the total cost to build the hotel space will be approximately $66,000. Mr. Adam Portnoy is a director and controlling shareholder of Sonesta and Ms. Jennifer Clark is also a director of Sonesta. 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. 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 portions. We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC until June 30, 2019. We paid aggregate annual premiums, including taxes and fees, of $1,211 in connection with this insurance program for the policy year ended June 30, 2019. Properties we acquired as a result of our acquisition of SIR on December 31, 2018 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. In connection with AIC’s dissolution, we and each other AIC shareholder received an initial liquidating distribution of $9,000 from AIC in December 2019, an additional liquidating distribution of $287 in June 2020 and a final liquidating distribution of $11 in December 2021. As of December 31, 2020, our investment in AIC had a carrying value of $11, which was included in other assets in our consolidated balance sheet. We recognized income of $281 related to our investment in AIC for the year ended December 31, 2019. This amount is included in equity in net losses of investees in our consolidated statements of comprehensive income (loss). Our other comprehensive income (loss) includes our proportionate part of unrealized gains (losses) on securities which were owned and held for sale by AIC of $90 related to our investment in AIC for the year ended December 31, 2019. |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, the U.S. government, 11 state governments and four other government tenants combined were responsible for approximately 28.9% of our annualized rental income. As of December 31, 2020 and 2019, the U.S government, 11 state governments and two other government tenants combined were responsible for approximately 35.3% and 35.5% of our annualized rental income, respectively. The U.S. government is our largest tenant by annualized rental income and represented approximately 19.5%, 25.2% and 25.0% of our annualized rental income as of December 31, 2021, 2020 and 2019, respectively. Geographic Concentration At December 31, 2021, our 178 wholly owned properties were located in 33 states and the District of Columbia. Properties located in Virginia, California, the District of Columbia, Illinois and Georgia were responsible for approximately 12.4%, 10.5%, 9.8%, 9.2%, and 8.2% of our annualized rental income as of December 31, 2021, respectively. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness At December 31, 2021 and 2020, our outstanding indebtedness consisted of the following: December 31, 2021 2020 Revolving credit facility, due in 2023 $ — $ — Senior unsecured notes, 4.15% interest rate, due in 2022 (1) — 300,000 Senior unsecured notes, 4.00% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.25% interest rate, due in 2024 350,000 350,000 Senior unsecured notes, 4.50% interest rate, due in 2025 650,000 650,000 Senior unsecured notes, 2.650% interest rate, due in 2026 (2) 300,000 — Senior unsecured notes, 2.400% interest rate, due in 2027 (3) 350,000 — Senior unsecured notes, 3.450% interest rate, due in 2031 (4) 400,000 — Senior unsecured notes, 5.875% interest rate, due in 2046 (5) — 310,000 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 Mortgage note payable, 8.150% interest rate, due in 2021 (6) — 350 Mortgage note payable, 4.220% interest rate, due in 2022 (7) 25,055 25,804 Mortgage note payable, 3.550% interest rate, due in 2023 (8) — 71,000 Mortgage note payable, 3.700% interest rate, due in 2023 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 23,246 23,688 2,610,301 2,242,842 Unamortized debt premiums, discounts and issuance costs (32,351) (39,871) $ 2,577,950 $ 2,202,971 (1) These senior notes were redeemed in September 2021. (2) These senior notes were issued in May 2021. (3) These senior notes were issued in August 2021. (4) These senior notes were issued in September 2021. (5) These senior notes were redeemed in June 2021. (6) This mortgage note was paid in full as of its maturity date. (7) In February 2022, we gave notice of our intention to prepay this mortgage note at par plus accrued interest. We expect to make this prepayment in April 2022. (8) This mortgage note was prepaid in June 2021. 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 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 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 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, 2021. Senior Unsecured Note Issuances In May 2021, we issued $300,000 of 2.650% senior unsecured notes due 2026 in an underwritten public offering, raising net proceeds of $296,826, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on June 15, 2026 and may be repaid at par plus accrued and unpaid interest on or after May 15, 2026. In August 2021, we issued $350,000 of 2.400% senior unsecured notes due 2027 in an underwritten public offering, raising net proceeds of $346,607, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on February 1, 2027 and may be repaid at par plus accrued and unpaid interest on or after January 1, 2027. In September 2021, we issued $400,000 of 3.450% senior unsecured notes due 2031 in an underwritten public offering, raising net proceeds of $395,632, after deducting underwriters’ discounts and offering expenses. These notes require semi-annual payments of interest only through maturity on October 15, 2031 and may be repaid at par plus accrued and unpaid interest on or after July 15, 2031. Senior Unsecured Note Redemptions In June 2021, we redeemed, at par plus accrued interest, all $310,000 of our 5.875% senior unsecured notes due 2046. As a result of this redemption, we recognized a loss on early extinguishment of debt of $8,581 during the year ended December 31, 2021, from the write off of unamortized debt issuance costs. In September 2021, we redeemed, at a premium plus accrued interest, all $300,000 of our 4.15% senior unsecured notes due 2022. As a result of this redemption, we recognized a loss on early extinguishment of debt of $2,274 during the year ended December 31, 2021, from a prepayment penalty and the write off of unamortized discounts. Mortgage Note Repayment In June 2021, we prepaid, at a premium plus accrued interest, a mortgage note secured by three properties with an outstanding principal balance of $71,000, an annual interest rate of 3.55% and a maturity date in May 2023. As a result of the prepayment of this mortgage note, we recognized a loss on early extinguishment of debt of $3,213 during the year ended December 31, 2021, from a prepayment penalty and the write off of unamortized discounts. At December 31, 2021, three of our properties with an aggregate net book value of $188,130 were encumbered by mortgage notes with an aggregate principal amount of $98,301. 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, 2021 are as follows: Year Principal Payment 2022 (1) $ 325,517 2023 72,784 2024 350,000 2025 650,000 2026 300,000 Thereafter 912,000 Total $ 2,610,301 (2) (1) In February 2022, we gave notice of our intention to prepay, at par plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $25,055 at December 31, 2021, an annual interest rate of 4.22% and a maturity date in July 2022. (2) Total consolidated debt outstanding as of December 31, 2021, net of unamortized premiums, discounts and issuance costs totaling $32,351, was $2,577,950. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 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 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Assets of properties held for sale (1) $ 10,600 $ — $ 10,600 $ — (1) We recorded impairment charges of $6,991 to reduce the carrying value of two properties that are classified as held for sale in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $555, based on negotiated sales prices with third party buyers (Level 2 inputs 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, 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, 2021 and 2020, 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, 2021 As of December 31, 2020 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.15% interest rate, due in 2022 (2) $ — $ — $ 298,853 $ 306,192 Senior unsecured notes, 4.00% interest rate, due in 2022 299,500 304,148 298,579 306,756 Senior unsecured notes, 4.25% interest rate, due in 2024 344,581 365,449 342,299 365,435 Senior unsecured notes, 4.50% interest rate, due in 2025 639,370 687,749 635,921 688,399 Senior unsecured notes, 2.650% interest rate, due in 2026 (3) 297,213 298,502 — — Senior unsecured notes, 2.400% interest rate, due in 2027 (4) 346,845 339,764 — — Senior unsecured notes, 3.450% interest rate, due in 2031 (5) 395,744 388,458 — — Senior unsecured notes, 5.875% interest rate, due in 2046 (6) — — 301,264 322,028 Senior unsecured notes, 6.375% interest rate, due in 2050 156,519 177,098 156,326 171,590 Mortgage notes payable 98,178 100,294 169,729 174,952 Total $ 2,577,950 $ 2,661,462 $ 2,202,971 $ 2,335,352 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $32,351 and $39,871 as of December 31, 2021 and 2020, respectively. (2) These senior notes were redeemed in September 2021. (3) These senior notes were issued in May 2021. (4) These senior notes were issued in August 2021. (5) These senior notes were issued in September 2021. (6) These senior notes were redeemed in June 2021. We estimated the fair values of our senior unsecured notes (except for our senior unsecured notes due 2046 and 2050) using an average of the bid and ask price of the notes (Level 2 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. We estimated the fair values of our senior unsecured notes due 2046 and 2050 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 (Level 3 inputs as defined in the fair value hierarchy under GAAP) as of the measurement date. Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Awards We have common shares available for issuance under the terms of our Amended and Restated 2009 Incentive Share Award Plan, or the 2009 Plan. During the years ended December 31, 2021, 2020 and 2019, we awarded to our officers and other employees of RMR LLC annual share awards of 117,800, 108,600 and 103,100 of our common shares, respectively, valued at $2,994, $2,502 and $3,080, in aggregate, respectively. We also awarded each of our then eight Trustees 3,500 of our common shares in each of 2021 and 2020, and 3,000 of our common shares in 2019 as part of their annual compensation. These awards had aggregate values of $837 ($105 per Trustee), $745 ($93 per Trustee) and $575 ($72 per Trustee) in 2021, 2020 and 2019, respectively. In addition, we awarded 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. The values of the share awards 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 awarded to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur. We include the value of awarded shares in general and administrative expenses ratably over the vesting period. A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2021, 2020 and 2019, is as follows: 2021 2020 2019 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 157,521 $ 29.26 106,680 $ 40.16 55,321 $ 73.25 Awarded 145,800 $ 26.28 136,600 $ 23.77 136,100 $ 28.84 Forfeited (700) $ 25.97 (586) $ 43.75 (1,474) $ 49.10 Vested (120,397) $ 30.24 (85,173) $ 34.02 (83,267) $ 27.78 Unvested at end of year 182,224 $ 26.23 157,521 $ 29.26 106,680 $ 40.16 The 182,224 unvested shares as of December 31, 2021 are scheduled to vest as follows: 60,184 shares in 2022, 56,900 shares in 2023, 41,580 shares in 2024 and 23,560 shares in 2025. As of December 31, 2021, the estimated future compensation expense for the unvested shares was $4,279. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2021, 2020 and 2019, we recorded $2,868, $3,315 and $3,088, respectively, of compensation expense related to the 2009 Plan. At December 31, 2021, 987,610 of our common shares remained available for issuance under the 2009 Plan. Share Purchases During the years ended December 31, 2021, 2020 and 2019, we purchased 37,801, 19,589 and 15,588 of our common shares, respectively, valued at weighted average share prices of $26.55, $22.15 and $29.76 per common share, respectively, from certain of our current and former Trustees and officers and certain 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, 2021, 2020 and 2019, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Return of Capital Ordinary Income Qualified Dividend 2021 $ 2.20 $ 106,368 —% 100.00% —% 2020 $ 2.20 $ 106,121 —% 100.00% —% 2019 $ 2.20 $ 105,868 —% 100.00% —% On January 13, 2022, we declared a distribution payable to common shareholders of record on January 24, 2022 in the amount of $0.55 per share, or approximately $26,600. We expect to pay this distribution on or about February 17, 2022. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
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 $ 1,590 $ (7,717) $ 3,823 $ 8,055 $ 11,878 $ — 12/31/2018 1984 445 Jan Davis Drive Huntsville, AL 1 — 1,501 1,492 — — 1,501 1,492 2,993 (120) 12/31/2018 2007 131 Clayton Street Montgomery, AL 1 — 920 9,084 241 — 920 9,325 10,245 (2,438) 6/22/2011 2007 4344 Carmichael Road Montgomery, AL 1 — 1,374 11,658 562 — 1,374 12,220 13,594 (2,424) 12/17/2013 2009 15451 North 28th Avenue Phoenix, AZ 1 — 1,917 7,416 752 — 1,917 8,168 10,085 (1,518) 9/10/2014 1996 16001 North 28th Avenue Phoenix, AZ 1 — 3,355 412 1,123 — 3,355 1,535 4,890 (145) 12/31/2018 1998 711 S 14th Avenue Safford, AZ 1 — 460 11,708 884 (4,440) 364 8,248 8,612 (1,058) 6/16/2010 1992 Regents Center Tempe, AZ 2 — 4,121 3,042 293 — 4,121 3,335 7,456 (480) 12/31/2018 1988 Campbell Place Carlsbad, CA 2 — 5,769 3,871 7,481 — 5,769 11,352 17,121 (1,476) 12/31/2018 2007 Folsom Corporate Center Folsom, CA 1 — 2,904 5,583 568 — 2,904 6,151 9,055 (585) 12/31/2018 2008 Bayside Technology Park Fremont, CA 1 — 10,784 648 87 — 10,784 735 11,519 (75) 12/31/2018 1990 10949 N. Mather Boulevard Rancho Cordova, CA 1 — 562 16,923 992 — 562 17,915 18,477 (3,658) 10/30/2013 2012 11020 Sun Center Drive Rancho Cordova, CA 1 — 1,466 8,797 1,409 — 1,466 10,206 11,672 (1,486) 12/20/2016 1983 100 Redwood Shores Parkway Redwood City, CA 1 — 14,454 7,721 — — 14,454 7,721 22,175 (643) 12/31/2018 1993 3875 Atherton Road Rocklin, CA 1 — 177 853 9 — 177 862 1,039 (71) 12/31/2018 1991 801 K Street Sacramento, CA 1 — 4,688 61,994 7,078 — 4,688 69,072 73,760 (10,724) 1/29/2016 1989 9815 Goethe Road Sacramento, CA 1 — 1,450 9,465 1,494 — 1,450 10,959 12,409 (2,821) 9/14/2011 1992 Capitol Place Sacramento, CA 1 — 2,290 35,891 8,399 — 2,290 44,290 46,580 (12,964) 12/17/2009 1988 4560 Viewridge Road San Diego, CA 1 — 4,269 18,316 5,135 — 4,347 23,373 27,720 (13,088) 3/31/1997 1996 2115 O’Nel Drive San Jose, CA 1 — 12,305 5,062 218 — 12,305 5,280 17,585 (421) 12/31/2018 1984 North First Street San Jose, CA 1 — 8,311 4,003 411 — 8,311 4,414 12,725 (417) 12/31/2018 1984 Rio Robles Drive San Jose, CA 3 — 23,687 13,698 3,196 — 23,687 16,894 40,581 (1,611) 12/31/2018 1984 2450 and 2500 Walsh Avenue Santa Clara, CA 2 — 13,374 16,651 161 — 13,374 16,812 30,186 (1,401) 12/31/2018 1982 3250 and 3260 Jay Street Santa Clara, CA 2 — 19,899 14,051 — — 19,899 14,051 33,950 (1,168) 12/31/2018 1982 603 San Juan Avenue Stockton, CA 1 — 563 5,470 49 — 563 5,519 6,082 (1,288) 7/20/2012 2012 350 West Java Drive Sunnyvale, CA 1 — 24,609 462 322 — 24,609 784 25,393 (48) 12/31/2018 1984 7958 South Chester Street Centennial, CO 1 — 6,682 7,153 812 — 6,682 7,965 14,647 (651) 12/31/2018 2000 350 Spectrum Loop Colorado Springs, CO 1 — 3,650 7,732 503 — 3,650 8,235 11,885 (665) 12/31/2018 2000 333 Inverness Drive South Englewood, CO 1 — 5,711 4,543 63 — 5,711 4,606 10,317 (408) 12/31/2018 1998 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 12795 West Alameda Parkway Lakewood, CO 1 — 2,640 23,777 1,441 — 2,640 25,218 27,858 (7,510) 1/15/2010 1988 Corporate Center Lakewood, CO 3 — 2,887 27,537 4,101 — 2,887 31,638 34,525 (15,258) 10/11/2002 1980 11 Dupont Circle, NW Washington, DC 1 — 28,255 44,743 15,108 — 28,255 59,851 88,106 (7,197) 10/2/2017 1974 1211 Connecticut Avenue, NW Washington, DC 1 25,059 30,388 24,667 3,268 — 30,388 27,935 58,323 (3,633) 10/2/2017 1967 1401 K Street, NW Washington, DC 1 23,408 29,215 34,656 6,214 — 29,215 40,870 70,085 (6,005) 10/2/2017 1929 20 Massachusetts Avenue Washington, DC 1 — 12,009 51,527 72,633 — 12,230 123,939 136,169 (40,667) 3/31/1997 1996 440 First Street, NW Washington, DC 1 — 27,903 38,624 2,233 — 27,903 40,857 68,760 (4,520) 10/2/2017 1982 625 Indiana Avenue Washington, DC 1 — 26,000 25,955 9,818 — 26,000 35,773 61,773 (9,746) 8/17/2010 1989 840 First Street, NE Washington, DC 1 — 42,727 73,278 3,546 — 42,727 76,824 119,551 (8,758) 10/2/2017 2003 10350 NW 112th Avenue Miami, FL 1 — 4,798 2,757 1,014 — 4,798 3,771 8,569 (252) 12/31/2018 2002 7850 Southwest 6th Court Plantation, FL 1 — 4,800 30,592 491 — 4,800 31,083 35,883 (8,231) 5/12/2011 1999 8900 Grand Oak Circle Tampa, FL 1 — 1,100 11,773 1,134 — 1,100 12,907 14,007 (3,451) 10/15/2010 1994 180 Ted Turner Drive SW Atlanta, GA 1 — 5,717 20,017 632 — 5,717 20,649 26,366 (4,824) 7/25/2012 2007 1224 Hammond Drive Atlanta, GA 1 — 13,040 135,459 6,549 — 13,040 142,008 155,048 (2,171) 6/25/2021 2020 Corporate Square Atlanta, GA 5 — 3,996 29,762 28,004 — 3,996 57,766 61,762 (18,642) 7/16/2004 1967 Executive Park Atlanta, GA 1 — 1,521 11,826 4,123 — 1,521 15,949 17,470 (7,759) 7/16/2004 1972 One Georgia Center Atlanta, GA 1 — 10,250 27,933 16,756 — 10,250 44,689 54,939 (9,744) 9/30/2011 1968 One Primerica Parkway Duluth, GA 1 — 6,927 22,951 — — 6,927 22,951 29,878 (1,908) 12/31/2018 2013 4712 Southpark Boulevard Ellenwood, GA 1 — 1,390 19,635 118 — 1,390 19,753 21,143 (4,651) 7/25/2012 2005 91-209 Kuhela Street Kapolei, HI 1 — 1,998 — 3 — 1,992 9 2,001 — 12/31/2018 Land 8305 NW 62nd Avenue Johnston, IA 1 — 2,649 7,997 — — 2,649 7,997 10,646 (665) 12/31/2018 2011 1185, 1249 & 1387 S. Vinnell Way Boise, ID 3 — 3,390 29,026 1,016 — 3,390 30,042 33,432 (7,019) 9/11/2012 1996; 1997; 2002 2020 S. Arlington Heights Arlington Heights, IL 1 — 1,450 13,588 1,672 — 1,450 15,260 16,710 (4,204) 12/29/2009 1988 400 South Jefferson Street Chicago, IL 1 49,711 19,379 20,115 779 — 19,379 20,894 40,273 (1,744) 12/31/2018 1947 1000 W. Fulton Chicago, IL 1 — 42,935 258,348 50 — 42,935 258,398 301,333 (4,473) 6/24/2021 2015 HUB 1415 Naperville, IL 1 — 12,333 20,586 12,056 — 12,333 32,642 44,975 (2,681) 12/31/2018 2001 440 North Fairway Drive Vernon Hills, IL 1 — 4,465 441 — — 4,465 441 4,906 (38) 12/31/2018 1992 7601 and 7635 Interactive Way Indianapolis, IN 2 — 3,337 14,522 34 — 3,337 14,556 17,893 (1,136) 12/31/2018 2003 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 Intech Park Indianapolis, IN 3 — 4,170 69,759 9,542 — 4,170 79,301 83,471 (20,726) 10/14/2011 2000; 2001; 2008 The Atrium at Circleport II Erlanger, KY 1 — 1,796 1,933 578 — 1,796 2,511 4,307 (287) 12/31/2018 1999 7125 Industrial Road Florence, KY 1 — 1,698 11,722 293 — 1,698 12,015 13,713 (2,711) 12/31/2012 1980 251 Causeway Street Boston, MA 3 — 26,851 36,756 3,665 — 26,851 40,421 67,272 (6,205) 8/17/2010; 8/3/2021 1987 The Connect Chelmsford, MA 2 — 4,700 — 8,256 — 4,700 8,256 12,956 (496) 12/31/2018 1984 75 Pleasant Street Malden, MA 1 — 1,050 31,086 877 — 1,050 31,963 33,013 (9,349) 5/24/2010 2008 25 Newport Avenue Quincy, MA 1 — 2,700 9,199 1,593 — 2,700 10,792 13,492 (2,823) 2/16/2011 1985 314 Littleton Road Westford, MA 1 — 5,691 8,487 47 — 5,691 8,534 14,225 (717) 12/31/2018 2007 Annapolis Commerce Center Annapolis, MD 2 — 4,057 7,665 4,599 — 4,057 12,264 16,321 (1,121) 10/2/2017 1989 4201 Patterson Avenue Baltimore, MD 1 — 901 8,097 4,134 (85) 893 12,154 13,047 (6,291) 10/15/1998 1989 7001 Columbia Gateway Drive Columbia, MD 1 — 5,642 10,352 399 — 5,642 10,751 16,393 (939) 12/31/2018 2008 Hillside Center Columbia, MD 2 — 3,437 4,228 934 — 3,437 5,162 8,599 (643) 10/2/2017 2001 TenThreeTwenty Columbia, MD 1 — 3,126 16,361 1,932 — 3,126 18,293 21,419 (2,370) 10/2/2017 1982 3300 75th Avenue Landover, MD 1 — 4,110 36,371 3,140 — 4,110 39,511 43,621 (11,474) 2/26/2010 1985 Redland 520/530 Rockville, MD 3 — 12,714 61,377 4,267 — 12,714 65,644 78,358 (7,105) 10/2/2017 2008 Redland 540 Rockville, MD 1 — 10,740 17,714 6,113 — 10,740 23,827 34,567 (4,390) 10/2/2017 2003 Rutherford Business Park Windsor Mill, MD 1 — 1,598 10,219 545 — 1,598 10,764 12,362 (2,438) 11/16/2012 1972 3550 Green Court Ann Arbor, MI 1 — 3,630 4,857 — — 3,630 4,857 8,487 (429) 12/31/2018 1998 11411 E. Jefferson Avenue Detroit, MI 1 — 630 18,002 567 — 630 18,569 19,199 (5,358) 4/23/2010 2009 Rosedale Corporate Plaza Roseville, MN 1 — 672 6,045 1,547 — 672 7,592 8,264 (4,338) 12/1/1999 1987 1300 Summit Street Kansas City, MO 1 — 2,776 12,070 900 — 2,776 12,970 15,746 (2,978) 9/27/2012 1998 2555 Grand Boulevard Kansas City, MO 1 — 4,209 51,522 4,402 — 4,209 55,924 60,133 (4,550) 12/31/2018 2003 4241 NE 34th Street Kansas City, MO 1 — 1,133 5,649 4,705 — 1,470 10,017 11,487 (4,995) 3/31/1997 1995 1220 Echelon Parkway Jackson, MS 1 — 440 25,458 529 — 440 25,987 26,427 (6,103) 7/25/2012 2009 2300 and 2400 Yorkmont Road Charlotte, NC 2 — 1,334 19,075 2,509 — 1,334 21,584 22,918 (1,966) 12/31/2018 1995 18010 and 18020 Burt Street Omaha, NE 2 — 6,977 12,500 — — 6,977 12,500 19,477 (1,039) 12/31/2018 2012 500 Charles Ewing Boulevard Ewing, NJ 1 — 4,808 26,002 — — 4,808 26,002 30,810 (2,162) 12/31/2018 2012 299 Jefferson Road Parsippany, NJ 1 — 4,543 2,914 865 — 4,543 3,779 8,322 (386) 12/31/2018 2011 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 One Jefferson Road Parsippany, NJ 1 — 4,415 5,249 63 — 4,415 5,312 9,727 (439) 12/31/2018 2009 Airline Corporate Center Colonie, NY 1 — 790 6,400 1,141 — 790 7,541 8,331 (1,652) 6/22/2012 2004 5000 Corporate Court Holtsville, NY 1 — 6,530 17,711 4,330 — 6,530 22,041 28,571 (5,956) 8/31/2011 2000 1212 Pittsford - Victor Road Pittsford, NY 1 — 608 78 538 — 608 616 1,224 (67) 12/31/2018 1965 2231 Schrock Road Columbus, OH 1 — 716 217 283 — 716 500 1,216 (63) 12/31/2018 1999 4600 25th Avenue Salem, OR 1 — 6,510 17,973 6,355 — 6,510 24,328 30,838 (5,918) 12/20/2011 1957 8800 Tinicum Boulevard Philadelphia, PA 1 — 5,573 22,686 2,396 — 5,573 25,082 30,655 (1,976) 12/31/2018 2000 446 Wrenplace Road Fort Mill, SC 1 — 5,031 22,524 — — 5,031 22,524 27,555 (577) 12/22/2020 2019 9680 Old Bailes Road Fort Mill, SC 1 — 834 2,944 53 — 834 2,997 3,831 (247) 12/31/2018 2007 16001 North Dallas Parkway Addison, TX 2 — 10,282 63,071 945 — 10,282 64,016 74,298 (5,636) 12/31/2018 1987 Research Park Austin, TX 2 — 4,258 13,747 247 — 4,258 13,994 18,252 (2,103) 12/31/2018 1999 10451 Clay Road Houston, TX 1 — 5,495 10,253 — — 5,495 10,253 15,748 (854) 12/31/2018 2013 202 North Castlegory Road Houston, TX 1 — 863 5,024 — — 863 5,024 5,887 (393) 12/31/2018 2016 6380 Rogerdale Road Houston, TX 1 — 12,628 6,113 1,092 — 12,628 7,205 19,833 (550) 12/31/2018 2006 4221 W. John Carpenter Freeway Irving, TX 1 — 1,413 2,365 1,843 — 1,413 4,208 5,621 (736) 12/31/2018 1995 8675,8701-8711 Freeport Pkwy and 8901 Esters Boulevard Irving, TX 3 — 10,185 31,566 68 — 10,185 31,634 41,819 (2,625) 12/31/2018 1990 1511 East Common Street New Braunfels, TX 1 — 4,965 1,266 222 — 4,965 1,488 6,453 (124) 12/31/2018 2005 2900 West Plano Parkway Plano, TX 1 — 6,819 8,831 — — 6,819 8,831 15,650 (734) 12/31/2018 1998 3400 West Plano Parkway Plano, TX 1 — 4,543 15,964 321 — 4,543 16,285 20,828 (1,369) 12/31/2018 1994 3600 Wiseman Boulevard San Antonio, TX 1 — 3,493 6,662 3,300 — 3,493 9,962 13,455 (1,129) 12/31/2018 2004 701 Clay Road Waco, TX 1 — 2,030 8,708 14,327 — 2,060 23,005 25,065 (7,173) 12/23/1997 1997 1800 Novell Place Provo, UT 1 — 7,487 43,487 124 — 7,487 43,611 51,098 (3,906) 12/31/2018 2000 4885-4931 North 300 West Provo, UT 2 — 3,915 9,429 21 — 3,915 9,450 13,365 (834) 12/31/2018 2009 14660, 14672 & 14668 Lee Road Chantilly, VA 3 — 6,966 74,214 6,172 — 6,966 80,386 87,352 (10,355) 12/22/2016 1998; 2002; 2006 1434 Crossways Chesapeake, VA 2 — 3,617 19,527 2,673 — 3,617 22,200 25,817 (2,680) 10/2/2017 1998 Enterchange at Meadowville Chester, VA 1 — 1,478 9,594 424 — 1,478 10,018 11,496 (2,077) 8/28/2013 1999 Three Flint Hill Fairfax, VA 1 — 5,991 25,536 3,118 — 5,991 28,654 34,645 (4,356) 10/2/2017 1984 7987 Ashton Avenue Manassas, VA 1 — 1,562 8,253 1,059 — 1,562 9,312 10,874 (1,311) 1/3/2017 1989 Two Commercial Place Norfolk, VA 1 — 4,494 21,508 575 — 4,494 22,083 26,577 (1,744) 12/31/2018 1974 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 1759 & 1760 Business Center Drive Reston, VA 2 — 9,066 78,658 7,007 — 9,066 85,665 94,731 (15,947) 5/28/2014 1987 1775 Wiehle Avenue Reston, VA 1 — 4,138 26,120 2,000 — 4,138 28,120 32,258 (3,312) 10/2/2017 2001 9201 Forest Hill Avenue Richmond, VA 1 — 1,344 375 466 — 1,344 841 2,185 (100) 12/31/2018 1985 9960 Mayland Drive Richmond, VA 1 — 2,614 15,930 3,392 — 2,614 19,322 21,936 (3,720) 5/20/2014 1994 Parham Place Richmond, VA 3 — 913 1,099 563 — 913 1,662 2,575 (132) 12/31/2018 1989; 2012 1751 Blue Hills Drive Roanoke, VA 1 — 2,689 7,761 — — 2,689 7,761 10,450 (645) 12/31/2018 2003 Atlantic Corporate Park Sterling, VA 2 — 5,752 29,316 2,713 — 5,752 32,029 37,781 (3,499) 10/2/2017 2008 Orbital Sciences Campus Sterling, VA 3 — 12,275 19,320 780 — 12,275 20,100 32,375 (1,754) 12/31/2018 2001 Sterling Business Park Lots 8 and 9 Sterling, VA 1 — 5,871 44,324 103 — 5,871 44,427 50,298 (4,714) 10/2/2017 2016 65 Bowdoin Street S. Burlington, VT 1 — 700 8,416 140 — 700 8,556 9,256 (2,524) 4/9/2010 2009 840 North Broadway Everett, WA 2 — 3,360 15,376 3,228 — 3,360 18,604 21,964 (4,189) 6/28/2012 1985 Stevens Center Richland, WA 2 — 3,970 17,035 5,594 — 4,042 22,557 26,599 (12,408) 3/31/1997 1995 351, 401, 501 Elliott Ave West Seattle, WA 3 — 26,640 52,740 5,782 — 26,640 58,522 85,162 (4,705) 12/31/2018 2000 5353 Yellowstone Road Cheyenne, WY 1 — 1,915 8,217 1,882 — 1,950 10,064 12,014 (5,551) 3/31/1997 1995 174 $ 98,178 $ 875,529 $ 2,658,896 $ 388,903 $ (12,242) $ 874,108 $ 3,036,978 $ 3,911,086 $ (495,912) Properties Held for Sale 2115 East Jefferson Street (4) Rockville, MD 1 — 3,349 11,152 592 (8,646) 1,678 4,769 6,447 — 8/27/2013 1981 Greenbrier Towers (5) Chesapeake, VA 2 — 3,437 11,241 3,067 — 3,437 14,308 17,745 (2,354) 10/2/2017 1985 11050 West Liberty Drive Milwaukee, WI 1 — 945 4,539 103 (1,989) 781 2,817 3,598 — 6/9/2011 2006 4 — 7,731 26,932 3,762 (10,635) 5,896 21,894 27,790 (2,354) 178 $ 98,178 $ 883,260 $ 2,685,828 $ 392,665 $ (22,877) $ 880,004 $ 3,058,872 $ 3,938,876 $ (498,266) (1) Represents mortgage debt, net of the unamortized balance of the fair value adjustments and debt issuance costs totaling $123. (2) Excludes the value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $7,358,924. (3) Depreciation on building and improvements is provided for periods ranging up to 40 years and on equipment up to 12 years. (4) This property was sold in January 2022. (5) These properties were sold in February 2022. 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, 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 Additions 122,116 83,828 Loss on asset impairment (2,954) — Disposals (31,193) (13,125) Cost basis adjustment (1) (3,968) (3,968) Reclassification of assets of properties held for sale (55,089) (2,477) Balance at December 31, 2020 3,522,143 451,914 Additions 584,805 92,266 Loss on asset impairment (58,696) — Disposals (72,137) (8,675) Cost basis adjustment (1) (37,239) (37,239) Reclassification of assets of properties held for sale (27,790) (2,354) Balance at December 31, 2021 $ 3,911,086 $ 495,912 (1) Represents the reclassification between accumulated depreciation and building made to certain properties reclassified as assets of properties held for sale at fair value less costs to sell in accordance with GAAP. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 | 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, buildings 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 $2,288, $5,440 and $2,710 during the years ended December 31, 2021, 2020 and 2019, 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 $142,538, $161,752 and $195,268 during the years ended December 31, 2021, 2020 and 2019, 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 and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). We recorded amortization of deferred leasing costs of $6,691, $5,985 and $5,216, and reductions to rental income related to the amortization of inducements of $1,187, $902 and $757 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Debt Issuance Costs | Debt Issuance Costs. Costs related to the issuance or assumption of debt are capitalized and 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, 2021 and 2020, debt issuance costs for our revolving credit facility were $4,125 and accumulated amortization of debt issuance costs for our revolving credit facility were $3,079 and $2,069, respectively. Debt issuance costs, net of accumulated amortization, for our senior unsecured notes and mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. |
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. 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. |
Equity Method Investments | Equity Method Investments. We previously accounted for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved on February 13, 2020, using the equity method of accounting. Significant influence was present through common representation on the boards of trustees or directors of us and AIC. See Note 6 for more information regarding our investment in AIC. We also have noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties. The properties owned by these joint ventures are encumbered by an aggregate of $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 investments in these joint ventures under the equity method of accounting. See Note 3 for more information regarding our unconsolidated joint ventures. |
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. 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. Allowances for bad debts are recognized as a direct reduction of rental income. 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 made the policy election 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. See Note 4 for more information regarding our leases. |
Income Taxes | 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 | 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. |
Per Common Share Amounts | Per Common Share Amounts. We calculate basic earnings per common share by dividing net income (loss) 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, together with the related impact on earnings, are considered when calculating diluted earnings per share. |
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. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles. |
Segment Reporting | Segment Reporting. We operate in one business segment: direct ownership of real estate properties. |
New Accounting Pronouncements | New Accounting Pronouncements. In October 2021, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , or ASU No. 2021-08, which requires that an acquirer account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The acquiring entity shall recognize and measure the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, rather than at fair value at the acquisition date. ASU No. 2021-08 is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. On October 1, 2021, we early adopted ASU No. 2021-08. The adoption of ASU No. 2021-08 did not have an impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2021 and 2020, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2021 2020 Acquired real estate leases: Capitalized above market lease values $ 29,925 $ 34,972 Less: accumulated amortization (17,945) (19,291) Capitalized above market lease values, net 11,980 15,681 Lease origination value 885,250 868,459 Less: accumulated amortization (391,601) (335,197) Lease origination value, net 493,649 533,262 Acquired real estate leases, net $ 505,629 $ 548,943 Assumed real estate lease obligations: Capitalized below market lease values $ 29,488 $ 21,092 Less: accumulated amortization (12,454) (10,504) Assumed real estate lease obligations, net $ 17,034 $ 10,588 |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | We allocated the purchase prices of these acquisitions based on the relative estimated fair values of the acquired assets and assumed liabilities as follows: Acquisition Date Location Number of Properties Rentable Square Feet Purchase Price Land Buildings and Improvements Acquired Real Estate Leases Assumed Real Estate Lease Obligations June 2021 Chicago, IL (1) 1 531,000 $ 368,331 $ 42,935 $ 258,348 $ 76,136 $ (9,088) June 2021 Atlanta, GA 1 346,000 180,602 13,040 135,459 32,103 — August 2021 Boston, MA 1 49,000 27,545 16,103 10,217 1,225 — 3 926,000 $ 576,478 $ 72,078 $ 404,024 $ 109,464 $ (9,088) (1) Purchase price includes an adjustment of $13,031 to record an estimated real estate tax liability as of the acquisition date. Acquisition Date Location Number of Properties Rentable Square Feet Purchase Price Land Buildings and Improvements Acquired Real Estate Leases February 2020 Boston, MA 1 13,000 $ 11,864 $ 2,618 $ 9,246 $ — December 2020 Fort Mill, SC 1 150,000 35,351 5,031 22,526 7,794 2 163,000 $ 47,215 $ 7,649 $ 31,772 $ 7,794 |
Schedule of Disposal Groups | Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate January 2021 — Kansas City, MO (2) (3) 10,000 $ 845 $ (63) $ — January 2021 1 Richmond, VA (2) 311,000 130,000 54,181 — April 2021 1 Huntsville, AL 1,371,000 39,000 — 5,383 July 2021 1 Fresno, CA 532,000 6,000 — 33,902 July 2021 1 Liverpool, NY 38,000 650 31 — August 2021 1 Memphis, TN 205,000 15,270 287 — September 2021 1 Stoneham, MA 98,000 6,650 (282) 5,911 October 2021 — Sterling, VA (4) — 28,500 24,200 — 6 2,565,000 $ 226,915 $ 78,354 $ 45,196 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2020. (3) Consists of a warehouse facility adjacent to a property we own located in Kansas City, MO. (4) Consists of two vacant land parcels adjacent to properties we own located in Sterling, VA. As of December 31, 2021, the following four properties met the criteria to be classified as held for sale in our consolidated balance sheet: Date of Sale Agreement Location Number of Properties Rentable Square Feet Gross Sales Price (1) Loss on Impairment of Real Estate December 2021 Rockville, MD (2) 1 129,000 $ 6,750 $ 6,236 December 2021 Chesapeake, VA (3) 2 172,000 18,945 — January 2022 Milwaukee, WI 1 29,000 3,850 755 4 330,000 $ 29,545 $ 6,991 (1) Gross sales price is the gross contract price, excluding closing costs. (2) The sale of this property was completed in January 2022. (3) The sale of these properties was completed in February 2022. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate January 2020 2 Stafford, VA 65,000 $ 14,063 $ 4,771 $ — January 2020 1 Windsor, CT 97,000 7,000 314 — February 2020 1 Lincolnshire, IL 223,000 12,000 1,179 — March 2020 1 Trenton, NJ (2) 267,000 30,100 (179) — March 2020 1 Fairfax, VA 83,000 22,200 4,754 — October 2020 4 Fairfax, VA 171,000 25,100 16 2,954 10 906,000 $ 110,463 $ 10,855 $ 2,954 (1) Gross sales price is the gross contract price, excluding closing costs. (2) 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 fair value less costs to sell. Date of Sale Number of Properties Location Rentable Square Feet Gross Sales Price (1) Gain (Loss) on Sale of Real Estate Loss on Impairment of Real Estate February 2019 34 Northern Virginia and Maryland 1,636,000 $ 198,500 $ — $ 732 March 2019 1 Washington, D.C. (2) 129,000 70,000 22,075 — May 2019 1 Buffalo, NY 122,000 16,900 — 5,137 May 2019 1 Maynard, MA 287,000 5,000 (227) — June 2019 1 Kapolei, HI 417,000 7,100 — — July 2019 1 San Jose, CA 72,000 14,000 (270) — July 2019 1 Nashua, NH 322,000 25,000 8,401 — August 2019 1 Arlington, TX 182,000 14,900 187 — August 2019 1 Rochester, NY 95,000 4,765 (104) — August 2019 1 Hanover, PA 502,000 5,500 (417) — August 2019 1 San Antonio, TX 618,000 198,000 3,869 — September 2019 1 Topeka, KS 144,000 15,600 36 — September 2019 1 Falling Waters, WV 40,000 650 — 2,179 September 2019 1 San Diego, CA 44,000 8,950 3,062 — October 2019 3 Columbia, SC 181,000 10,750 — 3,581 November 2019 3 Metro DC - MD 373,000 61,938 1,177 — December 2019 1 San Diego, CA 148,000 23,750 6,823 — December 2019 1 Phoenix, AZ 123,000 12,850 860 — December 2019 1 Houston, TX 497,000 130,000 59,992 — December 2019 1 Kansas City, KS 171,000 11,700 — 1,172 December 2019 1 San Jose, CA 76,000 13,000 (333) — 58 6,179,000 $ 848,853 $ 105,131 $ 12,801 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Represents an individually significant disposition. |
Schedule of Joint Ventures | As of December 31, 2021 and 2020, our investments in unconsolidated joint ventures consisted of the following: OPI Ownership OPI Carrying Value of Investments at December 31, Number of Properties Location Rentable Square Feet Joint Venture 2021 2020 Prosperity Metro Plaza 51% $ 20,672 $ 21,888 2 Fairfax, VA 329,000 1750 H Street, NW 50% 14,166 16,063 1 Washington, D.C. 115,000 Total $ 34,838 $ 37,951 3 444,000 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, 2021 and 2020 (2) 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. (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we do not own. None of the debt is recourse to us. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2021: Year Amount 2022 $ 456,350 2023 422,139 2024 360,282 2025 296,945 2026 253,313 Thereafter 1,267,710 Total $ 3,056,739 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | At December 31, 2021 and 2020, our outstanding indebtedness consisted of the following: December 31, 2021 2020 Revolving credit facility, due in 2023 $ — $ — Senior unsecured notes, 4.15% interest rate, due in 2022 (1) — 300,000 Senior unsecured notes, 4.00% interest rate, due in 2022 300,000 300,000 Senior unsecured notes, 4.25% interest rate, due in 2024 350,000 350,000 Senior unsecured notes, 4.50% interest rate, due in 2025 650,000 650,000 Senior unsecured notes, 2.650% interest rate, due in 2026 (2) 300,000 — Senior unsecured notes, 2.400% interest rate, due in 2027 (3) 350,000 — Senior unsecured notes, 3.450% interest rate, due in 2031 (4) 400,000 — Senior unsecured notes, 5.875% interest rate, due in 2046 (5) — 310,000 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 Mortgage note payable, 8.150% interest rate, due in 2021 (6) — 350 Mortgage note payable, 4.220% interest rate, due in 2022 (7) 25,055 25,804 Mortgage note payable, 3.550% interest rate, due in 2023 (8) — 71,000 Mortgage note payable, 3.700% interest rate, due in 2023 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 23,246 23,688 2,610,301 2,242,842 Unamortized debt premiums, discounts and issuance costs (32,351) (39,871) $ 2,577,950 $ 2,202,971 (1) These senior notes were redeemed in September 2021. (2) These senior notes were issued in May 2021. (3) These senior notes were issued in August 2021. (4) These senior notes were issued in September 2021. (5) These senior notes were redeemed in June 2021. (6) This mortgage note was paid in full as of its maturity date. (7) In February 2022, we gave notice of our intention to prepay this mortgage note at par plus accrued interest. We expect to make this prepayment in April 2022. (8) This mortgage note was prepaid in June 2021. |
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, 2021 are as follows: Year Principal Payment 2022 (1) $ 325,517 2023 72,784 2024 350,000 2025 650,000 2026 300,000 Thereafter 912,000 Total $ 2,610,301 (2) (1) In February 2022, we gave notice of our intention to prepay, at par plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $25,055 at December 31, 2021, an annual interest rate of 4.22% and a maturity date in July 2022. (2) Total consolidated debt outstanding as of December 31, 2021, net of unamortized premiums, discounts and issuance costs totaling $32,351, was $2,577,950. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value | The following table presents certain of our assets measured at fair value at December 31, 2021, 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 Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring Fair Value Measurements Assets Assets of properties held for sale (1) $ 10,600 $ — $ 10,600 $ — (1) We recorded impairment charges of $6,991 to reduce the carrying value of two properties that are classified as held for sale in our consolidated balance sheet to their estimated fair value, less estimated costs to sell of $555, based on negotiated sales prices with third party buyers (Level 2 inputs 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, 2021 and 2020, 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, 2021 As of December 31, 2020 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.15% interest rate, due in 2022 (2) $ — $ — $ 298,853 $ 306,192 Senior unsecured notes, 4.00% interest rate, due in 2022 299,500 304,148 298,579 306,756 Senior unsecured notes, 4.25% interest rate, due in 2024 344,581 365,449 342,299 365,435 Senior unsecured notes, 4.50% interest rate, due in 2025 639,370 687,749 635,921 688,399 Senior unsecured notes, 2.650% interest rate, due in 2026 (3) 297,213 298,502 — — Senior unsecured notes, 2.400% interest rate, due in 2027 (4) 346,845 339,764 — — Senior unsecured notes, 3.450% interest rate, due in 2031 (5) 395,744 388,458 — — Senior unsecured notes, 5.875% interest rate, due in 2046 (6) — — 301,264 322,028 Senior unsecured notes, 6.375% interest rate, due in 2050 156,519 177,098 156,326 171,590 Mortgage notes payable 98,178 100,294 169,729 174,952 Total $ 2,577,950 $ 2,661,462 $ 2,202,971 $ 2,335,352 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $32,351 and $39,871 as of December 31, 2021 and 2020, respectively. (2) These senior notes were redeemed in September 2021. (3) These senior notes were issued in May 2021. (4) These senior notes were issued in August 2021. (5) These senior notes were issued in September 2021. (6) These senior notes were redeemed in June 2021. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Shares Granted And Vested Under The Terms of The Entity's 2009 Plan | A summary of shares awarded, forfeited, vested and unvested under the terms of the 2009 Plan for the years ended December 31, 2021, 2020 and 2019, is as follows: 2021 2020 2019 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 157,521 $ 29.26 106,680 $ 40.16 55,321 $ 73.25 Awarded 145,800 $ 26.28 136,600 $ 23.77 136,100 $ 28.84 Forfeited (700) $ 25.97 (586) $ 43.75 (1,474) $ 49.10 Vested (120,397) $ 30.24 (85,173) $ 34.02 (83,267) $ 27.78 Unvested at end of year 182,224 $ 26.23 157,521 $ 29.26 106,680 $ 40.16 |
Schedule of Dividends | During the years ended December 31, 2021, 2020 and 2019, we paid distributions on our common shares as follows: Annual Per Share Distribution Total Distributions Characterization of Distributions Year Return of Capital Ordinary Income Qualified Dividend 2021 $ 2.20 $ 106,368 —% 100.00% —% 2020 $ 2.20 $ 106,121 —% 100.00% —% 2019 $ 2.20 $ 105,868 —% 100.00% —% |
Organization (Details)
Organization (Details) ft² in Thousands | 12 Months Ended | |
Dec. 31, 2021ft²joint_ventureproperty | Dec. 31, 2020ft² | |
Real Estate Properties [Line Items] | ||
Number of properties (in properties) | property | 178 | |
Rentable area of properties (in square feet) | ft² | 926 | 163 |
Number of joint ventures | joint_venture | 2 | |
Unconsolidated Joint Ventures | ||
Real Estate Properties [Line Items] | ||
Number of properties (in properties) | property | 3 | |
Rentable area of properties (in square feet) | ft² | 444 | |
Number of joint ventures | joint_venture | 2 | |
Joint Venture Property 1 | ||
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 51.00% | |
Joint Venture Property 2 | ||
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Real Estate Properties, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Line Items] | |||
Net decreases to rental income from amortization of capitalized above market and below market leases | $ 2,288 | $ 5,440 | $ 2,710 |
Amortization of the value of leases | 144,826 | 167,192 | 197,978 |
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations | |||
2022 | 121,814 | ||
2023 | 99,643 | ||
2024 | 77,107 | ||
2025 | 56,168 | ||
2026 | 41,393 | ||
Thereafter | $ 92,470 | ||
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 | 10 years 3 months 18 days | ||
Above Market Lease | Weighted Average | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 3 years 3 months 18 days | ||
Original Value Lease | |||
Real Estate [Line Items] | |||
Amortization of the value of leases | $ 142,538 | $ 161,752 | $ 195,268 |
Original Value Lease | Weighted Average | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 6 years 3 months 18 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Real Estate Assets and Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Line Items] | ||
Acquired real estate leases, net | $ 505,629 | $ 548,943 |
Capitalized below market lease values | 29,488 | 21,092 |
Less: accumulated amortization | (12,454) | (10,504) |
Assumed real estate lease obligations, net | 17,034 | 10,588 |
Above Market Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 29,925 | 34,972 |
Less: accumulated amortization | (17,945) | (19,291) |
Acquired real estate leases, net | 11,980 | 15,681 |
Original Value Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 885,250 | 868,459 |
Less: accumulated amortization | (391,601) | (335,197) |
Acquired real estate leases, net | $ 493,649 | $ 533,262 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Amortization of deferred leasing costs | $ 6,691 | $ 5,985 | $ 5,216 |
Deferred sales inducement cost, amortization expense | 1,187 | 902 | $ 757 |
Deferred leasing costs, gross | 74,469 | 59,691 | |
Accumulated amortization of deferred leasing costs | 20,586 | 17,065 | |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | |||
2022 | 8,536 | ||
2023 | 7,798 | ||
2024 | 6,739 | ||
2025 | 5,784 | ||
2026 | 5,132 | ||
Thereafter | 19,894 | ||
Deferred financing fees, net | 16,120 | 17,545 | |
Future amortization of deferred financing fees | |||
2022 | 3,514 | ||
2023 | 2,217 | ||
2024 | 2,155 | ||
2025 | 1,669 | ||
2026 | 1,335 | ||
Thereafter | 6,276 | ||
Unsecured Revolving Credit Facility | |||
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | |||
Deferred financing fees, gross | 4,125 | 4,125 | |
Accumulated amortization of deferred financing fees | $ 3,079 | $ 2,069 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Equity Securities (Details) | Dec. 31, 2019shares |
Class A Common Shares | RMR Inc | |
Related Party Transaction [Line Items] | |
Common shares owned in RMR Inc. (in shares) | 2,801,060 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)joint_venturepropertysegment$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Jun. 05, 2015USD ($)shares | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 2 | |||
Number of properties (in properties) | property | 178 | |||
Unamortized discount (premium), net | $ 15,232 | |||
Common shares of beneficial interest, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Antidilutive securities (in shares) | shares | 34,000 | 14,000 | 12,000 | |
Number of business segments | segment | 1 | |||
Joint Venture Property 1 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51.00% | |||
Joint Venture Property 2 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 50.00% | |||
RMR Inc | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity securities, FV-NI (in shares) | shares | 1,541,201 | |||
Equity securities, FV-NI, cost | $ 17,462 | |||
Unconsolidated Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 2 | |||
Number of properties (in properties) | property | 3 | |||
Mortgage indebtedness | $ 82,000 | |||
Unconsolidated Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 2 | |||
Number of properties (in properties) | property | 3 | |||
Unconsolidated Joint Ventures | Joint Venture Property 1 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51.00% | |||
Unconsolidated Joint Ventures | Joint Venture Property 2 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 50.00% | |||
RMR Inc | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity securities, FV-NI | $ 39,833 | |||
Amortization of liability | $ 1,087 | $ 1,087 | $ 1,087 | |
Amortization of liability, year one | 1,087 | |||
Amortization of liability, year two | 1,087 | |||
Amortization of liability, year three | 1,087 | |||
Amortization of liability, year four | 1,087 | |||
Amortization of liability, year five | 1,087 | |||
Amortization of liability, thereafter | $ 9,797 |
Real Estate Properties - Narrat
Real Estate Properties - Narrative (Details) ft² in Thousands, $ in Thousands | Feb. 15, 2022USD ($)ft²property | Dec. 31, 2021USD ($)ft²joint_venturepropertylease | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft²property |
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 178 | |||
Area of properties (in square feet) | ft² | 926 | 163 | ||
Real estate aggregate undepreciated carrying value | $ 3,911,086 | $ 3,522,143 | ||
Number of joint ventures | joint_venture | 2 | |||
Number of leases entered | lease | 85 | |||
Rentable square feet (in sqft) | ft² | 2,484 | |||
Weighted average lease term | 9 years 6 months | |||
Expenditures committed on leases | $ 142,318 | |||
Operating leases committed expenditures on leases executed in period committed but unspent tenant related obligations | $ 121,754 | |||
Continuing Operations | ||||
Real Estate Properties [Line Items] | ||||
Area of properties (in square feet) | ft² | 23,271 | |||
Real estate aggregate undepreciated carrying value | $ 3,938,876 | |||
Unconsolidated Joint Ventures | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 3 | |||
Area of properties (in square feet) | ft² | 444 | |||
Number of joint ventures | joint_venture | 2 | |||
Joint Venture Property 1 | ||||
Real Estate Properties [Line Items] | ||||
Percentage of ownership interest | 51.00% | |||
Joint Venture Property 2 | ||||
Real Estate Properties [Line Items] | ||||
Percentage of ownership interest | 50.00% | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 4 | |||
Area of properties (in square feet) | ft² | 330 | |||
Gross Sales Price, excluding closing costs | $ 29,545 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Area of properties (in square feet) | ft² | 29 | |||
Gross Sales Price, excluding closing costs | $ 3,850 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Continuing Operations | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | $ 27,790 | |||
Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties sold (in properties) | property | 10 | 58 | ||
Number of properties (in properties) | property | 10 | 58 | ||
Area of properties (in square feet) | ft² | 906 | 6,179 | ||
Gross Sales Price, excluding closing costs | $ 110,463 | $ 848,853 | ||
Disposal Group, Disposed of by Sale | Kansas City, MO | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties sold (in properties) | property | 6 |
Real Estate Properties - Acquis
Real Estate Properties - Acquisition Activities (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2019USD ($) | Dec. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($)ft²property | |
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 3 | 2 | |
Rentable Square Feet (in square feet) | ft² | 926 | 163 | |
Asset acquisition, consideration transferred | $ 576,478 | $ 47,215 | |
Purchase price adjustments | 1,761 | ||
Asset acquisition, acquisition related costs | 1,264 | 590 | |
Assumed Real Estate Lease Obligations | (9,088) | ||
Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 72,078 | 7,649 | |
Buildings and Improvements | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 404,024 | 31,772 | |
Acquired Real Estate Leases | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 109,464 | $ 7,794 | |
Chicago, IL | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 1 | ||
Rentable Square Feet (in square feet) | ft² | 531 | ||
Asset acquisition, consideration transferred | $ 368,331 | ||
Assumed Real Estate Lease Obligations | (9,088) | ||
Adjustment for estimated tax liability | 13,031 | ||
Chicago, IL | Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 42,935 | ||
Chicago, IL | Buildings and Improvements | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 258,348 | ||
Chicago, IL | Acquired Real Estate Leases | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 76,136 | ||
Atlanta, GA | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 1 | ||
Rentable Square Feet (in square feet) | ft² | 346 | ||
Asset acquisition, consideration transferred | $ 180,602 | ||
Assumed Real Estate Lease Obligations | 0 | ||
Atlanta, GA | Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 13,040 | ||
Atlanta, GA | Buildings and Improvements | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 135,459 | ||
Atlanta, GA | Acquired Real Estate Leases | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 32,103 | ||
Boston, MA | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 1 | 1 | |
Rentable Square Feet (in square feet) | ft² | 49 | 13 | |
Asset acquisition, consideration transferred | $ 2,900 | $ 27,545 | $ 11,864 |
Assumed Real Estate Lease Obligations | 0 | ||
Boston, MA | Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 16,103 | 2,618 | |
Boston, MA | Buildings and Improvements | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 10,217 | 9,246 | |
Boston, MA | Acquired Real Estate Leases | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 1,225 | $ 0 | |
Fort Mill, SC | |||
Business Acquisition [Line Items] | |||
Number of properties acquired | property | 1 | ||
Rentable Square Feet (in square feet) | ft² | 150 | ||
Asset acquisition, consideration transferred | $ 35,351 | ||
Fort Mill, SC | Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 5,031 | ||
Fort Mill, SC | Buildings and Improvements | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 22,526 | ||
Fort Mill, SC | Acquired Real Estate Leases | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 7,794 |
Real Estate Properties - Dispos
Real Estate Properties - Disposition Activities (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 30, 2021USD ($)property | Sep. 30, 2021USD ($)property | Dec. 31, 2021USD ($)ft²propertyparcel_of_land | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft²property | |
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 178 | ||||
Gain on sale of real estate | $ 78,354 | $ 10,855 | $ 105,131 | ||
Loss on Impairment of Real Estate | $ 62,420 | $ 2,954 | $ 22,255 | ||
Rentable Square Feet (in square feet) | ft² | 926 | 163 | |||
Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 10 | 58 | |||
Rentable Square Feet | ft² | 2,565 | ||||
Gross Sales Price | $ 226,915 | ||||
Number of Properties (in properties) | property | 6 | ||||
Gain on sale of real estate | $ 78,354 | $ 10,855 | $ 105,131 | ||
Loss on Impairment of Real Estate | $ 45,196 | $ 2,954 | $ 12,801 | ||
Rentable Square Feet (in square feet) | ft² | 906 | 6,179 | |||
Gross Sales Price, excluding closing costs | $ 110,463 | $ 848,853 | |||
Disposal Group, Disposed of by Sale | Mortgage notes payable, 5.9% interest rate, due in 2021 | Mortgage Note Payable | |||||
Real Estate Properties [Line Items] | |||||
Extinguishment of debt, amount | $ 13,095 | ||||
Interest rate (as a percent) | 5.90% | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 4 | ||||
Loss on Impairment of Real Estate | $ 6,991 | ||||
Rentable Square Feet (in square feet) | ft² | 330 | ||||
Gross Sales Price, excluding closing costs | $ 29,545 | ||||
Kansas City, MO | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 10 | ||||
Gross Sales Price | $ 845 | ||||
Number of Properties (in properties) | property | 0 | ||||
Gain on sale of real estate | $ (63) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Richmond, VA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 311 | ||||
Gross Sales Price | $ 130,000 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 54,181 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Huntsville, AL | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 1,371 | ||||
Gross Sales Price | $ 39,000 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 5,383 | ||||
Fresno, CA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 532 | ||||
Gross Sales Price | $ 6,000 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 33,902 | ||||
Liverpool, NY | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 38 | ||||
Gross Sales Price | $ 650 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 31 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Memphis, TN | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 205 | ||||
Gross Sales Price | $ 15,270 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 287 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Stoneham, MA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 98 | ||||
Gross Sales Price | $ 6,650 | ||||
Number of Properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (282) | ||||
Loss on Impairment of Real Estate | $ 5,911 | ||||
Sterling, VA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of Land Parcels | parcel_of_land | 2 | ||||
Rentable Square Feet | ft² | 0 | ||||
Gross Sales Price | $ 28,500 | ||||
Number of Properties (in properties) | property | 0 | ||||
Gain on sale of real estate | $ 24,200 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rockville, MD | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Loss on Impairment of Real Estate | $ 6,236 | ||||
Rentable Square Feet (in square feet) | ft² | 129 | ||||
Gross Sales Price, excluding closing costs | $ 6,750 | ||||
Chesapeake, VA | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 2 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 172 | ||||
Gross Sales Price, excluding closing costs | $ 18,945 | ||||
Milwaukee, WI | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Loss on Impairment of Real Estate | $ 755 | ||||
Rentable Square Feet (in square feet) | ft² | 29 | ||||
Gross Sales Price, excluding closing costs | $ 3,850 | ||||
Brookhaven, GA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 5 | 3 | |||
Loss on Impairment of Real Estate | $ 425 | ||||
Gross Sales Price, excluding closing costs | $ 56,000 | $ 10,658 | |||
Stafford, VA | Disposal Group, Disposed of by Sale | January 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 2 | ||||
Gain on sale of real estate | $ 4,771 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 65 | ||||
Gross Sales Price, excluding closing costs | $ 14,063 | ||||
Windsor, CT | Disposal Group, Disposed of by Sale | January 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 314 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 97 | ||||
Gross Sales Price, excluding closing costs | $ 7,000 | ||||
Lincolnshire, IL | Disposal Group, Disposed of by Sale | February 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 1,179 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 223 | ||||
Gross Sales Price, excluding closing costs | $ 12,000 | ||||
Trenton, NJ | Disposal Group, Disposed of by Sale | March 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (179) | ||||
Loss on Impairment of Real Estate | $ 0 | $ 9,454 | |||
Rentable Square Feet (in square feet) | ft² | 267 | ||||
Gross Sales Price, excluding closing costs | $ 30,100 | ||||
Fairfax, VA | Disposal Group, Disposed of by Sale | March 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 4,754 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 83 | ||||
Gross Sales Price, excluding closing costs | $ 22,200 | ||||
Fairfax, VA | Disposal Group, Disposed of by Sale | October 2020 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 4 | ||||
Gain on sale of real estate | $ 16 | ||||
Loss on Impairment of Real Estate | $ 2,954 | ||||
Rentable Square Feet (in square feet) | ft² | 171 | ||||
Gross Sales Price, excluding closing costs | $ 25,100 | ||||
Northern Virginia and Maryland | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 34 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 732 | ||||
Rentable Square Feet (in square feet) | ft² | 1,636 | ||||
Gross Sales Price, excluding closing costs | $ 198,500 | ||||
Washington, D.C. | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 22,075 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 129 | ||||
Gross Sales Price, excluding closing costs | $ 70,000 | ||||
Buffalo, NY | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 5,137 | ||||
Rentable Square Feet (in square feet) | ft² | 122 | ||||
Gross Sales Price, excluding closing costs | $ 16,900 | ||||
Maynard, MA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (227) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 287 | ||||
Gross Sales Price, excluding closing costs | $ 5,000 | ||||
Kapolei, HI | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 417 | ||||
Gross Sales Price, excluding closing costs | $ 7,100 | ||||
San Jose, CA | Disposal Group, Disposed of by Sale | July 2019 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (270) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 72 | ||||
Gross Sales Price, excluding closing costs | $ 14,000 | ||||
San Jose, CA | Disposal Group, Disposed of by Sale | December 2019 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (333) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 76 | ||||
Gross Sales Price, excluding closing costs | $ 13,000 | ||||
Nashua, NH | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 8,401 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 322 | ||||
Gross Sales Price, excluding closing costs | $ 25,000 | ||||
Arlington, TX | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 187 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 182 | ||||
Gross Sales Price, excluding closing costs | $ 14,900 | ||||
Rochester, NY | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (104) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 95 | ||||
Gross Sales Price, excluding closing costs | $ 4,765 | ||||
Hanover, PA | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ (417) | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 502 | ||||
Gross Sales Price, excluding closing costs | $ 5,500 | ||||
San Antonio, TX | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 3,869 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 618 | ||||
Gross Sales Price, excluding closing costs | $ 198,000 | ||||
Topeka, KS | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 36 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 144 | ||||
Gross Sales Price, excluding closing costs | $ 15,600 | ||||
Falling Waters, WV | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 2,179 | ||||
Rentable Square Feet (in square feet) | ft² | 40 | ||||
Gross Sales Price, excluding closing costs | $ 650 | ||||
San Diego, CA | Disposal Group, Disposed of by Sale | September 2019 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 3,062 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 44 | ||||
Gross Sales Price, excluding closing costs | $ 8,950 | ||||
San Diego, CA | Disposal Group, Disposed of by Sale | December 2019 | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 6,823 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 148 | ||||
Gross Sales Price, excluding closing costs | $ 23,750 | ||||
Columbia, SC | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 3 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 3,581 | ||||
Rentable Square Feet (in square feet) | ft² | 181 | ||||
Gross Sales Price, excluding closing costs | $ 10,750 | ||||
Metro DC - MD | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 3 | ||||
Gain on sale of real estate | $ 1,177 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 373 | ||||
Gross Sales Price, excluding closing costs | $ 61,938 | ||||
Phoenix, AZ | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 860 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 123 | ||||
Gross Sales Price, excluding closing costs | $ 12,850 | ||||
Houston, TX | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 59,992 | ||||
Loss on Impairment of Real Estate | $ 0 | ||||
Rentable Square Feet (in square feet) | ft² | 497 | ||||
Gross Sales Price, excluding closing costs | $ 130,000 | ||||
Kansas City, KS | Disposal Group, Disposed of by Sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties (in properties) | property | 1 | ||||
Gain on sale of real estate | $ 0 | ||||
Loss on Impairment of Real Estate | $ 1,172 | ||||
Rentable Square Feet (in square feet) | ft² | 171 | ||||
Gross Sales Price, excluding closing costs | $ 11,700 |
Real Estate Properties - Uncons
Real Estate Properties - Unconsolidated Joint Ventures (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)ft²joint_ventureproperty | Dec. 31, 2020USD ($)ft² | |
Real Estate [Line Items] | ||
Number of joint ventures | joint_venture | 2 | |
Number of properties (in properties) | property | 178 | |
Rentable Square Feet (in square feet) | ft² | 926 | 163 |
Unconsolidated Joint Ventures | ||
Real Estate [Line Items] | ||
Number of joint ventures | joint_venture | 2 | |
Number of properties (in properties) | property | 3 | |
OPI Carrying Value of Investments | $ 34,838 | $ 37,951 |
Rentable Square Feet (in square feet) | ft² | 444 | |
Equity method investment, difference between carrying amount and underlying equity | $ 6,977 | |
Unconsolidated Joint Ventures | Mortgage Note Payable | ||
Real Estate [Line Items] | ||
Interest rate (as a percent) | 3.93% | |
Principal balance | $ 82,000 | 82,000 |
Unconsolidated Joint Ventures | Prosperity Metro Plaza | ||
Real Estate [Line Items] | ||
Number of properties (in properties) | property | 2 | |
OPI Ownership | 51.00% | |
OPI Carrying Value of Investments | $ 20,672 | 21,888 |
Rentable Square Feet (in square feet) | ft² | 329 | |
Unconsolidated Joint Ventures | Prosperity Metro Plaza | Mortgage Note Payable | ||
Real Estate [Line Items] | ||
Interest rate (as a percent) | 4.09% | |
Principal balance | $ 50,000 | 50,000 |
Unconsolidated Joint Ventures | 1750 H Street, NW | ||
Real Estate [Line Items] | ||
Number of properties (in properties) | property | 1 | |
OPI Ownership | 50.00% | |
OPI Carrying Value of Investments | $ 14,166 | 16,063 |
Rentable Square Feet (in square feet) | ft² | 115 | |
Unconsolidated Joint Ventures | 1750 H Street, NW | Mortgage Note Payable | ||
Real Estate [Line Items] | ||
Interest rate (as a percent) | 3.69% | |
Principal balance | $ 32,000 | $ 32,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)tenant | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Straight line rent adjustments | $ 15,368 | $ 16,079 | $ 27,507 |
Straight line rent receivables | 82,978 | 68,824 | |
Variable lease, income | 85,107 | 75,851 | 91,076 |
Tenant reimbursement income | 81,295 | 71,385 | 86,353 |
Right-of-use asset | 168 | ||
Operating lease, liability | 174 | ||
Lease expense | 79 | $ 1,749 | $ 1,670 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and other liabilities | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | ||
COVID-19 Pandemic | |||
Lessee, Lease, Description [Line Items] | |||
Temporary rental assistance | $ 2,483 | ||
Number of tenants granted rent assistance | tenant | 18 | ||
Deferred payment plan period | 12 months | ||
Lessor, Operating Lease, Payment to be Received | |||
Lessee, Lease, Description [Line Items] | |||
Number of government tenants with the right to terminate their leases | tenant | 14 | ||
Tenant with Exercisable Termination Rights | Lessor, Operating Lease, Payment to be Received | Tenant Concentration | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk, percentage | 2.80% | ||
2022 | 1.50% | ||
2023 | 8.80% | ||
2024 | 3.00% | ||
2025 | 6.20% | ||
2026 | 2.40% | ||
2027 | 1.70% | ||
2028 | 2.50% | ||
2029 | 1.70% | ||
2030 | 1.60% | ||
2035 | 1.70% | ||
2040 | 1.10% | ||
Fourteen Government Tenants | Lessor, Operating Lease, Payment to be Received | Tenant Concentration | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk, percentage | 6.20% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 456,350 |
2023 | 422,139 |
2024 | 360,282 |
2025 | 296,945 |
2026 | 253,313 |
Thereafter | 1,267,710 |
Total | $ 3,056,739 |
Business and Property Managem_2
Business and Property Management Agreements with RMR LLC (Details) - RMR LLC $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Dec. 31, 2021USD ($)agreementemployee | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | $ 17,358 | $ 21,320 | ||
Recognized amortization of the liability | $ 603 | 603 | 603 | |
Management fees as percentage of gross collected rents | 3.00% | |||
Construction supervision fees as percentage of construction costs | 5.00% | |||
Reimbursement amounts | $ 24,766 | 24,919 | 26,442 | |
Net Property Management and Construction Supervision Fees | ||||
Related Party Transaction [Line Items] | ||||
Net business management fees | 18,637 | |||
Transaction amount | 21,103 | 20,774 | 21,911 | |
Reimbursement amounts | 484 | 484 | 484 | |
Net Property Management and Construction Supervision Fees | Investment Building and Building Improvements | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | 4,596 | 3,446 | 2,591 | |
Net Property Management and Construction Supervision Fees | Other Operating Income (Expense) | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 16,507 | $ 17,328 | $ 19,320 | |
Transition Services | ||||
Related Party Transaction [Line Items] | ||||
Duration of transition services | 120 days | |||
Amended And Restate Business Management Agreement | ||||
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 | |||
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 for limitation and adjustments of incentive management fee payable, minimum total return per share percentage change | 5.00% | |||
Percentage of base business management fee payable in common shares | 1.50% | |||
Amended And Restate Business Management Agreement | 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 | |||
Maximum | Amended And Restate Business Management Agreement | ||||
Related Party Transaction [Line Items] | ||||
Threshold amount of real estate investments | $ 250,000 | |||
Threshold amount of 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 | Up C Transaction | ||||
Related Party Transaction [Line Items] | ||||
Termination fee term | 20 years | |||
Minimum | Amended And Restate Business Management Agreement | ||||
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 | 2.00% | |||
Minimum | Amended And Restate Business Management Agreement | Up C Transaction | ||||
Related Party Transaction [Line Items] | ||||
Termination fee term | 19 years | |||
SIR | Business Management Incentive Fee | ||||
Related Party Transaction [Line Items] | ||||
Transaction amount | $ 25,817 |
Related Person Transactions (De
Related Person Transactions (Details) $ / shares in Units, ft² in Thousands, $ in Thousands | Jul. 01, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($)ft² | Jun. 30, 2021USD ($)ft²renewal_option | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)ft²agreement | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2023USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Rentable Square Feet (in square feet) | ft² | 926 | 926 | 163 | |||||||
Equity in net losses of investees | $ (2,501) | $ (1,193) | $ (1,259) | |||||||
RMR LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of agreements with RMR LLC to provide management services | agreement | 2 | |||||||||
Rental income earned | $ 1,138 | 1,120 | 1,142 | |||||||
Related party transaction | 17,358 | 21,320 | ||||||||
AIC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction | $ 1,211 | |||||||||
Distribution of earnings from Affiliates Insurance Company | $ 11 | $ 287 | $ 9,000 | |||||||
Amount invested in equity investee | $ 11 | |||||||||
Equity in unrealized gain (loss) of investees | 281 | |||||||||
Equity in net losses of investees | $ 90 | |||||||||
Sonesta International Hotels Corporation | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Lessor, Operating Lease, Lease Not yet Commenced, Term of Contract | 30 years | |||||||||
Rentable Square Feet (in square feet) | ft² | 230 | |||||||||
Percentage upon completion of redevelopment | 54.00% | |||||||||
Number of renewal options | renewal_option | 2 | |||||||||
Renewal term | 10 years | |||||||||
Annual base rent | $ 6,436 | |||||||||
Deferred payment plan period | 18 months | |||||||||
Annual percentage increase | 10.00% | |||||||||
Annual base rent increase | 5 years | |||||||||
Sonesta International Hotels Corporation | Forecast | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase price | $ 66,000 | |||||||||
SIR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction | $ 1,666 | |||||||||
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 | |||||||||
Officers and Other Employees | Common Shares | 2009 Award Plan | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
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] | ||||||||||
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] | ||||||||||
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] | ||||||||||
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] | ||||||||||
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] | ||||||||||
Award vesting rights, percentage | 20.00% |
Concentration (Details)
Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2021propertygovernment_tenantstate_government | Dec. 31, 2020state_governmentgovernment_tenant | Dec. 31, 2019government_tenantstate_government | |
Concentration Risk [Line Items] | |||
Number of other governments | government_tenant | 4 | 2 | 2 |
Number of properties (in properties) | 178 | ||
Number of states in which acquired properties located | 33 | ||
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 | state_government | 11 | 11 | 11 |
Concentration risk, percentage | 28.90% | 35.30% | 35.50% |
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.50% | 25.20% | 25.00% |
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Virginia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.40% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | California | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.50% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Washington, D.C. | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.80% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Illinois | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.20% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Georgia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 8.20% |
Indebtedness - Outstanding Debt
Indebtedness - Outstanding Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 2,610,301 | $ 2,242,842 | |||
Unamortized debt premiums, discounts and issuance costs | (32,351) | (39,871) | |||
Total debt | $ 2,577,950 | 2,202,971 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.15% | 4.15% | |||
Long term debt gross | $ 0 | 300,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.00% | ||||
Long term debt gross | $ 300,000 | 300,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.25% | ||||
Long term debt gross | $ 350,000 | 350,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 650,000 | 650,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 2.65% | 2.65% | |||
Long term debt gross | $ 300,000 | 0 | |||
Senior Unsecured Notes | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 2.40% | 2.40% | |||
Long term debt gross | $ 350,000 | 0 | |||
Senior Unsecured Notes | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.45% | 3.45% | |||
Long term debt gross | $ 400,000 | 0 | |||
Senior Unsecured Notes | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.875% | ||||
Long term debt gross | $ 0 | 310,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 6.375% | ||||
Long term debt gross | $ 162,000 | 162,000 | |||
Mortgage Note Payable | Mortgage note payable, 8.150% interest rate, due in 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 8.15% | ||||
Long term debt gross | $ 0 | 350 | |||
Mortgage Note Payable | Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.22% | ||||
Long term debt gross | $ 25,055 | 25,804 | |||
Mortgage Note Payable | Mortgage note payable, 3.550% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.55% | ||||
Long term debt gross | $ 0 | 71,000 | |||
Mortgage Note Payable | Mortgage note payable, 3.700% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.70% | ||||
Long term debt gross | $ 50,000 | 50,000 | |||
Mortgage Note Payable | Mortgage note payable, 4.800% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.80% | ||||
Long term debt gross | $ 23,246 | 23,688 | |||
Revolving credit facility, due in 2023 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long term debt gross | $ 0 | $ 0 |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021USD ($) | Aug. 31, 2021USD ($) | Jun. 30, 2021USD ($)property | May 31, 2021USD ($) | Dec. 31, 2021USD ($)propertyextensionOption | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 15, 2022USD ($) | |
Debt Instrument [Line Items] | ||||||||
Principal of properties collateralized | $ 98,301 | |||||||
Borrowings outstanding | 0 | $ 0 | ||||||
Loss on early extinguishment of debt | $ 14,068 | $ 3,839 | $ 769 | |||||
Number of buildings collateralized | property | 3 | 3 | ||||||
Book value of properties collateralized | $ 188,130 | |||||||
Unsecured Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity on revolving credit facility | 750,000 | |||||||
Principal of properties collateralized | $ 1,950,000 | |||||||
Number of contingent options to extend | extensionOption | 2 | |||||||
Contingent option to extend maturity date | 6 months | |||||||
Commitment fee percentage | 0.25% | |||||||
Interest rate (as a percent) | 1.20% | 1.20% | ||||||
Weighted average annual interest rate | 1.20% | 2.00% | 3.30% | |||||
Borrowings outstanding | $ 0 | |||||||
Available borrowings | $ 750,000 | |||||||
Unsecured Revolving Credit Facility | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 0 | |||||||
Available borrowings | $ 750,000 | |||||||
LIBOR | Unsecured Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate premium (as a percent) | 1.10% | |||||||
Senior Unsecured Notes | Senior unsecured notes, 2.650% interest rate, due in 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.65% | 2.65% | ||||||
Principal balance | $ 300,000 | |||||||
Proceeds from issuance of long-term debt | $ 296,826 | |||||||
Senior Unsecured Notes | Senior unsecured notes, 2.400% interest rate, due in 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.40% | 2.40% | ||||||
Principal balance | $ 350,000 | |||||||
Proceeds from issuance of long-term debt | $ 346,607 | |||||||
Senior Unsecured Notes | Senior unsecured notes, 3.450% interest rate, due in 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 3.45% | 3.45% | ||||||
Principal balance | $ 400,000 | |||||||
Proceeds from issuance of long-term debt | $ 395,632 | |||||||
Senior Unsecured Notes | Senior Unsecured Notes 5.875 Percent Due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 5.875% | |||||||
Repurchased face amount | $ 310,000 | |||||||
Loss on early extinguishment of debt | $ 8,581 | |||||||
Senior Unsecured Notes | Senior unsecured notes, 4.150% interest rate, due in 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 4.15% | 4.15% | ||||||
Repurchased face amount | $ 300,000 | |||||||
Loss on early extinguishment of debt | $ 2,274 | |||||||
Mortgage Note Payable | Mortgage Notes Payable Due May 2023, 3.55% | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 3.55% | |||||||
Repayments of debt | $ 71,000 | |||||||
Loss on early extinguishment of debt | $ 3,213 |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 325,517 | |
2023 | 72,784 | |
2024 | 350,000 | |
2025 | 650,000 | |
2026 | 300,000 | |
Thereafter | 912,000 | |
Total | 2,610,301 | $ 2,242,842 |
Long term debt gross | 2,610,301 | 2,242,842 |
Unamortized debt premiums, discounts and issuance | 32,351 | 39,871 |
Total debt outstanding | 2,577,950 | 2,202,971 |
Mortgage note payable, 4.220% interest rate, due in 2022 | Mortgage Note Payable | ||
Debt Instrument [Line Items] | ||
Total | 25,055 | 25,804 |
Long term debt gross | $ 25,055 | $ 25,804 |
Interest rate (as a percent) | 4.22% |
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, 2021USD ($)property | |
Fair Value, Nonrecurring | |
Fair Value of Assets and Liabilities | |
Other liability | $ 10,600 |
Fair Value, Nonrecurring | Level 1 inputs | |
Fair Value of Assets and Liabilities | |
Other liability | 0 |
Fair Value, Nonrecurring | Level 2 inputs | |
Fair Value of Assets and Liabilities | |
Other liability | 10,600 |
Fair Value, Nonrecurring | Level 3 inputs | |
Fair Value of Assets and Liabilities | |
Other liability | 0 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 inputs | |
Fair Value of Assets and Liabilities | |
Impairment charges | $ 6,991 |
Number of impaired properties | property | 2 |
Costs to sell | $ 555 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Dec. 31, 2020 |
Fair Value of Financial Instruments | |||||
Senior notes | $ 2,479,772 | $ 2,033,242 | |||
Mortgage notes payable | 98,178 | 169,729 | |||
Unamortized debt premiums, discounts and issuance | 32,351 | 39,871 | |||
Carrying Amount | |||||
Fair Value of Financial Instruments | |||||
Fair value of debt | 2,577,950 | 2,202,971 | |||
Carrying Amount | Mortgage Note Payable | |||||
Fair Value of Financial Instruments | |||||
Mortgage notes payable | 98,178 | 169,729 | |||
Fair Value | |||||
Fair Value of Financial Instruments | |||||
Fair value of debt | 2,661,462 | 2,335,352 | |||
Fair Value | Mortgage Note Payable | |||||
Fair Value of Financial Instruments | |||||
Mortgage notes payable | 100,294 | 174,952 | |||
Senior Notes and Mortgages | |||||
Fair Value of Financial Instruments | |||||
Unamortized debt premiums, discounts and issuance | $ 32,351 | 39,871 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 4.15% | 4.15% | |||
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, 4.25% 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% | ||||
Senior Unsecured Notes | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 2.65% | 2.65% | |||
Senior Unsecured Notes | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 2.40% | 2.40% | |||
Senior Unsecured Notes | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 3.45% | 3.45% | |||
Senior Unsecured Notes | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 5.875% | ||||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | $ 0 | 298,853 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 299,500 | 298,579 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 344,581 | 342,299 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 639,370 | 635,921 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 297,213 | 0 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 346,845 | 0 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 395,744 | 0 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 0 | 301,264 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 156,519 | 156,326 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.150% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 0 | 306,192 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 304,148 | 306,756 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 365,449 | 365,435 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 687,749 | 688,399 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 298,502 | 0 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 339,764 | 0 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 388,458 | 0 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 5.875% interest rate, due in 2046 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 0 | 322,028 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | $ 177,098 | $ 171,590 |
Shareholders' Equity - Share Aw
Shareholders' Equity - Share Awards (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)trusteeinstallmentshares | Dec. 31, 2020USD ($)trusteeshares | Dec. 31, 2019USD ($)trusteeshares | Dec. 31, 2018shares | |
Officers and Other Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 117,800 | 108,600 | 103,100 | |
Issuance of shares, net | $ | $ 2,994 | $ 2,502 | $ 3,080 | |
2009 Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 145,800 | 136,600 | 136,100 | |
Number of installments | installment | 5 | |||
Unvested shares (in shares) | 182,224 | 157,521 | 106,680 | 55,321 |
2022 (in shares) | 60,184 | |||
2023 (in shares) | 56,900 | |||
2024 (in shares) | 41,580 | |||
2025 (in shares) | 23,560 | |||
Estimated future compensation expense for the unvested shares | $ | $ 4,279 | |||
Weighted average period of recognition of compensation expenses (in years) | 23 months | |||
Compensation expense | $ | $ 2,868 | $ 3,315 | $ 3,088 | |
Shares available for issuance under plan (in shares) | 987,610 | |||
2009 Award Plan | Trustees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of trustees | trustee | 8 | 8 | 8 | |
Shares granted (in shares) | 3,500 | 3,500 | 3,000 | |
Aggregate market value of shares awarded | $ | $ 837 | $ 745 | $ 575 | |
Market value of common shares awarded to each trustee (in dollars) | $ | $ 105 | $ 93 | $ 72 | |
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) | 3,000 | |||
Aggregate market value of shares awarded | $ | $ 270 | |||
Market value of common shares awarded to each trustee (in dollars) | $ | $ 90 |
Shareholders' Equity - Unvested
Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | |||
Unvested at the beginning of the period (in shares) | 157,521 | 106,680 | 55,321 |
Granted (in shares) | 145,800 | 136,600 | 136,100 |
Forfeited (in shares) | (700) | (586) | (1,474) |
Vested (in shares) | (120,397) | (85,173) | (83,267) |
Unvested at the end of the period (in shares) | 182,224 | 157,521 | 106,680 |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share) | $ 29.26 | $ 40.16 | $ 73.25 |
Granted (in dollars per share) | 26.28 | 23.77 | 28.84 |
Forfeited (in dollars per share) | 25.97 | 43.75 | 49.10 |
Vested (in dollars per share) | 30.24 | 34.02 | 27.78 |
Unvested at the end of the period (in dollars per share) | $ 26.23 | $ 29.26 | $ 40.16 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchases/Sale of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 13, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||
Share repurchases (in shares) | 37,801 | 19,589 | 15,588 | |
Stock repurchase price (in dollars per share) | $ 26.55 | $ 22.15 | $ 29.76 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Common distributions declared (in dollars per share) | $ 0.55 | |||
Dividends payable | $ 26,600 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Annual Per Share Distribution (in dollars per share) | $ 2.20 | $ 2.20 | $ 2.20 |
Total Distributions | $ 106,368 | $ 106,121 | $ 105,868 |
Characterization of Distribution, Return of Capital | 0.00% | 0.00% | 0.00% |
Characterization of Distribution, Ordinary Income | 100.00% | 100.00% | 100.00% |
Characterization of Distribution, Quality Dividend | 0.00% | 0.00% | 0.00% |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)propertybuilding | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real estate and accumulated depreciation | ||||
Number of Properties | property | 174 | |||
Encumbrances | $ 98,178 | |||
Initial Cost to Company | ||||
Land | 875,529 | |||
Buildings and Equipment | 2,658,896 | |||
Costs Capitalized Subsequent to Acquisition | 388,903 | |||
Impairment/ Writedowns | (12,242) | |||
Cost amount carried at Close of Period | ||||
Land | 874,108 | |||
Buildings and Equipment | 3,036,978 | |||
Total | 3,911,086 | $ 3,522,143 | $ 3,493,231 | $ 3,944,636 |
Accumulated Depreciation | $ (495,912) | $ (451,914) | $ (387,656) | $ (375,147) |
Inverness Center, Birmingham, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 5,907 | |||
Buildings and Equipment | 12,098 | |||
Costs Capitalized Subsequent to Acquisition | 1,590 | |||
Impairment/ Writedowns | (7,717) | |||
Cost amount carried at Close of Period | ||||
Land | 3,823 | |||
Buildings and Equipment | 8,055 | |||
Total | 11,878 | |||
Accumulated Depreciation | $ 0 | |||
445 Jan Davis Drive, Huntsville, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (120) | |||
131 Clayton Street, Montgomery, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 920 | |||
Buildings and Equipment | 9,084 | |||
Costs Capitalized Subsequent to Acquisition | 241 | |||
Cost amount carried at Close of Period | ||||
Land | 920 | |||
Buildings and Equipment | 9,325 | |||
Total | 10,245 | |||
Accumulated Depreciation | $ (2,438) | |||
4344 Carmichael Road, Montgomery, AL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,374 | |||
Buildings and Equipment | 11,658 | |||
Costs Capitalized Subsequent to Acquisition | 562 | |||
Cost amount carried at Close of Period | ||||
Land | 1,374 | |||
Buildings and Equipment | 12,220 | |||
Total | 13,594 | |||
Accumulated Depreciation | $ (2,424) | |||
15451 North 28th Avenue, Phoenix, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,917 | |||
Buildings and Equipment | 7,416 | |||
Costs Capitalized Subsequent to Acquisition | 752 | |||
Cost amount carried at Close of Period | ||||
Land | 1,917 | |||
Buildings and Equipment | 8,168 | |||
Total | 10,085 | |||
Accumulated Depreciation | $ (1,518) | |||
16001 North 28th Ave, Phoenix, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,355 | |||
Buildings and Equipment | 412 | |||
Costs Capitalized Subsequent to Acquisition | 1,123 | |||
Cost amount carried at Close of Period | ||||
Land | 3,355 | |||
Buildings and Equipment | 1,535 | |||
Total | 4,890 | |||
Accumulated Depreciation | $ (145) | |||
711 S 14th Ave, Safford, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 460 | |||
Buildings and Equipment | 11,708 | |||
Costs Capitalized Subsequent to Acquisition | 884 | |||
Impairment/ Writedowns | (4,440) | |||
Cost amount carried at Close of Period | ||||
Land | 364 | |||
Buildings and Equipment | 8,248 | |||
Total | 8,612 | |||
Accumulated Depreciation | $ (1,058) | |||
Regents Center, Tempe, AZ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,121 | |||
Buildings and Equipment | 3,042 | |||
Costs Capitalized Subsequent to Acquisition | 293 | |||
Cost amount carried at Close of Period | ||||
Land | 4,121 | |||
Buildings and Equipment | 3,335 | |||
Total | 7,456 | |||
Accumulated Depreciation | $ (480) | |||
Campbell Place, Carlsbad, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,769 | |||
Buildings and Equipment | 3,871 | |||
Costs Capitalized Subsequent to Acquisition | 7,481 | |||
Cost amount carried at Close of Period | ||||
Land | 5,769 | |||
Buildings and Equipment | 11,352 | |||
Total | 17,121 | |||
Accumulated Depreciation | $ (1,476) | |||
Folsom Corporate Center, Folsom, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,904 | |||
Buildings and Equipment | 5,583 | |||
Costs Capitalized Subsequent to Acquisition | 568 | |||
Cost amount carried at Close of Period | ||||
Land | 2,904 | |||
Buildings and Equipment | 6,151 | |||
Total | 9,055 | |||
Accumulated Depreciation | $ (585) | |||
Bayside Technology Park, Fremont, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,784 | |||
Buildings and Equipment | 648 | |||
Costs Capitalized Subsequent to Acquisition | 87 | |||
Cost amount carried at Close of Period | ||||
Land | 10,784 | |||
Buildings and Equipment | 735 | |||
Total | 11,519 | |||
Accumulated Depreciation | $ (75) | |||
10949 N. Mather Boulevard, Rancho Cordova, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 562 | |||
Buildings and Equipment | 16,923 | |||
Costs Capitalized Subsequent to Acquisition | 992 | |||
Cost amount carried at Close of Period | ||||
Land | 562 | |||
Buildings and Equipment | 17,915 | |||
Total | 18,477 | |||
Accumulated Depreciation | $ (3,658) | |||
11020 Sun Center Drive, Rancho Cordova, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,466 | |||
Buildings and Equipment | 8,797 | |||
Costs Capitalized Subsequent to Acquisition | 1,409 | |||
Cost amount carried at Close of Period | ||||
Land | 1,466 | |||
Buildings and Equipment | 10,206 | |||
Total | 11,672 | |||
Accumulated Depreciation | $ (1,486) | |||
100 Redwood Shores Parkway, Redwood City, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (643) | |||
3875 Atherton Road, Rocklin, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 177 | |||
Buildings and Equipment | 853 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Cost amount carried at Close of Period | ||||
Land | 177 | |||
Buildings and Equipment | 862 | |||
Total | 1,039 | |||
Accumulated Depreciation | $ (71) | |||
801 K Street, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,688 | |||
Buildings and Equipment | 61,994 | |||
Costs Capitalized Subsequent to Acquisition | 7,078 | |||
Cost amount carried at Close of Period | ||||
Land | 4,688 | |||
Buildings and Equipment | 69,072 | |||
Total | 73,760 | |||
Accumulated Depreciation | $ (10,724) | |||
9815 Goethe Road, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 9,465 | |||
Costs Capitalized Subsequent to Acquisition | 1,494 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 10,959 | |||
Total | 12,409 | |||
Accumulated Depreciation | $ (2,821) | |||
Capitol Place, Sacramento, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,290 | |||
Buildings and Equipment | 35,891 | |||
Costs Capitalized Subsequent to Acquisition | 8,399 | |||
Cost amount carried at Close of Period | ||||
Land | 2,290 | |||
Buildings and Equipment | 44,290 | |||
Total | 46,580 | |||
Accumulated Depreciation | $ (12,964) | |||
4560 Viewridge Road, San Diego, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,269 | |||
Buildings and Equipment | 18,316 | |||
Costs Capitalized Subsequent to Acquisition | 5,135 | |||
Cost amount carried at Close of Period | ||||
Land | 4,347 | |||
Buildings and Equipment | 23,373 | |||
Total | 27,720 | |||
Accumulated Depreciation | $ (13,088) | |||
2115 O'Nel Drive, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,305 | |||
Buildings and Equipment | 5,062 | |||
Costs Capitalized Subsequent to Acquisition | 218 | |||
Cost amount carried at Close of Period | ||||
Land | 12,305 | |||
Buildings and Equipment | 5,280 | |||
Total | 17,585 | |||
Accumulated Depreciation | $ (421) | |||
North First Street, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 8,311 | |||
Buildings and Equipment | 4,003 | |||
Costs Capitalized Subsequent to Acquisition | 411 | |||
Cost amount carried at Close of Period | ||||
Land | 8,311 | |||
Buildings and Equipment | 4,414 | |||
Total | 12,725 | |||
Accumulated Depreciation | $ (417) | |||
Rio Robles Drive, San Jose, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 23,687 | |||
Buildings and Equipment | 13,698 | |||
Costs Capitalized Subsequent to Acquisition | 3,196 | |||
Cost amount carried at Close of Period | ||||
Land | 23,687 | |||
Buildings and Equipment | 16,894 | |||
Total | 40,581 | |||
Accumulated Depreciation | $ (1,611) | |||
2450 and 2500 Walsh Avenue, Santa Clara, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 13,374 | |||
Buildings and Equipment | 16,651 | |||
Costs Capitalized Subsequent to Acquisition | 161 | |||
Cost amount carried at Close of Period | ||||
Land | 13,374 | |||
Buildings and Equipment | 16,812 | |||
Total | 30,186 | |||
Accumulated Depreciation | $ (1,401) | |||
3250 and 3260 Jay Street, Santa Clara, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (1,168) | |||
603 San Juan Avenue, Stockton, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 563 | |||
Buildings and Equipment | 5,470 | |||
Costs Capitalized Subsequent to Acquisition | 49 | |||
Cost amount carried at Close of Period | ||||
Land | 563 | |||
Buildings and Equipment | 5,519 | |||
Total | 6,082 | |||
Accumulated Depreciation | $ (1,288) | |||
350 West Java Drive, Sunnyvale, CA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 24,609 | |||
Buildings and Equipment | 462 | |||
Costs Capitalized Subsequent to Acquisition | 322 | |||
Cost amount carried at Close of Period | ||||
Land | 24,609 | |||
Buildings and Equipment | 784 | |||
Total | 25,393 | |||
Accumulated Depreciation | $ (48) | |||
7958 South Chester Street, Centennial, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,682 | |||
Buildings and Equipment | 7,153 | |||
Costs Capitalized Subsequent to Acquisition | 812 | |||
Cost amount carried at Close of Period | ||||
Land | 6,682 | |||
Buildings and Equipment | 7,965 | |||
Total | 14,647 | |||
Accumulated Depreciation | $ (651) | |||
350 Spectrum Loop, Colorado Springs, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,650 | |||
Buildings and Equipment | 7,732 | |||
Costs Capitalized Subsequent to Acquisition | 503 | |||
Cost amount carried at Close of Period | ||||
Land | 3,650 | |||
Buildings and Equipment | 8,235 | |||
Total | 11,885 | |||
Accumulated Depreciation | $ (665) | |||
333 Inverness Drive South, Englewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,711 | |||
Buildings and Equipment | 4,543 | |||
Costs Capitalized Subsequent to Acquisition | 63 | |||
Cost amount carried at Close of Period | ||||
Land | 5,711 | |||
Buildings and Equipment | 4,606 | |||
Total | 10,317 | |||
Accumulated Depreciation | $ (408) | |||
12795 West Alameda Parkway, Lakewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,640 | |||
Buildings and Equipment | 23,777 | |||
Costs Capitalized Subsequent to Acquisition | 1,441 | |||
Cost amount carried at Close of Period | ||||
Land | 2,640 | |||
Buildings and Equipment | 25,218 | |||
Total | 27,858 | |||
Accumulated Depreciation | $ (7,510) | |||
Corporate Center, Lakewood, CO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 2,887 | |||
Buildings and Equipment | 27,537 | |||
Costs Capitalized Subsequent to Acquisition | 4,101 | |||
Cost amount carried at Close of Period | ||||
Land | 2,887 | |||
Buildings and Equipment | 31,638 | |||
Total | 34,525 | |||
Accumulated Depreciation | $ (15,258) | |||
11 Dupont Circle, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 28,255 | |||
Buildings and Equipment | 44,743 | |||
Costs Capitalized Subsequent to Acquisition | 15,108 | |||
Cost amount carried at Close of Period | ||||
Land | 28,255 | |||
Buildings and Equipment | 59,851 | |||
Total | 88,106 | |||
Accumulated Depreciation | $ (7,197) | |||
1211 Connecticut Avenue, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Encumbrances | $ 25,059 | |||
Initial Cost to Company | ||||
Land | 30,388 | |||
Buildings and Equipment | 24,667 | |||
Costs Capitalized Subsequent to Acquisition | 3,268 | |||
Cost amount carried at Close of Period | ||||
Land | 30,388 | |||
Buildings and Equipment | 27,935 | |||
Total | 58,323 | |||
Accumulated Depreciation | $ (3,633) | |||
1401 K Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Encumbrances | $ 23,408 | |||
Initial Cost to Company | ||||
Land | 29,215 | |||
Buildings and Equipment | 34,656 | |||
Costs Capitalized Subsequent to Acquisition | 6,214 | |||
Cost amount carried at Close of Period | ||||
Land | 29,215 | |||
Buildings and Equipment | 40,870 | |||
Total | 70,085 | |||
Accumulated Depreciation | $ (6,005) | |||
20 Massachusetts Avenue, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,009 | |||
Buildings and Equipment | 51,527 | |||
Costs Capitalized Subsequent to Acquisition | 72,633 | |||
Cost amount carried at Close of Period | ||||
Land | 12,230 | |||
Buildings and Equipment | 123,939 | |||
Total | 136,169 | |||
Accumulated Depreciation | $ (40,667) | |||
440 First Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 27,903 | |||
Buildings and Equipment | 38,624 | |||
Costs Capitalized Subsequent to Acquisition | 2,233 | |||
Cost amount carried at Close of Period | ||||
Land | 27,903 | |||
Buildings and Equipment | 40,857 | |||
Total | 68,760 | |||
Accumulated Depreciation | $ (4,520) | |||
625 Indiana Avenue, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 26,000 | |||
Buildings and Equipment | 25,955 | |||
Costs Capitalized Subsequent to Acquisition | 9,818 | |||
Cost amount carried at Close of Period | ||||
Land | 26,000 | |||
Buildings and Equipment | 35,773 | |||
Total | 61,773 | |||
Accumulated Depreciation | $ (9,746) | |||
840 First Street, NE, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 42,727 | |||
Buildings and Equipment | 73,278 | |||
Costs Capitalized Subsequent to Acquisition | 3,546 | |||
Cost amount carried at Close of Period | ||||
Land | 42,727 | |||
Buildings and Equipment | 76,824 | |||
Total | 119,551 | |||
Accumulated Depreciation | $ (8,758) | |||
10350 NW 112th Avenue, Miami, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,798 | |||
Buildings and Equipment | 2,757 | |||
Costs Capitalized Subsequent to Acquisition | 1,014 | |||
Cost amount carried at Close of Period | ||||
Land | 4,798 | |||
Buildings and Equipment | 3,771 | |||
Total | 8,569 | |||
Accumulated Depreciation | $ (252) | |||
7850 Southwest 6th Court, Plantation, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,800 | |||
Buildings and Equipment | 30,592 | |||
Costs Capitalized Subsequent to Acquisition | 491 | |||
Cost amount carried at Close of Period | ||||
Land | 4,800 | |||
Buildings and Equipment | 31,083 | |||
Total | 35,883 | |||
Accumulated Depreciation | $ (8,231) | |||
8900 Grand Oak Circle, Tampa, FL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,100 | |||
Buildings and Equipment | 11,773 | |||
Costs Capitalized Subsequent to Acquisition | 1,134 | |||
Cost amount carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 12,907 | |||
Total | 14,007 | |||
Accumulated Depreciation | $ (3,451) | |||
180 Ted Turner Drive SW, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,717 | |||
Buildings and Equipment | 20,017 | |||
Costs Capitalized Subsequent to Acquisition | 632 | |||
Cost amount carried at Close of Period | ||||
Land | 5,717 | |||
Buildings and Equipment | 20,649 | |||
Total | 26,366 | |||
Accumulated Depreciation | $ (4,824) | |||
1224 Hammond Drive, Atlanta GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 13,040 | |||
Buildings and Equipment | 135,459 | |||
Costs Capitalized Subsequent to Acquisition | 6,549 | |||
Cost amount carried at Close of Period | ||||
Land | 13,040 | |||
Buildings and Equipment | 142,008 | |||
Total | 155,048 | |||
Accumulated Depreciation | $ (2,171) | |||
Corporate Square, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 5 | |||
Initial Cost to Company | ||||
Land | $ 3,996 | |||
Buildings and Equipment | 29,762 | |||
Costs Capitalized Subsequent to Acquisition | 28,004 | |||
Cost amount carried at Close of Period | ||||
Land | 3,996 | |||
Buildings and Equipment | 57,766 | |||
Total | 61,762 | |||
Accumulated Depreciation | $ (18,642) | |||
Executive Park, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,521 | |||
Buildings and Equipment | 11,826 | |||
Costs Capitalized Subsequent to Acquisition | 4,123 | |||
Cost amount carried at Close of Period | ||||
Land | 1,521 | |||
Buildings and Equipment | 15,949 | |||
Total | 17,470 | |||
Accumulated Depreciation | $ (7,759) | |||
One Georgia Center, Atlanta, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,250 | |||
Buildings and Equipment | 27,933 | |||
Costs Capitalized Subsequent to Acquisition | 16,756 | |||
Cost amount carried at Close of Period | ||||
Land | 10,250 | |||
Buildings and Equipment | 44,689 | |||
Total | 54,939 | |||
Accumulated Depreciation | $ (9,744) | |||
One Primerica Parkway, Duluth, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (1,908) | |||
4712 Southpark Boulevard, Ellenwood, GA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (4,651) | |||
91-209 Kuhela Street, Kapolei, HI | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,998 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Cost amount carried at Close of Period | ||||
Land | 1,992 | |||
Buildings and Equipment | 9 | |||
Total | 2,001 | |||
Accumulated Depreciation | $ 0 | |||
8305 NW 62nd Avenue, Johnston, IA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (665) | |||
1185, 1249 & 1387 S. Vinnell Way, Boise, ID | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 3,390 | |||
Buildings and Equipment | 29,026 | |||
Costs Capitalized Subsequent to Acquisition | 1,016 | |||
Cost amount carried at Close of Period | ||||
Land | 3,390 | |||
Buildings and Equipment | 30,042 | |||
Total | 33,432 | |||
Accumulated Depreciation | $ (7,019) | |||
2020 S. Arlington Heights, Arlington Heights, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,450 | |||
Buildings and Equipment | 13,588 | |||
Costs Capitalized Subsequent to Acquisition | 1,672 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 15,260 | |||
Total | 16,710 | |||
Accumulated Depreciation | $ (4,204) | |||
400 South Jefferson Street, Chicago, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Encumbrances | $ 49,711 | |||
Initial Cost to Company | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,115 | |||
Costs Capitalized Subsequent to Acquisition | 779 | |||
Cost amount carried at Close of Period | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,894 | |||
Total | 40,273 | |||
Accumulated Depreciation | $ (1,744) | |||
1000 W. Fulton, Chicago IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 42,935 | |||
Buildings and Equipment | 258,348 | |||
Costs Capitalized Subsequent to Acquisition | 50 | |||
Cost amount carried at Close of Period | ||||
Land | 42,935 | |||
Buildings and Equipment | 258,398 | |||
Total | 301,333 | |||
Accumulated Depreciation | $ (4,473) | |||
HUB 1415, Naperville IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,333 | |||
Buildings and Equipment | 20,586 | |||
Costs Capitalized Subsequent to Acquisition | 12,056 | |||
Cost amount carried at Close of Period | ||||
Land | 12,333 | |||
Buildings and Equipment | 32,642 | |||
Total | 44,975 | |||
Accumulated Depreciation | $ (2,681) | |||
440 North Fairway Drive, Vernon Hills, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (38) | |||
7601 and 7635 Interactive Way, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,337 | |||
Buildings and Equipment | 14,522 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Cost amount carried at Close of Period | ||||
Land | 3,337 | |||
Buildings and Equipment | 14,556 | |||
Total | 17,893 | |||
Accumulated Depreciation | $ (1,136) | |||
Intech Park, Indianapolis, IN | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 4,170 | |||
Buildings and Equipment | 69,759 | |||
Costs Capitalized Subsequent to Acquisition | 9,542 | |||
Cost amount carried at Close of Period | ||||
Land | 4,170 | |||
Buildings and Equipment | 79,301 | |||
Total | 83,471 | |||
Accumulated Depreciation | $ (20,726) | |||
The Atrium at Circleport II, Erlanger, KY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,796 | |||
Buildings and Equipment | 1,933 | |||
Costs Capitalized Subsequent to Acquisition | 578 | |||
Cost amount carried at Close of Period | ||||
Land | 1,796 | |||
Buildings and Equipment | 2,511 | |||
Total | 4,307 | |||
Accumulated Depreciation | $ (287) | |||
7125 Industrial Road, Florence, KY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (2,711) | |||
251 Causeway Street, Boston, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 26,851 | |||
Buildings and Equipment | 36,756 | |||
Costs Capitalized Subsequent to Acquisition | 3,665 | |||
Cost amount carried at Close of Period | ||||
Land | 26,851 | |||
Buildings and Equipment | 40,421 | |||
Total | 67,272 | |||
Accumulated Depreciation | $ (6,205) | |||
The Connect, Chelmsford, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,700 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 8,256 | |||
Cost amount carried at Close of Period | ||||
Land | 4,700 | |||
Buildings and Equipment | 8,256 | |||
Total | 12,956 | |||
Accumulated Depreciation | $ (496) | |||
75 Pleasant Street, Malden, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,050 | |||
Buildings and Equipment | 31,086 | |||
Costs Capitalized Subsequent to Acquisition | 877 | |||
Cost amount carried at Close of Period | ||||
Land | 1,050 | |||
Buildings and Equipment | 31,963 | |||
Total | 33,013 | |||
Accumulated Depreciation | $ (9,349) | |||
25 Newport Avenue, Quincy, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,700 | |||
Buildings and Equipment | 9,199 | |||
Costs Capitalized Subsequent to Acquisition | 1,593 | |||
Cost amount carried at Close of Period | ||||
Land | 2,700 | |||
Buildings and Equipment | 10,792 | |||
Total | 13,492 | |||
Accumulated Depreciation | $ (2,823) | |||
314 Littleton Road, Westford, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,691 | |||
Buildings and Equipment | 8,487 | |||
Costs Capitalized Subsequent to Acquisition | 47 | |||
Cost amount carried at Close of Period | ||||
Land | 5,691 | |||
Buildings and Equipment | 8,534 | |||
Total | 14,225 | |||
Accumulated Depreciation | $ (717) | |||
Annapolis Commerce Center, Annapolis, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,057 | |||
Buildings and Equipment | 7,665 | |||
Costs Capitalized Subsequent to Acquisition | 4,599 | |||
Cost amount carried at Close of Period | ||||
Land | 4,057 | |||
Buildings and Equipment | 12,264 | |||
Total | 16,321 | |||
Accumulated Depreciation | $ (1,121) | |||
4201 Patterson Avenue, Baltimore, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 901 | |||
Buildings and Equipment | 8,097 | |||
Costs Capitalized Subsequent to Acquisition | 4,134 | |||
Impairment/ Writedowns | (85) | |||
Cost amount carried at Close of Period | ||||
Land | 893 | |||
Buildings and Equipment | 12,154 | |||
Total | 13,047 | |||
Accumulated Depreciation | $ (6,291) | |||
7001 Columbia Gateway Drive, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,642 | |||
Buildings and Equipment | 10,352 | |||
Costs Capitalized Subsequent to Acquisition | 399 | |||
Cost amount carried at Close of Period | ||||
Land | 5,642 | |||
Buildings and Equipment | 10,751 | |||
Total | 16,393 | |||
Accumulated Depreciation | $ (939) | |||
Hillside Center, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 4,228 | |||
Costs Capitalized Subsequent to Acquisition | 934 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 5,162 | |||
Total | 8,599 | |||
Accumulated Depreciation | $ (643) | |||
TenThreeTwenty, Columbia, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,126 | |||
Buildings and Equipment | 16,361 | |||
Costs Capitalized Subsequent to Acquisition | 1,932 | |||
Cost amount carried at Close of Period | ||||
Land | 3,126 | |||
Buildings and Equipment | 18,293 | |||
Total | 21,419 | |||
Accumulated Depreciation | $ (2,370) | |||
3300 75th Avenue, Landover, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,110 | |||
Buildings and Equipment | 36,371 | |||
Costs Capitalized Subsequent to Acquisition | 3,140 | |||
Cost amount carried at Close of Period | ||||
Land | 4,110 | |||
Buildings and Equipment | 39,511 | |||
Total | 43,621 | |||
Accumulated Depreciation | $ (11,474) | |||
Redland 520/530, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,714 | |||
Buildings and Equipment | 61,377 | |||
Costs Capitalized Subsequent to Acquisition | 4,267 | |||
Cost amount carried at Close of Period | ||||
Land | 12,714 | |||
Buildings and Equipment | 65,644 | |||
Total | 78,358 | |||
Accumulated Depreciation | $ (7,105) | |||
Redland 540, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 10,740 | |||
Buildings and Equipment | 17,714 | |||
Costs Capitalized Subsequent to Acquisition | 6,113 | |||
Cost amount carried at Close of Period | ||||
Land | 10,740 | |||
Buildings and Equipment | 23,827 | |||
Total | 34,567 | |||
Accumulated Depreciation | $ (4,390) | |||
Rutherford Business Park, Windsor Mill, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,598 | |||
Buildings and Equipment | 10,219 | |||
Costs Capitalized Subsequent to Acquisition | 545 | |||
Cost amount carried at Close of Period | ||||
Land | 1,598 | |||
Buildings and Equipment | 10,764 | |||
Total | 12,362 | |||
Accumulated Depreciation | $ (2,438) | |||
3550 Green Court, Ann Arbor, MI | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (429) | |||
11411 E. Jefferson Avenue, Detroit, MI | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 630 | |||
Buildings and Equipment | 18,002 | |||
Costs Capitalized Subsequent to Acquisition | 567 | |||
Cost amount carried at Close of Period | ||||
Land | 630 | |||
Buildings and Equipment | 18,569 | |||
Total | 19,199 | |||
Accumulated Depreciation | $ (5,358) | |||
Rosedale Corporate Plaza, Roseville, MN | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 672 | |||
Buildings and Equipment | 6,045 | |||
Costs Capitalized Subsequent to Acquisition | 1,547 | |||
Cost amount carried at Close of Period | ||||
Land | 672 | |||
Buildings and Equipment | 7,592 | |||
Total | 8,264 | |||
Accumulated Depreciation | $ (4,338) | |||
1300 Summit Street, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,776 | |||
Buildings and Equipment | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | 900 | |||
Cost amount carried at Close of Period | ||||
Land | 2,776 | |||
Buildings and Equipment | 12,970 | |||
Total | 15,746 | |||
Accumulated Depreciation | $ (2,978) | |||
2555 Grand Boulevard, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,209 | |||
Buildings and Equipment | 51,522 | |||
Costs Capitalized Subsequent to Acquisition | 4,402 | |||
Cost amount carried at Close of Period | ||||
Land | 4,209 | |||
Buildings and Equipment | 55,924 | |||
Total | 60,133 | |||
Accumulated Depreciation | $ (4,550) | |||
4241 NE 34th Street, Kansas City, MO | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,133 | |||
Buildings and Equipment | 5,649 | |||
Costs Capitalized Subsequent to Acquisition | 4,705 | |||
Cost amount carried at Close of Period | ||||
Land | 1,470 | |||
Buildings and Equipment | 10,017 | |||
Total | 11,487 | |||
Accumulated Depreciation | $ (4,995) | |||
1220 Echelon Parkway, Jackson, MS | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 440 | |||
Buildings and Equipment | 25,458 | |||
Costs Capitalized Subsequent to Acquisition | 529 | |||
Cost amount carried at Close of Period | ||||
Land | 440 | |||
Buildings and Equipment | 25,987 | |||
Total | 26,427 | |||
Accumulated Depreciation | $ (6,103) | |||
2300 and 2400 Yorkmont Road, Charlotte, NC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 1,334 | |||
Buildings and Equipment | 19,075 | |||
Costs Capitalized Subsequent to Acquisition | 2,509 | |||
Cost amount carried at Close of Period | ||||
Land | 1,334 | |||
Buildings and Equipment | 21,584 | |||
Total | 22,918 | |||
Accumulated Depreciation | $ (1,966) | |||
18010 and 18020 Burt Street, Omaha, NE | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (1,039) | |||
500 Charles Ewing Boulevard, Ewing, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (2,162) | |||
299 Jefferson Road, Parsippany, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,543 | |||
Buildings and Equipment | 2,914 | |||
Costs Capitalized Subsequent to Acquisition | 865 | |||
Cost amount carried at Close of Period | ||||
Land | 4,543 | |||
Buildings and Equipment | 3,779 | |||
Total | 8,322 | |||
Accumulated Depreciation | $ (386) | |||
One Jefferson Road, Parsippany, NJ | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,415 | |||
Buildings and Equipment | 5,249 | |||
Costs Capitalized Subsequent to Acquisition | 63 | |||
Cost amount carried at Close of Period | ||||
Land | 4,415 | |||
Buildings and Equipment | 5,312 | |||
Total | 9,727 | |||
Accumulated Depreciation | $ (439) | |||
Airline Corporate Center, Colonie, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 790 | |||
Buildings and Equipment | 6,400 | |||
Costs Capitalized Subsequent to Acquisition | 1,141 | |||
Cost amount carried at Close of Period | ||||
Land | 790 | |||
Buildings and Equipment | 7,541 | |||
Total | 8,331 | |||
Accumulated Depreciation | $ (1,652) | |||
5000 Corporate Court, Holtsville, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,530 | |||
Buildings and Equipment | 17,711 | |||
Costs Capitalized Subsequent to Acquisition | 4,330 | |||
Cost amount carried at Close of Period | ||||
Land | 6,530 | |||
Buildings and Equipment | 22,041 | |||
Total | 28,571 | |||
Accumulated Depreciation | $ (5,956) | |||
1212 Pittsford - Victor Road, Pittsford, NY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 608 | |||
Buildings and Equipment | 78 | |||
Costs Capitalized Subsequent to Acquisition | 538 | |||
Cost amount carried at Close of Period | ||||
Land | 608 | |||
Buildings and Equipment | 616 | |||
Total | 1,224 | |||
Accumulated Depreciation | $ (67) | |||
2231 Schrock Road, Columbus, OH | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 716 | |||
Buildings and Equipment | 217 | |||
Costs Capitalized Subsequent to Acquisition | 283 | |||
Cost amount carried at Close of Period | ||||
Land | 716 | |||
Buildings and Equipment | 500 | |||
Total | 1,216 | |||
Accumulated Depreciation | $ (63) | |||
4600 25th Avenue, Salem, OR | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 6,510 | |||
Buildings and Equipment | 17,973 | |||
Costs Capitalized Subsequent to Acquisition | 6,355 | |||
Cost amount carried at Close of Period | ||||
Land | 6,510 | |||
Buildings and Equipment | 24,328 | |||
Total | 30,838 | |||
Accumulated Depreciation | $ (5,918) | |||
8800 Tinicum Boulevard, Philadelphia, PA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,573 | |||
Buildings and Equipment | 22,686 | |||
Costs Capitalized Subsequent to Acquisition | 2,396 | |||
Cost amount carried at Close of Period | ||||
Land | 5,573 | |||
Buildings and Equipment | 25,082 | |||
Total | 30,655 | |||
Accumulated Depreciation | $ (1,976) | |||
446 Wrenplace Road, Fort Mill, SC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,031 | |||
Buildings and Equipment | 22,524 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 5,031 | |||
Buildings and Equipment | 22,524 | |||
Total | 27,555 | |||
Accumulated Depreciation | $ (577) | |||
9680 Old Bailes Road, Fort Mill, SC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 834 | |||
Buildings and Equipment | 2,944 | |||
Costs Capitalized Subsequent to Acquisition | 53 | |||
Cost amount carried at Close of Period | ||||
Land | 834 | |||
Buildings and Equipment | 2,997 | |||
Total | 3,831 | |||
Accumulated Depreciation | $ (247) | |||
16001 North Dallas Parkway, Addison, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 10,282 | |||
Buildings and Equipment | 63,071 | |||
Costs Capitalized Subsequent to Acquisition | 945 | |||
Cost amount carried at Close of Period | ||||
Land | 10,282 | |||
Buildings and Equipment | 64,016 | |||
Total | 74,298 | |||
Accumulated Depreciation | $ (5,636) | |||
Research Park, Austin, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 4,258 | |||
Buildings and Equipment | 13,747 | |||
Costs Capitalized Subsequent to Acquisition | 247 | |||
Cost amount carried at Close of Period | ||||
Land | 4,258 | |||
Buildings and Equipment | 13,994 | |||
Total | 18,252 | |||
Accumulated Depreciation | $ (2,103) | |||
10451 Clay Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (854) | |||
202 North Castlegory Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (393) | |||
6380 Rogerdale Road, Houston, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 12,628 | |||
Buildings and Equipment | 6,113 | |||
Costs Capitalized Subsequent to Acquisition | 1,092 | |||
Cost amount carried at Close of Period | ||||
Land | 12,628 | |||
Buildings and Equipment | 7,205 | |||
Total | 19,833 | |||
Accumulated Depreciation | $ (550) | |||
4221 W. John Carpenter Freeway, Irving, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,413 | |||
Buildings and Equipment | 2,365 | |||
Costs Capitalized Subsequent to Acquisition | 1,843 | |||
Cost amount carried at Close of Period | ||||
Land | 1,413 | |||
Buildings and Equipment | 4,208 | |||
Total | 5,621 | |||
Accumulated Depreciation | $ (736) | |||
8675, 8701-8711 Freeport Pkwy and 8901 Esters Boulevard, Irving, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 10,185 | |||
Buildings and Equipment | 31,566 | |||
Costs Capitalized Subsequent to Acquisition | 68 | |||
Cost amount carried at Close of Period | ||||
Land | 10,185 | |||
Buildings and Equipment | 31,634 | |||
Total | 41,819 | |||
Accumulated Depreciation | $ (2,625) | |||
1511 East Common Street, New Braunfels, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,965 | |||
Buildings and Equipment | 1,266 | |||
Costs Capitalized Subsequent to Acquisition | 222 | |||
Cost amount carried at Close of Period | ||||
Land | 4,965 | |||
Buildings and Equipment | 1,488 | |||
Total | 6,453 | |||
Accumulated Depreciation | $ (124) | |||
2900 West Plano Parkway, Plano, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (734) | |||
3400 West Plano Parkway, Plano, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (1,369) | |||
3600 Weismann Boulevard, San Antonio, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,493 | |||
Buildings and Equipment | 6,662 | |||
Costs Capitalized Subsequent to Acquisition | 3,300 | |||
Cost amount carried at Close of Period | ||||
Land | 3,493 | |||
Buildings and Equipment | 9,962 | |||
Total | 13,455 | |||
Accumulated Depreciation | $ (1,129) | |||
701 Clay Road, Waco, TX | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,030 | |||
Buildings and Equipment | 8,708 | |||
Costs Capitalized Subsequent to Acquisition | 14,327 | |||
Cost amount carried at Close of Period | ||||
Land | 2,060 | |||
Buildings and Equipment | 23,005 | |||
Total | 25,065 | |||
Accumulated Depreciation | $ (7,173) | |||
1800 Novell Place, Provo, UT | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 7,487 | |||
Buildings and Equipment | 43,487 | |||
Costs Capitalized Subsequent to Acquisition | 124 | |||
Cost amount carried at Close of Period | ||||
Land | 7,487 | |||
Buildings and Equipment | 43,611 | |||
Total | 51,098 | |||
Accumulated Depreciation | $ (3,906) | |||
4885-4931 North 300 West, Provo, UT | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (834) | |||
14660, 14672 and 14668 Lee Road, Chantilly, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 6,966 | |||
Buildings and Equipment | 74,214 | |||
Costs Capitalized Subsequent to Acquisition | 6,172 | |||
Cost amount carried at Close of Period | ||||
Land | 6,966 | |||
Buildings and Equipment | 80,386 | |||
Total | 87,352 | |||
Accumulated Depreciation | $ (10,355) | |||
1434 Crossways, Chesapeake, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,617 | |||
Buildings and Equipment | 19,527 | |||
Costs Capitalized Subsequent to Acquisition | 2,673 | |||
Cost amount carried at Close of Period | ||||
Land | 3,617 | |||
Buildings and Equipment | 22,200 | |||
Total | 25,817 | |||
Accumulated Depreciation | $ (2,680) | |||
Enterchange At Meadowville, Chester, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,478 | |||
Buildings and Equipment | 9,594 | |||
Costs Capitalized Subsequent to Acquisition | 424 | |||
Cost amount carried at Close of Period | ||||
Land | 1,478 | |||
Buildings and Equipment | 10,018 | |||
Total | 11,496 | |||
Accumulated Depreciation | $ (2,077) | |||
Three Flint Hill, Fairfax, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,991 | |||
Buildings and Equipment | 25,536 | |||
Costs Capitalized Subsequent to Acquisition | 3,118 | |||
Cost amount carried at Close of Period | ||||
Land | 5,991 | |||
Buildings and Equipment | 28,654 | |||
Total | 34,645 | |||
Accumulated Depreciation | $ (4,356) | |||
7987 Ashton Avenue, Manassas, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,562 | |||
Buildings and Equipment | 8,253 | |||
Costs Capitalized Subsequent to Acquisition | 1,059 | |||
Cost amount carried at Close of Period | ||||
Land | 1,562 | |||
Buildings and Equipment | 9,312 | |||
Total | 10,874 | |||
Accumulated Depreciation | $ (1,311) | |||
Two Commercial Place, Norfolk, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,494 | |||
Buildings and Equipment | 21,508 | |||
Costs Capitalized Subsequent to Acquisition | 575 | |||
Cost amount carried at Close of Period | ||||
Land | 4,494 | |||
Buildings and Equipment | 22,083 | |||
Total | 26,577 | |||
Accumulated Depreciation | $ (1,744) | |||
1759 & 1760 Business Center Drive, Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 9,066 | |||
Buildings and Equipment | 78,658 | |||
Costs Capitalized Subsequent to Acquisition | 7,007 | |||
Cost amount carried at Close of Period | ||||
Land | 9,066 | |||
Buildings and Equipment | 85,665 | |||
Total | 94,731 | |||
Accumulated Depreciation | $ (15,947) | |||
1775 Wiehle Avenue, Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,138 | |||
Buildings and Equipment | 26,120 | |||
Costs Capitalized Subsequent to Acquisition | 2,000 | |||
Cost amount carried at Close of Period | ||||
Land | 4,138 | |||
Buildings and Equipment | 28,120 | |||
Total | 32,258 | |||
Accumulated Depreciation | $ (3,312) | |||
9201 Forest Hill Avenue, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,344 | |||
Buildings and Equipment | 375 | |||
Costs Capitalized Subsequent to Acquisition | 466 | |||
Cost amount carried at Close of Period | ||||
Land | 1,344 | |||
Buildings and Equipment | 841 | |||
Total | 2,185 | |||
Accumulated Depreciation | $ (100) | |||
9960 Mayland Drive, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,614 | |||
Buildings and Equipment | 15,930 | |||
Costs Capitalized Subsequent to Acquisition | 3,392 | |||
Cost amount carried at Close of Period | ||||
Land | 2,614 | |||
Buildings and Equipment | 19,322 | |||
Total | 21,936 | |||
Accumulated Depreciation | $ (3,720) | |||
Parham Place, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 913 | |||
Buildings and Equipment | 1,099 | |||
Costs Capitalized Subsequent to Acquisition | 563 | |||
Cost amount carried at Close of Period | ||||
Land | 913 | |||
Buildings and Equipment | 1,662 | |||
Total | 2,575 | |||
Accumulated Depreciation | $ (132) | |||
1751 Blue Hills Drive, Roanoke, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (645) | |||
Atlantic Corporate Park, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 5,752 | |||
Buildings and Equipment | 29,316 | |||
Costs Capitalized Subsequent to Acquisition | 2,713 | |||
Cost amount carried at Close of Period | ||||
Land | 5,752 | |||
Buildings and Equipment | 32,029 | |||
Total | 37,781 | |||
Accumulated Depreciation | $ (3,499) | |||
Orbital Sciences Campus, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 12,275 | |||
Buildings and Equipment | 19,320 | |||
Costs Capitalized Subsequent to Acquisition | 780 | |||
Cost amount carried at Close of Period | ||||
Land | 12,275 | |||
Buildings and Equipment | 20,100 | |||
Total | 32,375 | |||
Accumulated Depreciation | $ (1,754) | |||
Sterling Business Park Lots 8 & 9, Sterling, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,871 | |||
Buildings and Equipment | 44,324 | |||
Costs Capitalized Subsequent to Acquisition | 103 | |||
Cost amount carried at Close of Period | ||||
Land | 5,871 | |||
Buildings and Equipment | 44,427 | |||
Total | 50,298 | |||
Accumulated Depreciation | $ (4,714) | |||
65 Bowdoin Street, S. Burlington VT | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 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 | $ (2,524) | |||
840 North Broadway, Everett, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,360 | |||
Buildings and Equipment | 15,376 | |||
Costs Capitalized Subsequent to Acquisition | 3,228 | |||
Cost amount carried at Close of Period | ||||
Land | 3,360 | |||
Buildings and Equipment | 18,604 | |||
Total | 21,964 | |||
Accumulated Depreciation | $ (4,189) | |||
Stevens Center, Richland, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,970 | |||
Buildings and Equipment | 17,035 | |||
Costs Capitalized Subsequent to Acquisition | 5,594 | |||
Cost amount carried at Close of Period | ||||
Land | 4,042 | |||
Buildings and Equipment | 22,557 | |||
Total | 26,599 | |||
Accumulated Depreciation | $ (12,408) | |||
351, 401, 501 Elliot Ave West, Seattle, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Initial Cost to Company | ||||
Land | $ 26,640 | |||
Buildings and Equipment | 52,740 | |||
Costs Capitalized Subsequent to Acquisition | 5,782 | |||
Cost amount carried at Close of Period | ||||
Land | 26,640 | |||
Buildings and Equipment | 58,522 | |||
Total | 85,162 | |||
Accumulated Depreciation | $ (4,705) | |||
5353 Yellowstone Road, Cheyenne, WY | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 1,915 | |||
Buildings and Equipment | 8,217 | |||
Costs Capitalized Subsequent to Acquisition | 1,882 | |||
Cost amount carried at Close of Period | ||||
Land | 1,950 | |||
Buildings and Equipment | 10,064 | |||
Total | 12,014 | |||
Accumulated Depreciation | $ (5,551) | |||
Total Real Estate Assets | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 178 | |||
Encumbrances | $ 98,178 | |||
Initial Cost to Company | ||||
Land | 883,260 | |||
Buildings and Equipment | 2,685,828 | |||
Costs Capitalized Subsequent to Acquisition | 392,665 | |||
Impairment/ Writedowns | (22,877) | |||
Cost amount carried at Close of Period | ||||
Land | 880,004 | |||
Buildings and Equipment | 3,058,872 | |||
Total | 3,938,876 | |||
Accumulated Depreciation | $ (498,266) | |||
Properties Held for Sale | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 4 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 7,731 | |||
Buildings and Equipment | 26,932 | |||
Costs Capitalized Subsequent to Acquisition | 3,762 | |||
Impairment/ Writedowns | (10,635) | |||
Cost amount carried at Close of Period | ||||
Land | 5,896 | |||
Buildings and Equipment | 21,894 | |||
Total | 27,790 | |||
Accumulated Depreciation | $ (2,354) | |||
Properties Held for Sale | 2115 East Jefferson Street, Rockville, MD | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 3,349 | |||
Buildings and Equipment | 11,152 | |||
Costs Capitalized Subsequent to Acquisition | 592 | |||
Impairment/ Writedowns | (8,646) | |||
Cost amount carried at Close of Period | ||||
Land | 1,678 | |||
Buildings and Equipment | 4,769 | |||
Total | 6,447 | |||
Accumulated Depreciation | $ 0 | |||
Properties Held for Sale | Greenbrier Towers, Chesapeake, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 3,437 | |||
Buildings and Equipment | 11,241 | |||
Costs Capitalized Subsequent to Acquisition | 3,067 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 14,308 | |||
Total | 17,745 | |||
Accumulated Depreciation | $ (2,354) | |||
Properties Held for Sale | 11050 West Liberty Drive, Milwaukee, WI | ||||
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 | |||
Impairment/ Writedowns | (1,989) | |||
Cost amount carried at Close of Period | ||||
Land | 781 | |||
Buildings and Equipment | 2,817 | |||
Total | 3,598 | |||
Accumulated Depreciation | $ 0 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Mortgage debt, net | $ 123 |
Aggregate cost for federal income tax purposes | $ 7,358,924 |
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 - Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties | |||
Balance at the beginning of the period | $ 3,522,143 | $ 3,493,231 | $ 3,944,636 |
Additions | 584,805 | 122,116 | 66,221 |
Loss on asset impairment | (58,696) | (2,954) | (22,255) |
Disposals | (72,137) | (31,193) | (424,302) |
Cost basis adjustment | (37,239) | (3,968) | (9,169) |
Reclassification of assets of properties held for sale | (27,790) | (55,089) | (61,900) |
Balance at the end of the period | 3,911,086 | 3,522,143 | 3,493,231 |
Accumulated Depreciation | |||
Balance at the beginning of the period | 451,914 | 387,656 | 375,147 |
Additions | 92,266 | 83,828 | 89,398 |
Loss on asset impairment | 0 | 0 | 0 |
Disposals | (8,675) | (13,125) | (64,167) |
Cost basis adjustment | (37,239) | (3,968) | (9,169) |
Reclassification of assets of properties held for sale | (2,354) | (2,477) | (3,553) |
Balance at the end of the period | $ 495,912 | $ 451,914 | $ 387,656 |