Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 948.4 | ||
Entity Common Stock, Shares Outstanding | 48,564,103 | ||
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 2023 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2022. | ||
Entity Central Index Key | 0001456772 | ||
Document Fiscal Year Focus | 2022 | ||
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, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Boston, Massachusetts |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate properties: | ||
Land | $ 821,238 | $ 874,108 |
Buildings and improvements | 3,114,836 | 3,036,978 |
Total real estate properties, gross | 3,936,074 | 3,911,086 |
Accumulated depreciation | (561,458) | (495,912) |
Total real estate properties, net | 3,374,616 | 3,415,174 |
Assets of properties held for sale | 2,516 | 26,598 |
Investments in unconsolidated joint ventures | 35,129 | 34,838 |
Acquired real estate leases, net | 369,333 | 505,629 |
Cash and cash equivalents | 12,249 | 83,026 |
Restricted cash | 0 | 1,489 |
Rents receivable | 105,639 | 112,886 |
Deferred leasing costs, net | 73,098 | 53,883 |
Other assets, net | 7,397 | 8,160 |
Total assets | 3,979,977 | 4,241,683 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Unsecured revolving credit facility | 195,000 | 0 |
Senior unsecured notes, net | 2,187,875 | 2,479,772 |
Mortgage notes payable, net | 49,917 | 98,178 |
Liabilities of properties held for sale | 73 | 594 |
Accounts payable and other liabilities | 140,151 | 142,609 |
Due to related persons | 6,469 | 6,787 |
Assumed real estate lease obligations, net | 14,157 | 17,034 |
Total liabilities | 2,593,642 | 2,744,974 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common shares of beneficial interest, $.01 par value: 200,000,000 shares authorized, 48,565,644 and 48,425,665 shares issued and outstanding, respectively | 486 | 484 |
Additional paid in capital | 2,619,532 | 2,617,169 |
Cumulative net income | 169,606 | 175,715 |
Cumulative common distributions | (1,403,289) | (1,296,659) |
Total shareholders’ equity | 1,386,335 | 1,496,709 |
Total liabilities and shareholders’ equity | $ 3,979,977 | $ 4,241,683 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 48,565,644 | 48,425,665 |
Common shares of beneficial interest, shares outstanding (in shares) | 48,565,644 | 48,425,665 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Rental income | $ 554,275 | $ 576,482 | $ 587,919 |
Expenses: | |||
Real estate taxes | 57,844 | 71,970 | 65,119 |
Utility expenses | 27,005 | 25,251 | 25,384 |
Other operating expenses | 110,366 | 105,825 | 105,465 |
Depreciation and amortization | 222,564 | 241,494 | 251,566 |
Loss on impairment of real estate | 21,820 | 62,420 | 2,954 |
Acquisition and transaction related costs | 292 | 0 | 232 |
General and administrative | 25,134 | 26,858 | 28,443 |
Total expenses | 465,025 | 533,818 | 479,163 |
Gain on sale of real estate | 11,001 | 78,354 | 10,855 |
Interest and other income | 217 | 7 | 779 |
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $9,134, $9,771 and $9,593, respectively) | (103,480) | (112,385) | (108,303) |
Gain (loss) on early extinguishment of debt | 682 | (14,068) | (3,839) |
Income (loss) before income tax expense and equity in net losses of investees | (2,330) | (5,428) | 8,248 |
Income tax expense | (270) | (251) | (377) |
Equity in net losses of investees | (3,509) | (2,501) | (1,193) |
Net income (loss) | (6,109) | (8,180) | 6,678 |
Other comprehensive income: | |||
Unrealized gain on financial instrument | 0 | 0 | 200 |
Other comprehensive income | 0 | 0 | 200 |
Comprehensive income (loss) | $ (6,109) | $ (8,180) | $ 6,878 |
Weighted average common shares outstanding, basic (in shares) | 48,278 | 48,195 | 48,124 |
Weighted average common shares outstanding, diluted (in shares) | 48,278 | 48,195 | 48,124 |
Per common share amounts (basic and diluted): | |||
Net income (loss) - basic (in dollars per share) | $ (0.14) | $ (0.17) | $ 0.14 |
Net income (loss) - diluted (in dollars per share) | $ (0.14) | $ (0.17) | $ 0.14 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net amortization of debt premiums, discounts and issuance costs | $ 9,134 | $ 9,771 | $ 9,593 |
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, 2019 | 48,201,941 | |||||
Balance beginning 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 gain on financial instruments | 115 | 115 | ||||
Net income (loss) | 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 (loss) | (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) |
Increase (Decrease) in Shareholders' Equity | ||||||
Share grants (in shares) | 172,700 | |||||
Share grants | 2,916 | $ 2 | 2,914 | |||
Shares forfeitures or repurchases (in shares) | (32,721) | |||||
Share forfeitures and repurchases | (551) | (551) | ||||
Net income (loss) | (6,109) | (6,109) | ||||
Distributions to common shareholders | (106,630) | (106,630) | ||||
Balance ending (in shares) at Dec. 31, 2022 | 48,565,644 | |||||
Balance ending at Dec. 31, 2022 | $ 1,386,335 | $ 486 | $ 2,619,532 | $ 169,606 | $ 0 | $ (1,403,289) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (6,109) | $ (8,180) | $ 6,678 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 96,966 | 92,266 | 83,828 |
Net amortization of debt premiums, discounts and issuance costs | 9,134 | 9,771 | 9,593 |
Amortization of acquired real estate leases and assumed real estate lease obligations, net | 119,703 | 144,826 | 167,192 |
Amortization of deferred leasing costs | 7,994 | 7,878 | 6,887 |
Gain on sale of real estate | (11,001) | (78,354) | (10,855) |
Loss on impairment of real estate | 21,820 | 62,420 | 2,954 |
(Gain) loss on early extinguishment of debt | (682) | 9,694 | 2,701 |
Straight line rental income | (10,830) | (15,368) | (16,079) |
Other non-cash expenses, net | 1,818 | 1,782 | 2,229 |
Equity in net losses of investees | 3,509 | 2,501 | 1,193 |
Change in assets and liabilities: | |||
Rents receivable | 10,961 | 2,663 | (3,962) |
Deferred leasing costs | (31,621) | (19,769) | (12,128) |
Other assets | 484 | 1,538 | 2,505 |
Accounts payable and other liabilities | (19,214) | 7,151 | (8,081) |
Due to related persons | (318) | 673 | (1,027) |
Net cash provided by operating activities | 192,614 | 221,492 | 233,628 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Real estate acquisitions | 0 | (563,447) | (47,215) |
Real estate improvements | (204,104) | (100,141) | (81,762) |
Proceeds from sale of properties, net | 203,280 | 219,980 | 102,211 |
Contributions to unconsolidated joint ventures | (3,851) | 0 | 0 |
Proceeds from repayment of mortgage note receivable | 0 | 0 | 2,880 |
Net cash used in investing activities | (4,624) | (442,985) | (22,987) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (47,617) | (72,541) | (155,367) |
Repayment of senior unsecured notes | (300,000) | (610,000) | (400,000) |
Proceeds from issuance of senior unsecured notes, net | 0 | 1,041,809 | 408,932 |
Borrowings on unsecured revolving credit facility | 385,000 | 755,000 | 561,467 |
Repayments on unsecured revolving credit facility | (190,000) | (755,000) | (561,467) |
Payment of debt issuance costs | (469) | (2,744) | (1,492) |
Repurchase of common shares | (540) | (1,003) | (434) |
Distributions to common shareholders | (106,630) | (106,368) | (106,121) |
Net cash (used in) provided by financing activities | (260,256) | 249,153 | (254,482) |
(Decrease) increase in cash, cash equivalents and restricted cash | (72,266) | 27,660 | (43,841) |
Cash, cash equivalents and restricted cash at beginning of period | 84,515 | 56,855 | 100,696 |
Cash, cash equivalents and restricted cash at end of period | 12,249 | 84,515 | 56,855 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | 104,174 | 103,200 | 100,083 |
Income taxes paid | 352 | 299 | 1,377 |
NON-CASH INVESTING ACTIVITIES: | |||
Real estate improvements accrued, not paid | 42,772 | 18,492 | 11,981 |
Real estate acquisition | 0 | (13,031) | 0 |
Capitalized interest | 4,578 | 795 | 199 |
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Cash and cash equivalents | 12,249 | 83,026 | 42,045 |
Restricted cash | 0 | 1,489 | 14,810 |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | 12,249 | 84,515 | 56,855 |
Unconsolidated Joint Ventures | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Distributions in excess of earnings | 51 | 612 | 612 |
Affiliates Insurance Company | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Distributions in excess of earnings | $ 0 | $ 11 | $ 287 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, our wholly owned properties were comprised of 160 properties containing approximately 20,969,000 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, 2022 | |
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 $975, $2,288 and $5,440 during the years ended December 31, 2022, 2021 and 2020, 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 $118,728, $142,538 and $161,752 during the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2022 2021 Acquired real estate leases: Capitalized above market lease values $ 15,792 $ 29,925 Less: accumulated amortization (9,672) (17,945) Capitalized above market lease values, net 6,120 11,980 Lease origination value 728,773 885,250 Less: accumulated amortization (365,560) (391,601) Lease origination value, net 363,213 493,649 Acquired real estate leases, net $ 369,333 $ 505,629 Assumed real estate lease obligations: Capitalized below market lease values $ 27,033 $ 29,488 Less: accumulated amortization (12,876) (12,454) Assumed real estate lease obligations, net $ 14,157 $ 17,034 As of December 31, 2022, the weighted average amortization periods for capitalized above market leases, lease origination value and capitalized below market lease values were 3.8 years, 6.4 years and 10.9 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, 2022 are estimated to be $90,999 in 2023, $73,905 in 2024, $53,792 in 2025, $39,983 in 2026, $31,313 in 2027 and $65,184 thereafter. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. 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 useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful 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 $6,869, $6,691 and $5,985, and reductions to rental income related to the amortization of inducements of $1,124, $1,187 and $902 for the years ended December 31, 2022, 2021 and 2020, respectively. Deferred leasing costs, excluding properties classified as held for sale, totaled $94,680 and $74,469 at December 31, 2022 and 2021, respectively, and accumulated amortization of deferred leasing costs totaled $21,582 and $20,586 at December 31, 2022 and 2021, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2022 are estimated to be $9,938 in 2023, $8,837 in 2024, $7,838 in 2025, $7,260 in 2026, $6,424 in 2027 and $32,801 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, 2022 and 2021, debt issuance costs for our revolving credit facility were $4,593 and $4,125, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $4,072 and $3,079, 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, 2022 and 2021, debt issuance costs, net of accumulated amortization, for our senior unsecured notes and mortgage notes payable totaled $13,589 and $16,120, respectively. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and senior unsecured notes as of December 31, 2022 are estimated to be $2,676 in 2023, $2,155 in 2024, $1,669 in 2025, $1,335 in 2026, $595 in 2027 and $5,680 thereafter. Equity Method Investments. We 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 4 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 The RMR Group Inc., or 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, 2022, 2021 and 2020. These amounts are included in the net business management and property management fee amounts for such periods disclosed in Note 6. As of December 31, 2022, the remaining unamortized amount of this liability was $14,145. Future amortization of this liability as of December 31, 2022 is estimated to be $1,087 in 2023 through 2027 and $8,710 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 5 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 former equity method investees. Per Common Share Amounts. We calculate basic earnings per common share using the two class method. 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. 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. |
Per Common Share Amounts
Per Common Share Amounts | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Per Common Share Amounts | Per Common Share Amounts The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Numerators: Net income (loss) $ (6,109) $ (8,180) $ 6,678 Income attributable to unvested participating securities (427) — — Net income (loss) used in calculating earnings per share $ (6,536) $ (8,180) $ 6,678 Denominators: Weighted average common shares outstanding - basic and diluted (1) 48,278 48,195 48,124 Net income (loss) per common share - basic and diluted $ (0.14) $ (0.17) $ 0.14 (1) For the years ended December 31, 2022, 2021 and 2020, there were no dilutive common shares. In addition, for the years ended December 31, 2021 and 2020, 34 and 14 unvested common shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. |
Real Estate Properties
Real Estate Properties | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate Properties | Real Estate PropertiesAs of December 31, 2022, our wholly owned properties were comprised of 160 properties containing approximately 20,969,000 rentable square feet, with an undepreciated carrying value of $3,938,658, including $2,584 classified as held for sale. We also had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties containing 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 2023 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, 2022, we entered into 75 leases for approximately 2,562,000 rentable square feet for a weighted (by rentable square feet) average lease term of 9.3 years and we made commitments for $173,419 of leasing related costs. As of December 31, 2022, we had estimated unspent leasing related obligations of $156,693. Acquisition Activities 2022 Acquisition Activities We did not acquire any properties during the year ended December 31, 2022. 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 t o 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 Disposition Activities The sales completed during the years ended December 31, 2022, 2021 and 2020, as presented in the tables below, do not represent significant dispositions individually 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). 2022 Disposition Activities During the year ended December 31, 2022, we sold 18 properties containing approximately 2,326,000 rentable square feet for an aggregate sales price of $211,020, 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 2022 1 Rockville, MD (2) 129,000 $ 6,750 $ (72) $ — February 2022 2 Chesapeake, VA (2) 172,000 18,945 2,296 — March 2022 1 Milwaukee, WI (2) 29,000 3,775 (75) — May 2022 1 Holtsville, NY 264,000 28,500 1,900 — June 2022 1 Fairfax, VA 184,000 19,750 (13,537) — July 2022 1 Houston, TX 206,000 9,800 (135) 15,278 August 2022 3 Birmingham, AL 448,000 16,050 (265) 3,709 August 2022 1 Erlanger, KY 86,000 2,600 135 2,184 September 2022 2 Chesapeake, VA 214,000 24,000 62 649 September 2022 2 Everett, WA 112,000 31,500 11,959 — September 2022 1 Salem, OR 233,000 34,250 5,369 — November 2022 1 Kapolei, HI (3) 109,000 4,000 2,504 — November 2022 1 Englewood, CO 140,000 11,100 860 — 18 2,326,000 $ 211,020 $ 11,001 $ 21,820 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2021. (3) Property is a leasable land parcel. As of December 31, 2022, we had three properties located in Richmond, VA containing approximately 89,000 rentable square feet classified as held for sale in our consolidated balance sheets. These properties were sold in January 2023 for a sales price of $5,350, excluding closing costs. As of February 14, 2023, we have entered into agreements to sell two properties containing approximately 207,000 rentable square feet for an aggregate sales price of $7,600, excluding closing costs. These pending sales are subject to conditions, accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the terms will not change. 2021 Disposition Activities During the year ended December 31, 2021, we sold six properties, a warehouse facility and two vacant land parcels 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. (4) Consists of two vacant land parcels. 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 addition, we recorded a $6,991 loss on impairment of real estate to reduce the carrying value of two properties that were classified as held for sale as of December 31, 2021 and subsequently sold in 2022. 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 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. 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, 2022 and 2021, 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 2022 2021 Prosperity Metro Plaza 51% $ 19,237 $ 20,672 2 Fairfax, VA 329,000 1750 H Street, NW 50% 15,892 14,166 1 Washington, D.C. 115,000 Total $ 35,129 $ 34,838 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, 2022 and 2021 (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, 2022, the aggregate unamortized basis difference of our two unconsolidated joint ventures of $6,489 was 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, 2022 | |
Leases [Abstract] | |
Leases | LeasesRental 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 $10,830, $15,368 and $16,079 to record revenue on a straight line basis during the years ended December 31, 2022, 2021 and 2020, respectively. Rents receivable, excluding properties classified as held for sale, include $86,305 and $82,978 of straight line rent receivables at December 31, 2022 and 2021, 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 $83,103, $85,107 and $75,851 for the years ended December 31, 2022, 2021 and 2020, respectively, of which tenant reimbursements totaled $78,388, $81,295 and $71,385, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2022: Year Amount 2023 $ 393,318 2024 358,254 2025 313,267 2026 279,820 2027 248,976 Thereafter 1,393,682 Total $ 2,987,317 As of December 31, 2022, tenants representing approximately 1.5% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2035, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximatel y 1.3%, 2.4%, 5.6%, 1.6%, 1.6%, 5.5%, 2.1%, 1.6%, 0.3%, 3.5%, 0.4% and 1.7% of our t otal operating lease maturities, respectively. 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, 2022, 10 of our tenants had 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 10 tenants represented approximately 4.8% of our total operating lease maturities as of December 31, 2022. Leases where we are the lessee. We had one lease where we were the lessee which expired on January 31, 2021. We subleased a portion of the space, which sublease also expired on January 31, 2021. Rent expense incurred under the lease, net of sublease revenue, was $79 and $1,749 for the years ended December 31, 2021 and 2020, respectively. |
Leases | LeasesRental 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 $10,830, $15,368 and $16,079 to record revenue on a straight line basis during the years ended December 31, 2022, 2021 and 2020, respectively. Rents receivable, excluding properties classified as held for sale, include $86,305 and $82,978 of straight line rent receivables at December 31, 2022 and 2021, 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 $83,103, $85,107 and $75,851 for the years ended December 31, 2022, 2021 and 2020, respectively, of which tenant reimbursements totaled $78,388, $81,295 and $71,385, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2022: Year Amount 2023 $ 393,318 2024 358,254 2025 313,267 2026 279,820 2027 248,976 Thereafter 1,393,682 Total $ 2,987,317 As of December 31, 2022, tenants representing approximately 1.5% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2035, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximatel y 1.3%, 2.4%, 5.6%, 1.6%, 1.6%, 5.5%, 2.1%, 1.6%, 0.3%, 3.5%, 0.4% and 1.7% of our t otal operating lease maturities, respectively. 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, 2022, 10 of our tenants had 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 10 tenants represented approximately 4.8% of our total operating lease maturities as of December 31, 2022. Leases where we are the lessee. We had one lease where we were the lessee which expired on January 31, 2021. We subleased a portion of the space, which sublease also expired on January 31, 2021. Rent expense incurred under the lease, net of sublease revenue, was $79 and $1,749 for the years ended December 31, 2021 and 2020, respectively. |
Business and Property Managemen
Business and Property Management Agreements with RMR | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Business and Property Management Agreements with RMR | Business and Property Management Agreements with RMR 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. We have two agreements with RMR 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 . Our management agreements with RMR 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 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 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 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. The MSCI U.S. REIT/Office REIT Index is the benchmark index for periods on and after August 1, 2021, and the SNL U.S. REIT Office Index is the benchmark index for periods prior to August 1, 2021. 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 year • 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 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 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, we recognized net business management fees of $17,376, $18,637 and $17,358 for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 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, 2022, 2021 or 2020. • Property Management and Construction Supervision Fees . The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR, we recognized aggregate net property management and construction supervision fees of $25,756, $21,103 and $20,774 for each of the years ended December 31, 2022, 2021 and 2020, respectively. The net property management and construction supervision fees we recognized for the years ended December 31, 2022, 2021 and 2020 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, 2022, 2021 and 2020, $15,839, $16,507 and $17,328, 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 $9,917, $4,596 and $3,446, 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 on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $24,371 , $24,766 and $24,919 for these expenses and costs for each of the years ended December 31, 2022, 2021 and 2020, 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 have terms that end on December 31, 2042, 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: (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, as defined therein. RMR 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 for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR 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 for a performance reason, we have agreed to pay RMR 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 for cause or as a result of a change of control of RMR. • Transition Services . RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, 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, RMR 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 and other companies to which RMR 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, we acknowledge that RMR 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. Management Agreements between our Joint Ventures and RMR . RMR provides management services to our two unconsolidated joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures. The joint ventures pay management fees directly to RMR. |
Related Person Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Related Person Transactions We have relationships and historical and continuing transactions with RMR, RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR 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., the chair of the board of directors, a managing director, the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Jennifer Clark, our other Managing Trustee, is a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. Each of our officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing director or managing trustee of these public companies. Other officers of RMR, including Ms. Clark, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. RMR also provides management services to our unconsolidated joint ventures. See Note 6 for more information regarding our and our unconsolidated joint ventures’ management agreements with RMR. Leases with RMR . We lease office space to RMR in certain of our properties for RMR’s property management offices. Pursuant to our lease agreements with RMR, we recognized rental income from RMR for leased office space of $1,126, $1,138 and $1,120 for the years ended December 31, 2022, 2021 and 2020, respectively. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated. Share Awards to RMR Employees . As described further in Note 11, we award shares to our officers and other employees of RMR 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- |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020, the U.S. government and certain state and other government tenants combined were responsible for approximately 28.5%, 28.9% and 35.3%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 19.7%, 19.5%, and 25.2% of our annualized rental income as of December 31, 2022, 2021 and 2020, respectively. Geographic Concentration At December 31, 2022, our 160 wholly owned properties were located in 30 states and the District of Columbia. Properties located in California, Virginia, Illinois, the District of Columbia and Georgia were responsible for approximately 11.7%, 11.0%, 10.8%, 10.5%, and 9.0% of our annualized rental income as of December 31, 2022, respectively. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness At December 31, 2022 and 2021, our outstanding indebtedness consisted of the following: December 31, 2022 2021 Revolving credit facility, due in 2023 $ 195,000 $ — Senior unsecured notes, 4.00% interest rate, due in 2022 (1) — 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 300,000 300,000 Senior unsecured notes, 2.400% interest rate, due in 2027 350,000 350,000 Senior unsecured notes, 3.450% interest rate, due in 2031 400,000 400,000 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 Mortgage note payable, 4.220% interest rate, due in 2022 (2) — 25,055 Mortgage note payable, 3.700% interest rate, due in 2023 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 (3) — 23,246 2,457,000 2,610,301 Unamortized debt premiums, discounts and issuance costs (24,208) (32,351) $ 2,432,792 $ 2,577,950 (1) These senior notes were redeemed in June 2022. (2) This mortgage note was prepaid, at par plus accrued interest, in April 2022. (3) This mortgage note was prepaid, at a discounted amount of $22,176 plus accrued interest, in October 2022. 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. In November 2022, we exercised our option to extend the maturity date of our revolving credit facility to July 31, 2023 and paid an extension fee of $469 and, subject to our payment of an extension fee and meeting certain other conditions, we have the option to extend the maturity date of our revolving credit facility by one additional six month period. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity and no principal repayment is due until maturity. We are required to pay interest at a rate of LIBOR plus a premium, which was 110 basis points per annum at December 31, 2022, on the amount outstanding under our revolving credit facility. We also pay a facility fee on the total amount of lending commitments under our revolving credit facility, which was 25 basis points per annum at December 31, 2022. Both the interest rate premium and facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2022 and 2021, the annual interest rate payable on borrowings under our revolving credit facility was 5.4% and 1.2%, respectively. The weighted average annual interest rate for borrowings under our revolving credit facility was 4.0%, 1.2% and 2.0% for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and February 14, 2023, we had $195,000 and $220,000, respectively, outstanding under our revolving credit facility and $555,000 and $530,000, respectively, available for borrowing. 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 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, 2022. Senior Unsecured Note Redemption In June 2022, we redeemed, at par plus accrued interest, all $300,000 of our 4.00% senior unsecured notes due July 2022. As a result of this redemption, we recognized a loss on early extinguishment of debt of $77 during the year ended December 31, 2022, from the write off of unamortized discounts and debt issuance costs. Mortgage Note Prepayments In April 2022, we prepaid, at par plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $24,863, an annual interest rate of 4.22% and a maturity date in July 2022. In October 2022, we prepaid, at a discounted amount of $22,176 plus accrued interest, a mortgage note secured by one property with an outstanding principal balance of $22,901, an annual interest rate of 4.80% and a maturity date in June 2023. As a result of this discounted prepayment, we recognized a gain on early extinguishment of debt of $759 during the year ended December 31, 2022, after the write off of unamortized premiums and debt issuance costs. At December 31, 2022, one of our properties with a net book value of $55,071 was encumbered by a mortgage note with a principal balance of $50,000. Our mortgage note is non-recourse, subject to certain limited exceptions, and does 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, 2022 were as follows: Year Principal Payment 2023 $ 245,000 2024 350,000 2025 650,000 2026 300,000 2027 350,000 Thereafter 562,000 Total $ 2,457,000 (1) (1) Total consolidated debt outstanding as of December 31, 2022, net of unamortized premiums, discounts and issuance costs totaling $24,208, was $2,432,792. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities Our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, accounts payable, a revolving credit facility, senior unsecured notes, a mortgage note payable, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2022 and 2021, 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, 2022 As of December 31, 2021 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.00% interest rate, due in 2022 (2) $ — $ — $ 299,500 $ 304,148 Senior unsecured notes, 4.25% interest rate, due in 2024 346,863 331,601 344,581 365,449 Senior unsecured notes, 4.50% interest rate, due in 2025 642,818 589,388 639,370 687,749 Senior unsecured notes, 2.650% interest rate, due in 2026 297,839 232,770 297,213 298,502 Senior unsecured notes, 2.400% interest rate, due in 2027 347,466 256,606 346,845 339,764 Senior unsecured notes, 3.450% interest rate, due in 2031 396,178 268,004 395,744 388,458 Senior unsecured notes, 6.375% interest rate, due in 2050 156,711 113,075 156,519 177,098 Mortgage notes payable (3) 49,917 49,099 98,178 100,294 Total $ 2,237,792 $ 1,840,543 $ 2,577,950 $ 2,661,462 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $24,208 and $32,351 as of December 31, 2022 and 2021, respectively. (2) These senior notes were redeemed in June 2022. (3) Balance as of December 31, 2021 includes a mortgage note secured by one property with an outstanding principal amount of $25,055 that was prepaid, at par plus accrued interest, in April 2022 and a mortgage note secured by one property with an outstanding principal balance of $23,246 that was prepaid, at a discounted amount of $22,176 plus accrued interest, in October 2022. We estimated the fair values of our senior unsecured notes (except for our senior unsecured notes due 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 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, 2022 | |
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, 2022, 2021 and 2020, we awarded to our officers and other employees of RMR annual share awards of 141,200, 117,800 and 108,600 of our common shares, respectively, valued at $2,470, $2,994 and $2,502, in aggregate, respectively. We also awarded each of our then Tr ustees 3,500 of our common shares in each of 2022, 2021 and 2020 as part of their annual compensation. These awards had aggregate values of $593 ($66 per Trustee), $837 ($105 p er Trustee) and $745 ($93 per Trustee) in 2022, 2021 and 2020, respectively. The values of the share awards were based upon the closing price of our common shares trading on Nasdaq on the date of award. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. The common shares awarded to our Trustees vest immediately. We recognize share forfeitures as they occur and 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, 2022, 2021 and 2020, is as follows: 2022 2021 2020 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 182,224 $ 26.23 157,521 $ 29.26 106,680 $ 40.16 Awarded 172,700 $ 17.74 145,800 $ 26.28 136,600 $ 23.77 Forfeited (1,900) $ 25.97 (700) $ 25.97 (586) $ 43.75 Vested (121,723) $ 23.24 (120,397) $ 30.24 (85,173) $ 34.02 Unvested at end of year 231,301 $ 21.47 182,224 $ 26.23 157,521 $ 29.26 The 231,301 unvested shares as of December 31, 2022 are scheduled to vest as follows: 84,941 shares in 2023, 67,620 shares in 2024, 50,500 shares in 2025 and 28,240 shares in 2026. As of December 31, 2022, the estimated future compensation expense for the unvested shares was $4,343. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2022, 2021 and 2020, we recorded $2,905, $2,868 and $3,315, respectively, of compensation expense related to the 2009 Plan. At December 31, 2022, 847,631 of our common shares remained available for issuance under the 2009 Plan. Share Purchases During the years ended December 31, 2022, 2021 and 2020, w e purchased 30,821, 37,801 and 19,589 of o ur common shares, respectively, valued at weighted average sh are prices of $17.54, $26.55 and $22.15 per c ommon share, respectively, from certain of our current and former Trustees and officers and certain current and former officers and employees of RMR 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, 2022, 2021 and 2020, 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 2022 $ 2.20 $ 106,630 62.68% 37.32% —% 2021 $ 2.20 $ 106,368 —% 100.00% —% 2020 $ 2.20 $ 106,121 —% 100.00% —% On January 12, 2023, we declared a regular quarterly distribution payable to common shareholders of record on January 23, 2023 in the amount of $0.55 per share, or approximately $26,700. We expect to pay this distribution on or about February 16, 2023. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
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 445 Jan Davis Drive Huntsville, AL 1 $ — $ 1,501 $ 1,492 $ — $ — $ 1,501 $ 1,492 $ 2,993 $ (160) 12/31/2018 2007 131 Clayton Street Montgomery, AL 1 — 920 9,084 417 — 920 9,501 10,421 (2,690) 6/22/2011 2007 4344 Carmichael Road Montgomery, AL 1 — 1,374 11,658 562 — 1,374 12,220 13,594 (2,766) 12/17/2013 2009 15451 North 28th Avenue Phoenix, AZ 1 — 1,917 7,416 765 — 1,917 8,181 10,098 (1,756) 9/10/2014 1996 16001 North 28th Avenue Phoenix, AZ 1 — 3,355 412 1,146 — 3,355 1,558 4,913 (273) 12/31/2018 1998 711 S 14th Avenue Safford, AZ 1 — 460 11,708 884 (4,440) 364 8,248 8,612 (1,381) 6/16/2010 1992 Regents Center Tempe, AZ 2 — 4,121 3,042 293 — 4,121 3,335 7,456 (660) 12/31/2018 1988 Campbell Place Carlsbad, CA 2 — 5,769 3,871 7,517 — 5,769 11,388 17,157 (2,438) 12/31/2018 2007 Folsom Corporate Center Folsom, CA 1 — 2,904 5,583 1,567 — 2,904 7,150 10,054 (816) 12/31/2018 2008 Bayside Technology Park Fremont, CA 1 — 10,784 648 198 — 10,784 846 11,630 (110) 12/31/2018 1990 10949 N. Mather Boulevard Rancho Cordova, CA 1 — 562 16,923 1,012 — 562 17,935 18,497 (4,165) 10/30/2013 2012 11020 Sun Center Drive Rancho Cordova, CA 1 — 1,466 8,797 1,409 — 1,466 10,206 11,672 (1,827) 12/20/2016 1983 100 Redwood Shores Parkway Redwood City, CA 1 — 14,454 7,721 — — 14,454 7,721 22,175 (857) 12/31/2018 1993 3875 Atherton Road Rocklin, CA 1 — 177 853 23 — 177 876 1,053 (95) 12/31/2018 1991 801 K Street Sacramento, CA 1 — 4,688 61,994 9,465 — 4,688 71,459 76,147 (12,968) 1/29/2016 1989 9815 Goethe Road Sacramento, CA 1 — 1,450 9,465 1,603 — 1,450 11,068 12,518 (3,109) 9/14/2011 1992 Capitol Place Sacramento, CA 1 — 2,290 35,891 8,767 — 2,290 44,658 46,948 (14,418) 12/17/2009 1988 4560 Viewridge Road San Diego, CA 1 — 4,269 18,316 5,146 — 4,347 23,384 27,731 (13,942) 3/31/1997 1996 2115 O’Nel Drive San Jose, CA 1 — 12,305 5,062 350 — 12,305 5,412 17,717 (587) 12/31/2018 1984 North First Street San Jose, CA 1 — 8,311 4,003 411 — 8,311 4,414 12,725 (572) 12/31/2018 1984 Rio Robles Drive San Jose, CA 3 — 23,687 13,698 12,637 — 23,687 26,335 50,022 (2,332) 12/31/2018 1984 2450 and 2500 Walsh Avenue Santa Clara, CA 2 — 13,374 16,651 194 — 13,374 16,845 30,219 (1,878) 12/31/2018 1982 3250 and 3260 Jay Street Santa Clara, CA 2 — 19,899 14,051 20 — 19,899 14,071 33,970 (1,558) 12/31/2018 1982 603 San Juan Avenue Stockton, CA 1 — 563 5,470 93 — 563 5,563 6,126 (1,436) 7/20/2012 2012 350 West Java Drive Sunnyvale, CA 1 — 24,609 462 408 — 24,609 870 25,479 (93) 12/31/2018 1984 7958 South Chester Street Centennial, CO 1 — 6,682 7,153 1,410 — 6,682 8,563 15,245 (924) 12/31/2018 2000 350 Spectrum Loop Colorado Springs, CO 1 — 3,650 7,732 573 — 3,650 8,305 11,955 (933) 12/31/2018 2000 12795 West Alameda Parkway Lakewood, CO 1 — 2,640 23,777 1,535 — 2,640 25,312 27,952 (8,177) 1/15/2010 1988 Corporate Center Lakewood, CO 3 — 2,887 27,537 2,689 — 2,887 30,226 33,113 (14,630) 10/11/2002 1980 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 11 Dupont Circle, NW Washington, DC 1 — 28,255 44,743 18,712 — 28,255 63,455 91,710 (10,002) 10/2/2017 1974 1211 Connecticut Avenue, NW Washington, DC 1 — 30,388 24,667 3,871 — 30,388 28,538 58,926 (4,681) 10/2/2017 1967 1401 K Street, NW Washington, DC 1 — 29,215 34,656 7,146 — 29,215 41,802 71,017 (7,675) 10/2/2017 1929 20 Massachusetts Avenue Washington, DC 1 — 12,009 51,527 178,984 — 12,231 230,289 242,520 (42,535) 3/31/1997 1996 440 First Street, NW Washington, DC 1 — 27,903 38,624 2,315 — 27,903 40,939 68,842 (5,678) 10/2/2017 1982 625 Indiana Avenue Washington, DC 1 — 26,000 25,955 10,652 — 26,000 36,607 62,607 (10,956) 8/17/2010 1989 840 First Street, NE Washington, DC 1 — 42,727 73,278 3,949 — 42,727 77,227 119,954 (11,073) 10/2/2017 2003 10350 NW 112th Avenue Miami, FL 1 — 4,798 2,757 1,903 — 4,798 4,660 9,458 (441) 12/31/2018 2002 7850 Southwest 6th Court Plantation, FL 1 — 4,800 30,592 1,167 — 4,800 31,759 36,559 (9,022) 5/12/2011 1999 8900 Grand Oak Circle Tampa, FL 1 — 1,100 11,773 1,142 — 1,100 12,915 14,015 (3,830) 10/15/2010 1994 180 Ted Turner Drive SW Atlanta, GA 1 — 5,717 20,017 726 — 5,717 20,743 26,460 (5,401) 7/25/2012 2007 1224 Hammond Drive Atlanta, GA 1 — 13,040 135,459 11,627 — 13,040 147,086 160,126 (6,189) 6/25/2021 2020 Corporate Square Atlanta, GA 5 — 3,996 29,762 28,076 — 3,996 57,838 61,834 (20,701) 7/16/2004 1967 Executive Park Atlanta, GA 1 — 1,521 11,826 4,123 — 1,521 15,949 17,470 (8,424) 7/16/2004 1972 One Georgia Center Atlanta, GA 1 — 10,250 27,933 18,781 — 10,250 46,714 56,964 (11,782) 9/30/2011 1968 One Primerica Parkway Duluth, GA 1 — 6,927 22,951 — — 6,927 22,951 29,878 (2,545) 12/31/2018 2013 4712 Southpark Boulevard Ellenwood, GA 1 — 1,390 19,635 248 — 1,390 19,883 21,273 (5,152) 7/25/2012 2005 8305 NW 62nd Avenue Johnston, IA 1 — 2,649 7,997 — — 2,649 7,997 10,646 (887) 12/31/2018 2011 1185, 1249 & 1387 S. Vinnell Way Boise, ID 3 — 3,390 29,026 1,101 — 3,390 30,127 33,517 (7,835) 9/11/2012 1996; 1997; 2002 2020 S. Arlington Heights Arlington Heights, IL 1 — 1,450 13,588 2,139 — 1,450 15,727 17,177 (4,654) 12/29/2009 1988 400 South Jefferson Street Chicago, IL 1 49,917 19,379 20,115 783 — 19,379 20,898 40,277 (2,381) 12/31/2018 1947 1000 W. Fulton Chicago, IL 1 — 42,935 252,914 94 — 42,935 253,008 295,943 (12,816) 6/24/2021 2015 HUB 1415 Naperville, IL 1 — 12,333 20,586 16,211 — 12,333 36,797 49,130 (4,616) 12/31/2018 2001 440 North Fairway Drive Vernon Hills, IL 1 — 4,465 441 10 — 4,465 451 4,916 (51) 12/31/2018 1992 7601 and 7635 Interactive Way Indianapolis, IN 2 — 3,337 14,522 34 — 3,337 14,556 17,893 (1,517) 12/31/2018 2003 Intech Park Indianapolis, IN 3 — 4,170 69,759 10,389 — 4,170 80,148 84,318 (23,417) 10/14/2011 2000; 2001; 2008 7125 Industrial Road Florence, KY 1 — 1,698 11,722 293 — 1,698 12,015 13,713 (3,030) 12/31/2012 1980 251 Causeway Street Boston, MA 3 — 26,851 36,756 4,662 — 26,851 41,418 68,269 (7,688) 8/17/2010 1987 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 300 Billerica Road Chelmsford, MA 1 — 2,223 — 45 — 2,223 45 2,268 (13) 12/31/2018 1984 330 Billerica Road Chelmsford, MA 1 — 2,477 — 10,103 — 2,477 10,103 12,580 (1,113) 12/31/2018 1984 75 Pleasant Street Malden, MA 1 — 1,050 31,086 856 — 1,050 31,942 32,992 (10,300) 5/24/2010 2008 25 Newport Avenue Quincy, MA 1 — 2,700 9,199 2,143 — 2,700 11,342 14,042 (3,154) 2/16/2011 1985 314 Littleton Road Westford, MA 1 — 5,691 8,487 100 — 5,691 8,587 14,278 (956) 12/31/2018 2007 Annapolis Commerce Center Annapolis, MD 2 — 4,057 7,665 4,628 — 4,057 12,293 16,350 (1,679) 10/2/2017 1989 4201 Patterson Avenue Baltimore, MD 1 — 901 8,097 4,134 (85) 893 12,154 13,047 (6,744) 10/15/1998 1989 7001 Columbia Gateway Drive Columbia, MD 1 — 5,642 10,352 569 — 5,642 10,921 16,563 (1,271) 12/31/2018 2008 Hillside Center Columbia, MD 2 — 3,437 4,228 971 — 3,437 5,199 8,636 (859) 10/2/2017 2001 TenThreeTwenty Columbia, MD 1 — 3,126 16,361 3,681 — 3,126 20,042 23,168 (2,782) 10/2/2017 1982 3300 75th Avenue Landover, MD 1 — 4,110 36,371 3,302 — 4,110 39,673 43,783 (12,615) 2/26/2010 1985 Redland 520/530 Rockville, MD 3 — 12,714 61,377 6,951 — 12,714 68,328 81,042 (8,937) 10/2/2017 2008 Redland 540 Rockville, MD 1 — 10,740 17,714 6,231 — 10,740 23,945 34,685 (5,635) 10/2/2017 2003 Rutherford Business Park Windsor Mill, MD 1 — 1,598 10,219 545 — 1,598 10,764 12,362 (2,741) 11/16/2012 1972 3550 Green Court Ann Arbor, MI 1 — 3,630 4,857 — — 3,630 4,857 8,487 (571) 12/31/2018 1998 11411 E. Jefferson Avenue Detroit, MI 1 — 630 18,002 567 — 630 18,569 19,199 (5,839) 4/23/2010 2009 Rosedale Corporate Plaza Roseville, MN 1 — 672 6,045 1,547 — 672 7,592 8,264 (4,636) 12/1/1999 1987 1300 Summit Street Kansas City, MO 1 — 2,776 12,070 900 — 2,776 12,970 15,746 (3,334) 9/27/2012 1998 2555 Grand Boulevard Kansas City, MO 1 — 4,209 51,522 4,778 — 4,209 56,300 60,509 (6,356) 12/31/2018 2003 4241 NE 34th Street Kansas City, MO 1 — 1,133 5,649 4,908 — 1,470 10,220 11,690 (5,127) 3/31/1997 1995 1220 Echelon Parkway Jackson, MS 1 — 440 25,458 561 — 440 26,019 26,459 (6,800) 7/25/2012 2009 2300 and 2400 Yorkmont Road Charlotte, NC 2 — 1,334 19,075 3,200 — 1,334 22,275 23,609 (2,725) 12/31/2018 1995 18010 and 18020 Burt Street Omaha, NE 2 — 6,977 12,500 — — 6,977 12,500 19,477 (1,386) 12/31/2018 2012 500 Charles Ewing Boulevard Ewing, NJ 1 — 4,808 26,002 281 — 4,808 26,283 31,091 (2,883) 12/31/2018 2012 299 Jefferson Road Parsippany, NJ 1 — 4,543 2,914 935 — 4,543 3,849 8,392 (554) 12/31/2018 2011 One Jefferson Road Parsippany, NJ 1 — 4,415 5,249 63 — 4,415 5,312 9,727 (588) 12/31/2018 2009 Airline Corporate Center Colonie, NY 1 — 790 6,400 1,827 — 790 8,227 9,017 (1,876) 6/22/2012 2004 1212 Pittsford - Victor Road Pittsford, NY 1 — 608 78 847 — 608 925 1,533 (106) 12/31/2018 1965 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 2231 Schrock Road Columbus, OH 1 — 716 217 578 — 716 795 1,511 (98) 12/31/2018 1999 8800 Tinicum Boulevard Philadelphia, PA 1 — 5,573 22,686 5,934 — 5,573 28,620 34,193 (2,738) 12/31/2018 2000 446 Wrenplace Road Fort Mill, SC 1 — 5,031 22,524 — — 5,031 22,524 27,555 (1,140) 12/22/2020 2019 9680 Old Bailes Road Fort Mill, SC 1 — 834 2,944 53 — 834 2,997 3,831 (333) 12/31/2018 2007 16001 North Dallas Parkway Addison, TX 2 — 10,282 63,071 1,911 — 10,282 64,982 75,264 (7,529) 12/31/2018 1987 Research Park Austin, TX 2 — 4,258 13,747 199 — 4,258 13,946 18,204 (2,787) 12/31/2018 1999 10451 Clay Road Houston, TX 1 — 5,495 10,253 2,432 — 5,495 12,685 18,180 (1,139) 12/31/2018 2013 202 North Castlegory Road Houston, TX 1 — 863 5,024 8 — 863 5,032 5,895 (524) 12/31/2018 2016 4221 W. John Carpenter Freeway Irving, TX 1 — 1,413 2,365 1,843 — 1,413 4,208 5,621 (1,091) 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 (3,500) 12/31/2018 1990 1511 East Common Street New Braunfels, TX 1 — 4,965 1,266 251 — 4,965 1,517 6,482 (223) 12/31/2018 2005 2900 West Plano Parkway Plano, TX 1 — 6,819 8,831 — — 6,819 8,831 15,650 (979) 12/31/2018 1998 3400 West Plano Parkway Plano, TX 1 — 4,543 15,964 321 — 4,543 16,285 20,828 (1,828) 12/31/2018 1994 3600 Wiseman Boulevard San Antonio, TX 1 — 3,493 6,662 3,309 — 3,493 9,971 13,464 (1,714) 12/31/2018 2004 701 Clay Road Waco, TX 1 — 2,030 8,708 14,479 — 2,060 23,157 25,217 (8,473) 12/23/1997 1997 1800 Novell Place Provo, UT 1 — 7,487 43,487 11,404 — 7,487 54,891 62,378 (5,233) 12/31/2018 2000 4885-4931 North 300 West Provo, UT 2 — 3,915 9,429 21 — 3,915 9,450 13,365 (1,113) 12/31/2018 2009 14660, 14672 & 14668 Lee Road Chantilly, VA 3 — 6,966 74,214 7,567 — 6,966 81,781 88,747 (12,503) 12/22/2016 1998; 2002; 2006 Enterchange at Meadowville Chester, VA 1 — 1,478 9,594 1,369 — 1,478 10,963 12,441 (2,367) 8/28/2013 1999 7987 Ashton Avenue Manassas, VA 1 — 1,562 8,253 1,069 — 1,562 9,322 10,884 (1,628) 1/3/2017 1989 Two Commercial Place Norfolk, VA 1 — 4,494 21,508 780 — 4,494 22,288 26,782 (2,350) 12/31/2018 1974 1759 Business Center Drive Reston, VA 1 — 4,033 28,517 1,562 — 4,033 30,079 34,112 (6,349) 5/28/2014 1987 1760 Business Center Drive Reston, VA 1 — 5,033 50,141 6,251 — 5,033 56,392 61,425 (11,959) 5/28/2014 1987 1775 Wiehle Avenue Reston, VA 1 — 4,138 26,120 4,552 — 4,138 30,672 34,810 (4,218) 10/2/2017 2001 9201 Forest Hill Avenue Richmond, VA 1 — 1,344 375 580 — 1,344 955 2,299 (165) 12/31/2018 1985 9960 Mayland Drive Richmond, VA 1 — 2,614 15,930 3,812 — 2,614 19,742 22,356 (4,402) 5/20/2014 1994 1751 Blue Hills Drive Roanoke, VA 1 — 2,689 7,761 — — 2,689 7,761 10,450 (861) 12/31/2018 2003 Atlantic Corporate Park Sterling, VA 2 — 5,752 29,316 2,885 — 5,752 32,201 37,953 (4,536) 10/2/2017 2008 Orbital Sciences Campus Sterling, VA 3 — 12,275 19,320 1,876 — 12,275 21,196 33,471 (2,429) 12/31/2018 2001 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 Sterling Park Business Center Sterling, VA 1 — 5,871 44,324 109 — 5,871 44,433 50,304 (5,832) 10/2/2017 2016 65 Bowdoin Street S. Burlington, VT 1 — 700 8,416 140 — 700 8,556 9,256 (2,742) 4/9/2010 2009 Stevens Center Richland, WA 2 — 3,970 17,035 4,737 — 4,042 21,700 25,742 (12,262) 3/31/1997 1995 Unison Elliott Bay-Lab Space Seattle, WA 2 — 17,316 34,281 49,266 — 17,316 83,547 100,863 (4,180) 12/31/2018 2000 Unison Elliott Bay-Office Space Seattle, WA 1 — 9,324 18,459 2,122 — 9,324 20,581 29,905 (2,251) 12/31/2018 2000 5353 Yellowstone Road Cheyenne, WY 1 — 1,915 8,217 2,085 — 1,950 10,267 12,217 (5,872) 3/31/1997 1995 157 $ 49,917 $ 820,568 $ 2,531,553 $ 588,478 $ (4,525) $ 821,238 $ 3,114,836 $ 3,936,074 $ (561,458) Properties Held for Sale Parham Place (4) Richmond, VA 3 — 913 1,099 572 — 913 1,671 2,584 (188) 6/9/2011 2006 3 — 913 1,099 572 — 913 1,671 2,584 (188) 160 $ 49,917 $ 821,481 $ 2,532,652 $ 589,050 $ (4,525) $ 822,151 $ 3,116,507 $ 3,938,658 $ (561,646) (1) Represents mortgage debt, net of the unamortized balance of the fair value adjustments and debt issuance costs totaling $83. (2) Excludes the value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $7,360,476. (3) Depreciation on building and improvements is provided for periods ranging up to 40 years and on equipment up to seven years. (4) Properties were sold in January 2023. 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, 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 Additions 222,951 96,966 Loss on asset impairment (17,303) — Disposals (173,841) (26,997) Cost basis adjustment (1) (4,235) (4,235) Reclassification of assets of properties held for sale (2,584) (188) Balance at December 31, 2022 $ 3,936,074 $ 561,458 (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, 2022 | |
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 $975, $2,288 and $5,440 during the years ended December 31, 2022, 2021 and 2020, 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 $118,728, $142,538 and $161,752 during the years ended December 31, 2022, 2021 and 2020, 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). |
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, 2022 and 2021, debt issuance costs for our revolving credit facility were $4,593 and $4,125, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $4,072 and $3,079, 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 Method Investments | Equity Method Investments. We 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 4 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 5 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 (Loss) | Cumulative Other Comprehensive Income (Loss). Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our former equity method investees. |
Per Common Share Amounts | Per Common Share Amounts. We calculate basic earnings per common share using the two class method. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2022 and 2021, our acquired real estate leases and assumed real estate lease obligations, excluding properties classified as held for sale, were as follows: December 31, 2022 2021 Acquired real estate leases: Capitalized above market lease values $ 15,792 $ 29,925 Less: accumulated amortization (9,672) (17,945) Capitalized above market lease values, net 6,120 11,980 Lease origination value 728,773 885,250 Less: accumulated amortization (365,560) (391,601) Lease origination value, net 363,213 493,649 Acquired real estate leases, net $ 369,333 $ 505,629 Assumed real estate lease obligations: Capitalized below market lease values $ 27,033 $ 29,488 Less: accumulated amortization (12,876) (12,454) Assumed real estate lease obligations, net $ 14,157 $ 17,034 |
Per Common Share Amounts (Table
Per Common Share Amounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculation of basic and diluted earnings per share is as follows (amounts in thousands, except per share amounts): Year Ended December 31, 2022 2021 2020 Numerators: Net income (loss) $ (6,109) $ (8,180) $ 6,678 Income attributable to unvested participating securities (427) — — Net income (loss) used in calculating earnings per share $ (6,536) $ (8,180) $ 6,678 Denominators: Weighted average common shares outstanding - basic and diluted (1) 48,278 48,195 48,124 Net income (loss) per common share - basic and diluted $ (0.14) $ (0.17) $ 0.14 (1) For the years ended December 31, 2022, 2021 and 2020, there were no dilutive common shares. In addition, for the years ended December 31, 2021 and 2020, 34 and 14 unvested common shares, respectively, were not included in the calculation of diluted earnings per share because to do so would have been antidilutive. |
Real Estate Properties (Tables)
Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 t o 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 2022 1 Rockville, MD (2) 129,000 $ 6,750 $ (72) $ — February 2022 2 Chesapeake, VA (2) 172,000 18,945 2,296 — March 2022 1 Milwaukee, WI (2) 29,000 3,775 (75) — May 2022 1 Holtsville, NY 264,000 28,500 1,900 — June 2022 1 Fairfax, VA 184,000 19,750 (13,537) — July 2022 1 Houston, TX 206,000 9,800 (135) 15,278 August 2022 3 Birmingham, AL 448,000 16,050 (265) 3,709 August 2022 1 Erlanger, KY 86,000 2,600 135 2,184 September 2022 2 Chesapeake, VA 214,000 24,000 62 649 September 2022 2 Everett, WA 112,000 31,500 11,959 — September 2022 1 Salem, OR 233,000 34,250 5,369 — November 2022 1 Kapolei, HI (3) 109,000 4,000 2,504 — November 2022 1 Englewood, CO 140,000 11,100 860 — 18 2,326,000 $ 211,020 $ 11,001 $ 21,820 (1) Gross sales price is the gross contract price, excluding closing costs. (2) Properties were classified as held for sale as of December 31, 2021. (3) Property is a leasable land parcel. 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. (4) Consists of two vacant land parcels. 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 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. |
Schedule of Joint Ventures | As of December 31, 2022 and 2021, 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 2022 2021 Prosperity Metro Plaza 51% $ 19,237 $ 20,672 2 Fairfax, VA 329,000 1750 H Street, NW 50% 15,892 14,166 1 Washington, D.C. 115,000 Total $ 35,129 $ 34,838 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, 2022 and 2021 (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, 2022 | |
Leases [Abstract] | |
Schedule of Future Contractual Lease Payments to be Received | The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2022: Year Amount 2023 $ 393,318 2024 358,254 2025 313,267 2026 279,820 2027 248,976 Thereafter 1,393,682 Total $ 2,987,317 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | At December 31, 2022 and 2021, our outstanding indebtedness consisted of the following: December 31, 2022 2021 Revolving credit facility, due in 2023 $ 195,000 $ — Senior unsecured notes, 4.00% interest rate, due in 2022 (1) — 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 300,000 300,000 Senior unsecured notes, 2.400% interest rate, due in 2027 350,000 350,000 Senior unsecured notes, 3.450% interest rate, due in 2031 400,000 400,000 Senior unsecured notes, 6.375% interest rate, due in 2050 162,000 162,000 Mortgage note payable, 4.220% interest rate, due in 2022 (2) — 25,055 Mortgage note payable, 3.700% interest rate, due in 2023 50,000 50,000 Mortgage note payable, 4.800% interest rate, due in 2023 (3) — 23,246 2,457,000 2,610,301 Unamortized debt premiums, discounts and issuance costs (24,208) (32,351) $ 2,432,792 $ 2,577,950 (1) These senior notes were redeemed in June 2022. (2) This mortgage note was prepaid, at par plus accrued interest, in April 2022. (3) This mortgage note was prepaid, at a discounted amount of $22,176 plus accrued interest, in October 2022. |
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, 2022 were as follows: Year Principal Payment 2023 $ 245,000 2024 350,000 2025 650,000 2026 300,000 2027 350,000 Thereafter 562,000 Total $ 2,457,000 (1) (1) Total consolidated debt outstanding as of December 31, 2022, net of unamortized premiums, discounts and issuance costs totaling $24,208, was $2,432,792. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value and Carrying Value of Financial Instruments | At December 31, 2022 and 2021, 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, 2022 As of December 31, 2021 Financial Instrument Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior unsecured notes, 4.00% interest rate, due in 2022 (2) $ — $ — $ 299,500 $ 304,148 Senior unsecured notes, 4.25% interest rate, due in 2024 346,863 331,601 344,581 365,449 Senior unsecured notes, 4.50% interest rate, due in 2025 642,818 589,388 639,370 687,749 Senior unsecured notes, 2.650% interest rate, due in 2026 297,839 232,770 297,213 298,502 Senior unsecured notes, 2.400% interest rate, due in 2027 347,466 256,606 346,845 339,764 Senior unsecured notes, 3.450% interest rate, due in 2031 396,178 268,004 395,744 388,458 Senior unsecured notes, 6.375% interest rate, due in 2050 156,711 113,075 156,519 177,098 Mortgage notes payable (3) 49,917 49,099 98,178 100,294 Total $ 2,237,792 $ 1,840,543 $ 2,577,950 $ 2,661,462 (1) Includes unamortized debt premiums, discounts and issuance costs totaling $24,208 and $32,351 as of December 31, 2022 and 2021, respectively. (2) These senior notes were redeemed in June 2022. (3) Balance as of December 31, 2021 includes a mortgage note secured by one property with an outstanding principal amount of $25,055 that was prepaid, at par plus accrued interest, in April 2022 and a mortgage note secured by one property with an outstanding principal balance of $23,246 that was prepaid, at a discounted amount of $22,176 plus accrued interest, in October 2022. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020, is as follows: 2022 2021 2020 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 182,224 $ 26.23 157,521 $ 29.26 106,680 $ 40.16 Awarded 172,700 $ 17.74 145,800 $ 26.28 136,600 $ 23.77 Forfeited (1,900) $ 25.97 (700) $ 25.97 (586) $ 43.75 Vested (121,723) $ 23.24 (120,397) $ 30.24 (85,173) $ 34.02 Unvested at end of year 231,301 $ 21.47 182,224 $ 26.23 157,521 $ 29.26 |
Schedule of Dividends | During the years ended December 31, 2022, 2021 and 2020, 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 2022 $ 2.20 $ 106,630 62.68% 37.32% —% 2021 $ 2.20 $ 106,368 —% 100.00% —% 2020 $ 2.20 $ 106,121 —% 100.00% —% |
Organization (Details)
Organization (Details) | 12 Months Ended | ||
Dec. 31, 2022 ft² joint_venture property | Dec. 31, 2021 ft² | Dec. 31, 2020 ft² | |
Real Estate Properties [Line Items] | |||
Number of properties (in properties) | property | 160 | ||
Rentable area of properties (in square feet) | 926,000 | 163,000 | |
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) | 444,000 | ||
Number of joint ventures | joint_venture | 2 | ||
Joint Venture Property 1 | |||
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 51% | ||
Joint Venture Property 2 | |||
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 50% | ||
Continuing Operations | |||
Real Estate Properties [Line Items] | |||
Rentable area of properties (in square feet) | 20,969,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Real Estate Properties, Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | |||
Net decreases to rental income from amortization of capitalized above market and below market leases | $ 975 | $ 2,288 | $ 5,440 |
Amortization of the value of leases | 119,703 | 144,826 | 167,192 |
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations | |||
2023 | 90,999 | ||
2024 | 73,905 | ||
2025 | 53,792 | ||
2026 | 39,983 | ||
2027 | 31,313 | ||
Thereafter | 65,184 | ||
Original Value Lease | |||
Real Estate [Line Items] | |||
Amortization of the value of leases | $ 118,728 | $ 142,538 | $ 161,752 |
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 10 months 24 days | ||
Weighted Average | Above Market Lease | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 3 years 9 months 18 days | ||
Weighted Average | Original Value Lease | |||
Real Estate [Line Items] | |||
Acquired lease amortization period | 6 years 4 months 24 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Real Estate Assets and Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Line Items] | ||
Acquired real estate leases, net | $ 369,333 | $ 505,629 |
Capitalized below market lease values | 27,033 | 29,488 |
Less: accumulated amortization | (12,876) | (12,454) |
Assumed real estate lease obligations, net | 14,157 | 17,034 |
Above Market Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 15,792 | 29,925 |
Less: accumulated amortization | (9,672) | (17,945) |
Acquired real estate leases, net | 6,120 | 11,980 |
Original Value Lease | ||
Real Estate [Line Items] | ||
Real estate leases | 728,773 | 885,250 |
Less: accumulated amortization | (365,560) | (391,601) |
Acquired real estate leases, net | $ 363,213 | $ 493,649 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Amortization of deferred leasing costs | $ 6,869 | $ 6,691 | $ 5,985 |
Deferred sales inducement cost, amortization expense | 1,124 | 1,187 | $ 902 |
Deferred leasing costs, gross | 94,680 | 74,469 | |
Accumulated amortization of deferred leasing costs | 21,582 | 20,586 | |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | |||
2023 | 9,938 | ||
2024 | 8,837 | ||
2025 | 7,838 | ||
2026 | 7,260 | ||
2027 | 6,424 | ||
Thereafter | 32,801 | ||
Deferred financing fees, net | 13,589 | 16,120 | |
Future amortization of deferred financing fees | |||
2023 | 2,676 | ||
2024 | 2,155 | ||
2025 | 1,669 | ||
2026 | 1,335 | ||
2027 | 595 | ||
Thereafter | 5,680 | ||
Unsecured Revolving Credit Facility | |||
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | |||
Deferred financing fees, gross | 4,593 | 4,125 | |
Accumulated amortization of deferred financing fees | $ 4,072 | $ 3,079 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property joint_venture segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 05, 2015 USD ($) shares | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 2 | |||
Number of properties (in properties) | property | 160 | |||
Unamortized discount (premium), net | $ 14,145 | |||
Number of business segments | segment | 1 | |||
Joint Venture Property 1 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51% | |||
Joint Venture Property 2 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 50% | |||
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 | |||
Unconsolidated Joint Ventures | Joint Venture Property 1 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51% | |||
Unconsolidated Joint Ventures | Joint Venture Property 2 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 50% | |||
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 | Mortgage Note Payable | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Principal balance | $ 82,000 | $ 82,000 | ||
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 | $ 8,710 |
Per Common Share Amounts - Inco
Per Common Share Amounts - Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerators: | |||
Net income (loss) | $ (6,109) | $ (8,180) | $ 6,678 |
Income attributable to unvested participating securities | (427) | 0 | 0 |
Net income (loss) used in calculating earnings per share | $ (6,536) | $ (8,180) | $ 6,678 |
Denominators: | |||
Weighted average common shares for basic earnings per share (in shares) | 48,278 | 48,195 | 48,124 |
Weighted average common shares outstanding, diluted (in shares) | 48,278 | 48,195 | 48,124 |
Net income (loss) per common share - basic (in dollars per share) | $ (0.14) | $ (0.17) | $ 0.14 |
Net income (loss) per common share - diluted (in dollars per share) | $ (0.14) | $ (0.17) | $ 0.14 |
Antidilutive securities (in shares) | 34 | 14 |
Real Estate Properties - Real E
Real Estate Properties - Real Estate Properties Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) property | Dec. 31, 2022 USD ($) ft² joint_venture property lease | Dec. 31, 2021 USD ($) ft² property parcel_of_land | Dec. 31, 2020 USD ($) ft² property | |
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 160 | |||
Area of properties (in square feet) | ft² | 926,000 | 163,000 | ||
Real estate aggregate undepreciated carrying value | $ 3,936,074 | $ 3,911,086 | ||
Number of joint ventures | joint_venture | 2 | |||
Number of leases entered | lease | 75 | |||
Rentable square feet (in sqft) | ft² | 2,562,000 | |||
Weighted average lease term | 9 years 3 months 18 days | |||
Expenditures committed on leases | $ 173,419 | |||
Operating leases committed expenditures on leases executed in period committed but unspent tenant related obligations | 156,693 | |||
Loss on impairment of real estate | $ 21,820 | $ 62,420 | $ 2,954 | |
Unconsolidated Joint Ventures | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 3 | |||
Area of properties (in square feet) | ft² | 444,000 | |||
Number of joint ventures | joint_venture | 2 | |||
Unconsolidated Joint Ventures | Mortgage Note Payable | ||||
Real Estate Properties [Line Items] | ||||
Interest rate (as a percent) | 3.93% | |||
Joint Venture Property 1 | ||||
Real Estate Properties [Line Items] | ||||
Percentage of ownership interest | 51% | |||
Joint Venture Property 2 | ||||
Real Estate Properties [Line Items] | ||||
Percentage of ownership interest | 50% | |||
Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 18 | 6 | 10 | |
Area of properties (in square feet) | ft² | 2,326,000 | 2,565,000 | 906,000 | |
Gross Sales Price, Excluding Closing Costs | $ 211,020 | $ 226,915 | $ 110,463 | |
Rentable Square Feet | ft² | 2,565,000 | |||
Loss on impairment of real estate | $ 21,820 | $ 45,196 | $ 2,954 | |
Number of real estate properties sold (in properties) | property | 6 | 10 | ||
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, Disposed of by Sale | Sterling, VA | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 0 | |||
Area of properties (in square feet) | ft² | 0 | |||
Gross Sales Price, Excluding Closing Costs | $ 28,500 | |||
Number of land parcels | parcel_of_land | 2 | |||
Loss on impairment of real estate | $ 0 | |||
Disposal Group, Disposed of by Sale | Brookhaven, GA | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 3 | |||
Gross Sales Price, Excluding Closing Costs | $ 10,658 | |||
Loss on impairment of real estate | $ 425 | |||
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 | $ 6,991 | |||
Continuing Operations | ||||
Real Estate Properties [Line Items] | ||||
Area of properties (in square feet) | ft² | 20,969,000 | |||
Real estate aggregate undepreciated carrying value | $ 3,938,658 | |||
Continuing Operations | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Real Estate Properties [Line Items] | ||||
Carrying value | $ 2,584 |
Real Estate Properties - Acquis
Real Estate Properties - Acquisition Activities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 USD ($) ft² property | Dec. 31, 2020 USD ($) ft² property | |
Business Acquisition [Line Items] | ||
Number of properties acquired | property | 3 | 2 |
Rentable square feet (in square feet) | ft² | 926,000 | 163,000 |
Asset acquisition, consideration transferred | $ 576,478 | $ 47,215 |
Purchase price adjustments | 1,761 | |
Assumed Real Estate Lease Obligations | (9,088) | |
Acquisition related costs | 1,264 | 590 |
Adjustment for estimated tax liability | 13,031 | |
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 | 531,000 | |
Asset acquisition, consideration transferred | $ 368,331 | |
Assumed Real Estate Lease Obligations | (9,088) | |
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 | 346,000 | |
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 | 49,000 | 13,000 |
Asset acquisition, consideration transferred | $ 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 | 150,000 | |
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) $ in Thousands | 12 Months Ended | |||
Feb. 14, 2023 USD ($) ft² property | Dec. 31, 2022 USD ($) ft² property | Dec. 31, 2021 USD ($) ft² property parcel_of_land | Dec. 31, 2020 USD ($) ft² property | |
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 160 | |||
Rentable square feet (in square feet) | ft² | 926,000 | 163,000 | ||
Gain (Loss) on Sale of Real Estate | $ 11,001 | $ 78,354 | $ 10,855 | |
Loss on impairment of real estate | $ 21,820 | $ 62,420 | $ 2,954 | |
Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 18 | 6 | 10 | |
Rentable square feet (in square feet) | ft² | 2,326,000 | 2,565,000 | 906,000 | |
Gross Sales Price, Excluding Closing Costs | $ 211,020 | $ 226,915 | $ 110,463 | |
Gain (Loss) on Sale of Real Estate | 11,001 | 78,354 | 10,855 | |
Loss on impairment of real estate | $ 21,820 | $ 45,196 | $ 2,954 | |
Disposal Group, Disposed of by Sale | Subsequent Event | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 2 | |||
Rentable square feet (in square feet) | ft² | 207,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 7,600 | |||
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 | $ 6,991 | |||
Rockville, MD | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 129,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 6,750 | |||
Gain (Loss) on Sale of Real Estate | $ (72) | |||
Chesapeake, VA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 2 | |||
Rentable square feet (in square feet) | ft² | 172,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 18,945 | |||
Gain (Loss) on Sale of Real Estate | $ 2,296 | |||
Milwaukee, WI | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 29,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 3,775 | |||
Gain (Loss) on Sale of Real Estate | $ (75) | |||
Holtsville, NY | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 264,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 28,500 | |||
Gain (Loss) on Sale of Real Estate | $ 1,900 | |||
Fairfax, VA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | 1 | ||
Rentable square feet (in square feet) | ft² | 184,000 | 83,000 | ||
Gross Sales Price, Excluding Closing Costs | $ 19,750 | $ 22,200 | ||
Gain (Loss) on Sale of Real Estate | $ (13,537) | 4,754 | ||
Loss on impairment of real estate | $ 0 | |||
Houston, TX | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 206,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 9,800 | |||
Gain (Loss) on Sale of Real Estate | (135) | |||
Loss on impairment of real estate | $ 15,278 | |||
Birmingham, AL | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 3 | |||
Rentable square feet (in square feet) | ft² | 448,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 16,050 | |||
Gain (Loss) on Sale of Real Estate | (265) | |||
Loss on impairment of real estate | $ 3,709 | |||
Erlanger, KY | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 86,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 2,600 | |||
Gain (Loss) on Sale of Real Estate | 135 | |||
Loss on impairment of real estate | $ 2,184 | |||
Chesapeake, VA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 2 | |||
Rentable square feet (in square feet) | ft² | 214,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 24,000 | |||
Gain (Loss) on Sale of Real Estate | 62 | |||
Loss on impairment of real estate | $ 649 | |||
Everett, WA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 2 | |||
Rentable square feet (in square feet) | ft² | 112,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 31,500 | |||
Gain (Loss) on Sale of Real Estate | $ 11,959 | |||
Salem, OR | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 233,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 34,250 | |||
Gain (Loss) on Sale of Real Estate | $ 5,369 | |||
Kapolei, HI | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 109,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 4,000 | |||
Gain (Loss) on Sale of Real Estate | $ 2,504 | |||
Eaglewood, CO | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 140,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 11,100 | |||
Gain (Loss) on Sale of Real Estate | $ 860 | |||
Kansas City, MO | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 0 | |||
Rentable square feet (in square feet) | ft² | 10,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 845 | |||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 3 | 1 | ||
Rentable square feet (in square feet) | ft² | 89,000 | 311,000 | ||
Gross Sales Price, Excluding Closing Costs | $ 5,350 | $ 130,000 | ||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 1,371,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 39,000 | |||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 532,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 6,000 | |||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 38,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 650 | |||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 205,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 15,270 | |||
Gain (Loss) 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] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 98,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 6,650 | |||
Gain (Loss) 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 properties (in properties) | property | 0 | |||
Rentable square feet (in square feet) | ft² | 0 | |||
Gross Sales Price, Excluding Closing Costs | $ 28,500 | |||
Gain (Loss) on Sale of Real Estate | 24,200 | |||
Loss on impairment of real estate | $ 0 | |||
Number of land parcels | parcel_of_land | 2 | |||
Stafford, VA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 2 | |||
Rentable square feet (in square feet) | ft² | 65,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 14,063 | |||
Gain (Loss) on Sale of Real Estate | 4,771 | |||
Loss on impairment of real estate | $ 0 | |||
Windsor, CT | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 97,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 7,000 | |||
Gain (Loss) on Sale of Real Estate | 314 | |||
Loss on impairment of real estate | $ 0 | |||
Lincolnshire, IL | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 223,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 12,000 | |||
Gain (Loss) on Sale of Real Estate | 1,179 | |||
Loss on impairment of real estate | $ 0 | |||
Trenton, NJ | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 1 | |||
Rentable square feet (in square feet) | ft² | 267,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 30,100 | |||
Gain (Loss) on Sale of Real Estate | (179) | |||
Loss on impairment of real estate | $ 0 | |||
Fairfax, VA | Disposal Group, Disposed of by Sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties (in properties) | property | 4 | |||
Rentable square feet (in square feet) | ft² | 171,000 | |||
Gross Sales Price, Excluding Closing Costs | $ 25,100 | |||
Gain (Loss) on Sale of Real Estate | 16 | |||
Loss on impairment of real estate | $ 2,954 |
Real Estate Properties - Uncons
Real Estate Properties - Unconsolidated Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² joint_venture property | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 ft² | |
Real Estate [Line Items] | |||
Number of joint ventures | joint_venture | 2 | ||
Number of properties (in properties) | property | 160 | ||
Rentable square feet (in square feet) | ft² | 926,000 | 163,000 | |
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 | $ 35,129 | $ 34,838 | |
Rentable square feet (in square feet) | ft² | 444,000 | ||
Equity method investment, difference between carrying amount and underlying equity | $ 6,489 | ||
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% | ||
OPI Carrying Value of Investments | $ 19,237 | 20,672 | |
Rentable square feet (in square feet) | ft² | 329,000 | ||
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% | ||
OPI Carrying Value of Investments | $ 15,892 | 14,166 | |
Rentable square feet (in square feet) | ft² | 115,000 | ||
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, 2022 USD ($) tenant | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Straight line rent adjustments | $ 10,830 | $ 15,368 | $ 16,079 |
Straight line rent receivables | 86,305 | 82,978 | |
Variable lease, income | 83,103 | 85,107 | 75,851 |
Tenant reimbursement income | $ 78,388 | 81,295 | 71,385 |
Lease expense | $ 79 | $ 1,749 | |
Lessor, Operating Lease, Payment to be Received | |||
Lessee, Lease, Description [Line Items] | |||
Number of government tenants with the right to terminate their leases | tenant | 10 | ||
Lessor, Operating Lease, Payment to be Received | Tenant with Exercisable Termination Rights | Tenant Concentration | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk, percentage | 1.50% | ||
2023 | 1.30% | ||
2024 | 2.40% | ||
2025 | 5.60% | ||
2026 | 1.60% | ||
2027 | 1.60% | ||
2028 | 5.50% | ||
2029 | 2.10% | ||
2030 | 1.60% | ||
2031 | 0.30% | ||
2035 | 3.50% | ||
2037 | 0.40% | ||
2040 | 1.70% | ||
Lessor, Operating Lease, Payment to be Received | Fourteen Government Tenants | Tenant Concentration | |||
Lessee, Lease, Description [Line Items] | |||
Concentration risk, percentage | 4.80% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 393,318 |
2024 | 358,254 |
2025 | 313,267 |
2026 | 279,820 |
2027 | 248,976 |
Thereafter | 1,393,682 |
Total | $ 2,987,317 |
Business and Property Managem_2
Business and Property Management Agreements with RMR (Details) - RMR LLC $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) agreement employee | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
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 | $ 18,637 | $ 17,358 | |
Recognized amortization of the liability | $ 603 | 603 | 603 |
Management fees as percentage of gross collected rents | 3% | ||
Construction supervision fees as percentage of construction costs | 5% | ||
Reimbursement amounts | $ 24,371 | 24,766 | 24,919 |
Net Property Management and Construction Supervision Fees | |||
Related Party Transaction [Line Items] | |||
Net business management fees | 17,376 | ||
Transaction amount | 25,756 | 21,103 | 20,774 |
Reimbursement amounts | 484 | 484 | 484 |
Net Property Management and Construction Supervision Fees | Investment Building and Building Improvements | |||
Related Party Transaction [Line Items] | |||
Transaction amount | 9,917 | 4,596 | 3,446 |
Net Property Management and Construction Supervision Fees | Other Operating Income (Expense) | |||
Related Party Transaction [Line Items] | |||
Transaction amount | $ 15,839 | $ 16,507 | $ 17,328 |
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% | ||
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% | ||
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 | ||
Amended And Restate Business Management Agreement | Maximum | |||
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% | ||
Amended And Restate Business Management Agreement | Maximum | Up C Transaction | |||
Related Party Transaction [Line Items] | |||
Termination fee term | 20 years | ||
Amended And Restate Business Management Agreement | Minimum | |||
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% | ||
Amended And Restate Business Management Agreement | Minimum | Up C Transaction | |||
Related Party Transaction [Line Items] | |||
Termination fee term | 19 years |
Related Person Transactions (De
Related Person Transactions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 22 Months Ended | ||||
Dec. 31, 2021 USD ($) ft² | Jun. 30, 2021 USD ($) ft² renewal_option | Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) agreement | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) ft² | Mar. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||||||
Rentable square feet (in square feet) | ft² | 926,000 | 926,000 | 163,000 | ||||
Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Share-based Payment Arrangement, Tranche 1 | Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting rights, percentage | 20% | ||||||
Share-based Payment Arrangement, Tranche 2 | Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting rights, percentage | 20% | ||||||
Share-based Payment Arrangement, Tranche 3 | Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting rights, percentage | 20% | ||||||
Share-based Compensation Award, Tranche 4 | Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting rights, percentage | 20% | ||||||
Share-based Compensation Award, Tranche 5 | Officers and Other Employees | Common Shares | 2009 Award Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Award vesting rights, percentage | 20% | ||||||
RMR LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Number of agreements with RMR LLC to provide management services | agreement | 2 | ||||||
Rental income earned | $ 1,126 | $ 1,138 | $ 1,120 | ||||
Sonesta International Hotels Corporation | |||||||
Related Party Transaction [Line Items] | |||||||
Lease term | 30 years | ||||||
Rentable square feet (in square feet) | ft² | 230,000 | ||||||
Percentage upon completion of redevelopment | 54% | ||||||
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% | ||||||
Annual base rent increase | 5 years | ||||||
Sonesta International Hotels Corporation | Forecast | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price | $ 66,000 | ||||||
Affiliates Insurance Company | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution of earnings from Affiliates Insurance Company | $ 11 | $ 287 |
Concentration (Details)
Concentration (Details) - property | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||
Number of properties (in properties) | 160 | ||
Number of states in which acquired properties located | 30 | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U S Government, State Governments, and Other Governments | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 28.50% | 28.90% | 35.30% |
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Tenant Concentration | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.70% | 19.50% | 25.20% |
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | California | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.70% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Virginia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Illinois | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.80% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Washington, D.C. | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.50% | ||
Annualized Rental Income, Excluding Properties Classified as Discontinued Operations | Geographic Concentration Risk | Georgia | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9% |
Indebtedness - Outstanding Debt
Indebtedness - Outstanding Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 | Apr. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 2,610,301 | $ 2,457,000 | |||
Unamortized debt premiums, discounts and issuance costs | (32,351) | (24,208) | |||
Total borrowings outstanding | 2,577,950 | $ 2,432,792 | |||
Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 25,055 | ||||
Mortgage note payable, 4.800% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.80% | ||||
Senior Unsecured Notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4% | 4% | |||
Borrowings outstanding | 300,000 | $ 0 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.25% | ||||
Borrowings outstanding | 350,000 | $ 350,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.50% | ||||
Borrowings outstanding | 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% | ||||
Borrowings outstanding | 300,000 | $ 300,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 2.40% | ||||
Borrowings outstanding | 350,000 | $ 350,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.45% | ||||
Borrowings outstanding | 400,000 | $ 400,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 6.375% | ||||
Borrowings outstanding | 162,000 | $ 162,000 | |||
Mortgage Note Payable | Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.22% | 4.22% | |||
Borrowings outstanding | 25,055 | $ 0 | |||
Repayments of debt | $ 24,863 | ||||
Mortgage Note Payable | Mortgage note payable, 3.700% interest rate, due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.70% | ||||
Borrowings outstanding | 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% | ||||
Borrowings outstanding | $ 22,901 | 23,246 | $ 0 | ||
Repayments of debt | $ 22,176 | 22,176 | |||
Revolving credit facility, due in 2023 | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 0 | $ 195,000 |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2022 USD ($) property | Apr. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) property extensionOption | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | Feb. 14, 2023 USD ($) | Nov. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Principal of properties collateralized | $ 50,000 | |||||||
Borrowings outstanding | 2,457,000 | $ 2,610,301 | ||||||
Gain (loss) on early extinguishment of debt | $ 682 | (14,068) | $ (3,839) | |||||
Number of properties (in properties) | property | 160 | |||||||
Number of buildings collateralized | property | 1 | |||||||
Book value of properties collateralized | $ 55,071 | |||||||
Mortgage note payable, 4.220% interest rate, due in 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 25,055 | |||||||
Number of properties (in properties) | property | 1 | |||||||
Mortgage note payable, 4.800% interest rate, due in 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 4.80% | |||||||
Number of properties (in properties) | property | 1 | 1 | ||||||
Senior Unsecured Notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 4% | 4% | ||||||
Borrowings outstanding | $ 0 | $ 300,000 | ||||||
Repurchased face amount | $ 300,000 | |||||||
Gain (loss) on early extinguishment of debt | $ 77 | |||||||
Mortgage Note Payable | Mortgage note payable, 4.220% interest rate, due in 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 4.22% | 4.22% | ||||||
Borrowings outstanding | $ 0 | 25,055 | ||||||
Repayments of debt | $ 24,863 | |||||||
Mortgage Note Payable | Mortgage note payable, 4.800% interest rate, due in 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 4.80% | |||||||
Borrowings outstanding | $ 22,901 | $ 0 | 23,246 | |||||
Gain (loss) on early extinguishment of debt | 759 | |||||||
Repayments of debt | $ 22,176 | $ 22,176 | ||||||
Unsecured Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity on revolving credit facility | 750,000 | |||||||
Principal of properties collateralized | $ 1,950,000 | |||||||
Extension fee | $ 469 | |||||||
Number of contingent options to extend | extensionOption | 1 | |||||||
Contingent option to extend maturity date | 6 months | |||||||
Commitment fee percentage | 0.25% | |||||||
Interest rate (as a percent) | 5.40% | 1.20% | ||||||
Weighted average annual interest rate | 4% | 1.20% | 2% | |||||
Available borrowings | $ 555,000 | |||||||
Unsecured Revolving Credit Facility | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Available borrowings | $ 530,000 | |||||||
Unsecured Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate premium (as a percent) | 1.10% | |||||||
Revolving credit facility, due in 2023 | Unsecured Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 195,000 | $ 0 | ||||||
Revolving credit facility, due in 2023 | Unsecured Revolving Credit Facility | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding | $ 220,000 |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Apr. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
2023 | $ 245,000 | ||
2024 | 350,000 | ||
2025 | 650,000 | ||
2026 | 300,000 | ||
2027 | 350,000 | ||
Thereafter | 562,000 | ||
Total | 2,457,000 | $ 2,610,301 | |
Borrowings outstanding | 2,457,000 | 2,610,301 | |
Unamortized debt premiums, discounts and issuance | 24,208 | 32,351 | |
Total debt outstanding | 2,432,792 | 2,577,950 | |
Mortgage note payable, 4.220% interest rate, due in 2022 | |||
Debt Instrument [Line Items] | |||
Total | 25,055 | ||
Borrowings outstanding | 25,055 | ||
Mortgage note payable, 4.220% interest rate, due in 2022 | Mortgage Note Payable | |||
Debt Instrument [Line Items] | |||
Total | 0 | 25,055 | |
Borrowings outstanding | $ 0 | $ 25,055 | |
Interest rate (as a percent) | 4.22% | 4.22% |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Financial Instruments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2022 USD ($) property | Apr. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) property | Dec. 31, 2022 USD ($) property | Jun. 30, 2022 | |
Fair Value of Financial Instruments | |||||
Senior notes | $ 2,479,772 | $ 2,187,875 | |||
Mortgage notes payable | 98,178 | 49,917 | |||
Unamortized debt premiums, discounts and issuance | 32,351 | $ 24,208 | |||
Number of properties (in properties) | property | 160 | ||||
Borrowings outstanding | $ 2,610,301 | $ 2,457,000 | |||
Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Number of properties (in properties) | property | 1 | ||||
Borrowings outstanding | $ 25,055 | ||||
Mortgage note payable, 4.800% interest rate, due in 2023 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 4.80% | ||||
Number of properties (in properties) | property | 1 | 1 | |||
Carrying Amount | |||||
Fair Value of Financial Instruments | |||||
Fair value of financial instruments | $ 2,577,950 | 2,237,792 | |||
Fair Value | |||||
Fair Value of Financial Instruments | |||||
Fair value of financial instruments | 2,661,462 | 1,840,543 | |||
Senior Notes and Mortgages | |||||
Fair Value of Financial Instruments | |||||
Unamortized debt premiums, discounts and issuance | 32,351 | $ 24,208 | |||
Senior Unsecured Notes | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 4% | 4% | |||
Borrowings outstanding | 300,000 | $ 0 | |||
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% | ||||
Borrowings outstanding | 350,000 | $ 350,000 | |||
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% | ||||
Borrowings outstanding | 650,000 | $ 650,000 | |||
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% | ||||
Borrowings outstanding | 300,000 | $ 300,000 | |||
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% | ||||
Borrowings outstanding | 350,000 | $ 350,000 | |||
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% | ||||
Borrowings outstanding | 400,000 | $ 400,000 | |||
Senior Unsecured Notes | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 6.375% | ||||
Borrowings outstanding | 162,000 | $ 162,000 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 299,500 | 0 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 344,581 | 346,863 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 639,370 | 642,818 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 297,213 | 297,839 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 346,845 | 347,466 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 395,744 | 396,178 | |||
Senior Unsecured Notes | Carrying Amount | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 156,519 | 156,711 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.00% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 304,148 | 0 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.25% interest rate, due in 2024 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 365,449 | 331,601 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 4.50% interest rate, due in 2025 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 687,749 | 589,388 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 2.650% interest rate, due in 2026 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 298,502 | 232,770 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 2.400% interest rate, due in 2027 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 339,764 | 256,606 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 3.450% interest rate, due in 2031 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 388,458 | 268,004 | |||
Senior Unsecured Notes | Fair Value | Senior unsecured notes, 6.375% interest rate, due in 2050 | |||||
Fair Value of Financial Instruments | |||||
Senior notes | 177,098 | $ 113,075 | |||
Mortgages | Mortgage note payable, 4.220% interest rate, due in 2022 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 4.22% | 4.22% | |||
Borrowings outstanding | 25,055 | $ 0 | |||
Repayments of debt | $ 24,863 | ||||
Mortgages | Mortgage note payable, 4.800% interest rate, due in 2023 | |||||
Fair Value of Financial Instruments | |||||
Interest rate (as a percent) | 4.80% | ||||
Borrowings outstanding | $ 22,901 | 23,246 | $ 0 | ||
Repayments of debt | $ 22,176 | 22,176 | |||
Mortgages | Carrying Amount | |||||
Fair Value of Financial Instruments | |||||
Mortgage notes payable | 98,178 | 49,917 | |||
Mortgages | Fair Value | |||||
Fair Value of Financial Instruments | |||||
Mortgage notes payable | $ 100,294 | $ 49,099 |
Shareholders' Equity - Share Aw
Shareholders' Equity - Share Awards (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) installment shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 shares | |
2009 Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 172,700 | 145,800 | 136,600 | |
Number of installments | installment | 5 | |||
Unvested shares (in shares) | 231,301 | 182,224 | 157,521 | 106,680 |
2023 (in shares) | 84,941 | |||
2024 (in shares) | 67,620 | |||
2025 (in shares) | 50,500 | |||
2026 (in shares) | 28,240 | |||
Estimated future compensation expense for the unvested shares | $ | $ 4,343 | |||
Weighted average period of recognition of compensation expenses (in years) | 22 months | |||
Compensation expense | $ | $ 2,905 | $ 2,868 | $ 3,315 | |
Shares available for issuance under plan (in shares) | 847,631 | |||
Officers and Other Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares, net (in shares) | 141,200 | 117,800 | 108,600 | |
Issuance of shares, net | $ | $ 2,470 | $ 2,994 | $ 2,502 | |
Trustees | 2009 Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted (in shares) | 3,500 | 3,500 | 3,500 | |
Aggregate market value of shares awarded | $ | $ 593 | $ 837 | $ 745 | |
Market value of common shares awarded to each trustee (in dollars) | $ | $ 66 | $ 105 | $ 93 |
Shareholders' Equity - Unvested
Shareholders' Equity - Unvested Shares Activity (Details) - 2009 Award Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Unvested at the beginning of the period (in shares) | 182,224 | 157,521 | 106,680 |
Granted (in shares) | 172,700 | 145,800 | 136,600 |
Forfeited (in shares) | (1,900) | (700) | (586) |
Vested (in shares) | (121,723) | (120,397) | (85,173) |
Unvested at the end of the period (in shares) | 231,301 | 182,224 | 157,521 |
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share) | $ 26.23 | $ 29.26 | $ 40.16 |
Granted (in dollars per share) | 17.74 | 26.28 | 23.77 |
Forfeited (in dollars per share) | 25.97 | 25.97 | 43.75 |
Vested (in dollars per share) | 23.24 | 30.24 | 34.02 |
Unvested at the end of the period (in dollars per share) | $ 21.47 | $ 26.23 | $ 29.26 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchases/Sale of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 12, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Share repurchases (in shares) | 30,821 | 37,801 | 19,589 | |
Stock repurchase price (in dollars per share) | $ 17.54 | $ 26.55 | $ 22.15 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Common distributions declared (in dollars per share) | $ 0.55 | |||
Dividends payable | $ 26,700 |
Shareholders' Equity - Distribu
Shareholders' Equity - Distribution (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Annual Per Share Distribution (in dollars per share) | $ 2.20 | $ 2.20 | $ 2.20 |
Total Distributions | $ 106,630 | $ 106,368 | $ 106,121 |
Characterization of Distribution, Return of Capital | 62.68% | 0% | 0% |
Characterization of Distribution, Ordinary Income | 37.32% | 100% | 100% |
Characterization of Distribution, Quality Dividend | 0% | 0% | 0% |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property building | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Real estate and accumulated depreciation | ||||
Number of Properties | property | 157 | |||
Encumbrances | $ 49,917 | |||
Initial Cost to Company | ||||
Land | 820,568 | |||
Buildings and Equipment | 2,531,553 | |||
Costs Capitalized Subsequent to Acquisition | 588,478 | |||
Impairment/ Writedowns | (4,525) | |||
Cost amount carried at Close of Period | ||||
Land | 821,238 | |||
Buildings and Equipment | 3,114,836 | |||
Total | 3,936,074 | $ 3,911,086 | $ 3,522,143 | $ 3,493,231 |
Accumulated Depreciation | $ (561,458) | $ (495,912) | $ (451,914) | $ (387,656) |
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 | $ (160) | |||
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 | 417 | |||
Cost amount carried at Close of Period | ||||
Land | 920 | |||
Buildings and Equipment | 9,501 | |||
Total | 10,421 | |||
Accumulated Depreciation | $ (2,690) | |||
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 | $ (2,766) | |||
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 | 765 | |||
Cost amount carried at Close of Period | ||||
Land | 1,917 | |||
Buildings and Equipment | 8,181 | |||
Total | 10,098 | |||
Accumulated Depreciation | $ (1,756) | |||
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 | 1,146 | |||
Cost amount carried at Close of Period | ||||
Land | 3,355 | |||
Buildings and Equipment | 1,558 | |||
Total | 4,913 | |||
Accumulated Depreciation | $ (273) | |||
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 | $ (1,381) | |||
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 | $ (660) | |||
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 | 7,517 | |||
Cost amount carried at Close of Period | ||||
Land | 5,769 | |||
Buildings and Equipment | 11,388 | |||
Total | 17,157 | |||
Accumulated Depreciation | $ (2,438) | |||
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 | 1,567 | |||
Cost amount carried at Close of Period | ||||
Land | 2,904 | |||
Buildings and Equipment | 7,150 | |||
Total | 10,054 | |||
Accumulated Depreciation | $ (816) | |||
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 | 198 | |||
Cost amount carried at Close of Period | ||||
Land | 10,784 | |||
Buildings and Equipment | 846 | |||
Total | 11,630 | |||
Accumulated Depreciation | $ (110) | |||
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 | 1,012 | |||
Cost amount carried at Close of Period | ||||
Land | 562 | |||
Buildings and Equipment | 17,935 | |||
Total | 18,497 | |||
Accumulated Depreciation | $ (4,165) | |||
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 | $ (1,827) | |||
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 | $ (857) | |||
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 | 23 | |||
Cost amount carried at Close of Period | ||||
Land | 177 | |||
Buildings and Equipment | 876 | |||
Total | 1,053 | |||
Accumulated Depreciation | $ (95) | |||
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 | 9,465 | |||
Cost amount carried at Close of Period | ||||
Land | 4,688 | |||
Buildings and Equipment | 71,459 | |||
Total | 76,147 | |||
Accumulated Depreciation | $ (12,968) | |||
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 | 1,603 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 11,068 | |||
Total | 12,518 | |||
Accumulated Depreciation | $ (3,109) | |||
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 | 8,767 | |||
Cost amount carried at Close of Period | ||||
Land | 2,290 | |||
Buildings and Equipment | 44,658 | |||
Total | 46,948 | |||
Accumulated Depreciation | $ (14,418) | |||
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 | 5,146 | |||
Cost amount carried at Close of Period | ||||
Land | 4,347 | |||
Buildings and Equipment | 23,384 | |||
Total | 27,731 | |||
Accumulated Depreciation | $ (13,942) | |||
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 | 350 | |||
Cost amount carried at Close of Period | ||||
Land | 12,305 | |||
Buildings and Equipment | 5,412 | |||
Total | 17,717 | |||
Accumulated Depreciation | $ (587) | |||
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 | $ (572) | |||
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 | 12,637 | |||
Cost amount carried at Close of Period | ||||
Land | 23,687 | |||
Buildings and Equipment | 26,335 | |||
Total | 50,022 | |||
Accumulated Depreciation | $ (2,332) | |||
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 | 194 | |||
Cost amount carried at Close of Period | ||||
Land | 13,374 | |||
Buildings and Equipment | 16,845 | |||
Total | 30,219 | |||
Accumulated Depreciation | $ (1,878) | |||
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 | 20 | |||
Cost amount carried at Close of Period | ||||
Land | 19,899 | |||
Buildings and Equipment | 14,071 | |||
Total | 33,970 | |||
Accumulated Depreciation | $ (1,558) | |||
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 | 93 | |||
Cost amount carried at Close of Period | ||||
Land | 563 | |||
Buildings and Equipment | 5,563 | |||
Total | 6,126 | |||
Accumulated Depreciation | $ (1,436) | |||
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 | 408 | |||
Cost amount carried at Close of Period | ||||
Land | 24,609 | |||
Buildings and Equipment | 870 | |||
Total | 25,479 | |||
Accumulated Depreciation | $ (93) | |||
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 | 1,410 | |||
Cost amount carried at Close of Period | ||||
Land | 6,682 | |||
Buildings and Equipment | 8,563 | |||
Total | 15,245 | |||
Accumulated Depreciation | $ (924) | |||
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 | 573 | |||
Cost amount carried at Close of Period | ||||
Land | 3,650 | |||
Buildings and Equipment | 8,305 | |||
Total | 11,955 | |||
Accumulated Depreciation | $ (933) | |||
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 | 1,535 | |||
Cost amount carried at Close of Period | ||||
Land | 2,640 | |||
Buildings and Equipment | 25,312 | |||
Total | 27,952 | |||
Accumulated Depreciation | $ (8,177) | |||
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 | 2,689 | |||
Cost amount carried at Close of Period | ||||
Land | 2,887 | |||
Buildings and Equipment | 30,226 | |||
Total | 33,113 | |||
Accumulated Depreciation | $ (14,630) | |||
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 | 18,712 | |||
Cost amount carried at Close of Period | ||||
Land | 28,255 | |||
Buildings and Equipment | 63,455 | |||
Total | 91,710 | |||
Accumulated Depreciation | $ (10,002) | |||
1211 Connecticut Avenue, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 30,388 | |||
Buildings and Equipment | 24,667 | |||
Costs Capitalized Subsequent to Acquisition | 3,871 | |||
Cost amount carried at Close of Period | ||||
Land | 30,388 | |||
Buildings and Equipment | 28,538 | |||
Total | 58,926 | |||
Accumulated Depreciation | $ (4,681) | |||
1401 K Street, NW, Washington DC | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 29,215 | |||
Buildings and Equipment | 34,656 | |||
Costs Capitalized Subsequent to Acquisition | 7,146 | |||
Cost amount carried at Close of Period | ||||
Land | 29,215 | |||
Buildings and Equipment | 41,802 | |||
Total | 71,017 | |||
Accumulated Depreciation | $ (7,675) | |||
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 | 178,984 | |||
Cost amount carried at Close of Period | ||||
Land | 12,231 | |||
Buildings and Equipment | 230,289 | |||
Total | 242,520 | |||
Accumulated Depreciation | $ (42,535) | |||
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 | 2,315 | |||
Cost amount carried at Close of Period | ||||
Land | 27,903 | |||
Buildings and Equipment | 40,939 | |||
Total | 68,842 | |||
Accumulated Depreciation | $ (5,678) | |||
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 | 10,652 | |||
Cost amount carried at Close of Period | ||||
Land | 26,000 | |||
Buildings and Equipment | 36,607 | |||
Total | 62,607 | |||
Accumulated Depreciation | $ (10,956) | |||
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 | 3,949 | |||
Cost amount carried at Close of Period | ||||
Land | 42,727 | |||
Buildings and Equipment | 77,227 | |||
Total | 119,954 | |||
Accumulated Depreciation | $ (11,073) | |||
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 | 1,903 | |||
Cost amount carried at Close of Period | ||||
Land | 4,798 | |||
Buildings and Equipment | 4,660 | |||
Total | 9,458 | |||
Accumulated Depreciation | $ (441) | |||
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 | 1,167 | |||
Cost amount carried at Close of Period | ||||
Land | 4,800 | |||
Buildings and Equipment | 31,759 | |||
Total | 36,559 | |||
Accumulated Depreciation | $ (9,022) | |||
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 | 1,142 | |||
Cost amount carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 12,915 | |||
Total | 14,015 | |||
Accumulated Depreciation | $ (3,830) | |||
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 | 726 | |||
Cost amount carried at Close of Period | ||||
Land | 5,717 | |||
Buildings and Equipment | 20,743 | |||
Total | 26,460 | |||
Accumulated Depreciation | $ (5,401) | |||
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 | 11,627 | |||
Cost amount carried at Close of Period | ||||
Land | 13,040 | |||
Buildings and Equipment | 147,086 | |||
Total | 160,126 | |||
Accumulated Depreciation | $ (6,189) | |||
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 | 28,076 | |||
Cost amount carried at Close of Period | ||||
Land | 3,996 | |||
Buildings and Equipment | 57,838 | |||
Total | 61,834 | |||
Accumulated Depreciation | $ (20,701) | |||
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 | $ (8,424) | |||
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 | 18,781 | |||
Cost amount carried at Close of Period | ||||
Land | 10,250 | |||
Buildings and Equipment | 46,714 | |||
Total | 56,964 | |||
Accumulated Depreciation | $ (11,782) | |||
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 | $ (2,545) | |||
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 | 248 | |||
Cost amount carried at Close of Period | ||||
Land | 1,390 | |||
Buildings and Equipment | 19,883 | |||
Total | 21,273 | |||
Accumulated Depreciation | $ (5,152) | |||
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 | $ (887) | |||
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 | 1,101 | |||
Cost amount carried at Close of Period | ||||
Land | 3,390 | |||
Buildings and Equipment | 30,127 | |||
Total | 33,517 | |||
Accumulated Depreciation | $ (7,835) | |||
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 | 2,139 | |||
Cost amount carried at Close of Period | ||||
Land | 1,450 | |||
Buildings and Equipment | 15,727 | |||
Total | 17,177 | |||
Accumulated Depreciation | $ (4,654) | |||
400 South Jefferson Street, Chicago, IL | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Encumbrances | $ 49,917 | |||
Initial Cost to Company | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,115 | |||
Costs Capitalized Subsequent to Acquisition | 783 | |||
Cost amount carried at Close of Period | ||||
Land | 19,379 | |||
Buildings and Equipment | 20,898 | |||
Total | 40,277 | |||
Accumulated Depreciation | $ (2,381) | |||
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 | 252,914 | |||
Costs Capitalized Subsequent to Acquisition | 94 | |||
Cost amount carried at Close of Period | ||||
Land | 42,935 | |||
Buildings and Equipment | 253,008 | |||
Total | 295,943 | |||
Accumulated Depreciation | $ (12,816) | |||
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 | 16,211 | |||
Cost amount carried at Close of Period | ||||
Land | 12,333 | |||
Buildings and Equipment | 36,797 | |||
Total | 49,130 | |||
Accumulated Depreciation | $ (4,616) | |||
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 | 10 | |||
Cost amount carried at Close of Period | ||||
Land | 4,465 | |||
Buildings and Equipment | 451 | |||
Total | 4,916 | |||
Accumulated Depreciation | $ (51) | |||
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 | $ (1,517) | |||
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 | 10,389 | |||
Cost amount carried at Close of Period | ||||
Land | 4,170 | |||
Buildings and Equipment | 80,148 | |||
Total | 84,318 | |||
Accumulated Depreciation | $ (23,417) | |||
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 | $ (3,030) | |||
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 | 4,662 | |||
Cost amount carried at Close of Period | ||||
Land | 26,851 | |||
Buildings and Equipment | 41,418 | |||
Total | 68,269 | |||
Accumulated Depreciation | $ (7,688) | |||
300 Billerica road, Chelmsford, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,223 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 45 | |||
Cost amount carried at Close of Period | ||||
Land | 2,223 | |||
Buildings and Equipment | 45 | |||
Total | 2,268 | |||
Accumulated Depreciation | $ (13) | |||
330 Billerica road, Chelmsford, MA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 2,477 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10,103 | |||
Cost amount carried at Close of Period | ||||
Land | 2,477 | |||
Buildings and Equipment | 10,103 | |||
Total | 12,580 | |||
Accumulated Depreciation | $ (1,113) | |||
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 | 856 | |||
Cost amount carried at Close of Period | ||||
Land | 1,050 | |||
Buildings and Equipment | 31,942 | |||
Total | 32,992 | |||
Accumulated Depreciation | $ (10,300) | |||
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 | 2,143 | |||
Cost amount carried at Close of Period | ||||
Land | 2,700 | |||
Buildings and Equipment | 11,342 | |||
Total | 14,042 | |||
Accumulated Depreciation | $ (3,154) | |||
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 | 100 | |||
Cost amount carried at Close of Period | ||||
Land | 5,691 | |||
Buildings and Equipment | 8,587 | |||
Total | 14,278 | |||
Accumulated Depreciation | $ (956) | |||
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 | 4,628 | |||
Cost amount carried at Close of Period | ||||
Land | 4,057 | |||
Buildings and Equipment | 12,293 | |||
Total | 16,350 | |||
Accumulated Depreciation | $ (1,679) | |||
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 | $ (6,744) | |||
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 | 569 | |||
Cost amount carried at Close of Period | ||||
Land | 5,642 | |||
Buildings and Equipment | 10,921 | |||
Total | 16,563 | |||
Accumulated Depreciation | $ (1,271) | |||
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 | 971 | |||
Cost amount carried at Close of Period | ||||
Land | 3,437 | |||
Buildings and Equipment | 5,199 | |||
Total | 8,636 | |||
Accumulated Depreciation | $ (859) | |||
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 | 3,681 | |||
Cost amount carried at Close of Period | ||||
Land | 3,126 | |||
Buildings and Equipment | 20,042 | |||
Total | 23,168 | |||
Accumulated Depreciation | $ (2,782) | |||
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 | 3,302 | |||
Cost amount carried at Close of Period | ||||
Land | 4,110 | |||
Buildings and Equipment | 39,673 | |||
Total | 43,783 | |||
Accumulated Depreciation | $ (12,615) | |||
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 | 6,951 | |||
Cost amount carried at Close of Period | ||||
Land | 12,714 | |||
Buildings and Equipment | 68,328 | |||
Total | 81,042 | |||
Accumulated Depreciation | $ (8,937) | |||
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 | 6,231 | |||
Cost amount carried at Close of Period | ||||
Land | 10,740 | |||
Buildings and Equipment | 23,945 | |||
Total | 34,685 | |||
Accumulated Depreciation | $ (5,635) | |||
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 | $ (2,741) | |||
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 | $ (571) | |||
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 | $ (5,839) | |||
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 | $ (4,636) | |||
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 | $ (3,334) | |||
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 | 4,778 | |||
Cost amount carried at Close of Period | ||||
Land | 4,209 | |||
Buildings and Equipment | 56,300 | |||
Total | 60,509 | |||
Accumulated Depreciation | $ (6,356) | |||
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 | 4,908 | |||
Cost amount carried at Close of Period | ||||
Land | 1,470 | |||
Buildings and Equipment | 10,220 | |||
Total | 11,690 | |||
Accumulated Depreciation | $ (5,127) | |||
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 | 561 | |||
Cost amount carried at Close of Period | ||||
Land | 440 | |||
Buildings and Equipment | 26,019 | |||
Total | 26,459 | |||
Accumulated Depreciation | $ (6,800) | |||
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 | 3,200 | |||
Cost amount carried at Close of Period | ||||
Land | 1,334 | |||
Buildings and Equipment | 22,275 | |||
Total | 23,609 | |||
Accumulated Depreciation | $ (2,725) | |||
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 | $ (1,386) | |||
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 | 281 | |||
Cost amount carried at Close of Period | ||||
Land | 4,808 | |||
Buildings and Equipment | 26,283 | |||
Total | 31,091 | |||
Accumulated Depreciation | $ (2,883) | |||
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 | 935 | |||
Cost amount carried at Close of Period | ||||
Land | 4,543 | |||
Buildings and Equipment | 3,849 | |||
Total | 8,392 | |||
Accumulated Depreciation | $ (554) | |||
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 | $ (588) | |||
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 | 1,827 | |||
Cost amount carried at Close of Period | ||||
Land | 790 | |||
Buildings and Equipment | 8,227 | |||
Total | 9,017 | |||
Accumulated Depreciation | $ (1,876) | |||
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 | 847 | |||
Cost amount carried at Close of Period | ||||
Land | 608 | |||
Buildings and Equipment | 925 | |||
Total | 1,533 | |||
Accumulated Depreciation | $ (106) | |||
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 | 578 | |||
Cost amount carried at Close of Period | ||||
Land | 716 | |||
Buildings and Equipment | 795 | |||
Total | 1,511 | |||
Accumulated Depreciation | $ (98) | |||
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 | 5,934 | |||
Cost amount carried at Close of Period | ||||
Land | 5,573 | |||
Buildings and Equipment | 28,620 | |||
Total | 34,193 | |||
Accumulated Depreciation | $ (2,738) | |||
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 | $ (1,140) | |||
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 | $ (333) | |||
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 | 1,911 | |||
Cost amount carried at Close of Period | ||||
Land | 10,282 | |||
Buildings and Equipment | 64,982 | |||
Total | 75,264 | |||
Accumulated Depreciation | $ (7,529) | |||
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 | 199 | |||
Cost amount carried at Close of Period | ||||
Land | 4,258 | |||
Buildings and Equipment | 13,946 | |||
Total | 18,204 | |||
Accumulated Depreciation | $ (2,787) | |||
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 | 2,432 | |||
Cost amount carried at Close of Period | ||||
Land | 5,495 | |||
Buildings and Equipment | 12,685 | |||
Total | 18,180 | |||
Accumulated Depreciation | $ (1,139) | |||
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 | 8 | |||
Cost amount carried at Close of Period | ||||
Land | 863 | |||
Buildings and Equipment | 5,032 | |||
Total | 5,895 | |||
Accumulated Depreciation | $ (524) | |||
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 | $ (1,091) | |||
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 | $ (3,500) | |||
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 | 251 | |||
Cost amount carried at Close of Period | ||||
Land | 4,965 | |||
Buildings and Equipment | 1,517 | |||
Total | 6,482 | |||
Accumulated Depreciation | $ (223) | |||
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 | $ (979) | |||
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 | $ (1,828) | |||
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 | 3,309 | |||
Cost amount carried at Close of Period | ||||
Land | 3,493 | |||
Buildings and Equipment | 9,971 | |||
Total | 13,464 | |||
Accumulated Depreciation | $ (1,714) | |||
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 | 14,479 | |||
Cost amount carried at Close of Period | ||||
Land | 2,060 | |||
Buildings and Equipment | 23,157 | |||
Total | 25,217 | |||
Accumulated Depreciation | $ (8,473) | |||
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 | 11,404 | |||
Cost amount carried at Close of Period | ||||
Land | 7,487 | |||
Buildings and Equipment | 54,891 | |||
Total | 62,378 | |||
Accumulated Depreciation | $ (5,233) | |||
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 | $ (1,113) | |||
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 | 7,567 | |||
Cost amount carried at Close of Period | ||||
Land | 6,966 | |||
Buildings and Equipment | 81,781 | |||
Total | 88,747 | |||
Accumulated Depreciation | $ (12,503) | |||
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 | 1,369 | |||
Cost amount carried at Close of Period | ||||
Land | 1,478 | |||
Buildings and Equipment | 10,963 | |||
Total | 12,441 | |||
Accumulated Depreciation | $ (2,367) | |||
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 | 1,069 | |||
Cost amount carried at Close of Period | ||||
Land | 1,562 | |||
Buildings and Equipment | 9,322 | |||
Total | 10,884 | |||
Accumulated Depreciation | $ (1,628) | |||
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 | 780 | |||
Cost amount carried at Close of Period | ||||
Land | 4,494 | |||
Buildings and Equipment | 22,288 | |||
Total | 26,782 | |||
Accumulated Depreciation | $ (2,350) | |||
1759 Business Center Drive, Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 4,033 | |||
Buildings and Equipment | 28,517 | |||
Costs Capitalized Subsequent to Acquisition | 1,562 | |||
Cost amount carried at Close of Period | ||||
Land | 4,033 | |||
Buildings and Equipment | 30,079 | |||
Total | 34,112 | |||
Accumulated Depreciation | $ (6,349) | |||
1760 Business Center Drive, Reston, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 5,033 | |||
Buildings and Equipment | 50,141 | |||
Costs Capitalized Subsequent to Acquisition | 6,251 | |||
Cost amount carried at Close of Period | ||||
Land | 5,033 | |||
Buildings and Equipment | 56,392 | |||
Total | 61,425 | |||
Accumulated Depreciation | $ (11,959) | |||
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 | 4,552 | |||
Cost amount carried at Close of Period | ||||
Land | 4,138 | |||
Buildings and Equipment | 30,672 | |||
Total | 34,810 | |||
Accumulated Depreciation | $ (4,218) | |||
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 | 580 | |||
Cost amount carried at Close of Period | ||||
Land | 1,344 | |||
Buildings and Equipment | 955 | |||
Total | 2,299 | |||
Accumulated Depreciation | $ (165) | |||
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 | 3,812 | |||
Cost amount carried at Close of Period | ||||
Land | 2,614 | |||
Buildings and Equipment | 19,742 | |||
Total | 22,356 | |||
Accumulated Depreciation | $ (4,402) | |||
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 | $ (861) | |||
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 | 2,885 | |||
Cost amount carried at Close of Period | ||||
Land | 5,752 | |||
Buildings and Equipment | 32,201 | |||
Total | 37,953 | |||
Accumulated Depreciation | $ (4,536) | |||
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 | 1,876 | |||
Cost amount carried at Close of Period | ||||
Land | 12,275 | |||
Buildings and Equipment | 21,196 | |||
Total | 33,471 | |||
Accumulated Depreciation | $ (2,429) | |||
Sterling Park Business Center, 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 | 109 | |||
Cost amount carried at Close of Period | ||||
Land | 5,871 | |||
Buildings and Equipment | 44,433 | |||
Total | 50,304 | |||
Accumulated Depreciation | $ (5,832) | |||
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 | $ (2,742) | |||
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 | 4,737 | |||
Cost amount carried at Close of Period | ||||
Land | 4,042 | |||
Buildings and Equipment | 21,700 | |||
Total | 25,742 | |||
Accumulated Depreciation | $ (12,262) | |||
Unison Elliott Bay-Lab Space, Seattle, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 2 | |||
Initial Cost to Company | ||||
Land | $ 17,316 | |||
Buildings and Equipment | 34,281 | |||
Costs Capitalized Subsequent to Acquisition | 49,266 | |||
Cost amount carried at Close of Period | ||||
Land | 17,316 | |||
Buildings and Equipment | 83,547 | |||
Total | 100,863 | |||
Accumulated Depreciation | $ (4,180) | |||
Unison Elliott Bay-Office Space, Seattle, WA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 1 | |||
Initial Cost to Company | ||||
Land | $ 9,324 | |||
Buildings and Equipment | 18,459 | |||
Costs Capitalized Subsequent to Acquisition | 2,122 | |||
Cost amount carried at Close of Period | ||||
Land | 9,324 | |||
Buildings and Equipment | 20,581 | |||
Total | 29,905 | |||
Accumulated Depreciation | $ (2,251) | |||
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 | 2,085 | |||
Cost amount carried at Close of Period | ||||
Land | 1,950 | |||
Buildings and Equipment | 10,267 | |||
Total | 12,217 | |||
Accumulated Depreciation | $ (5,872) | |||
Properties Held for Sale | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 3 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company | ||||
Land | 913 | |||
Buildings and Equipment | 1,099 | |||
Costs Capitalized Subsequent to Acquisition | 572 | |||
Impairment/ Writedowns | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 913 | |||
Buildings and Equipment | 1,671 | |||
Total | 2,584 | |||
Accumulated Depreciation | $ (188) | |||
Properties Held for Sale | Parham Place, Richmond, VA | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | building | 3 | |||
Initial Cost to Company | ||||
Land | $ 913 | |||
Buildings and Equipment | 1,099 | |||
Costs Capitalized Subsequent to Acquisition | 572 | |||
Impairment/ Writedowns | 0 | |||
Cost amount carried at Close of Period | ||||
Land | 913 | |||
Buildings and Equipment | 1,671 | |||
Total | 2,584 | |||
Accumulated Depreciation | $ (188) | |||
Total Real Estate Assets | ||||
Real estate and accumulated depreciation | ||||
Number of Properties | property | 160 | |||
Encumbrances | $ 49,917 | |||
Initial Cost to Company | ||||
Land | 821,481 | |||
Buildings and Equipment | 2,532,652 | |||
Costs Capitalized Subsequent to Acquisition | 589,050 | |||
Impairment/ Writedowns | (4,525) | |||
Cost amount carried at Close of Period | ||||
Land | 822,151 | |||
Buildings and Equipment | 3,116,507 | |||
Total | 3,938,658 | |||
Accumulated Depreciation | $ (561,646) |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Mortgage debt, net | $ 83 |
Aggregate cost for federal income tax purposes | $ 7,360,476 |
Useful life of buildings and improvements | 40 years |
Useful life of equipment | 7 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties | |||
Balance at the beginning of the period | $ 3,911,086 | $ 3,522,143 | $ 3,493,231 |
Additions | 222,951 | 584,805 | 122,116 |
Loss on asset impairment | (17,303) | (58,696) | (2,954) |
Disposals | (173,841) | (72,137) | (31,193) |
Cost basis adjustment | (4,235) | (37,239) | (3,968) |
Reclassification of assets of properties held for sale | (2,584) | (27,790) | (55,089) |
Balance at the end of the period | 3,936,074 | 3,911,086 | 3,522,143 |
Accumulated Depreciation | |||
Balance at the beginning of the period | 495,912 | 451,914 | 387,656 |
Additions | 96,966 | 92,266 | 83,828 |
Loss on asset impairment | 0 | 0 | 0 |
Disposals | (26,997) | (8,675) | (13,125) |
Cost basis adjustment | (4,235) | (37,239) | (3,968) |
Reclassification of assets of properties held for sale | (188) | (2,354) | (2,477) |
Balance at the end of the period | $ 561,458 | $ 495,912 | $ 451,914 |