Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 24, 2014 | Jun. 28, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'STAG Industrial, Inc. | ' | ' |
Entity Central Index Key | '0001479094 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $836.90 |
Entity Common Stock, Shares Outstanding | ' | 45,101,276 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Rental Property: | ' | ' |
Land | $134,399 | $104,656 |
Buildings | 871,422 | 654,518 |
Tenant improvements | 36,994 | 34,900 |
Building and land improvements | 36,231 | 22,153 |
Less: accumulated depreciation | -71,653 | -46,175 |
Total rental property, net | 1,007,393 | 770,052 |
Cash and cash equivalents | 6,690 | 19,006 |
Restricted cash | 6,806 | 5,497 |
Tenant accounts receivable, net | 13,790 | 9,351 |
Prepaid expenses and other assets | 2,594 | 1,556 |
Interest rate swaps | 3,924 | ' |
Deferred financing fees, net | 5,467 | 4,704 |
Leasing commissions, net | 3,542 | 1,674 |
Goodwill | 4,923 | 4,923 |
Due from related parties | 185 | 806 |
Deferred leasing intangibles, net | 214,967 | 187,555 |
Total assets | 1,270,281 | 1,005,124 |
Liabilities: | ' | ' |
Mortgage notes payable | 225,591 | 229,915 |
Unsecured credit facility | 80,500 | 99,300 |
Unsecured term loans | 250,000 | 150,000 |
Accounts payable, accrued expenses and other liabilities | 18,574 | 12,111 |
Interest rate swaps | ' | 480 |
Tenant prepaid rent and security deposits | 8,972 | 5,686 |
Dividends and distributions payable | 5,166 | 11,301 |
Total liabilities | 595,717 | 515,664 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 44,764,377 and 35,698,582 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 447 | 357 |
Additional paid-in capital | 577,039 | 419,643 |
Common stock dividends in excess of earnings | -116,877 | -61,024 |
Accumulated other comprehensive income (loss) | 3,440 | -371 |
Total stockholders' equity | 603,049 | 427,605 |
Noncontrolling interest | 71,515 | 61,855 |
Total equity | 674,564 | 489,460 |
Total liabilities and equity | 1,270,281 | 1,005,124 |
Series A Preferred Stock | ' | ' |
Equity: | ' | ' |
Preferred stock | 69,000 | 69,000 |
Series B Preferred Stock | ' | ' |
Equity: | ' | ' |
Preferred stock | $70,000 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Series A Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | |||
Preferred stock, par value (in dollars per share) | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | ' | ' | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, liquidation preference (in dollars per share) | ' | ' | $25 | $25 | $25 | $25 |
Preferred stock, shares issued | ' | ' | 2,760,000 | 2,760,000 | 2,800,000 | ' |
Preferred stock, shares outstanding | ' | ' | 2,760,000 | 2,760,000 | 2,800,000 | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' | ' |
Common stock, shares issued | 44,764,377 | 35,698,582 | ' | ' | ' | ' |
Common stock, shares outstanding | 44,764,377 | 35,698,582 | ' | ' | ' | ' |
Consolidated_and_Combined_Stat
Consolidated and Combined Statements of Operations (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 |
STAG Predecessor Group | ||||
Revenue | ' | ' | ' | ' |
Rental income | $35,749 | $116,344 | $73,977 | $6,489 |
Tenant recoveries | 4,453 | 16,349 | 8,763 | 1,218 |
Other income | 914 | 1,200 | 1,312 | ' |
Total revenue | 41,116 | 133,893 | 84,052 | 7,707 |
Expenses | ' | ' | ' | ' |
Property | 3,583 | 10,634 | 5,983 | 1,194 |
General and administrative | 8,365 | 17,840 | 14,549 | 322 |
Real estate taxes and insurance | 3,597 | 13,376 | 6,858 | 873 |
Asset management fees | ' | ' | ' | 162 |
Property acquisition costs | 1,088 | 3,427 | 4,218 | ' |
Depreciation and amortization | 21,325 | 67,556 | 42,427 | 2,345 |
Loss on impairment | ' | ' | 622 | ' |
Other expenses | 294 | 621 | 339 | ' |
Total expenses | 38,252 | 113,454 | 74,996 | 4,896 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 28 | 13 | 19 | 1 |
Interest expense | -11,829 | -20,319 | -16,110 | -3,825 |
Gain on interest rate swaps | 2,179 | ' | 215 | 762 |
Formation transaction costs | -3,674 | ' | ' | ' |
Offering costs | -78 | -27 | -68 | ' |
Loss on extinguishment of debt | ' | ' | -929 | ' |
Total other income (expense) | -13,374 | -20,333 | -16,873 | -3,062 |
Net income (loss) from continuing operations | -10,510 | 106 | -7,817 | -251 |
Discontinued operations | ' | ' | ' | ' |
Income (loss) attributable to discontinued operations | 954 | -509 | 1,337 | 22 |
Loss on impairment attributable to discontinued operations | ' | ' | -3,941 | ' |
Gain on sales of real estate | 329 | 5,305 | 222 | ' |
Total income (loss) attributable to discontinued operations | 1,283 | 4,796 | -2,382 | 22 |
Net income (loss) | -9,227 | 4,902 | -10,199 | -229 |
Less: loss attributable to noncontrolling interest after preferred stock dividends | -3,396 | -620 | -3,720 | ' |
Net income (loss) attributable to STAG Industrial, Inc. | -5,831 | 5,522 | -6,479 | ' |
Less: preferred stock dividends | 1,018 | 9,495 | 6,210 | ' |
Less: amount allocated to unvested restricted stockholders | ' | 262 | 122 | ' |
Net loss attributable to common stockholders | ($6,849) | ($4,235) | ($12,811) | ' |
Weighted average common shares outstanding - basic and diluted (in shares) | 15,630,910 | 42,364,125 | 25,046,664 | ' |
Loss per share - basic and diluted | ' | ' | ' | ' |
Loss from continuing operations attributable to common stockholders (in dollars per share) | ($0.49) | ($0.20) | ($0.44) | ' |
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share) | $0.05 | $0.10 | ($0.07) | ' |
Loss per share - basic and diluted (in dollars per share) | ($0.44) | ($0.10) | ($0.51) | ' |
Consolidated_and_Combined_Stat1
Consolidated and Combined Statements of Comprehensive Income (Loss) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 |
STAG Predecessor Group | ||||
Net income (loss) | ($9,227) | $4,902 | ($10,199) | ($229) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swaps | ' | 4,405 | -480 | ' |
Other comprehensive income (loss) | ' | 4,405 | -480 | ' |
Comprehensive income (loss) | -9,227 | 9,307 | -10,679 | -229 |
Net loss attributable to noncontrolling interest after preferred stock dividends | 3,396 | 620 | 3,720 | ' |
Other comprehensive (income) loss attributable to noncontrolling interest | ' | -594 | 109 | ' |
Comprehensive income (loss) attributable to STAG Industrial, Inc. | ($5,831) | $9,333 | ($6,850) | ($229) |
Consolidated_and_Combined_Stat2
Consolidated and Combined Statements of Equity (USD $) | Total | Series A Preferred Stock | Series B Preferred Stock | Total Stockholders' Equity | Total Stockholders' Equity | Total Stockholders' Equity | Preferred Stock | Preferred Stock | Preferred Stock | Common Shares | Additional Paid-in Capital | Common Stock Dividends in excess of Earnings | Predecessor's Owner's Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest - Unit holders in Operating Partnership | STAG Predecessor Group | STAG Predecessor Group | STAG Predecessor Group |
In Thousands, except Share data, unless otherwise specified | Series A Preferred Stock | Series B Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Total Stockholders' Equity | Predecessor's Owner's Deficit | ||||||||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($8,336) | ($8,336) | ($8,336) |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,420 | 4,420 | 4,420 |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,900 | -9,900 | -9,900 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -229 | -229 |
Balance at Apr. 19, 2011 | -14,043 | ' | ' | -14,043 | ' | ' | ' | ' | ' | ' | 2 | ' | -14,045 | ' | ' | -14,045 | -14,045 | -14,045 |
Balance (in shares) at Apr. 19, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Apr. 20, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock | 205,563 | ' | ' | 205,563 | ' | ' | ' | ' | ' | 158 | 205,405 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,812,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock | ' | 69,000 | ' | ' | 69,000 | ' | ' | 69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | -19,537 | ' | ' | -19,537 | ' | ' | ' | ' | ' | ' | -19,537 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,809 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,251 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and distributions, net | -18,208 | ' | ' | -12,554 | ' | ' | -1,018 | ' | ' | ' | ' | -11,536 | ' | ' | -5,654 | ' | ' | ' |
Non-cash compensation | 693 | ' | ' | 342 | ' | ' | ' | ' | ' | ' | 342 | ' | ' | ' | 351 | ' | ' | ' |
Issuance of units for acquisition of properties | 95,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,670 | ' | ' | ' |
Rebalancing of noncontrolling interest | ' | ' | ' | -6,290 | ' | ' | ' | ' | ' | ' | -6,290 | ' | ' | ' | 6,290 | ' | ' | ' |
Redemption of initial capitalization of STAG Industrial, Inc. | -2 | ' | ' | -2 | ' | ' | ' | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' |
Redemption of initial capitalization of STAG Industrial, Inc. (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -110 | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of owners' equity for units | ' | ' | ' | 14,045 | ' | ' | ' | ' | ' | ' | ' | ' | 14,045 | ' | -14,045 | ' | ' | ' |
Net income (loss) | -9,227 | ' | ' | -5,831 | ' | ' | 1,018 | ' | ' | ' | ' | -6,849 | ' | ' | -3,396 | ' | ' | ' |
Balance at Dec. 31, 2011 | 309,909 | ' | ' | 230,693 | ' | ' | 69,000 | ' | ' | 159 | 179,919 | -18,385 | ' | ' | 79,216 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,901,560 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock | 242,947 | ' | ' | 242,947 | ' | ' | ' | ' | ' | 179 | 242,768 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,835,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | -11,136 | ' | ' | -11,136 | ' | ' | ' | ' | ' | ' | -11,136 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,025 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,666 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and distributions, net | -43,747 | ' | ' | -36,160 | ' | ' | -6,210 | ' | ' | ' | ' | -29,950 | ' | ' | -7,587 | ' | ' | ' |
Non-cash compensation | 1,941 | ' | ' | 993 | ' | ' | ' | ' | ' | ' | 993 | ' | ' | ' | 948 | ' | ' | ' |
Issuance of units for acquisition fee | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' |
Conversion of operating partnership units to common stock | ' | ' | ' | 18,615 | ' | ' | ' | ' | ' | 18 | 18,597 | ' | ' | ' | -18,615 | ' | ' | ' |
Conversion of operating partnership units to common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,861,831 | ' | ' | ' | ' | ' | ' | ' | ' |
Rebalancing of noncontrolling interest | ' | ' | ' | -11,497 | ' | ' | ' | ' | ' | ' | -11,497 | ' | ' | ' | 11,497 | ' | ' | ' |
Other comprehensive income (loss) | -480 | ' | ' | -371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -371 | -109 | ' | ' | ' |
Net income (loss) | -10,199 | ' | ' | -6,479 | ' | ' | 6,210 | ' | ' | ' | ' | -12,689 | ' | ' | -3,720 | ' | ' | ' |
Balance at Dec. 31, 2012 | 489,460 | ' | ' | 427,605 | ' | ' | 69,000 | ' | ' | 357 | 419,643 | -61,024 | ' | -371 | 61,855 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,698,582 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock | 169,747 | ' | ' | 169,747 | ' | ' | ' | ' | ' | 89 | 169,658 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,956,844 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preferred stock | ' | ' | 70,000 | ' | ' | 70,000 | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | -8,713 | ' | ' | -8,713 | ' | ' | ' | ' | ' | ' | -8,713 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,287 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,478 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and distributions, net | -69,705 | ' | ' | -61,375 | ' | ' | -9,495 | ' | ' | ' | ' | -51,880 | ' | ' | -8,330 | ' | ' | ' |
Non-cash compensation | 2,969 | ' | ' | 1,360 | ' | ' | ' | ' | ' | ' | 1,360 | ' | ' | ' | 1,609 | ' | ' | ' |
Issuance of units for acquisition of properties | 11,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,499 | ' | ' | ' |
Conversion of operating partnership units to common stock | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | -23 | ' | ' | ' |
Conversion of operating partnership units to common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,186 | ' | ' | ' | ' | ' | ' | ' | ' |
Rebalancing of noncontrolling interest | ' | ' | ' | -4,931 | ' | ' | ' | ' | ' | ' | -4,931 | ' | ' | ' | 4,931 | ' | ' | ' |
Other comprehensive income (loss) | 4,405 | ' | ' | 3,811 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,811 | 594 | ' | ' | ' |
Net income (loss) | 4,902 | ' | ' | 5,522 | ' | ' | 9,495 | ' | ' | ' | ' | -3,973 | ' | ' | -620 | ' | ' | ' |
Balance at Dec. 31, 2013 | $674,564 | ' | ' | $603,049 | ' | ' | $139,000 | ' | ' | $447 | $577,039 | ($116,877) | ' | $3,440 | $71,515 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,764,377 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_and_Combined_Stat3
Consolidated and Combined Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 |
STAG Predecessor Group | ||||
Cash flows from operating activities: | ' | ' | ' | ' |
Net income (loss) | ($9,227) | $4,902 | ($10,199) | ($229) |
Adjustment to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 22,794 | 70,597 | 43,473 | 2,459 |
Loss on impairment | ' | ' | 4,563 | ' |
Non-cash portion of interest expense | 737 | 1,081 | 957 | 31 |
Intangible amortization in rental income, net | 2,776 | 6,544 | 4,837 | -2 |
Straight-line rent adjustments, net | -1,036 | -2,941 | -2,796 | -16 |
Gain on interest rate swaps | -2,179 | ' | -215 | -762 |
Loss on extinguishment of debt | ' | ' | 929 | ' |
Gain on sales of real estate | -329 | -5,305 | -222 | ' |
Non-cash compensation expense | 693 | 2,970 | 1,936 | ' |
Issuance of units for acquisition fee | ' | ' | 225 | ' |
Change in assets and liabilities: | ' | ' | ' | ' |
Tenant accounts receivable, net | -695 | -1,515 | -1,497 | 88 |
Leasing commissions, net | -877 | -2,456 | -1,020 | -24 |
Restricted cash | -124 | -201 | -137 | ' |
Prepaid expenses and other assets | -207 | -939 | -799 | -87 |
Accounts payable, accrued expenses and other liabilities | 1,503 | 6,043 | 6,174 | 106 |
Tenant prepaid rent and security deposits | 783 | 3,286 | 2,208 | 169 |
Due from related parties | ' | 621 | -406 | -141 |
Due to related parties | 54 | ' | ' | 767 |
Total adjustments | 23,893 | 77,785 | 58,210 | 2,588 |
Net cash provided by operating activities | 14,666 | 82,687 | 48,011 | 2,359 |
Cash flows from investing activities: | ' | ' | ' | ' |
Additions of land and building improvements | -80,191 | -261,208 | -325,820 | -39 |
Proceeds from sales of rental property, net | 4,507 | 14,181 | 7,221 | ' |
Restricted cash | -1,561 | -1,108 | 1,251 | -542 |
Cash paid for contributed assets, net | -2,159 | ' | ' | ' |
Cash paid for deal deposits, net | -130 | -150 | 550 | ' |
Additions to lease intangibles | -34,924 | -76,946 | -100,405 | ' |
Net cash used in investing activities | -114,458 | -325,231 | -417,203 | -581 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from the issuance of common stock at initial public offering | 205,563 | ' | ' | ' |
Offering cost related to issuance of common stock | -17,042 | ' | ' | ' |
Redemption of initial capitalization of STAG Industrial, Inc. shares | -2 | ' | ' | ' |
Offering costs related to issuance of preferred stock | -2,495 | ' | ' | ' |
Proceeds from notes payable to related parties | ' | ' | ' | 789 |
Repayment of notes payable to related parties | -10,366 | ' | ' | ' |
Proceeds from credit facility | 34,500 | ' | 124,300 | ' |
Repayment of credit facility | -34,500 | ' | -124,300 | ' |
Proceeds from unsecured credit facility | ' | 158,500 | 215,300 | ' |
Repayment of unsecured credit facility | ' | -177,300 | -116,000 | ' |
Proceeds from unsecured term loans | ' | 100,000 | 150,000 | ' |
Proceeds from mortgage notes payable | 48,339 | ' | 78,067 | ' |
Repayment of mortgage notes payable | -160,645 | -4,219 | -144,753 | -1,180 |
Termination of swap contracts | -894 | ' | ' | ' |
Payment of loan fees and costs | -3,397 | -1,949 | -4,119 | ' |
Dividends and distributions | -12,048 | -75,838 | -38,606 | -2,679 |
Proceeds from sales of common stock | ' | 169,747 | 242,947 | ' |
Offering costs | ' | -8,713 | -11,136 | ' |
Net cash provided by (used in) financing activities | 116,013 | 230,228 | 371,700 | -3,070 |
Increase (decrease) in cash and cash equivalents | 16,221 | -12,316 | 2,508 | -1,292 |
Cash and cash equivalents-beginning of period | 277 | 19,006 | 16,498 | 1,567 |
Cash and cash equivalents-end of period | $16,498 | $6,690 | $19,006 | $275 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Description of Business | ' |
Organization and Description of Business | ' |
1. Organization and Description of Business | |
STAG Industrial, Inc. (the "Company") is a fully-integrated, full-service real estate company focused on the acquisition, ownership and management of single-tenant industrial properties throughout the United States. The Company was formed as a Maryland corporation on July 21, 2010 and elected to be taxed as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code") commencing with its 2011 tax year. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). The Company intends to continue to qualify as a REIT. As of December 31, 2013 and December 31, 2012, the Company owned an 86.65% and 85.29%, respectively, limited partnership interest in the Operating Partnership. As used herein, the "Company" refers to STAG Industrial, Inc. and its consolidated subsidiaries and partnerships except where context otherwise requires. | |
As of December 31, 2013, the Company owned 209 buildings in 34 states with approximately 38.1 million rentable square feet (square feet unaudited herein and throughout Notes), consisting of 142 warehouse/distribution buildings, 47 light manufacturing buildings and 20 flex/office buildings. The Company also owned one vacant land parcel adjacent to one of the Company's buildings. The Company's properties were 95.6% leased to 191 tenants as of December 31, 2013. | |
The Company's "predecessor" for accounting purposes is STAG Predecessor Group (or "Predecessor"), which is not a legal entity, but a collection of the real estate entities that were owned by STAG Investments III, LLC prior to the Company's initial public offering in April 2011 (the "IPO"). The financial information contained in this report that relates to the time periods on or prior to April 19, 2011 is the Predecessor's financial information; the financial information contained in this report for any time period on or after April 20, 2011 is the Company's financial information. The Company did not have any operating activity before April 20, 2011 and, as a result of the Company's IPO and related Formation Transactions (as defined below), is substantially different from STAG Predecessor Group. | |
On April 20, 2011, concurrent with the IPO, the members of limited liability companies affiliated with the Company (collectively, the "Participants") that held direct or indirect interests in their real estate properties elected to take limited partnership units in the Operating Partnership ("Common Units") in exchange for the contribution of their properties to the Company. | |
On April 20, 2011, in connection with the IPO, the following formation transactions ("Formation Transactions") were completed: | |
• | |
The Company issued 13,750,000 shares of its common stock for $13.00 per share. | |
• | |
The Company acquired certain assets and related debt of STAG Predecessor Group and of the Participants. In exchange for such assets and related debt, STAG Predecessor Group and the Participants were issued a total of 7,590,000 Common Units of the Operating Partnership, with an aggregate value of approximately $98.7 million. | |
• | |
The Company closed a loan agreement for a secured corporate revolving credit facility (the "Credit Facility") of up to $100 million with Bank of America, N.A. as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated as lead arranger. | |
• | |
The net proceeds of the IPO, together with borrowings in the amount of approximately $11.0 million under the Credit Facility, repaid approximately $164.7 million in certain outstanding indebtedness (including $2.5 million of direct costs associated with the obtaining and retiring of indebtedness and the termination of interest rate swaps) and $0.3 million to pay transfer taxes and other fees. | |
At the time of the Formation Transactions, there were three vacant properties owned by STAG Investments III, LLC ("Fund III") and not contributed to the Company in the Formation Transactions (the "Option Properties"). Upon approval of the Company's independent directors, the Company had the right to acquire any of the Option Properties individually for a period of up to three months after notification that the property has stabilized, defined as 85% or greater occupancy pursuant to leases at least two years in remaining duration. The right to acquire any of the Option Properties would have expired 5 years from the date of the Formation Transactions. During the years ended December 31, 2013 and December 31, 2012, Fund III sold the Option Properties to independent buyers. As of December 31, 2013, there were no remaining Option Properties owned by Fund III. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||
The Company's consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership are reflected as noncontrolling interest. The combined financial statements of STAG Predecessor Group include the accounts of STAG Predecessor Group and all entities in which STAG Predecessor Group had a controlling interest. All significant intercompany balances and transactions have been eliminated in the consolidation and combination of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented and comprise the consolidated historical financial statements of the transferred collection of real estate entities and holdings, upon the IPO. The combined financial information presented for periods on or prior to April 19, 2011 relate solely to STAG Predecessor Group. The financial statements for the periods after April 19, 2011 include the financial information of the Company, the Operating Partnership and their subsidiaries. Where the "Company" is referenced in comparisons of financial results for any date prior to and including April 19, 2011, the financial information for such period relates solely to STAG Predecessor Group, notwithstanding "Company" being the reference. | ||||||||||||||||||||
Consolidated and Combined Statements of Cash Flows—Supplemental Disclosures | ||||||||||||||||||||
The following table provides supplemental disclosures related to the Consolidated and Combined Statements of Cash Flows (in thousands): | ||||||||||||||||||||
STAG | STAG | STAG | STAG | |||||||||||||||||
Industrial, Inc. | Industrial, Inc. | Industrial, Inc. | Predecessor | |||||||||||||||||
Year ended | Year ended | Period from | Group | |||||||||||||||||
December 31, | December 31, | April 20, 2011 | Period from | |||||||||||||||||
2013 | 2012 | to | January 1, 2011 | |||||||||||||||||
December 31, | to | |||||||||||||||||||
2011 | April 19, 2011 | |||||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||
Cash paid for interest | $ | 19,272 | $ | 15,044 | $ | 11,445 | $ | 2,433 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Supplemental schedule of non-cash investing and financing activities | ||||||||||||||||||||
Acquisition of tangible assets | $ | — | $ | — | $ | (215,890 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of goodwill upon Formation Transactions | $ | — | $ | — | $ | (4,923 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible assets upon Formation Transactions | $ | — | $ | — | $ | (83,442 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of mortgage notes payable | $ | — | $ | — | $ | (201,789 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Fair market value adjustment to mortgage notes payable acquired | $ | — | $ | — | $ | (675 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of related party notes payable upon Formation Transactions | $ | — | $ | — | $ | 4,466 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible liabilities upon Formation Transactions | $ | — | $ | — | $ | 1,066 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of interest rate swaps upon Formation Transactions included in the purchase price allocation | $ | — | $ | — | $ | 420 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of other liabilities upon Formation Transactions | $ | — | $ | — | $ | 171 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisition of net assets upon Formation Transactions | $ | — | $ | — | $ | 95,670 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Disposition of accrued lender fees upon Formation Transactions | $ | — | $ | — | $ | — | $ | 4,420 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of bridge loan for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (4,750 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of note payable to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (727 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of interest rate swaps to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (352 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Non-cash investing activities included in additions of land and building improvements | $ | (11,934 | ) | $ | (440 | ) | $ | (440 | ) | $ | — | |||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisitions of properties | $ | 11,499 | $ | — | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of fully depreciated tenant improvements | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of accumulated depreciation | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Dividends and distributions declared but not paid | $ | 5,166 | $ | 11,301 | $ | 6,160 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accrued distribution upon Formation Transactions | $ | — | $ | — | $ | — | $ | (1,392 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||
Real Estate and Deferred Lease Intangibles | ||||||||||||||||||||
Real estate investments are carried at cost less accumulated depreciation and amortization. The cost of real estate includes the purchase price of the property and leasehold improvements. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. | ||||||||||||||||||||
The Company evaluates the carrying value of all tangible and intangible real estate assets held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset and the ultimate sale of the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ from actual results. | ||||||||||||||||||||
For properties considered held for sale, the Company ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. The Company classifies properties as held for sale when all criteria within the FASB's Accounting Standard Codification ("ASC") 360, Property, Plant and Equipment are met. | ||||||||||||||||||||
The Company presents qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as "held for sale," as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. The components of the property's net income (loss) are reflected as discontinued operations include operating results, depreciation and interest expense (if the property is subject to a secured loan). | ||||||||||||||||||||
Expenditures for tenant improvements, leasehold improvements and leasing commissions are capitalized and amortized or depreciated over the shorter of their useful lives or the terms of each specific lease. Depreciation expense is computed using the straight-line method based on the following useful lives: | ||||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Building and land improvements | 5 - 20 years | |||||||||||||||||||
Tenant improvements | Shorter of useful life or terms of related lease | |||||||||||||||||||
The Company evaluates acquisitions to determine if the acquisition represents an asset acquisition or business combination, and the Company accounts for all business combinations in accordance with ASC 805, Business Combinations. Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements and intangible assets including in-place leases, above market and below market leases and tenant relationships, as well as the fair value of debt assumed. The Company allocates the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases, and the below market lease values are amortized as an increase to rental income over the remaining initial terms plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. | ||||||||||||||||||||
The purchase price is further allocated to in-place lease values and tenant relationships based on the Company's evaluation of the specific characteristics of each tenant's lease and its overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of leasing commissions, above and below market leases, the in-place lease value and tenant relationships are immediately written off. | ||||||||||||||||||||
In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt. | ||||||||||||||||||||
Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The Company may adjust the preliminary purchase price allocations after obtaining more information about asset valuations and liabilities assumed. | ||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. | ||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||
Restricted cash may include security deposits and cash held in escrow for real estate taxes and capital improvements as required in various mortgage loan agreements. Restricted cash also may include amounts held by the Company's transfer agent for preferred stock dividends that are distributed subsequent to period end. | ||||||||||||||||||||
Tenant Accounts Receivable, net | ||||||||||||||||||||
Tenant accounts receivable, net on the Consolidated Balance Sheets includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of December 31, 2013 and December 31, 2012, the Company had an allowance for doubtful accounts of $19 thousand and $0, respectively. | ||||||||||||||||||||
The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of December 31, 2013 and December 31, 2012, the Company had accrued rental revenue of $9.3 million and $6.4 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of December 31, 2013 and December 31, 2012, the Company had an allowance on accrued rental revenue of $0 and $0, respectively. | ||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the Company had a total of approximately $4.9 million and $4.8 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company's Consolidated Balance Sheets; and $3.0 million and $2.0 million, respectively, of lease security deposits available in cash. | ||||||||||||||||||||
Deferred Costs | ||||||||||||||||||||
Deferred financing fees include costs incurred in obtaining debt that are capitalized. The deferred financing fees are amortized to interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment. For the year ended December 31, 2013, December 31, 2012, period April 20, 2011 through December 31, 2011 and the period January 1, 2011 through April 19, 2011 amortization of deferred financing fees included in interest expense was $1.2 million, $1.1 million, $0.8 million, and $31 thousand, respectively. Fully amortized deferred charges are removed from the books upon maturity of the underlying debt. | ||||||||||||||||||||
Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, which are capitalized and amortized over the terms of the related leases using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are written off to amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the Consolidated and Combined Statements of Cash Flows. | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company represents amounts allocated to the assembled workforce from the acquired management company. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. | ||||||||||||||||||||
Use of Derivative Financial Instruments | ||||||||||||||||||||
The Company follows ASC 815, Derivatives and Hedging for disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why the Company uses derivative instruments, (b) how the Company accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect the Company's financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company's objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | ||||||||||||||||||||
The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | ||||||||||||||||||||
In accordance with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in an interest rate swap by entering into transactions with high-quality counterparties. The Company's exposure to credit risk at any point is generally limited to amounts recorded as assets or liabilities on the Consolidated Balance Sheets. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, other accrued expenses, Unsecured Credit Facility (defined in Note 5), Unsecured Term Loans (defined in Note 5) and mortgage notes payable. The fair values of the cash and cash equivalents, restricted cash, tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values because of the short term maturity of these instruments. See Note 5 for the fair values of the Company's debt. See Note 6 for the fair values of the Company's interest rate swaps. | ||||||||||||||||||||
The Company adopted the fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||||||
Offering Costs | ||||||||||||||||||||
Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital. Indirect costs associated with equity offerings are expensed as incurred and included in Formation Transaction costs and offering costs on the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
Dividends | ||||||||||||||||||||
Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, compensation expense, and in the estimated useful lives and basis used to compute depreciation. During the years ended December 31, 2013, December 31, 2012, and the period from April 20, 2011 to December 31, 2011, $6.2 million ($2.25 per share of Series A Preferred Stock), $6.2 million ($2.25 per share of Series A Preferred Stock) and $1.0 million ($0.36875 per share of Series A Preferred Stock) of Series A Preferred Stock dividends were paid, respectively, that were treated as ordinary income for tax purposes. During the year ended December 31, 2013, $3.3 million ($1.173175 per share of Series B Preferred Stock) of Series B Preferred Stock dividends were paid that were treated as ordinary income for tax purposes. The tax treatment of common dividends per share for federal income tax purposes is as follows: | ||||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, | ||||||||||||||||||
2013 | 2012 | 2011 to | ||||||||||||||||||
December 31, | ||||||||||||||||||||
2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||
Ordinary income | $ | 0.9723 | 71 | % | $ | 0.634 | 59.8 | % | $ | 0.3471 | 74.5 | % | ||||||||
Return of capital | 0.3703 | 27 | % | 0.426 | 40.2 | % | 0.1186 | 25.5 | % | |||||||||||
Unrecaptured section 1250 capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
Other capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total(1) | $ | 1.37 | 100 | % | $ | 1.06 | 100 | % | $ | 0.4657 | 100 | % | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
The fourth quarter 2012 common stock dividend of $0.27 per share was included in the stockholder's 2013 tax year. The December 2013 monthly common stock dividend of $0.10 per share will be included in the stockholder's 2014 tax year. | ||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
All current leases are classified as operating leases and rental revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured. Differences between rental revenue earned and amounts due under the lease are charged or credited, as applicable, to accrued rental revenue. Additional rents from expense reimbursements for insurance, real estate taxes and certain other expenses are recognized in the period in which the related expenses are incurred. | ||||||||||||||||||||
Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. On July 8, 2011, the Company entered into a lease termination agreement with the tenant of two facilities, one located in Youngstown, OH and the other in Bardstown, KY. The agreement provided that the Youngstown, OH lease terminated effective July 31, 2011 and required the tenant to pay a termination fee of $2.0 million. Of the termination fee paid, $0.2 million was a replenishment of a security deposit at the Bardstown, KY property, $45 thousand was applied to the outstanding accounts receivable, and the remaining amount of approximately $1.8 million was recognized as termination income and is included in rental income during the period April 20, 2011 to December 31, 2011. On October 18, 2013, the Company entered into a lease termination agreement with the tenant located at the Creedmoor, NC building. The agreement provided that the tenant's lease terminated effective October 31, 2013 and required the tenant to pay a termination fee of $2.5 million. The termination income is included in income (loss) attributable to discontinued operations on the accompanying Consolidated Statements of Operations as the property was sold on October 31, 2013 to an unaffiliated third party. | ||||||||||||||||||||
The Company earns revenue from asset management fees, which are included on the Consolidated Statements of Operations in other income. The Company recognizes revenue from asset management fees when the related fees are earned and are realized or realizable. | ||||||||||||||||||||
By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties' insurance, real estate taxes, ground lease payments, and certain other expenses and these costs are not reflected on the Company's Consolidated and Combined Financial Statements. To the extent any tenant responsible for these costs under its respective lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company would record a liability for such obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, was approximately $9.4 million for the year ended December 31, 2013, $6.9 million for the year ended December 31, 2012, $0.5 million for the period January 1, 2011 to April 19, 2011, $3.5 million for the period from April 20, 2011 to December 31, 2011. This would have been the maximum liability of the Company had the tenants not met their contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses. | ||||||||||||||||||||
Gain on Sales of Real Estate | ||||||||||||||||||||
Gain on sale of real estate is recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales. The specific timing of the sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. | ||||||||||||||||||||
Incentive and Equity-Based Employee Compensation Plans | ||||||||||||||||||||
The Company grants equity-based compensation awards to its employees and directors typically in the form of restricted shares of common stock, long-term incentive plan units in the Operating Partnership ("LTIP units") and an outperformance program. See Notes 7, 8 and 14 for further discussion of restricted shares of common stock, LTIP units, and the outperformance program, respectively. The Company accounts for its equity-based employee compensation in accordance with ASC 718, Compensation—Stock Compensation. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
Prior to the IPO, the Predecessor was comprised primarily of limited partnerships and limited liability companies. Under applicable federal and state income tax rules, the allocated share of net income or loss from the limited partnerships and limited liability companies was reportable in the income tax returns of the respective partners and members. | ||||||||||||||||||||
The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company's taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. | ||||||||||||||||||||
The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The TRS did not have any activity during the years ended December 31, 2013 and December 31, 2012 and the period April 20, 2011 to December 31, 2011. | ||||||||||||||||||||
The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.6 million, $0.3 million and $0.3 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011. | ||||||||||||||||||||
The Company currently has no liabilities for uncertain tax positions. | ||||||||||||||||||||
The following table reconciles net income (loss) to taxable income for the years ended December 31, 2013 and 2012, respectively, and the period April 20, 2011 to December 31, 2011 (in thousands): | ||||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, 2011 to | ||||||||||||||||||
2013 | 2012 | December 31, 2011 | ||||||||||||||||||
Net income (loss) | $ | 4,902 | $ | (10,199 | ) | $ | (9,227 | ) | ||||||||||||
Book/Tax differences from depreciation and amortization | 46,389 | 24,048 | 12,625 | |||||||||||||||||
Above/Below market lease amortization | 6,544 | 4,837 | 2,776 | |||||||||||||||||
Loss on impairments | — | 4,563 | — | |||||||||||||||||
Formation Transaction costs | — | — | 3,169 | |||||||||||||||||
Offering costs | 27 | 68 | 78 | |||||||||||||||||
Book/Tax difference on property acquisition costs | 3,427 | 4,218 | 1,088 | |||||||||||||||||
Loss on extinguishment of debt | — | 565 | — | |||||||||||||||||
Accrued non-recurring IPO bonus payment | — | (1,000 | ) | 1,000 | ||||||||||||||||
Accrued bonus payment | 440 | 3,731 | — | |||||||||||||||||
Book/Tax difference on bad debt expense | 19 | 317 | 526 | |||||||||||||||||
Book/Tax difference on non-cash compensation | 1,846 | 1,375 | 560 | |||||||||||||||||
Book/Tax difference on gain on sales of real estate | (3,915 | ) | (4,554 | ) | (1,231 | ) | ||||||||||||||
Straight-line rent adjustments, net | (2,941 | ) | (2,796 | ) | (1,036 | ) | ||||||||||||||
Unrealized gain on interest rate swaps | — | (215 | ) | (2,805 | ) | |||||||||||||||
Book/tax difference on non-cash portion of interest expense | (106 | ) | (159 | ) | — | |||||||||||||||
Other book/tax differences, net | 28 | 63 | (73 | ) | ||||||||||||||||
Loss attributable to noncontrolling interest | (7,785 | ) | (5,940 | ) | (1,768 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
Taxable income subject to distribution requirement(1) | $ | 48,875 | $ | 18,922 | $ | 5,682 | ||||||||||||||
-1 | ||||||||||||||||||||
The Company distributed in excess of 100% of its taxable income to its stockholders during the years ended December 31, 2013 and December 31, 2012, and the period April 20, 2011 to December 31, 2011, respectively. | ||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||
The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, basic earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur from shares issuable in connection with awards under incentive and equity-based compensation plans. | ||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. | ||||||||||||||||||||
Real_Estate
Real Estate | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Real Estate | ' | |||||||||||||
Real Estate | ' | |||||||||||||
3. Real Estate | ||||||||||||||
The following table summarizes the acquisitions of the Company during the years ended December 31, 2013 and December 31, 2012: | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Property Location | Date | Square | Buildings | |||||||||||
Acquired | Feet | |||||||||||||
Orangeburg, SC | 2/7/13 | 319,000 | 1 | |||||||||||
Golden, CO | 2/27/13 | 227,500 | 1 | |||||||||||
Columbia, SC | 2/28/13 | 273,280 | 1 | |||||||||||
DeKalb, IL | 3/15/13 | 146,740 | 1 | |||||||||||
Ocala, FL | 3/26/13 | 619,466 | 1 | |||||||||||
Londonderry, NH | 3/28/13 | 125,060 | 1 | |||||||||||
Marion, IA | 3/28/13 | 95,500 | 1 | |||||||||||
Mishawaka, IN | 4/5/13 | 308,884 | 1 | |||||||||||
Southfield, MI(1) | 4/9/13 | 113,000 | 1 | |||||||||||
Houston, TX | 4/9/13 | 201,574 | 1 | |||||||||||
Idaho Falls, ID | 4/11/13 | 90,300 | 1 | |||||||||||
Mt. Prospect, IL | 5/14/13 | 87,380 | 1 | |||||||||||
Williamsport, PA | 5/31/13 | 250,000 | 1 | |||||||||||
Belvidere, IL | 6/19/13 | 1,006,960 | 8 | |||||||||||
Kentwood, MI | 6/26/13 | 85,157 | 1 | |||||||||||
Marshall, MI | 6/26/13 | 57,025 | 1 | |||||||||||
Nashville, TN | 7/18/13 | 150,000 | 1 | |||||||||||
Catoosa, OK | 7/31/13 | 100,100 | 1 | |||||||||||
New Berlin, WI | 8/16/13 | 205,063 | 1 | |||||||||||
Hampstead, MD | 8/21/13 | 1,035,249 | 1 | |||||||||||
New Hope, MN | 9/20/13 | 107,348 | 1 | |||||||||||
Springfield, OH | 9/26/13 | 350,500 | 1 | |||||||||||
Orlando, FL | 10/8/13 | 215,900 | 1 | |||||||||||
North Jackson, OH | 11/6/13 | 209,835 | 1 | |||||||||||
Mebane, NC | 11/14/13 | 383,500 | 1 | |||||||||||
Shannon, GA | 11/26/13 | 568,516 | 1 | |||||||||||
Lansing, MI | 12/11/13 | 160,000 | 1 | |||||||||||
Harvard, IL | 12/17/13 | 126,304 | 1 | |||||||||||
Sauk Village, IL | 12/17/13 | 375,785 | 1 | |||||||||||
South Holland, IL | 12/17/13 | 202,902 | 1 | |||||||||||
Mascot, TN | 12/19/13 | 130,560 | 1 | |||||||||||
Janesville, WI | 12/27/13 | 700,000 | 1 | |||||||||||
Total | 9,028,388 | 39 | ||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
-1 | ||||||||||||||
The Company also owns a 5.4 acre vacant land parcel adjacent to this building. | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Property Location | Date | Square | Buildings | |||||||||||
Acquired | Feet | |||||||||||||
East Windsor, CT | 3/1/12 | 145,000 | 1 | |||||||||||
South Bend, IN | 3/8/12 | 225,000 | 1 | |||||||||||
Lansing, MI | 3/21/12 | 129,325 | 1 | |||||||||||
Portland, ME | 3/27/12 | 100,600 | 1 | |||||||||||
Portland, TN | 3/30/12 | 414,043 | 1 | |||||||||||
Spartanburg, SC | 4/5/12 | 409,600 | 4 | |||||||||||
Franklin, IN | 4/17/12 | 703,496 | 1 | |||||||||||
Muhlenberg Township, PA | 5/24/12 | 394,289 | 1 | |||||||||||
Avon, CT | 6/15/12 | 78,400 | 1 | |||||||||||
Orlando, FL | 6/15/12 | 155,000 | 1 | |||||||||||
Pineville, NC | 6/15/12 | 75,400 | 1 | |||||||||||
Buffalo, NY | 6/15/12 | 117,000 | 1 | |||||||||||
Edgefield, SC | 6/15/12 | 126,190 | 1 | |||||||||||
Arlington, TX | 6/15/12 | 196,000 | 1 | |||||||||||
Bellevue, OH | 7/18/12 | 181,838 | 1 | |||||||||||
Atlanta, GA | 8/1/12 | 407,981 | 1 | |||||||||||
Huntersville, NC | 8/6/12 | 185,570 | 1 | |||||||||||
Simpsonville, SC | 8/23/12 | 204,952 | 1 | |||||||||||
Simpsonville, SC | 8/23/12 | 207,042 | 1 | |||||||||||
Dallas, GA | 9/4/12 | 92,807 | 1 | |||||||||||
Mebane, NC | 9/4/12 | 223,340 | 1 | |||||||||||
Mebane, NC | 9/4/12 | 202,691 | 1 | |||||||||||
De Pere, WI | 9/13/12 | 200,000 | 1 | |||||||||||
Duncan, SC | 9/21/12 | 474,000 | 1 | |||||||||||
Duncan, SC | 9/21/12 | 313,380 | 1 | |||||||||||
Buena Vista, VA | 9/27/12 | 172,759 | 1 | |||||||||||
Gurnee, IL | 9/28/12 | 223,760 | 1 | |||||||||||
Auburn Hills, MI | 10/9/12 | 87,932 | 1 | |||||||||||
El Paso, TX | 10/9/12 | 269,245 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 50,000 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 101,589 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 26,529 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 59,965 | 1 | |||||||||||
Greenwood, SC | 10/9/12 | 104,955 | 1 | |||||||||||
Greenwood, SC | 10/9/12 | 70,100 | 1 | |||||||||||
Holland, MI | 10/9/12 | 195,000 | 1 | |||||||||||
Independence, VA | 10/9/12 | 120,000 | 1 | |||||||||||
Jackson, TN | 10/9/12 | 250,000 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 52,500 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 60,000 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 42,325 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 57,102 | 1 | |||||||||||
Kansas City, KS | 10/9/12 | 56,580 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 71,400 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 120,000 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 275,000 | 1 | |||||||||||
Lansing, MI | 10/9/12 | 250,100 | 1 | |||||||||||
Marion, IN | 10/9/12 | 249,600 | 1 | |||||||||||
Novi, MI | 10/9/12 | 120,800 | 1 | |||||||||||
O'Hara, PA | 10/9/12 | 887,084 | 1 | |||||||||||
Parsons, KS | 10/9/12 | 120,000 | 1 | |||||||||||
Phenix City, AL | 10/9/12 | 117,568 | 1 | |||||||||||
Portage, IN | 10/9/12 | 212,000 | 1 | |||||||||||
Ware Shoals, SC | 10/9/12 | 20,514 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 80,850 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 120,000 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 44,760 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 47,700 | 1 | |||||||||||
Chicopee, MA | 10/26/12 | 217,000 | 1 | |||||||||||
Sterling Heights, MI | 10/31/12 | 108,000 | 1 | |||||||||||
Harrisonburg, VA | 11/29/12 | 357,673 | 1 | |||||||||||
Toledo, OH | 12/13/12 | 177,500 | 1 | |||||||||||
Woodstock, IL | 12/14/12 | 129,803 | 1 | |||||||||||
Kansas City, MO | 12/19/12 | 226,576 | 1 | |||||||||||
Smyrna, GA | 12/20/12 | 102,000 | 1 | |||||||||||
Montgomery, IL | 12/20/12 | 584,301 | 1 | |||||||||||
Statham, GA | 12/21/12 | 225,680 | 1 | |||||||||||
| | | | | | | | | | | ||||
Total | 12,829,194 | 70 | ||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
On October 9, 2012, the Company acquired 31 industrial properties from STAG Investments Holdings II, LLC, a wholly owned subsidiary of STAG Investments II, LLC (the "Fund"), which are related parties of the Company through common management. On October 31, 2012 and April 5, 2013, the Company acquired two additional industrial properties from the Fund. The Company and its Predecessor served as the asset manager of the Fund for all periods presented. Together, the acquisition of the 33 industrial properties (collectively referred to as the "STAG II Acquisitions") represented a significant acquisition of the Company. | ||||||||||||||
The following table (in thousands) summarizes the allocation of the consideration paid during the year ended December 31, 2013 and the year ended December 31, 2012, respectively, for the acquired assets and liabilities in connection with the acquisitions of buildings at the date of acquisition identified in the table above (in thousands): | ||||||||||||||
Year Ended | Weighted Average | Year Ended | Weighted Average | |||||||||||
December 31, | Amortization | December 31, | Amortization | |||||||||||
2013 | Period (years) | 2012 | Period (years) | |||||||||||
Lease Intangibles | Lease Intangibles | |||||||||||||
Land | $ | 31,310 | N/A | $ | 34,991 | N/A | ||||||||
Buildings | 223,420 | N/A | 269,616 | N/A | ||||||||||
Tenant improvements | 2,526 | N/A | 10,624 | N/A | ||||||||||
Cash escrow for capital additions | — | N/A | 785 | N/A | ||||||||||
Above market leases | 8,219 | 5.8 | 16,728 | 10 | ||||||||||
Below market leases | (2,538 | ) | 7.2 | (5,962 | ) | 6.5 | ||||||||
In-place leases | 50,005 | 5.8 | 63,397 | 6.6 | ||||||||||
Tenant relationships | 21,257 | 8.2 | 26,241 | 8.2 | ||||||||||
Building and land improvements | 9,133 | N/A | 7,488 | N/A | ||||||||||
| | | | | | | | | | | | | | |
Net assets acquired | $ | 343,332 | $ | 423,908 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
As partial consideration for eight buildings acquired on June 19, 2013, the Company granted 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company's NYSE closing stock price on June 19, 2013. The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units. The remaining purchase price of approximately $40.1 million was paid in cash. | ||||||||||||||
The Company has included the results of operations for each of the acquired properties on the Consolidated Statements of Operations from the date of acquisition. The properties acquired during the year ended December 31, 2013 contributed $16.7 million to total revenue and $0.4 million to net income (including property acquisition costs of $3.0 million related to the acquisition of 39 buildings during the year ended December 31, 2013) during the year ended December 31, 2013. | ||||||||||||||
The following tables set forth pro forma information for the years ended December 31, 2013 and 2012, respectively. The below pro forma information does not purport to represent what the actual results of operations of the Company would have been had the acquisitions outlined above occurred on the first day of the applicable reporting period, nor do they purport to predict the results of operations of future periods. The pro forma information has not been adjusted for property sales. | ||||||||||||||
Pro Forma | Year ended | |||||||||||||
December 31, 2013 | ||||||||||||||
(in thousands, | ||||||||||||||
except share data)(1) | ||||||||||||||
Total revenue | $ | 154,866 | ||||||||||||
Net income(2) | $ | 11,780 | ||||||||||||
Net income attributable to common stockholders | $ | 1,715 | ||||||||||||
Weighted average shares outstanding | 42,364,125 | |||||||||||||
Net income per share attributable to common stockholders | $ | 0.04 | ||||||||||||
Pro Forma | Year ended | |||||||||||||
December 31, 2012 | ||||||||||||||
(in thousands, | ||||||||||||||
except share data)(3) | ||||||||||||||
Total revenue | $ | 152,962 | ||||||||||||
Net loss(2) | $ | (12,286 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (14,424 | ) | |||||||||||
Weighted average shares outstanding | 25,046,664 | |||||||||||||
Net loss per share attributable to common stockholders | $ | (0.58 | ) | |||||||||||
-1 | ||||||||||||||
The unaudited pro forma information for the year ended December 31, 2013 is presented as if the properties acquired during the year ended December 31, 2013 had occurred at January 1, 2012, the beginning of the reporting period prior to acquisition. | ||||||||||||||
-2 | ||||||||||||||
The net income for the year ended December 31, 2013 excludes $3.0 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2013, and the net loss for the year ended December 31, 2012 was adjusted to include these acquisition costs. Net loss for the year ended December 31, 2012 excludes $3.6 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2012. | ||||||||||||||
-3 | ||||||||||||||
The unaudited pro forma information for the year ended December 31, 2012 is presented as if the properties acquired during the year ended December 31, 2013 and the properties acquired during the year ended December 31, 2012 had occurred at January 1, 2012 and January 1, 2011, respectively, the beginning of the reporting period prior to acquisition. | ||||||||||||||
On October 31, 2013, the Company sold a 243,048 square feet warehouse and distribution building located in Creedmoor, NC. The carrying value of the building prior to sale was $4.5 million. The sales price was $9.5 million and the Company received net proceeds of $9.3 million. A gain on sale of real estate of $4.8 million was recognized at closing under the full accrual method of gain recognition. On October 18, 2013, the Company entered into a lease termination agreement with the tenant located at Creedmoor, NC. The agreement provided that the tenant's lease terminated effective October 31, 2013 and required the tenant to pay a termination fee of $2.5 million. The building contributed $0.7 million (exclusive of termination income and acceleration of straight line rent and above market rent), $0.9 million and $0.6 million to total revenue during the years ended December 31, 2013, December 31, 2012, and the period from April 20, 2011 to December 31, 2011, respectively. The results of operations (inclusive of the termination income) and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated Statements of Operations. | ||||||||||||||
On June 12, 2013, the Company sold a 53,183 square feet flex/office building located in Pittsburgh, PA. The carrying value of the building prior to sale was $4.4 million. The sales price was $5.1 million and the Company received net proceeds of $4.8 million. A gain on sale of real estate of $0.5 million was recognized at closing under the full accrual method of gain recognition. The building contributed $0.3 million, $0.5 million, and $0.4 million, to total revenue during the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively. The results of operations and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated Statements of Operations. | ||||||||||||||
The Company tested the property located in Great Bend, KS for impairment as of September 30, 2012 utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property was not recoverable from the estimated future undiscounted cash flows. Accordingly, the property was written down to its estimated fair value resulting in a loss on impairment of $3.9 million (of which $0.7 million related to lease intangibles) for the three and nine months ended September 30, 2012. Subsequent to the impairment loss being recognized, on November 30, 2012, the Company sold the building for a sales price of $4.0 million in an arm's length transaction. The carrying value of the property prior to sale was $4.0 million. The Company received net proceeds of $4.0 million. There was a gain of $3 thousand recognized at closing under the full accrual method of gain recognition. The property contributed $0 million, $1.8 million, $0.8 million and $0.4 million to total revenue during the years ended December 31, 2013, December 31, 2012, the period from April 20, 2011 to December 31, 2011 and the period from January 1, 2011 to April 19, 2011, respectively. The loss on impairment, results of operations and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated and Combined Statements of Operations. | ||||||||||||||
On April 20, 2012, the Company sold a vacant warehouse and distribution facility located in Youngstown, OH containing 153,708 net rentable square feet. The carrying value of the property prior to sale was $3.0 million. The sales price was $3.4 million and the Company received net proceeds of $3.2 million. The property contributed $0, $0, $2.0 million and $0.2 million to total revenue during the years ended December 31, 2013, December 31, 2012, the period from April 20, 2011 to December 31, 2011 and the period from January 1, 2011 to April 19, 2011, respectively. At closing, the Company recognized a gain on sale of real estate in the amount of $0.2 million under the full accrual method of gain recognition. The results of operations and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated and Combined Statements of Operations. | ||||||||||||||
On December 22, 2011, the Company sold a vacant flex/office property located in Amesbury, MA containing approximately 78,000 net rentable square feet. The carrying value of the property prior to sale was $4.2 million. The sales price was approximately $4.8 million and the Company received net proceeds of $4.5 million. At closing, the Company recognized a gain on sale of real estate in the amount of $0.3 million under the full accrual method of gain recognition. The property contributed $0, $0, $0 and $0 to total revenue during the years ended December 31, 2013, December 31, 2012, the period from April 20, 2011 to December 31, 2011 and the period from January 1, 2011 to April 19, 2011, respectively. The results of operations and the gain on sale are included in income (loss) attributable to discontinued operations on the accompanying Consolidated and Combined Statement of Operations. | ||||||||||||||
Deferred_Leasing_Intangibles
Deferred Leasing Intangibles | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Leasing Intangibles | ' | |||||||
Deferred Leasing Intangibles | ' | |||||||
4. Deferred Leasing Intangibles | ||||||||
Deferred leasing intangibles included in total assets consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
In-place leases | $ | 142,518 | $ | 108,363 | ||||
Less: Accumulated amortization | (49,756 | ) | (28,289 | ) | ||||
| | | | | | | | |
In-place leases, net | 92,762 | 80,074 | ||||||
| | | | | | | | |
Above market leases | 57,283 | 50,699 | ||||||
Less: Accumulated amortization | (17,232 | ) | (10,362 | ) | ||||
| | | | | | | | |
Above market leases, net | 40,051 | 40,337 | ||||||
| | | | | | | | |
Tenant relationships | 77,260 | 61,050 | ||||||
Less: Accumulated amortization | (18,693 | ) | (11,298 | ) | ||||
| | | | | | | | |
Tenant relationships, net | 58,567 | 49,752 | ||||||
| | | | | | | | |
Leasing commissions | 33,107 | 23,376 | ||||||
Less: Accumulated amortization | (9,520 | ) | (5,984 | ) | ||||
| | | | | | | | |
Leasing commissions, net | 23,587 | 17,392 | ||||||
| | | | | | | | |
Total deferred leasing intangibles, net | $ | 214,967 | $ | 187,555 | ||||
| | | | | | | | |
| | | | | | | | |
Deferred leasing intangibles included in total liabilities consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Below market leases | $ | 11,434 | $ | 9,878 | ||||
Less: Accumulated amortization | (4,520 | ) | (3,007 | ) | ||||
| | | | | | | | |
Total deferred leasing intangibles, net | $ | 6,914 | $ | 6,871 | ||||
| | | | | | | | |
| | | | | | | | |
Amortization expense, inclusive of results from discontinued operations, related to in-place leases, leasing commissions and tenant relationships of deferred leasing intangibles was $42.5 million, $25.0 million, $12.9 million and $0.7 million for the years ended December 31, 2013, December 31, 2012, for the periods from April 20, 2011 to December 31, 2011 and January 1, 2011 to April 19, 2011, respectively. Rental income, inclusive of results from discontinued operations, related to net amortization of above and below market leases increased (decreased) rental income by $(6.5) million, $(4.8) million, $(2.8) million and $2 thousand for the years ended December 31, 2013, December 31, 2012, the period from April 20, 2011 to December 31, 2011 and the period from January 1, 2011 to April 19, 2011, respectively. | ||||||||
Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands): | ||||||||
Estimated Net Amortization | Net Decrease to Rental | |||||||
of In-Place Leases, | Income Related to | |||||||
Leasing Commissions and | Above and Below | |||||||
Tenant Relationships | Market Leases | |||||||
2014 | $ | 41,754 | $ | 5,980 | ||||
2015 | 33,004 | 6,201 | ||||||
2016 | 26,818 | 5,600 | ||||||
2017 | 21,011 | 4,240 | ||||||
2018 | 15,217 | 3,256 | ||||||
On June 11, 2012, the Company received notice from a tenant that the tenant was exercising an option in its lease to downsize its space from approximately 190,000 to 60,000 rentable square feet effective March 31, 2013. After determining the undiscounted future cash flows were not recoverable, the Company calculated the fair value of the lease intangibles. Using the remaining contractual lease payments for the reduced space and discounting the cash flows at a risk adjusted return for a market participant of 11.4%, it was determined that the fair value of the lease intangibles was $0.4 million, resulting in a noncash impairment loss of $0.6 million during the year ended December 31, 2012, which is reflected in the accompanying Consolidated Statements of Operations. The fair value calculation of the lease intangibles of $0.4 million was performed using Level 3 inputs, and this is a nonrecurring fair value measurement. | ||||||||
As discussed in Note 3 above, the Company recognized an impairment loss of $0.7 million during the year ended December 31, 2012 related to lease intangibles at its property located in Great Bend, KS. The fair value calculation of the lease intangibles was performed using Level 3 inputs, and this is a nonrecurring fair value measurement. | ||||||||
Debt
Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt | ' | |||||||||||||
Debt | ' | |||||||||||||
5. Debt | ||||||||||||||
Payments on mortgage notes are generally due in monthly installments of principal amortization and interest. Payments on the Unsecured Term Loans and the Unsecured Credit Facility (each defined below) are generally due in monthly installments of interest. | ||||||||||||||
The following table sets forth a summary of the Company's outstanding indebtedness, including mortgage notes payable and borrowings under the Company's Unsecured Term Loans and Unsecured Credit Facility as of December 31, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||
Loan | Interest | Principal | Principal | Current | ||||||||||
Rate(1) | outstanding as of | outstanding as of | Maturity | |||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Sun Life(2) | 6.05% | $ | 3,817 | $ | 4,079 | Jun-1-2016 | ||||||||
Webster Bank(3) | 4.22% | 5,834 | 5,984 | Aug-4-2016 | ||||||||||
Bank of America Unsecured Credit Facility(4) | LIBOR + 1.45% | 80,500 | 99,300 | Sept-10-2016 | ||||||||||
Union Fidelity(5) | 5.81% | 6,551 | 6,898 | Apr-30-2017 | ||||||||||
Webster Bank(6) | 3.66% | 3,121 | 3,203 | May-29-2017 | ||||||||||
Webster Bank(7) | 3.64% | 3,360 | 3,450 | May-31-2017 | ||||||||||
Bank of America Unsecured Term Loan(8) | LIBOR + 1.40% | 150,000 | 150,000 | Sept-10-2017 | ||||||||||
CIGNA-1 Facility(9) | 6.50% | 58,874 | 59,645 | Feb-1-2018 | ||||||||||
CIGNA-2 Facility(10) | 5.75% | 59,990 | 60,863 | Feb-1-2018 | ||||||||||
CIGNA-3 Facility(11) | 5.88% | 16,879 | 17,097 | Oct-1-2019 | ||||||||||
Wells Fargo Unsecured Term Loan(12) | LIBOR + 2.15% | 100,000 | — | Feb-14-2020 | ||||||||||
Wells Fargo CMBS Loan(13) | 4.31% | 67,165 | 68,696 | Dec-1-2022 | ||||||||||
| | | | | | | | | | | | | | |
$ | 556,091 | $ | 479,215 | |||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Current interest rate as of December 31, 2013. At December 31, 2013 and December 31, 2012, the one-month LIBOR rate was 0.1677% and 0.2087%, respectively. | ||||||||||||||
-2 | ||||||||||||||
This loan with Sun Life Assurance Company of Canada (U.S.) ("Sun Life") was assumed on October 14, 2011 in connection with the acquisition of the building located in Gahanna, OH. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.2 million and $0.2 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||
-3 | ||||||||||||||
This loan with Webster Bank, National Association ("Webster Bank") was entered into on August 4, 2011 in connection with the acquisition of the building located in Norton, MA. The property is collateral for this loan. | ||||||||||||||
-4 | ||||||||||||||
The spread over LIBOR for this Bank of America, N.A. ("Bank of America") unsecured revolving credit facility ("Unsecured Credit Facility") is based on the Company's consolidated leverage. The spread was 1.45% and 1.65% as of December 31, 2013 and December 31, 2012, respectively. The Company paid unused fees of $0.6 million and $0.1 million for the years ended December 31, 2013 and December 31, 2012, respectively. The borrowing capacity as of December 31, 2013 was $119.3 million, assuming current leverage levels. | ||||||||||||||
-5 | ||||||||||||||
This loan with Union Fidelity Life Insurance Co. ("Union Fidelity") was assumed on July 28, 2011 in connection with the acquisition of the St. Louis, MO building. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||
-6 | ||||||||||||||
This loan with Webster Bank was entered into on May 29, 2012 in connection with the acquisition of the building located in Portland, ME. The property is collateral for this loan. | ||||||||||||||
-7 | ||||||||||||||
This loan with Webster Bank was entered into on May 31, 2012 in connection with the acquisition of the building located in East Windsor, CT. The property is collateral for this loan. | ||||||||||||||
-8 | ||||||||||||||
This Bank of America unsecured term loan ("Bank of America Unsecured Term Loan") was entered into on September 10, 2012 and subsequently amended on October 7, 2013. The spread over LIBOR is based on the Company's consolidated leverage ratio. The spread was 1.40% and 1.65% as of December 31, 2013 and December 31, 2012, respectively. The Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details). There was no remaining borrowing capacity as of December 31, 2013. | ||||||||||||||
-9 | ||||||||||||||
This Connecticut General Life Insurance Company ("CIGNA") credit facility originally was entered into in July 2010 (the "CIGNA-1 Facility"), which loan has various buildings serving as collateral and has no remaining borrowing capacity as of December 31, 2013. | ||||||||||||||
-10 | ||||||||||||||
This CIGNA credit facility originally was entered into in October 2010 (the "CIGNA-2 Facility"), which loan has various buildings serving as collateral and has a remaining borrowing capacity of approximately $2.9 million as of December 31, 2013, subject to customary terms and conditions, including underwriting. | ||||||||||||||
-11 | ||||||||||||||
This CIGNA credit facility originally was entered into on July 8, 2011 ("CIGNA-3 Facility"), which loan has various buildings serving as collateral. The CIGNA-3 Facility and has a remaining borrowing capacity of approximately $47.9 million as of December 31, 2013, subject to customary terms and conditions, including underwriting. | ||||||||||||||
-12 | ||||||||||||||
This Wells Fargo Bank, National Association ("Wells Fargo") unsecured term loan ("Wells Fargo Unsecured Term Loan") was entered into on February 14, 2013. The spread over LIBOR is based on the Company's consolidated leverage. The spread was 2.15% as of December 31, 2013. As of December 31, 2013, the Company swapped one-month LIBOR for a fixed rate on $125.0 million of the $150.0 million capacity on the unsecured term loan (see Note 6 for further details). The borrowing capacity as of December 31, 2013 was $50.0 million, assuming current leverage levels, and was drawn down by the Company on January 30, 2014. | ||||||||||||||
-13 | ||||||||||||||
This Wells Fargo loan ("CMBS Loan") was entered into on November 8, 2012 and is a non-recourse loan with 28 buildings serving as collateral. | ||||||||||||||
2013 Debt Activity | ||||||||||||||
On February 14, 2013, the Company closed a $150.0 million unsecured term loan with Wells Fargo Bank with a maturity date of February 14, 2020. Borrowings under the Wells Fargo Unsecured Term Loan bear interest at a floating rate equal to the one-month LIBOR plus a spread that will range from 2.15% and 2.70%, based on the Company's consolidated leverage ratio. The spread was 2.15% as of December 31, 2013. The Wells Fargo Unsecured Term Loan has an accordion feature that allows the Company to increase its borrowing capacity to $250.0 million, subject to the satisfaction of certain conditions. The Company incurred $1.4 million in deferred financing fees associated with the closing of the Wells Fargo Unsecured Term Loan, which will be amortized over its seven year term. The Company also incurred an annual fee of $50 thousand to be amortized over one year. The Wells Fargo Unsecured Term Loan has an unused commitment fee equal to 0.35% of its unused portion, which is paid monthly in arrears. During the period February 14, 2013 to December 31, 2013, the Company incurred an unused commitment fee of $0.3 million that was included in the Consolidated Statements of Operations. | ||||||||||||||
On October 7, 2013, the Unsecured Credit Facility and the Bank of America Unsecured Term Loan were amended to reduce the spreads on the one-month Eurodollar Rate and the Base Rate (each as defined in the credit agreement) and to reduce the unused fee rates. Upon the execution of the amendment, the Company incurred $0.3 million and $0.2 million in deferred financing fees, which will be amortized over the then remaining three and four year terms of the Unsecured Credit Facility and Bank of America Unsecured Term Loan, respectively. The amendment was considered a modification of terms; therefore, no deferred financing fees were expensed as a loss on extinguishment of debt. The following table compares the original terms to the amended terms of the Unsecured Credit Facility and the Bank of America Unsecured Term Loan. | ||||||||||||||
Original Terms | Amended Terms | |||||||||||||
Applicable Rates | Unsecured Credit Facility | Unsecured | Unsecured | |||||||||||
and Unsecured Term Loan | Credit Facility | Term Loan | ||||||||||||
Eurodollar Rate(1): | one month-LIBOR + 165.0 bps - 225.0 bps | one month-LIBOR + 145.0 bps - 205.0 bps | one month-LIBOR + 140.0 bps - 200.0 bps | |||||||||||
Base Rate(1): | Base rate + 65.0 bps - 125.0 bps | Base rate + 45.0 bps - 105.0 bps | Base rate + 40.0 bps - 100.0 bps | |||||||||||
Unused Fees: | <50%, 35.0 bps; > 50%, 25.0 bps | <50%, 25.0 bps; > 50%, 20.0 bps | — | |||||||||||
-1 | ||||||||||||||
The spread over the applicable rate is based on the Company's consolidated leverage ratio. | ||||||||||||||
2012 Debt Activity | ||||||||||||||
On June 27, 2012, the Company paid down the principal outstanding on the Bank of America, N.A. loan in the amount of $8.1 million, which had an interest rate of 7.05%. The early extinguishment of the loan resulted in a gain of $18 thousand as a result of the acceleration of an unamortized fair market value premium. There were no pre-payment penalties associated with the loan. | ||||||||||||||
On September 10, 2012, the Company paid off the remaining balance under, and terminated, the Credit Facility, which was a secured facility, with proceeds from the Unsecured Credit Facility. The early extinguishment of the Credit Facility resulted in a loss of $0.5 million as a result of the acceleration of the unamortized deferred financing fees. There were no pre-payment penalties associated with the loan. | ||||||||||||||
On September 10, 2012, contemporaneously with the termination of the Credit Facility, the Company closed on a credit agreement for the Unsecured Credit Facility of up to $200.0 million with a sublimit of $10.0 million for swing line loans and $10.0 million for letters of credit and the $150.0 million Bank of America Unsecured Term Loan with Bank of America, N.A. as administrative agent and Merrill Lynch, Pierce, Fenner and Smith Incorporated as lead arranger. The Unsecured Credit Facility has an accordion feature that allows the Company to increase its borrowing capacity to $300.0 million, subject to the satisfaction of certain conditions. Proceeds from the Unsecured Credit Facility and the Bank of America Unsecured Term Loan have been used for property acquisitions, working capital requirements and other general corporate purposes. | ||||||||||||||
On September 10, 2012, the Company paid down the remaining principal outstanding on the Wells Fargo Master Loan in the amount of $18.7 million. The Company previously made a prepayment of $105.0 million on August 15, 2012 with proceeds from its common stock offering that was completed on August 15, 2012. The early extinguishment of the Wells Fargo Master Loan resulted in a loss of $0.4 million as a result of the acceleration of the unamortized deferred financing fees. There were no pre-payment penalties associated with the loan. | ||||||||||||||
On November 8, 2012, certain of the Company's subsidiaries entered into a non-recourse secured loan facility with Wells Fargo Bank, N.A. The loan agreement is a commercial mortgage backed security that provides for a secured loan in the original principal amount of approximately $68.8 million. | ||||||||||||||
Financial Covenant Considerations | ||||||||||||||
The Company's ability to borrow under the Unsecured Credit Facility, the Bank of America Unsecured Term Loan and the Wells Fargo Unsecured Term Loan (together, the Bank of America Unsecured Term Loan and the Wells Fargo Unsecured Term Loan are the "Unsecured Term Loans") is subject to its ongoing compliance with a number of customary financial covenants, including: | ||||||||||||||
• | ||||||||||||||
a maximum consolidated leverage ratio of not greater than 0.60:1.00; | ||||||||||||||
• | ||||||||||||||
a maximum secured leverage ratio of not greater than 0.45:1.00; | ||||||||||||||
• | ||||||||||||||
a maximum unencumbered leverage ratio of not greater than 0.60:100; | ||||||||||||||
• | ||||||||||||||
a maximum secured recourse debt ratio of not greater than 7.5%; | ||||||||||||||
• | ||||||||||||||
a minimum fixed charge ratio of not less than 1.50 to 1.00; | ||||||||||||||
• | ||||||||||||||
a minimum tangible net worth covenant test; and | ||||||||||||||
• | ||||||||||||||
various thresholds on Company level investments. | ||||||||||||||
The Credit Facility and Term Loans contain financial and operating covenants and restrictions. The Company was in compliance with all such restrictions and financial covenants as of December 31, 2013. In the event of a default related to the financing and operating covenants, the Company's dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. | ||||||||||||||
Each of the Sun Life loan, the Webster Bank loans, the Union Fidelity loan, the CIGNA-1 Facility, the CIGNA-2 Facility, the CIGNA-3 Facility and the CMBS Loan have specific properties and assignments of rents from leases on the properties, that are collateral for these loans. The acquisition costs of these properties were financed by the loans and by collateral assignments of the specific leases and rents. These debt facilities contain certain financial and other covenants. The Company was in compliance with all financial covenants as of December 31, 2013 and December 31, 2012. The real estate net book value of the properties that are collateral for the Company's debt arrangements was $262.7 million and $269.1 million at December 31, 2013 and December 31, 2012, respectively, and is limited to senior, property level secured debt financing arrangements. The 21 properties held as collateral for the CIGNA-1, CIGNA-2, and CIGNA-3 facilities are cross-defaulted and cross-collateralized, among the respective facilities. | ||||||||||||||
Fair Value of Debt | ||||||||||||||
The fair value of the Company's debt was determined by discounting the future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings and for loans with similar remaining maturities, similar terms, and similar loan-to-value ratios. The discount rates ranged from 1.57% to 5.24% and 1.86% to 4.64% at December 31, 2013 and December 31, 2012, respectively, and were applied to each individual debt instrument. The fair value of the Company's debt is based on Level 3 inputs. The following table presents the aggregate carrying value of the Company's debt and the corresponding estimate of fair value as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Amount | Value | Amount | Value | |||||||||||
Mortgage notes payable | $ | 225,591 | $ | 228,996 | $ | 229,915 | $ | 242,175 | ||||||
Unsecured Credit Facility | $ | 80,500 | $ | 80,500 | $ | 99,300 | $ | 99,300 | ||||||
Bank of America Unsecured Term Loan | $ | 150,000 | $ | 148,781 | $ | 150,000 | $ | 150,000 | ||||||
Wells Fargo Unsecured Term Loan | $ | 100,000 | $ | 97,302 | $ | — | $ | — | ||||||
Future Principal Payments of Debt | ||||||||||||||
The following table reflects the Company's aggregate future principal payments of the Company's debt at December 31, 2013 (dollars in thousands): | ||||||||||||||
2014 | $ | 4,447 | ||||||||||||
2015 | 4,688 | |||||||||||||
2016 | 93,777 | |||||||||||||
2017 | 165,506 | |||||||||||||
2018 | 113,377 | |||||||||||||
Thereafter | 174,008 | |||||||||||||
| | | | | ||||||||||
Total aggregate principal payments | $ | 555,803 | ||||||||||||
Unamortized balance of historical fair value adjustments | 288 | |||||||||||||
| | | | | ||||||||||
Total carrying value of debt | $ | 556,091 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Use_of_Derivative_Financial_In
Use of Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Use of Derivative Financial Instruments | ' | |||||||||||||||
Use of Derivative Financial Instruments | ' | |||||||||||||||
6. Use of Derivative Financial Instruments | ||||||||||||||||
Risk Management Objective of Using Derivatives | ||||||||||||||||
The Company's use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure, as well as to hedge specific transactions. | ||||||||||||||||
On September 14, 2012, the Company commenced a program of entering into seven interest rate swap agreements for notional amounts totaling $100 million with an effective date of October 10, 2012 that effectively convert the one-month LIBOR rate on $100.0 million of the $150.0 million Bank of America Unsecured Term Loan, from a variable rate of one-month LIBOR plus a spread based on the Company's consolidated leverage ratio to a fixed rate plus a spread based on the Company's consolidated leverage ratio. These swaps were designated as cash flow hedges of interest rate risk. | ||||||||||||||||
On March 1, 2013, the Company entered into an interest rate swap agreement for notional amount of $25.0 million with an effective date of March 1, 2013 that converts the one-month LIBOR rate on the $25.0 million then outstanding balance of the Wells Fargo Unsecured Term Loan from a variable rate of one-month LIBOR plus a spread based on the Company's consolidated leverage ratio to a fixed rate of 1.33% plus a spread based on the Company's consolidated leverage ratio. This swap was designated as a cash flow hedge of interest rate risk. | ||||||||||||||||
On June 13, 2013, the Company entered into two interest rate swap agreements for notional amounts of $50.0 million and $25.0 million with effective dates of July 1, 2013 and August 1, 2013 that convert the one-month LIBOR rate on the Wells Fargo Unsecured Term Loan from a variable rate of one-month LIBOR plus a spread based on the Company's consolidated leverage ratio to a fixed rate of 1.681% and 1.703%, respectively, plus a spread based on the Company's consolidated leverage ratio. These swaps were designated as cash flow hedges of interest rate risk. | ||||||||||||||||
On September 30, 2013, the Company entered into an interest rate swap agreement for a notional amount of $25.0 million with an effective date of February 3, 2014 that converts the one-month LIBOR rate on the Wells Fargo Unsecured Term Loan from a variable rate of one-month LIBOR plus a spread based on the Company's consolidated leverage ratio to a fixed rate of 1.9925% plus a spread based on the Company's consolidated leverage ratio. This swap was designated as cash flow hedge of interest rate risk. The $25.0 million notional amount was drawn on January 30, 2014. | ||||||||||||||||
The following table details the Company's outstanding interest rate swaps as of December 31, 2013 (collectively, the "Unsecured Term Loan Swaps") (in thousands): | ||||||||||||||||
Interest Rate Derivative | Trade Date | Notional | Fixed | Variable | Maturity Date | |||||||||||
Amount | Interest Rate | Interest Rate | ||||||||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7975 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-20-2012 | $ | 25,000 | -1 | 0.7525 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-24-2012 | $ | 25,000 | -1 | 0.727 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | March-1-2013 | $ | 25,000 | -2 | 1.33 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | June-13-2013 | $ | 25,000 | -2 | 1.703 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | June-13-2013 | $ | 50,000 | -2 | 1.681 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | Sept-30-2013 | $ | 25,000 | -2 | 1.9925 | % | One-month LIBOR | February 14, 2020 | ||||||||
-1 | ||||||||||||||||
Fixes the interest rate of the Bank of America Unsecured Term Loan | ||||||||||||||||
-2 | ||||||||||||||||
Fixes the interest rate of the Wells Fargo Unsecured Term Loan | ||||||||||||||||
STAG Predecessor Group entered into an interest rate swap ("Wells Fargo Master Loan Swap") with a notional amount of $141.0 million to hedge against interest rate risk on its then outstanding variable rate loan with Wells Fargo, which was part of the debt contributed to the Company in its Formation Transactions and subsequently paid down on September 10, 2012. The Wells Fargo Master Loan Swap was not designated as a hedge for accounting purposes and it expired on January 31, 2012. | ||||||||||||||||
The fair value of the interest rate swaps outstanding as of December 31, 2013 and December 31, 2012 was as follows (in thousands): | ||||||||||||||||
Balance Sheet | Notional | Fair Value | Notional | Fair Value | ||||||||||||
Location(1) | Amount | December 31, | Amount | December 31, | ||||||||||||
December 31, | 2013 | December 31, | 2012 | |||||||||||||
2013 | 2012 | |||||||||||||||
Unsecured Term Loan Swaps | Interest Rate Swaps-Asset (Liability) | $ | 225,000 | $ | 3,924 | $ | 100,000 | $ | (480 | ) | ||||||
-1 | ||||||||||||||||
The individual interest rate swaps' assets and liabilities are not netted on the accompanying Consolidated Balance Sheets. | ||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||
The Company's objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualified as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2013 and December 31, 2012 the Company did not record any hedge ineffectiveness. | ||||||||||||||||
Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. The Company estimates that an additional $2.3 million will be reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next 12 months. | ||||||||||||||||
The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the years ended December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
STAG Industrial, Inc. | ||||||||||||||||
Year ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) | $ | 3,032 | $ | (608 | ) | |||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) | $ | 1,373 | $ | 128 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
For the Wells Fargo Master Loan Swap, which was not designated as a hedge for accounting purposes and expired on January 31, 2012, the Company recognized gains relating to the change in fair market value of the interest rate swap of $0.2 million for the year ended December 31, 2012, $2.2 million for the period from April 20, 2011 to December 31, 2011, and $0.8 for the period from January 1, 2011 to April 19, 2011, which is included in gain on interest rate swaps on the accompanying Consolidated and Combined Statements of Operations. | ||||||||||||||||
The Company is exposed to credit risk in the event of non-performance by the counterparties to the interest rate swaps. The Company minimizes this risk exposure by limiting counterparties to major banks and investment brokers who meet established credit and capital guidelines. | ||||||||||||||||
Credit-risk-related Contingent Features | ||||||||||||||||
As of December 31, 2013, the fair values of all of the Company's interest rate swaps were in an asset position of $4.2 million excluding any adjustment for nonperformance risk related to these agreements. Accrued interest expense was $0.2 million as of December 31, 2013. As of December 31, 2013, the Company has not posted any collateral related to these agreements. The adjustment for nonperformance risk included in the fair value of the Company's net asset position was $0.3 million as of December 31, 2013. | ||||||||||||||||
Fair Value of Interest Rate Swaps | ||||||||||||||||
The valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. As of December 31, 2013 and December 31, 2012, the Company applied the provisions of this standard to the valuation of its interest rate swaps. | ||||||||||||||||
The following sets forth the Company's financial instruments that are accounted for at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 Using: | ||||||||||||||||
December 31, | Quoted Prices | Significant | Unobservable | |||||||||||||
2013 | In Active | Other | Inputs | |||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Interest Rate Swaps | $ | 3,924 | $ | — | $ | 3,924 | $ | — | ||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 Using: | ||||||||||||||||
December 31, | Quoted Prices | Significant | Unobservable | |||||||||||||
2012 | In Active | Other | Inputs | |||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest Rate Swaps | $ | (480 | ) | $ | — | $ | (480 | ) | $ | — |
Equity
Equity | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity | ' | |||||||||
Equity | ' | |||||||||
7. Equity | ||||||||||
Preferred Stock | ||||||||||
Pursuant to its charter, the Company is authorized to issue 10,000,000 shares of preferred stock, par value $0.01 per share. On November 2, 2011, the Company completed an underwritten public offering of 2,760,000 shares (including 360,000 shares issued pursuant to the full exercise of the underwriters' overallotment option) of 9.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the "Series A Preferred Stock"), at a price to the public of $25.00 per share. Dividends on the Series A Preferred Stock are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock ranks senior to the Company's common stock with respect to dividend rights and rights upon the liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no stated maturity date and is not subject to mandatory redemption or any sinking fund. Generally, the Company is not permitted to redeem the Series A Preferred Stock prior to November 2, 2016, except in limited circumstances relating to the Company's ability to qualify as a REIT and in certain other circumstances related to a change of control (as defined in the articles supplementary for the Series A Preferred Stock). | ||||||||||
On April 16, 2013, the Company completed an underwritten public offering of 2,800,000 shares (including 300,000 shares issued pursuant to the full exercise of the underwriters' overallotment option) of 6.625% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (the "Series B Preferred Stock"), at a price to the public of $25.00 per share. The Company received net proceeds of $67.8 million, reflecting gross proceeds of $70.0 million net of the underwriters discount of $2.2 million. The Company also incurred direct offering costs of $0.2 million. The underwriters' discount of $2.2 million and $0.2 million of direct offering costs incurred are reflected as a reduction to additional paid-in capital in the Consolidated Balance Sheet of the Company. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series B Preferred Stock ranks senior to the Company's common stock and on parity with the Company's Series A Preferred Stock with respect to dividend rights and rights upon the liquidation, dissolution or winding up of the Company. The Series B Preferred Stock has no stated maturity date and is not subject to mandatory redemption or any sinking fund. Generally, the Company is not permitted to redeem the Series B Preferred Stock prior to April 16, 2018, except in limited circumstances relating to the Company's ability to qualify as a REIT and in certain other circumstances related to a change of control (as defined in the articles supplementary for the Series B Preferred Stock). The Company used the net proceeds to pay off the then outstanding amount due under the Unsecured Credit Facility and to fund acquisitions. | ||||||||||
The table below sets forth the dividends that have been declared by the Company's board of directors on the Series A Preferred Stock during the years ended December 31, 2013 and December 31, 2012, respectively: | ||||||||||
Amount Declared During Quarter Ended 2013 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 1, 2013 | $ | 0.5625 | December 31, 2013 | ||||||
September 30 | August 2, 2013 | 0.5625 | September 30, 2013 | |||||||
June 30 | May 6, 2013 | 0.5625 | July 1, 2013 | |||||||
March 31 | March 1, 2013 | 0.5625 | April 1, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 2.25 | ||||||||
Amount Declared During Quarter Ended 2012 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 2, 2012 | $ | 0.5625 | December 31, 2012 | ||||||
September 30 | August 2, 2012 | 0.5625 | October 1, 2012 | |||||||
June 30 | May 15, 2012 | 0.5625 | July 2, 2012 | |||||||
March 31 | March 6, 2012 | 0.5625 | April 2, 2012 | |||||||
| | | | | | | | |||
Total 2012 | $ | 2.25 | ||||||||
The table below sets forth the dividends that have been declared by the Company's board of directors on the Series B Preferred Stock during the year ended December 31, 2013: | ||||||||||
Amount Declared During Quarter Ended 2013 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 1, 2013 | $ | 0.4140625 | December 31, 2013 | ||||||
September 30 | August 2, 2013 | 0.4140625 | September 30, 2013 | |||||||
June 30 (prorated for April 16, 2013 to June 30, 2013) | May 6, 2013 | 0.34505 | July 1, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 1.173175 | ||||||||
Common Stock | ||||||||||
On April 20, 2011, the Company completed the IPO of its common stock. The IPO resulted in the sale of 13,750,000 shares of the Company's common stock at a price of $13.00 per share. The Company received net proceeds of $166.3 million, reflecting gross proceeds of $178.8 million, net of underwriting fees of $12.5 million. On May 13, 2011, the underwriters of the Company's IPO exercised their option to purchase an additional 2,062,500 shares of common stock at $13.00 per share, generating an additional $26.8 million of gross proceeds and $24.9 million of net proceeds after the underwriters' discount and offering costs. The total gross proceeds to the Company from the IPO and the exercise of the overallotment option was approximately $205.6 million. The Company incurred Formation Transaction costs and offering costs of $6.2 million, of which $3.7 million was expensed and the remaining $2.5 million was deducted from the gross proceeds of the IPO. Total underwriters' discounts, commissions and offering costs of $16.9 million are reflected as a reduction to additional paid-in capital on the Consolidated Balance Sheets of the Company. | ||||||||||
On May 29, 2012, the Company completed an underwritten public offering of 8,337,500 of shares common stock at a public offering price of $12.88 per share, inclusive of 1,087,500 shares issued pursuant to the full exercise of the underwriters' overallotment option. The Company received net proceeds of $102.8 million, reflecting gross proceeds of $107.4 million, net of underwriting discounts of $4.6 million. The Company also incurred direct offering costs of $0.5 million. The underwriters' discount of $4.6 million and $0.5 million of direct offering costs incurred are reflected as a reduction to additional paid-in capital on the Consolidated Balance Sheets of the Company. The Company also incurred $0.1 million of indirect offering costs, which are included in offering costs on the accompanying Consolidated and Combined Statements of Operations. | ||||||||||
On August 15, 2012, the Company completed an underwritten public offering of 9,200,000 of shares common stock at a public offering price of $14.15 per share, inclusive of 1,200,000 shares issued pursuant to the full exercise of the underwriters' option. The Company received net proceeds of $124.6 million, reflecting gross proceeds of $130.2 million, net of the underwriters' discount of $5.5 million. The Company also incurred direct offering costs of $0.2 million. The underwriters' discount of $5.5 million and $0.2 million of direct offering costs incurred are reflected as a reduction to additional paid-in capital on the Consolidated Balance Sheets of the Company. | ||||||||||
On December 14, 2012, the Company announced that it had established an "at the market" ("ATM") stock offering program through which it may sell from time to time up to an aggregate of $75.0 million of its common stock through sales agents. During the years ended December 31, 2013 and December 31, 2012, the Company sold 2,672,692 and 298,000 shares of common stock, respectively, under its ATM. During the years ended December 31, 2013 and December 31, 2012, the Company received net proceeds of $53.9 million and $5.3 million, reflecting gross proceeds of $54.7 million and $5.4 million, net of the sales agents' fees of approximately $0.8 million and $0.1 million, respectively. The Company used the net proceeds for acquisitions and general corporate purposes. As of December 31, 2013, there was approximately $14.9 million of common stock available to be sold under the ATM. | ||||||||||
On January 22, 2013, the Company completed an underwritten public offering of 6,284,152 shares of common stock (including 819,672 shares issued pursuant to the full exercise of the underwriters' option) at a public offering price of $18.30 per share. The Company received net proceeds of $110.1 million, reflecting gross proceeds of $115.0 million net of the underwriters discount of $4.9 million. The Company also incurred direct offering costs of $0.2 million. The underwriters' discount of $4.9 million and $0.2 million of direct offering costs incurred are reflected as a reduction to additional paid-in capital on the Consolidated Balance Sheet of the Company. The Company used the proceeds to fully pay down the then outstanding balance on the Unsecured Credit Facility. | ||||||||||
On August 15, 2013, the Company's board of directors voted to increase the frequency of the payment of the Company's common stock dividend from quarterly to monthly. On September 24, 2013, the Company's board of directors declared dividends on the Company's common stock for each month of the fourth quarter of $0.10 per share, which equates to $0.30 per share on a quarterly basis. | ||||||||||
The table below sets forth the dividends that have been declared by the Company's board of directors on its common stock during the years ended December 31, 2013 and December 31, 2012, respectively: | ||||||||||
Amount Declared During 2013 | Declaration Date | Per Share | Date Paid | |||||||
Month ended December 31 | September 24, 2013 | $ | 0.1 | January 15, 2014 | ||||||
Month ended November 30 | September 24, 2013 | 0.1 | December 16, 2013 | |||||||
Month ended October 31 | September 24, 2013 | 0.1 | November 15, 2013 | |||||||
Quarter ended September 30 | August 2, 2013 | 0.3 | October 15, 2013 | |||||||
Quarter ended June 30 | May 6, 2013 | 0.3 | July 15, 2013 | |||||||
Quarter ended March 31 | March 1, 2013 | 0.3 | April 15, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 1.2 | ||||||||
Amount Declared During Quarter Ended 2012 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 2, 2012 | $ | 0.27 | January 15, 2013 | ||||||
September 30 | August 2, 2012 | 0.27 | October 15, 2012 | |||||||
June 30 | May 15, 2012 | 0.27 | July 13, 2012 | |||||||
March 31 | March 6, 2012 | 0.26 | April 13, 2012 | |||||||
| | | | | | | | |||
Total 2012 | $ | 1.07 | ||||||||
On December 18, 2013, the Company's board of directors approved a 5% increase in the Company's annual common stock dividend from the 2013 annual rate of $1.20 per share to $1.26 per share commencing with the payment of the January 2014 common stock dividend to be paid in February 2014. | ||||||||||
All of the Company's independent directors elected to receive shares of common stock in lieu of cash for their fees for serving as members of the board and/or chairmen of various committees during 2013 and 2012. The shares of common stock are issued to the independent directors pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended (the "2011 Plan"). The number of shares of common stock granted is calculated based on the trailing 10-day average common stock price ending on the third business day preceding the grant date. The fair value of the shares of the common stock granted is calculated based on the closing stock price per the NYSE on the grant date multiplied by the number of shares of common stock granted. The table below sets forth the grants of common stock for the members' service during quarters ended in 2013 and 2012 as below: | ||||||||||
Service During Quarter Ended 2013 | Grant Date | Shares | Fair Value | |||||||
December 31 | January 15, 2014 | 2,554 | $ | 52,000 | ||||||
September 30 | October 15, 2013 | 2,607 | 53,000 | |||||||
June 30 | July 15, 2013 | 2,602 | 53,000 | |||||||
March 31 | April 15, 2013 | 2,418 | 52,000 | |||||||
| | | | | | | | | | |
Total 2013 | 10,181 | $ | 210,000 | |||||||
Service During Quarter Ended 2012 | Grant Date | Shares | Fair Value | |||||||
December 31 | January 15, 2013 | 2,851 | $ | 54,000 | ||||||
September 30 | October 15, 2012 | 2,876 | 49,000 | |||||||
June 30 | July 13, 2012 | 3,108 | 46,000 | |||||||
March 31 | April 13, 2012 | 3,776 | 50,000 | |||||||
| | | | | | | | | | |
Total 2012 | 12,611 | $ | 199,000 | |||||||
Restricted Stock-Based Compensation | ||||||||||
Concurrently with the closing of the IPO, the Company granted a total of 80,809 restricted shares of common stock with a fair value of $1.0 million ($12.21 per share) to certain employees of the Company pursuant to the 2011 Plan. The shares of restricted common stock are subject to time-based vesting and will vest, subject to the recipient's continued employment, in five equal installments on each anniversary of the date of grant. Holders of restricted stock have voting rights and rights to receive dividends. Restricted stock may not be sold, assigned, transferred, pledged or otherwise disposed of and is subject to a risk of forfeiture prior to the expiration of the applicable vesting period. The restricted stock fair value on the date of grant is amortized on a straight-line basis as non-cash compensation expense over the service period during which term the stock fully vests. | ||||||||||
On January 3, 2012, the Company granted 87,025 shares of time-based restricted common stock to certain employees of the Company pursuant to the 2011 Plan, with a fair value of $1.0 million ($11.89 per share). | ||||||||||
On January 3, 2013, the Company granted 106,268 shares of time-based restricted common stock to certain employees of the Company pursuant to the 2011 Plan, with a fair value of $1.9 million ($18.11 per share). | ||||||||||
During the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011, 32,012, 16,161 and 0 restricted shares vested with fair values of $0.6 million, $0.2 million and $0, respectively. The Company recognizes non-cash compensation expense ratably over the vesting period, and accordingly, the Company recognized $0.8 million and $0.4 million in non-cash compensation expense related to restricted shares for the years ended December 31, 2013 and December 31, 2012, respectively. Unrecognized compensation expense for the remaining life of these awards was $2.5 million and $1.5 million as of December 31, 2013 and December 31, 2012, respectively. As of December 31, 2013 and December 31, 2012, there were 11,540 and 1,559 forfeitures of shares of restricted common stock, respectively. | ||||||||||
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest | ' |
Noncontrolling Interest | ' |
8. Noncontrolling Interest | |
Noncontrolling interests in the Operating Partnership are interests in the Operating Partnership that are not owned by the Company. As of December 31, 2013, noncontrolling interests consisted of 6,299,186 Common Units and 599,464 LTIP units, which in total represented an approximately 13.35% limited partnership interest in the Operating Partnership. As of December 31, 2012, noncontrolling interests consisted of 5,743,958 Common Units and 413,551 LTIP units, which in total represented an approximately 14.71% limited partnership interest in the Operating Partnership. The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company's ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity. | |
Common Units | |
The Common Units issued at the time of the Formation Transactions were issued at fair value for an issuance price of $13.00 per Common Unit. Common Units and shares of the Company's common stock have essentially the same economic characteristics in that Common Units and shares of the Company's common stock share equally in the total net income or loss distributions of the Operating Partnership. Investors who own Common Units have the right to cause the Operating Partnership to redeem any or all of their Common Units for cash equal to the then-current market value of one share of the Company's common stock, or, at the Company's election, shares of common stock on a one-for-one basis. All Common Units will receive the same monthly distribution as the per share dividends on common stock. During the years ended December 31, 2013 and December 31, 2012, 2,186 and 1,861,831 Common Units were redeemed on a one-for-one basis for shares of common stock, respectively. | |
On June 15, 2012, the Company acquired six industrial properties for which it paid an acquisition fee in the form of 15,789 Common Units in the Operating Partnership with a fair value of approximately $0.2 million, which is included in property acquisition costs on the accompanying Consolidated Statements of Operations. The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units. | |
As partial consideration for eight buildings acquired on June 19, 2013, the Company granted 555,758 Common Units in the Operating Partnership with a fair value of approximately $11.5 million based on the Company's NYSE closing stock price on June 19, 2013. The issuance of the Common Units was effected in reliance upon an exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended. The Company relied on the exemption based on representations given by the holders of the Common Units. | |
LTIP Units | |
Pursuant to the 2011 Plan, the Company may grant LTIP units in the Operating Partnership. LTIP units, which the Company grants either as free-standing awards or together with other awards under the 2011 Plan, are valued by reference to the value of the Company's common stock, and are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, computation of financial metrics and achievement of pre-established performance goals and objectives. Vested LTIP units can be converted to Common Units in the Operating Partnership on a one-for-one basis once a material equity transaction has occurred that results in the accretion of the member's capital account to the economic equivalent of the Common Unit. As of December 31, 2013, all of the outstanding LTIP units have met the aforementioned criteria and holders have the ability to convert the LTIP units to Common Units. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Common Units, which equal per share dividends on common stock. | |
Concurrently with the closing of the IPO, pursuant to the 2011 Plan, the Company granted a total of 159,046 LTIP units to certain executive officers pursuant to the terms of their employment agreements and a total of 41,395 LTIP units to its non-employee independent directors. These LTIP units vest quarterly over five years, with the first vesting date having commenced on June 30, 2011. On January 3, 2012, the Company granted a total of 196,260 LTIP units to certain executive officers and 22,380 LTIP units to its non-employee, independent directors pursuant to the 2011 Plan. The fair value of the LTIP units was approximately $2.3 million and $2.5 million at the April 20, 2011 and January 3, 2012 grant dates, respectively, which was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 55% and 50%, a risk-free interest rate of 2.10% and 3.40%, an expected annual dividend yield of 6.0% and 6.5% and terms of 10 years, respectively. | |
On January 3, 2013, the Company granted a total of 173,044 LTIP units to certain executive officers and 14,525 LTIP units to its non-employee, independent directors pursuant to the 2011 Plan. The fair value of the LTIP units was approximately $3.3 million, which was determined by a lattice binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 45%, a risk-free interest rate of 1.97%, an expected annual dividend yield of 6.0% and a term of 10 years. | |
During the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011, 119,852, 82,440 and 30,066 LTIP units vested with fair values of $2.4 million, $1.3 million and $0.3 million, respectively. During the year ended December 31, 2013, 1,656 LTIP units were redeemed for Common Units. During the year ended December 31, 2013, there were no forfeitures of LTIP units. On May 7, 2012, the Company's non-employee director, Edward F. Lange, did not stand for re-election. Consequently, he forfeited 10,875 unvested LTIP units and the Company expensed the dividends previously paid to Mr. Lange on the unvested LTIP units in the amount of $8 thousand. On July 17, 2012, the Board of Directors elected Christopher P. Marr to serve as a director of the Company, Chairman of the Company's Nominating and Corporate Governance Committee and a member of the Company's Compensation Committee, effective August 2, 2012. On August 2, 2012 the Company granted Mr. Marr 5,345 LTIP units with a fair value of $0.1 million. | |
The Company recognized $1.6 million, $0.9 million in non-cash compensation expense for the years ended December 31, 2013 December 31, 2012, and $0.3 million for the period from April 20, 2011 to December 31, 2011. The Company recognized zero non-cash compensation expense for the period from January 1, 2011 to April 19, 2011. Unrecognized compensation expense was $5.2 million, $3.5 million and $2.0 million related to the LTIP units at December 31, 2013, December 31, 2012 and December 31, 2011, respectively, and is included in additional paid-in capital on the accompanying Consolidated Statements of Equity. | |
Future_Minimum_Rents
Future Minimum Rents | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Rents | ' | ||||
Future Minimum Rents | ' | ||||
9. Future Minimum Rents | |||||
The Company's properties are leased to tenants under triple net, modified, and gross leases. Minimum lease payments receivable, excluding tenant reimbursement of expenses, under non-cancelable operating leases in effect as of December 31, 2013 are approximately as follows (in thousands): | |||||
2014 | $ | 134,391 | |||
2015 | 121,243 | ||||
2016 | 106,356 | ||||
2017 | 85,455 | ||||
2018 | 66,355 | ||||
Thereafter | 211,117 | ||||
No single tenant represented more than 10% of the Company's total rental income for the years ended December 31, 2013, December 31, 2012, the periods from April 20, 2011 to December 31, 2011 and January 1, 2011 to April 19, 2011. | |||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Earnings Per Share | ' | ||||
Earnings Per Share | ' | ||||
10. Earnings Per Share | |||||
A participating security is defined by GAAP as an unvested stock-based payment award containing non-forfeitable rights to dividends and must be included in the computation of earnings per share pursuant to the two-class method. Unvested restricted stock awards are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. During the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011, there were 218,934, 155,488 and 80,809, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities, which were not dilutive. For purposes of calculating basic and diluted earnings per share, awards under the 2011 Outperformance Program (the "OPP") (to be discussed in Note 14) are considered contingently issuable shares. Because the OPP awards require the Company to outperform absolute and relative return thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes the awards from the basic and diluted earnings per share calculation. As of December 31, 2013 and December 31, 2012, the absolute and relative return thresholds were met; however, the OPP awards have been excluded from the diluted earnings per share calculation as they were anti-dilutive. As of December 31, 2011, the absolute and relative return thresholds were not met. In no event will the 2011 OPP awards be earned and paid out unless the absolute and relative prefomance thesholds are met on September 20, 2014 | |||||
The following tables set forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively (in thousands, except share data). | |||||
Year ended | |||||
December 31, 2013 | |||||
Numerator | |||||
Net income from continuing operations | $ | 106 | |||
Less: preferred stock dividends | 9,495 | ||||
Less: amount allocable to unvested restricted stockholders | 262 | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (1,267 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (8,384 | ) | ||
| | | | | |
| | | | | |
Income attributable to discontinued operations | $ | 4,796 | |||
Less: noncontrolling interest allocable to discontinued operations | 647 | ||||
| | | | | |
Income from discontinued operations attributable to common stockholders | $ | 4,149 | |||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 42,364,125 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.20 | ) | ||
Income from discontinued operations attributable to common stockholders | 0.1 | ||||
| | | | | |
Loss per share—basic and diluted | $ | (0.10 | ) | ||
| | | | | |
| | | | | |
Year ended | |||||
December 31, 2012 | |||||
Numerator | |||||
Net loss from continuing operations | $ | (7,817 | ) | ||
Less: preferred stock dividends | 6,210 | ||||
Less: amount allocable to unvested restricted stockholders | 122 | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (3,180 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (10,969 | ) | ||
| | | | | |
| | | | | |
Loss attributable to discontinued operations | $ | (2,382 | ) | ||
Less: noncontrolling interest allocable to discontinued operations | (540 | ) | |||
| | | | | |
Loss from discontinued operations attributable to common stockholders | $ | (1,842 | ) | ||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 25,046,664 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.44 | ) | ||
Loss from discontinued operations attributable to common stockholders | (0.07 | ) | |||
| | | | | |
Loss per share—basic and diluted | $ | (0.51 | ) | ||
| | | | | |
| | | | | |
Period from | |||||
April 20, 2011 to | |||||
December 31, 2011 | |||||
Numerator | |||||
Net loss from continuing operations | $ | (10,510 | ) | ||
Less: preferred stock dividends | 1,018 | ||||
Less: Amount allocable to unvested restricted stockholders | — | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (3,821 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (7,707 | ) | ||
| | | | | |
| | | | | |
Income attributable to discontinued operations | $ | 1,283 | |||
Less: noncontrolling interest allocable to discontinued operations | 425 | ||||
| | | | | |
Income from discontinued operations available to common stockholders | $ | 858 | |||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 15,630,910 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.49 | ) | ||
Income from discontinued operations attributable to common stockholders | 0.05 | ||||
| | | | | |
Loss per common share—basic and diluted | $ | (0.44 | ) | ||
| | | | | |
| | | | | |
Earnings (loss) per share are not presented for the period January 1, 2011 to April 19, 2011 as the IPO did not close until April 20, 2011. | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
11. Commitments and Contingencies | |||||
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company's financial position, results of operations or cash flows | |||||
On April 18, 2012, the Company entered into an agreement with affiliates of Columbus Nova Real Estate Acquisition Group, Inc. ("Columbus Nova") to source sale leaseback transactions for potential acquisitions by the Company. The agreement called for various fees to be paid to Columbus Nova for its services including acquisition fees and a one-time incentive fee if certain performance thresholds are met. On June 15, 2012, the Company acquired six industrial properties for an aggregate purchase price of approximately $30.0 million directly from Columbus Nova that are subject to the one-time incentive fee. To the extent the Company has received a 10% internal rate of return on its invested equity on May 31, 2017, Columbus Nova will earn 20% of the returns exceeding the 10% internal rate of return. The returns will be calculated based on distributions from June 15, 2012 through May 31, 2017 and a hypothetical liquidation of the ending value of the properties owned at May 31, 2017 to be valued by third party appraisers. The fee, if any, will be paid in common stock or cash at the Company's discretion and subject to certain conditions. The fair value of the incentive fee will be measured at each balance sheet date and, to the extent there is value in the incentive fee, it will be recognized as a liability. The hypothetical liquidation of the ending value of the properties was determined using a discounted cash flow analysis. The estimated cash flows used are based on the Company plans for the property and views of market and economic conditions. The estimates consider items such as market capitalization rates, discount rates, current and future rental rates, estimated operating and capital expenditures, and estimated downtime. These estimates are prepared using known data at comparable Company owned properties as well market data obtained from third party sources such as real estate leasing and brokerage firms. As of December 31, 2013 and December 31, 2012, respectively, the fair value of the incentive fee was zero. The fair value was calculated using the following key Level 3 inputs: discount rate of approximately 9.5%, exit capitalization rate of 9.0%, and market rent and expense growth rates of 1% to 3%. | |||||
Ground and Operating Lease Agreements | |||||
The Company is the lessee for five separate ground leases. The Company incurred ground rent expense of $0.4 million for the year ended December 31, 2013, $0.2 million for the year ended December 31, 2012, $0.1 million and $0 for the periods April 20, 2011 to December 31, 2011 and January 1, 2011 to April 19, 2011, respectively. One ground lease expires in December 2023 and one ground lease expires in April 2048 both with options to extend. | |||||
On October 9, 2012, the Company acquired two adjacent buildings that are subject to one non-cancelable operating ground lease agreement which commenced on May 1, 1994 and has a forty year term expiring April 30, 2034. The ground lease provides for monthly minimum rent and future rent increases. For the year ended December 31, 2013 and the period from October 9, 2012 to December 31, 2012, the Company expensed ground lease payments under this operating lease in the amount of $0.1 million and $33 thousand, respectively. Rent adjustments are every five years on the basis of increases in the Consumer Price Index ("CPI") or fair market value pursuant to certain clauses in the lease agreement. | |||||
On July 31, 2013, the Company acquired one building that is subject to a non-cancelable operating ground lease agreement which commenced on July 1, 2013 and is set to expire on June 30, 2033, with options to extend. The ground lease provides for monthly ground rent and future rent increases. Rent adjustments are every five years on the basis of increases in the CPI pursuant to certain clauses in the lease agreement. The Company incurred rent expense of $20 thousand for the period from July 31, 2013 to December 31, 2013. The terms of the remaining ground lease is discussed further below. | |||||
The Company is also the lessee for three operating leases that expire in May 2014, May 2016 and March 2021, and the Company incurred rent expense of $0.5 million, $0.4 million, $0.3 million and $0 for the years ended December 31, 2013 and December 31, 2012, for the periods April 20, 2011 to December 31, 2011 and January 1, 2011 to April 19, 2011, respectively. | |||||
Future minimum rental payments under the terms of the fixed non-cancelable ground leases and operating leases under which the Company is the lessee as of December 31, 2013 are as follows (in thousands): | |||||
2014(1) | $ | 1,134 | |||
2015(1) | 1,433 | ||||
2016(1) | 1,201 | ||||
2017(1) | 1,029 | ||||
2018(1) | 1,134 | ||||
Thereafter(1) | 9,246 | ||||
-1 | |||||
Future minimum rent payments do not include estimates of CPI rent changes required by the lease agreements. Therefore, actual minimum rental payments may differ than those presented. | |||||
On October 9, 2012, the Company acquired one building that is subject to a non-cancelable operating ground lease agreement which commenced on October 28, 1996 and is set to expire on December 31, 2038. The ground lease provides for monthly ground rent and future rent increases. Rent adjustments are every five years on the basis of increases in the CPI pursuant to certain clauses in the lease agreement. The tenant in the building is obligated to pay directly to the land owner their obligations under their lease related to the ground lease payments assumed by the tenant. To the extent the tenant fails to make the ground lease payments, the Company would recognize the expense for the obligation. The Company estimates that the ground lease payments, which are the responsibility of the tenant, were approximately $0.1 million and $33 thousand for the year ended December 31, 2013 and the period from October 9, 2012 to December 31, 2012. As the future payments are not fixed and payment is the responsibility of the tenant, the amounts were not included in the table above. | |||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations of Credit Risk | ' |
Concentrations of Credit Risk | ' |
12. Concentrations of Credit Risk | |
Concentrations of credit risk arise when a number of tenants related to the Company's investments or rental operations are engaged in similar business activities, are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. Management believes the current credit risk portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk. No single tenant accounted for more than 10% of rental income for the years ended December 31, 2013, December 31, 2012 and the period ended from April 20, 2011 to December 31, 2011. No tenant accounted for more than 10% of the Predecessor's related income for the period from January 1, 2011 to April 19, 2011. Recent developments in the general economy and the global credit markets have had a significant adverse effect on companies in numerous industries. The Company has tenants concentrated in various industries that may be experiencing adverse effects from the current economic conditions and the Company could be adversely affected if such tenants default on their leases. The Company has tenants concentrated in three industries, Automotive, Containers & Packaging, and Industrial Equipment, Component and Metals. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plans | ' |
Employee Benefit Plans | ' |
13. Employee Benefit Plans | |
Effective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the "Plan") for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50% of the employee's contributions annually up to 6.0% of the employee's annual salary. The Company's aggregate matching contribution for the years ended December 31, 2013, December 31, 2012 and for the period April 20, 2011 through December 31, 2011was $0.1 million, $0.1 million and $46 thousand, respectively. The Company's contribution is subject to a three-year vesting schedule. | |
Equity_Incentive_Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2013 | |
Equity Incentive Plan | ' |
Equity Incentive Plan | ' |
14. Equity Incentive Plan | |
On April 1, 2011, the Company adopted, and the Company's stockholders approved, the 2011 Plan. The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company's common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees and other individuals providing bona fide services to or for the Company. | |
Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company's common stock that were available for issuance under awards granted was 1,755,187 shares. At their annual meeting on May 6, 2013, the stockholders of the Company approved an amendment to the 2011 Plan that increased the number of shares of common stock that may be awarded under the 2011 Plan by 1,887,274 shares to an aggregate of 3,642,461 shares (7.5% of the shares of common stock and common units (including LTIP units) issued and outstanding as of March 27, 2013). Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one-for-one basis. | |
Each stock option and stock appreciation right granted under the 2011 Plan will have a term of no longer than 10 years, and will have an exercise price that is no less than 100% of the fair market value of the Company's common stock on the date of grant of the award. Stock appreciation rights confer on the participant the right to receive cash, common stock or other property, as determined by the 2011 Plan administrator, equal to the excess of the fair market value of the Company's common stock on the date of exercise over the exercise price of the stock appreciation right. The other terms of stock options and stock appreciation rights granted by the Company will be determined by the 2011 Plan administrator. | |
The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on March 31, 2021. | |
On September 20, 2011, the compensation committee of the Company's board of directors approved the OPP under the 2011 Plan to provide certain key employees of the Company or its affiliates with incentives to contribute to the growth and financial success of the Company. The OPP utilizes total stockholder return over a three-year measurement period as the performance measurement. | |
Recipients of awards under the OPP will share in an outperformance pool if the Company's total stockholder return, including both share appreciation and dividends, exceeds an absolute hurdle over a three-year measurement period from September 20, 2011 to September 20, 2014 (the "measurement period"), based on a beginning value of $12.50 per share of the Company's common stock as well as a relative hurdle based on the MSCI US REIT Index. The aggregate reward that all recipients collectively can earn, as measured by the outperformance pool, is capped at $10.0 million. | |
Provided the Company's increase in cumulative absolute total stockholder return over the three-year measurement period is equal to or greater than 25% (the "threshold percentage"), the outperformance pool will consist of 10% of the excess total stockholder return above a relative total stockholder return hurdle. The hurdle is equal to the total return of the MSCI US REIT Index plus five percentage points over the measurement period. No awards will be granted under the OPP if the Company's absolute total stockholder return is below the threshold percentage. If the Company's total stockholder return is equal to or in excess of the threshold percentage and greater than the relative total stockholder return hurdle, then the award recipients will be entitled to the payments described below. | |
Each participant's award under the OPP is designated as a specified percentage of the aggregate outperformance pool. Assuming the applicable absolute and relative total stockholder return thresholds are achieved at the end of the measurement period, the outperformance pool will be calculated and then allocated among the award recipients in accordance with each individual's percentage. The award will be paid in the form of fully vested shares of the Company's common stock, unless the compensation committee elects, with the award recipient's consent, to issue the award recipient other securities or to make a cash payment to the award recipient equal to the award recipient's share of the outperformance pool. The number of shares of common stock earned by each award recipient will be determined at the end of the measurement period by dividing the recipient's share of the outperformance pool by the closing price of the Company's common stock on the valuation date. On September 26, 2011, the compensation committee awarded 100% of the interests in the OPP to key employees of the Company. | |
The awards provided to the employees will vest 100% at the end of the measurement period provided that the award recipient is a service provider to the Company. To the extent the employee is terminated without cause, the awards will have vested based on the number of days during the measurement period that they are considered a service provider to the Company. | |
The OPP awards were valued at approximately $1.2 million utilizing a Monte Carlo simulation to estimate the probability of the performance conditions being satisfied. The Monte Carlo simulation used a statistical formula underlying the Black-Scholes and binomial formulas and such simulation was run approximately 100,000 times. For each simulation, the payoff is calculated at the settlement date, which is then discounted to the award date at a risk-free interest rate. The average of the values over all simulations is the expected value of the award on the award date. Assumptions used in the valuations included (i) factors associated with the underlying performance of the Company's stock price and total stockholder return over the term of the performance awards including total stock return volatility and risk-free interest and (ii) factors associated with the relative performance of the Company's stock price and total stockholder return when compared to the MSCI US REIT Index. The valuation was performed in a risk-neutral framework, so no assumption was made with respect to an equity risk premium. The fair value of the OPP awards was estimated on the date of grant using the following assumptions in the Monte- Carlo valuation: expected price volatility for the Company and the MSCI US REIT Index of 55% and 59.3%, respectively, and a risk free rate of 0.3423%. The expense associated with the value of the OPP awards will be amortized on a straight-line basis over the measurement period. The Company recognized $0.4 million, $0.4 million and $0.1 million in compensation expense associated with the OPP during the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively. | |
The Company issued 106,268, 87,025 and 80,809 shares of restricted stock and 187,569, 223,985 and 200,441 of LTIP units during the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively. Dividends paid on both vested and unvested shares of restricted stock are charged directly to common stock dividends in excess of earnings on the Consolidated Balance Sheets. Non-cash compensation expense associated with shares issued to directors, restricted stock, LTIP units, and the OPP was approximately $3.0 million, $1.9 million and $0.7 million for the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011, respectively. The unrecognized compensation expense associated with the LTIP units, the restricted stock, and the OPP awards was $5.2 million, $2.5 million and $0.3 million, respectively, at December 31, 2013 and is expected to be recognized over a weighted average period of approximately 3.3 years. The unrecognized compensation expense associated with the LTIP units, the restricted stock, and the OPP awards was $3.5 million, $1.5 million and $0.7 million, respectively, at December 31, 2012 and is expected to be recognized over a weighted average period of approximately 3.5 years. As of December 31, 2013 and December 31, 2012, there were 214,389 and 150,114 of unvested restricted stock and 368,760 and 301,043 of LTIP units outstanding, respectively. | |
At December 31, 2013 and December 31, 2012, the number of shares available for issuance under the 2011 Plan was 2,778,779 and 1,175,362, respectively. This does not include an allocation for the OPP as the awards were not determinable as of December 31, 2013 and December 31, 2012. Additionally, there have been no shares or units issued under the OPP as of December 31, 2013. | |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related-Party Transactions | ' |
Related-Party Transactions | ' |
15. Related-Party Transactions | |
On June 6, 2007, STAG Predecessor Group entered into a loan guarantee agreement with an affiliate of NED Credit Inc. The loan guarantee was for the Anglo Irish bridge loan dated August 11, 2006 and amended on June 6, 2007, which was paid in full at the IPO. STAG Predecessor Group agreed to pay the guarantor an annual fee for the guarantor's provision of the guaranty in an amount equal to nine percent (9.0%) per annum of the outstanding balance of the bridge loan. STAG Predecessor Group expensed $0.9 million in such guarantee fees, which are included in interest expense on the Consolidated and Combined Statements of Operations, for the period January 1, 2011 to April 19, 2011. Subsequent to the Formation Transactions, the Company was not responsible for bridge loan guarantee fees. | |
Prior to the IPO, STAG Predecessor Group was obligated to pay asset management fees to an affiliate, STAG Capital Partners, LLC (the "Management Company") in consideration of the Management Company's agreement that it provide reasonable and customary advisory and asset management services to STAG Predecessor Group. STAG Predecessor Group expensed $0.2 million in such asset management fees for the period January 1, 2011 to April 19, 2011. Subsequent to the Formation Transactions, the Company no longer incurs asset management fees to the Management Company. | |
As part of the Formation Transactions, the Company formed a new management company, STAG Industrial Management, LLC (the "Manager"), which is a subsidiary of the Company. The Manager is performing certain asset management services for STAG Investments II, LLC ("Fund II"), a private, fully-invested fund that is an affiliate of the Company and owned 44 buildings with approximately 7.4 million rentable square feet as of December 31, 2013. The Manager is paid an annual asset management fee based on the equity investment in the Fund assets, which is 1.25% of the equity investment. In June 2013, Fund II and the Company amended the Service Agreement to exclude disposition services from the asset management services to be performed by the Company and results in a concomitant reduction in the asset management fee. The Company recognized asset management fee income of $0.8 million, $1.1 million and $0.9 million for the years ended December 31, 2013, December 31, 2012 and for the period from April 20, 2011 to December 31, 2011, respectively, which is included in other income on the accompanying Consolidated Statements of Operations. As of December 31, 2013 and December 31, 2012, the Company had a receivable in the amount of $0.2 million and $0.5 million related to the asset management fee income included within due from related parties on the accompanying Consolidated Balance Sheets, which was subsequently received on February 7, 2014 and January 17, 2013, respectively. | |
While most of the real estate assets of Fund III comprise the assets of the STAG Predecessor Group, Fund III retained ownership of the Option Properties. The Manager had entered into a services agreement with Fund III pursuant to which it would manage the Option Properties for an annual fee of $30 thousand per property, and would provide the limited administrative services (including preparation of reports for the Fund III lender and investors, bookkeeping, tax and accounting services) that Fund III will require, for an annual fee of $20 thousand. As the last remaining Option Property was sold in 2013, the Manager will only receive the annual fee of $20 thousand until Fund III's liquidation. | |
STAG Investments IV, LLC ("Fund IV"), as part of the STAG Contribution Group, contributed all of its real estate assets to the Company. The Manager had entered into a services agreement with Fund IV pursuant to which it would provide the limited administrative services (including preparation of reports for the Fund IV investors, bookkeeping, tax and accounting services) that Fund IV would require until its liquidation for an annual fee of $20 thousand. Fund IV was liquidated on September 10, 2012 and, as a result, the Manager no longer receives an annual fee. | |
On October 9, 2012, the Company acquired 31 industrial properties representing 4.3 million square feet for a purchase price of $127.6 million from STAG Investments Holdings II, LLC, a wholly owned subsidiary of Fund II, which are related parties of the Company through common management. A special committee of independent members of the Board was formed to address conflicts arising from the common management. The special committee engaged its independent counsel and broker to manage the acquisition. On October 31, 2012, the Company acquired one additional industrial property from the Fund for a purchase price of $5.0 million. On April 5, 2013, the Company acquired an additional industrial property from the Fund for the purchase price of $6.2 million. The acquisitions were funded using draws from the Unsecured Credit Facility. The Manager and its predecessor, the Management Company, served as the asset manager of Fund II for all periods presented. At December 31, 2012, the due from related parties on the accompanying Consolidated Balance Sheets included $0.2 million due from the Fund related to a true-up of final settlement statement pro-rations, and the amount was subsequently received on February 27, 2013. | |
Selected_Interim_Financial_Inf
Selected Interim Financial Information (unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Interim Financial Information (unaudited) | ' | |||||||||||||
Selected Interim Financial Information (unaudited) | ' | |||||||||||||
16. Selected Interim Financial Information (unaudited) | ||||||||||||||
The tables below reflect the Company's selected quarterly information for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012. | ||||||||||||||
STAG Industrial, Inc. | ||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenue | $ | 37,418 | $ | 34,644 | $ | 31,842 | $ | 29,988 | ||||||
Income (loss) from continuing operations | $ | 1,126 | $ | 265 | $ | (738 | ) | $ | (547 | ) | ||||
Net income (loss) attributable to the common stockholders | $ | 2,098 | $ | (2,147 | ) | $ | (2,410 | ) | $ | (1,775 | ) | |||
Income (loss) per share—basic and diluted | $ | 0.05 | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |||
STAG Industrial, Inc. | ||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenue | $ | 26,877 | $ | 20,878 | $ | 19,116 | $ | 17,181 | ||||||
Income (loss) from continuing operations | $ | (2,973 | ) | $ | (1,371 | ) | $ | (2,028 | ) | $ | (1,445 | ) | ||
Net income (loss) attributable to the common stockholders | $ | (3,372 | ) | $ | (5,262 | ) | $ | (2,235 | ) | $ | (1,942 | ) | ||
Income (loss) per share—basic and diluted | $ | (0.10 | ) | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.12 | ) | ||
Total revenue and income (loss) from continuing operations presented in the tables above will not agree to previously filed financial statements on Forms 10-Q due to the reclassification of amounts from continuing operations to discontinued operations for property sales. Refer to Note 3 for the details of properties sold. | ||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
17. Subsequent Events | |
GAAP requires an entity to disclose events that occur after the balance sheet date but before financial statements are issued or are available to be issued ("subsequent events") as well as the date through which an entity has evaluated subsequent events. There are two types of subsequent events. The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements ("recognized subsequent events"). No significant recognized subsequent events were noted. The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date ("non-recognized subsequent events"). | |
The following non-recognized subsequent events are noted: | |
On January 1, 2014, Virgis W. Colbert's appointment to the board of directors became effective. | |
On January 2, 2014, the Company granted a total of 203,691 LTIP units to certain senior executive officers, 20,733 LTIP units to non-employee, independent directors, and 103,149 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. | |
On February 7, 2014, Gregory W. Sullivan, the Company's Chief Financial Officer, notified the Company that he was not renewing his employment contract at it expiration on April 20, 2014 and that he resigned from the Company effective April 21, 2014. The Company intends to engage Mr. Sullivan as a senior financial advisor for one year to ensure a smooth transition of the chief financial officer. | |
Schedule_2Valuation_and_Qualif
Schedule 2-Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule 2-Valuation and Qualifying Accounts | ' | |||||||||||||
Schedule 2-Valuation and Qualifying Accounts | ' | |||||||||||||
STAG Industrial, Inc. and STAG Predecessor Group | ||||||||||||||
Schedule 2—Valuation and Qualifying Accounts | ||||||||||||||
December 31, 2013 | ||||||||||||||
(in thousands) | ||||||||||||||
Allowance for Doubtful Receivables and | ||||||||||||||
Accrued Rent Reserves | ||||||||||||||
STAG Industrial, Inc. | ||||||||||||||
Beginning | Costs and | Amounts | Balance at | |||||||||||
of Period | Expenses | Written Off | End of Period | |||||||||||
12/31/13 | $ | — | $ | 19 | $ | — | $ | 19 | ||||||
| | | | | | | | | | | | | | |
12/31/12 | $ | 931 | $ | (105 | ) | $ | (826 | ) | $ | — | ||||
| | | | | | | | | | | | | |
Schedule_3Real_Estate_and_Accu
Schedule 3-Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Schedule 3-Real Estate and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||
Schedule 3-Real Estate and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||
STAG Industrial, Inc. | ||||||||||||||||||||||||||||||||
Schedule 3—Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
City/State | Encumbrances(1) | Building and | Land | Costs | Building | Land | Total | Accumulated | Acq Date | Depreciable | ||||||||||||||||||||||
Tenant | Capitalized | Improvements | Depreciation | Lives | ||||||||||||||||||||||||||||
Improvements | Subsequent | and | (Years) | |||||||||||||||||||||||||||||
(initial cost) | to | Equipment | ||||||||||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Valuation | ||||||||||||||||||||||||||||||||
Provision | ||||||||||||||||||||||||||||||||
Albion, IN | — | 93 | 67 | — | 93 | 67 | 160 | (17 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 932 | 103 | — | 932 | 103 | 1,035 | (169 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 1,107 | 55 | — | 1,107 | 55 | 1,162 | (201 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 970 | 332 | — | 970 | 332 | 1,302 | (176 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 1,397 | 52 | — | 1,397 | 52 | 1,449 | (253 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 1,528 | 126 | — | 1,528 | 126 | 1,654 | (277 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Kendallville, IN | — | 1,510 | 142 | — | 1,510 | 142 | 1,652 | (273 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Albion, IN | — | 710 | 187 | — | 710 | 187 | 897 | (129 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Alexandria, MN | — | 4,568 | 960 | 151 | 4,719 | 960 | 5,679 | (398 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Appleton, WI | — | 3,916 | 495 | 191 | 4,107 | 495 | 4,602 | (693 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Arlington, TX | — | 2,455 | 413 | (45 | ) | 2,410 | 413 | 2,823 | (394 | ) | 2007 | (2 | ) | |||||||||||||||||||
Arlington, TX | — | 6,151 | 1,246 | — | 6,151 | 1,246 | 7,397 | (289 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Atlanta, GA | — | 7,437 | 917 | 298 | 7,735 | 917 | 8,652 | (318 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Auburn Hills, MI | — | 2,246 | 224 | (4 | ) | 2,242 | 224 | 2,466 | (77 | ) | 2012 | (2 | ) | |||||||||||||||||||
Avon, CT | — | 2,750 | 336 | — | 2,750 | 336 | 3,086 | (127 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Belfast, ME | — | 10,728 | 1,883 | 383 | 11,111 | 1,883 | 12,994 | (921 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Bellevue, OH | — | 3,621 | 381 | — | 3,621 | 381 | 4,002 | (181 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 3,956 | 733 | — | 3,956 | 733 | 4,689 | (78 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 3,436 | 1,310 | — | 3,436 | 1,310 | 4,746 | (91 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 2,310 | 538 | — | 2,310 | 538 | 2,848 | (51 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 6,899 | 670 | — | 6,899 | 670 | 7,569 | (116 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 4,321 | 668 | — | 4,321 | 668 | 4,989 | (91 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 3,730 | 866 | — | 3,730 | 866 | 4,596 | (73 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 2,808 | 586 | — | 2,808 | 586 | 3,394 | (67 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 8,340 | 1,542 | — | 8,340 | 1,542 | 9,882 | (192 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Belvidere, IL | — | 71 | 216 | — | 71 | 216 | 287 | (12 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Boardman, OH | — | 3,482 | 282 | 593 | 4,075 | 282 | 4,357 | (648 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Boardman, OH | — | 1,979 | 192 | 359 | 2,338 | 192 | 2,530 | (329 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Buena Vista, VA | — | 2,500 | 534 | — | 2,500 | 534 | 3,034 | (114 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Buffalo, NY | — | 2,924 | 146 | — | 2,924 | 146 | 3,070 | (129 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Canton, OH | — | 5,078 | 586 | 128 | 5,206 | 586 | 5,792 | (981 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Catoosa, OK | — | 3,937 | — | — | 3,937 | — | 3,937 | (64 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Charlotte, NC | (12,541 | ) | 10,239 | 3,535 | 525 | 10,764 | 3,535 | 14,299 | (994 | ) | 2011 | (2 | ) | |||||||||||||||||||
Charlotte, NC | (15,830 | ) | 12,818 | 2,734 | 161 | 12,979 | 2,734 | 15,713 | (1,277 | ) | 2011 | (2 | ) | |||||||||||||||||||
Cheektowaga, NY | — | 2,757 | 216 | 395 | 3,152 | 216 | 3,368 | (293 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Chesterfield, MI | — | 1,169 | 207 | 62 | 1,231 | 207 | 1,438 | (301 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Chesterfield, MI | — | 798 | 150 | 15 | 813 | 150 | 963 | (133 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Chesterfield, MI | — | 802 | 151 | 131 | 933 | 151 | 1,084 | (154 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Chesterfield, MI | — | 5,304 | 942 | 972 | 6,276 | 942 | 7,218 | (1,293 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Chicopee, MA | — | 5,867 | 504 | — | 5,867 | 504 | 6,371 | (243 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Chippewa Falls, WI | — | 2,303 | 133 | — | 2,303 | 133 | 2,436 | (142 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Chippewa Falls, WI | — | 544 | 44 | — | 544 | 44 | 588 | (33 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Cincinnati, OH | — | 5,172 | 384 | 1,751 | 6,923 | 384 | 7,307 | (1,142 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Cleveland, TN | (2,964 | ) | 3,161 | 554 | 84 | 3,245 | 554 | 3,799 | (260 | ) | 2011 | (2 | ) | |||||||||||||||||||
West Columbia, SC | — | 6,988 | 715 | 102 | 7,090 | 715 | 7,805 | (179 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Conyers, GA | (3,928 | ) | 4,142 | 969 | 80 | 4,222 | 969 | 5,191 | (331 | ) | 2011 | (2 | ) | |||||||||||||||||||
Dallas, GA | — | 1,712 | 475 | — | 1,712 | 475 | 2,187 | (78 | ) | 2012 | (2 | ) | ||||||||||||||||||||
LaGrange, GA | — | 3,175 | 240 | 41 | 3,216 | 240 | 3,456 | (354 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Danville, KY | — | 11,814 | 965 | 997 | 12,811 | 965 | 13,776 | (1,122 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Daytona Beach, FL | — | 875 | 1,237 | 740 | 1,615 | 1,237 | 2,852 | (315 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Dayton, OH | — | 3,650 | 391 | 624 | 4,274 | 391 | 4,665 | (510 | ) | 2007 | (2 | ) | ||||||||||||||||||||
DeKalb, IL | — | 4,568 | 489 | — | 4,568 | 489 | 5,057 | (115 | ) | 2013 | (2 | ) | ||||||||||||||||||||
De Pere, WI | — | 6,144 | 525 | — | 6,144 | 525 | 6,669 | (265 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Duncan, SC | — | 11,352 | 1,002 | 44 | 11,396 | 1,002 | 12,398 | (519 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Duncan, SC | — | 6,928 | 709 | — | 6,928 | 709 | 7,637 | (359 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Edgefield, SC | — | 938 | 220 | — | 938 | 220 | 1,158 | (52 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Elkhart, IN | — | 210 | 25 | 14 | 224 | 25 | 249 | (45 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Elkhart, IN | — | 3,567 | 422 | 161 | 3,728 | 422 | 4,150 | (628 | ) | 2007 | (2 | ) | ||||||||||||||||||||
El Paso, TX | — | 3,096 | — | 373 | 3,469 | — | 3,469 | (137 | ) | 2012 | (2 | ) | ||||||||||||||||||||
East Windsor, CT | (3,360 | ) | 4,713 | 348 | 447 | 5,160 | 348 | 5,508 | (403 | ) | 2012 | (2 | ) | |||||||||||||||||||
Lexington, VA | — | 445 | 59 | — | 445 | 59 | 504 | (77 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Fairfield, VA | — | 2,274 | 295 | 177 | 2,451 | 295 | 2,746 | (463 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Farmington, NY | — | 5,342 | 410 | 12 | 5,354 | 410 | 5,764 | (908 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Franklin, IN | — | 12,042 | 2,479 | — | 12,042 | 2,479 | 14,521 | (713 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Fort Worth, TX | (2,271 | ) | 2,965 | 389 | — | 2,965 | 389 | 3,354 | (257 | ) | 2011 | (2 | ) | |||||||||||||||||||
Gahanna, OH | (3,649 | ) | 4,191 | 1,265 | 1,158 | 5,349 | 1,265 | 6,614 | (365 | ) | 2011 | (2 | ) | |||||||||||||||||||
Georgetown, KY | (2,437 | ) | 2,183 | 875 | — | 2,183 | 875 | 3,058 | (199 | ) | 2011 | (2 | ) | |||||||||||||||||||
Gloversville, NY | (813 | ) | 1,317 | 117 | (18 | ) | 1,299 | 117 | 1,416 | (50 | ) | 2012 | (2 | ) | ||||||||||||||||||
Gloversville, NY | (1,314 | ) | 2,613 | 151 | — | 2,613 | 151 | 2,764 | (123 | ) | 2012 | (2 | ) | |||||||||||||||||||
Gloversville, NY | (1,189 | ) | 1,790 | 130 | — | 1,790 | 130 | 1,920 | (97 | ) | 2012 | (2 | ) | |||||||||||||||||||
Gloversville, NY | (939 | ) | 1,514 | 154 | — | 1,514 | 154 | 1,668 | (70 | ) | 2012 | (2 | ) | |||||||||||||||||||
Golden, CO | — | 6,164 | 742 | — | 6,164 | 742 | 6,906 | (154 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Goshen, IN | (6,366 | ) | 6,509 | 1,442 | 201 | 6,710 | 1,442 | 8,152 | (566 | ) | 2011 | (2 | ) | |||||||||||||||||||
Greenwood, SC | (1,689 | ) | 1,848 | 166 | — | 1,848 | 166 | 2,014 | (75 | ) | 2012 | (2 | ) | |||||||||||||||||||
Greenwood, SC | (1,439 | ) | 1,232 | 169 | — | 1,232 | 169 | 1,401 | (58 | ) | 2012 | (2 | ) | |||||||||||||||||||
Gresham, OR | (9,241 | ) | 8,740 | 1,730 | 365 | 9,105 | 1,730 | 10,835 | (715 | ) | 2011 | (2 | ) | |||||||||||||||||||
Gurnee, IL | — | 4,902 | 1,337 | — | 4,902 | 1,337 | 6,239 | (312 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Hampstead, MD | — | 34,969 | 780 | — | 34,969 | 780 | 35,749 | (438 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Harrisonburg, VA | — | 11,179 | 1,455 | — | 11,179 | 1,455 | 12,634 | (355 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Harvard, IL | — | 2,980 | 1,157 | — | 2,980 | 1,157 | 4,137 | (17 | ) | 2013 | (2 | ) | ||||||||||||||||||||
St. Louis, MO | (6,432 | ) | 5,815 | 1,382 | — | 5,815 | 1,382 | 7,197 | (582 | ) | 2011 | (2 | ) | |||||||||||||||||||
Holland, MI | — | 5,235 | 489 | 428 | 5,663 | 489 | 6,152 | (969 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Holland, MI | (3,492 | ) | 3,475 | 279 | 60 | 3,535 | 279 | 3,814 | (166 | ) | 2012 | (2 | ) | |||||||||||||||||||
Holland, MI | — | 4,046 | 497 | (218 | ) | 3,828 | 497 | 4,325 | (592 | ) | 2007 | (2 | ) | |||||||||||||||||||
Houston, TX | — | 7,790 | 2,255 | — | 7,790 | 2,255 | 10,045 | (177 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Huntersville, NC | — | 3,270 | 1,061 | 35 | 3,305 | 1,061 | 4,366 | (170 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Idaho Falls, ID | — | 2,735 | 356 | — | 2,735 | 356 | 3,091 | (82 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Independence, VA | (1,571 | ) | 2,212 | 226 | — | 2,212 | 226 | 2,438 | (153 | ) | 2012 | (2 | ) | |||||||||||||||||||
Jackson, MS | — | 926 | 218 | — | 926 | 218 | 1,144 | (161 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Jackson, MS | — | 3,142 | 750 | 565 | 3,707 | 750 | 4,457 | (612 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Jackson, TN | — | 2,374 | 230 | 142 | 2,516 | 230 | 2,746 | (88 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Janesville, WI | — | 17,493 | 828 | — | 17,493 | 828 | 18,321 | (59 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Jefferson, NC | — | 2,875 | 119 | — | 2,875 | 119 | 2,994 | (482 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Johnstown, NY | (813 | ) | 1,304 | 178 | — | 1,304 | 178 | 1,482 | (54 | ) | 2012 | (2 | ) | |||||||||||||||||||
Johnstown, NY | (1,189 | ) | 1,595 | 216 | (3 | ) | 1,592 | 216 | 1,808 | (54 | ) | 2012 | (2 | ) | ||||||||||||||||||
Johnstown, NY | (970 | ) | 978 | 198 | — | 978 | 198 | 1,176 | (54 | ) | 2012 | (2 | ) | |||||||||||||||||||
Johnstown, NY | (1,815 | ) | 1,467 | 140 | — | 1,467 | 140 | 1,607 | (61 | ) | 2012 | (2 | ) | |||||||||||||||||||
Kansas City, MO | — | 5,581 | 703 | — | 5,581 | 703 | 6,284 | (168 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Kansas City, KS | (1,283 | ) | 1,125 | 527 | — | 1,125 | 527 | 1,652 | (62 | ) | 2012 | (2 | ) | |||||||||||||||||||
Kentwood, MI | — | 2,478 | 407 | — | 2,478 | 407 | 2,885 | (55 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Lafayette, IN | (1,345 | ) | 2,280 | 295 | (47 | ) | 2,233 | 295 | 2,528 | (78 | ) | 2012 | (2 | ) | ||||||||||||||||||
Lafayette, IN | (2,284 | ) | 3,554 | 410 | — | 3,554 | 410 | 3,964 | (221 | ) | 2012 | (2 | ) | |||||||||||||||||||
Lafayette, IN | (4,693 | ) | 8,135 | 906 | 26 | 8,161 | 906 | 9,067 | (427 | ) | 2012 | (2 | ) | |||||||||||||||||||
Lansing, MI | (8,735 | ) | 8,164 | 501 | — | 8,164 | 501 | 8,665 | (637 | ) | 2011 | (2 | ) | |||||||||||||||||||
Lansing, MI | — | 4,077 | 580 | — | 4,077 | 580 | 4,657 | (214 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Lansing, MI | (6,257 | ) | 7,162 | 429 | — | 7,162 | 429 | 7,591 | (275 | ) | 2012 | (2 | ) | |||||||||||||||||||
Lansing, MI | — | 5,209 | 907 | — | 5,209 | 907 | 6,116 | (17 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Lewiston, ME | — | 5,515 | 173 | 360 | 5,875 | 173 | 6,048 | (1,057 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Lexington, NC | — | 3,968 | 232 | 135 | 4,103 | 232 | 4,335 | (340 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Londonderry, NH | — | 6,683 | 730 | — | 6,683 | 730 | 7,413 | (167 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Louisville, KY | (3,508 | ) | 3,875 | 386 | 520 | 4,395 | 386 | 4,781 | (380 | ) | 2011 | (2 | ) | |||||||||||||||||||
Louisville, KY | (5,596 | ) | 6,182 | 616 | 632 | 6,814 | 616 | 7,430 | (590 | ) | 2011 | (2 | ) | |||||||||||||||||||
Madison, TN | (6,844 | ) | 6,159 | 1,655 | 892 | 7,051 | 1,655 | 8,706 | (737 | ) | 2011 | (2 | ) | |||||||||||||||||||
Malden, MA | — | 2,817 | 366 | — | 2,817 | 366 | 3,183 | (475 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Malden, MA | — | 3,961 | 507 | — | 3,961 | 507 | 4,468 | (668 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Marion, IA | — | 2,257 | 691 | 46 | 2,303 | 691 | 2,994 | (68 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Marion, IN | (3,191 | ) | 3,010 | 243 | — | 3,010 | 243 | 3,253 | (169 | ) | 2012 | (2 | ) | |||||||||||||||||||
Marshall, MI | — | 1,051 | 199 | — | 1,051 | 199 | 1,250 | (36 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Mascot, TN | — | 3,452 | 385 | — | 3,452 | 385 | 3,837 | (14 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Salem, OH | — | 6,849 | 858 | — | 6,849 | 858 | 7,707 | (1,127 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Mayville, WI | — | 4,118 | 547 | 330 | 4,448 | 547 | 4,995 | (742 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Mebane, NC | — | 4,570 | 481 | — | 4,570 | 481 | 5,051 | (174 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Mebane, NC | — | 4,148 | 443 | — | 4,148 | 443 | 4,591 | (169 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Mebane, NC | — | 4,999 | 358 | — | 4,999 | 358 | 5,357 | (31 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Milwaukee, WI | — | 4,090 | 456 | — | 4,090 | 456 | 4,546 | (663 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Milwaukee, WI | — | 5,283 | 1,048 | 368 | 5,651 | 1,048 | 6,699 | (1,125 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Mishawaka, IN | — | 3,108 | 800 | 24 | 3,132 | 800 | 3,932 | (92 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Montgomery, IL | — | 12,543 | 2,190 | 62 | 12,605 | 2,190 | 14,795 | (424 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Mooresville, NC | (7,085 | ) | 7,411 | 701 | 216 | 7,627 | 701 | 8,328 | (625 | ) | 2011 | (2 | ) | |||||||||||||||||||
Mt. Prospect, IL | — | 2,988 | 726 | — | 2,988 | 726 | 3,714 | (77 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Nashville, TN | — | 3,601 | 547 | — | 3,601 | 547 | 4,148 | (56 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Newark, DE | — | 1,478 | 197 | 137 | 1,615 | 197 | 1,812 | (333 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Newark, DE | — | 2,479 | 330 | 36 | 2,515 | 330 | 2,845 | (431 | ) | 2007 | (2 | ) | ||||||||||||||||||||
New Berlin, WI | — | 6,500 | 1,068 | 98 | 6,598 | 1,068 | 7,666 | (102 | ) | 2013 | (2 | ) | ||||||||||||||||||||
New Hope, MN | — | 1,970 | 1,919 | — | 1,970 | 1,919 | 3,889 | (34 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Lopatcong, NJ | — | 1,400 | 1,554 | 184 | 1,584 | 1,554 | 3,138 | (228 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Piscataway, NJ | — | 5,655 | 640 | 164 | 5,819 | 640 | 6,459 | (698 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Newton, NC | — | 4,367 | 732 | 86 | 4,453 | 732 | 5,185 | (542 | ) | 2011 | (2 | ) | ||||||||||||||||||||
North Jackson, OH | — | 4,427 | 1,528 | — | 4,427 | 1,528 | 5,955 | (25 | ) | 2013 | (2 | ) | ||||||||||||||||||||
North Jackson, OH | (7,775 | ) | 6,439 | 486 | — | 6,439 | 486 | 6,925 | (591 | ) | 2011 | (2 | ) | |||||||||||||||||||
Norton, MA | (5,834 | ) | 6,740 | 2,839 | — | 6,740 | 2,839 | 9,579 | (532 | ) | 2011 | (2 | ) | |||||||||||||||||||
Novi, MI | (3,066 | ) | 3,879 | 252 | — | 3,879 | 252 | 4,131 | (198 | ) | 2012 | (2 | ) | |||||||||||||||||||
Ocala, FL | — | 13,296 | 731 | — | 13,296 | 731 | 14,027 | (295 | ) | 2013 | (2 | ) | ||||||||||||||||||||
O'Fallon, MO | (3,210 | ) | 2,676 | 1,242 | 69 | 2,745 | 1,242 | 3,987 | (239 | ) | 2011 | (2 | ) | |||||||||||||||||||
O'Hara, PA | (17,583 | ) | 18,875 | 1,435 | 574 | 19,449 | 1,435 | 20,884 | (787 | ) | 2012 | (2 | ) | |||||||||||||||||||
Orangeburg, SC | — | 2,653 | 362 | — | 2,653 | 362 | 3,015 | (100 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Orlando, FL | — | 4,839 | 1,339 | — | 4,839 | 1,339 | 6,178 | (45 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Orlando, FL | — | 1,996 | 721 | — | 1,996 | 721 | 2,717 | (101 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Parsons, KS | (1,189 | ) | 1,053 | 108 | — | 1,053 | 108 | 1,161 | (50 | ) | 2012 | (2 | ) | |||||||||||||||||||
Pensacola, FL | — | 4,705 | 282 | 68 | 4,773 | 282 | 5,055 | (807 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Pensacola, FL | — | 206 | 42 | 83 | 289 | 42 | 331 | (51 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Phenix City, AL | (1,752 | ) | 1,493 | 276 | — | 1,493 | 276 | 1,769 | (85 | ) | 2012 | (2 | ) | |||||||||||||||||||
Pineville, NC | — | 1,380 | 392 | — | 1,380 | 392 | 1,772 | (79 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Warrendale, PA | — | 6,437 | 778 | 430 | 6,867 | 778 | 7,645 | (536 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Pocatello, ID | — | 3,472 | 399 | 135 | 3,607 | 399 | 4,006 | (785 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Portage, IN | — | 5,416 | — | — | 5,416 | — | 5,416 | (180 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Portland, TN | — | 8,353 | 1,662 | — | 8,353 | 1,662 | 10,015 | (526 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Portland, ME | (3,120 | ) | 3,727 | 891 | — | 3,727 | 891 | 4,618 | (192 | ) | 2012 | (2 | ) | |||||||||||||||||||
Rapid City, SD | — | 11,957 | 2,306 | 524 | 12,481 | 2,306 | 14,787 | (2,724 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Muhlenberg TWP, PA | — | 14,064 | 843 | 13 | 14,077 | 843 | 14,920 | (706 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Rogers, MN | (12,050 | ) | 11,787 | 1,671 | 238 | 12,025 | 1,671 | 13,696 | (1,429 | ) | 2011 | (2 | ) | |||||||||||||||||||
Rogers, AR | — | 8,280 | 1,072 | 99 | 8,379 | 1,072 | 9,451 | (569 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Round Rock, TX | — | 3,399 | 394 | (54 | ) | 3,345 | 394 | 3,739 | (551 | ) | 2007 | (2 | ) | |||||||||||||||||||
Rural Hall, NC | — | 5,664 | 439 | 137 | 5,801 | 439 | 6,240 | (677 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Salem, OR | (3,340 | ) | 3,150 | 599 | 161 | 3,311 | 599 | 3,910 | (312 | ) | 2011 | (2 | ) | |||||||||||||||||||
Salem, OR | (1,501 | ) | 1,471 | 266 | 119 | 1,590 | 266 | 1,856 | (209 | ) | 2011 | (2 | ) | |||||||||||||||||||
Sauk Village, IL | — | 5,516 | 877 | — | 5,516 | 877 | 6,393 | (21 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Sergeant Bluff, IA | — | 11,675 | 736 | 36 | 11,711 | 736 | 12,447 | (2,886 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Seville, OH | — | 6,662 | 1,170 | 229 | 6,891 | 1,170 | 8,061 | (538 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Shannon, GA | — | 12,969 | 393 | — | 12,969 | 393 | 13,362 | (61 | ) | 2013 | (2 | ) | ||||||||||||||||||||
South Holland, IL | — | 3,900 | 714 | — | 3,900 | 714 | 4,614 | (18 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Simpsonville, SC | — | 3,003 | 957 | 30 | 3,033 | 957 | 3,990 | (158 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Simpsonville, SC | — | 3,418 | 470 | — | 3,418 | 470 | 3,888 | (161 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Smithfield, NC | — | 4,671 | 613 | — | 4,671 | 613 | 5,284 | (295 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Smyrna, GA | — | 3,286 | 264 | — | 3,286 | 264 | 3,550 | (129 | ) | 2012 | (2 | ) | ||||||||||||||||||||
South Bend, IN | — | 4,834 | 411 | — | 4,834 | 411 | 5,245 | (253 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Southfield, MI | — | 4,196 | 562 | — | 4,196 | 562 | 4,758 | (103 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Southfield, MI | — | — | 354 | — | — | 354 | 354 | — | 2013 | (2 | ) | |||||||||||||||||||||
Sparks, MD | — | 3,577 | 790 | (146 | ) | 3,431 | 790 | 4,221 | (536 | ) | 2007 | (2 | ) | |||||||||||||||||||
Spartanburg, SC | — | 6,471 | 493 | — | 6,471 | 493 | 6,964 | (591 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Springfield, OH | — | 6,432 | 574 | — | 6,432 | 574 | 7,006 | (76 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Statham, GA | — | 6,242 | 588 | — | 6,242 | 588 | 6,830 | (236 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Sterling Heights, MI | (1,689 | ) | 4,197 | 513 | 55 | 4,252 | 513 | 4,765 | (153 | ) | 2012 | (2 | ) | |||||||||||||||||||
Hazelwood, MO | — | 5,436 | 1,959 | 455 | 5,891 | 1,959 | 7,850 | (935 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Streetsboro, OH | (6,694 | ) | 5,481 | 2,161 | 214 | 5,695 | 2,161 | 7,856 | (796 | ) | 2011 | (2 | ) | |||||||||||||||||||
Sun Prairie, WI | — | 6,176 | 2,360 | (76 | ) | 6,100 | 2,360 | 8,460 | (431 | ) | 2011 | (2 | ) | |||||||||||||||||||
Tavares, FL | — | 6,339 | 722 | — | 6,339 | 722 | 7,061 | (1,386 | ) | 2006 | (2 | ) | ||||||||||||||||||||
Toledo, OH | — | 6,831 | 213 | — | 6,831 | 213 | 7,044 | (259 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Twinsburg, OH | — | 6,497 | 590 | — | 6,497 | 590 | 7,087 | (1,014 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Vonore, TN | (9,392 | ) | 8,243 | 2,355 | 85 | 8,328 | 2,355 | 10,683 | (916 | ) | 2011 | (2 | ) | |||||||||||||||||||
Waco, TX | — | 1,448 | — | 30 | 1,478 | — | 1,478 | (107 | ) | 2011 | (2 | ) | ||||||||||||||||||||
Walker, MI | (4,434 | ) | 4,872 | 855 | 118 | 4,990 | 855 | 5,845 | (452 | ) | 2011 | (2 | ) | |||||||||||||||||||
Ware Shoals, SC | (282 | ) | 197 | 133 | — | 197 | 133 | 330 | (10 | ) | 2012 | (2 | ) | |||||||||||||||||||
Wichita, KS | (1,689 | ) | 1,835 | 88 | — | 1,835 | 88 | 1,923 | (82 | ) | 2012 | (2 | ) | |||||||||||||||||||
Wichita, KS | (1,846 | ) | 1,931 | 107 | — | 1,931 | 107 | 2,038 | (135 | ) | 2012 | (2 | ) | |||||||||||||||||||
Wichita, KS | (939 | ) | 904 | 140 | — | 904 | 140 | 1,044 | (42 | ) | 2012 | (2 | ) | |||||||||||||||||||
Wichita, KS | (845 | ) | 869 | 76 | — | 869 | 76 | 945 | (59 | ) | 2012 | (2 | ) | |||||||||||||||||||
Williamsport, PA | — | 9,059 | 688 | — | 9,059 | 688 | 9,747 | (209 | ) | 2013 | (2 | ) | ||||||||||||||||||||
Woodstock, IL | — | 3,796 | 496 | — | 3,796 | 496 | 4,292 | (138 | ) | 2012 | (2 | ) | ||||||||||||||||||||
Bardstown, KY | — | 2,399 | 381 | — | 2,399 | 381 | 2,780 | (424 | ) | 2007 | (2 | ) | ||||||||||||||||||||
Total | (225,303 | )(1) | 924,075 | 134,399 | 20,572 | 944,647 | 134,399 | 1,079,046 | (71,653 | ) | ||||||||||||||||||||||
-1 | ||||||||||||||||||||||||||||||||
Balance excludes the unamortized balance of historical fair value adjustments of $288. | ||||||||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||||||
Depreciation expense is computed using the straight-line method based on the following useful lives: | ||||||||||||||||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||||||||||||||
Building and land improvements | 5 - 20 years | |||||||||||||||||||||||||||||||
Tenant improvements | Shorter of useful life or terms of related lease | |||||||||||||||||||||||||||||||
As of December 31, 2013, the aggregate cost for federal income tax purposes of investments in real estate was approximately $1.4 billion. | ||||||||||||||||||||||||||||||||
STAG Industrial, Inc. and STAG Predecessor Group | ||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
A summary of activity for real estate and accumulated depreciation is as follows: | ||||||||||||||||||||||||||||||||
STAG Industrial, Inc. | STAG | |||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||
Group | ||||||||||||||||||||||||||||||||
Year ended | Year ended | Period from | Period from | |||||||||||||||||||||||||||||
December 31, | December 31, | April 20, 2011 to | January 1, 2011 to | |||||||||||||||||||||||||||||
2013 | 2012 | December 31, | April 19, | |||||||||||||||||||||||||||||
2011 | 2011 | |||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 816,227 | $ | 502,258 | $ | 210,225 | $ | 210,186 | ||||||||||||||||||||||||
Additions during period | ||||||||||||||||||||||||||||||||
Other acquisitions | 266,389 | 322,719 | 292,426 | — | ||||||||||||||||||||||||||||
Improvements, etc. | 6,757 | 3,541 | 4,513 | 39 | ||||||||||||||||||||||||||||
Other additions | — | — | — | — | ||||||||||||||||||||||||||||
Deductions during period | ||||||||||||||||||||||||||||||||
Cost of real estate sold | (9,073 | ) | (8,309 | ) | (4,544 | ) | — | |||||||||||||||||||||||||
Write-off of tenant improvements | (1,254 | ) | (576 | ) | (362 | ) | — | |||||||||||||||||||||||||
Asset Impairments | — | (3,406 | ) | — | — | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
Balance at the end of the period | $ | 1,079,046 | $ | 816,227 | $ | 502,258 | $ | 210,225 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 46,175 | $ | 30,004 | $ | 20,959 | $ | 19,261 | ||||||||||||||||||||||||
Additions during period | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 27,492 | 18,174 | 9,618 | 1,698 | ||||||||||||||||||||||||||||
Other additions | — | — | — | — | ||||||||||||||||||||||||||||
Deductions during period | ||||||||||||||||||||||||||||||||
Disposals | (2,014 | ) | (1,885 | ) | (573 | ) | — | |||||||||||||||||||||||||
Other reductions | — | (118 | ) | — | — | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
Balance at the end of the period | $ | 71,653 | $ | 46,175 | $ | 30,004 | $ | 20,959 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Basis of Presentation | ' | |||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||
The Company's consolidated financial statements include the accounts of the Company, the Operating Partnership and their subsidiaries. The equity interests of other limited partners in the Operating Partnership are reflected as noncontrolling interest. The combined financial statements of STAG Predecessor Group include the accounts of STAG Predecessor Group and all entities in which STAG Predecessor Group had a controlling interest. All significant intercompany balances and transactions have been eliminated in the consolidation and combination of entities. The financial statements of the Company are presented on a consolidated basis, for all periods presented and comprise the consolidated historical financial statements of the transferred collection of real estate entities and holdings, upon the IPO. The combined financial information presented for periods on or prior to April 19, 2011 relate solely to STAG Predecessor Group. The financial statements for the periods after April 19, 2011 include the financial information of the Company, the Operating Partnership and their subsidiaries. Where the "Company" is referenced in comparisons of financial results for any date prior to and including April 19, 2011, the financial information for such period relates solely to STAG Predecessor Group, notwithstanding "Company" being the reference. | ||||||||||||||||||||
Consolidated and Combined Statements of Cash Flows-Supplemental Disclosures | ' | |||||||||||||||||||
Consolidated and Combined Statements of Cash Flows—Supplemental Disclosures | ||||||||||||||||||||
The following table provides supplemental disclosures related to the Consolidated and Combined Statements of Cash Flows (in thousands): | ||||||||||||||||||||
STAG | STAG | STAG | STAG | |||||||||||||||||
Industrial, Inc. | Industrial, Inc. | Industrial, Inc. | Predecessor | |||||||||||||||||
Year ended | Year ended | Period from | Group | |||||||||||||||||
December 31, | December 31, | April 20, 2011 | Period from | |||||||||||||||||
2013 | 2012 | to | January 1, 2011 | |||||||||||||||||
December 31, | to | |||||||||||||||||||
2011 | April 19, 2011 | |||||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||
Cash paid for interest | $ | 19,272 | $ | 15,044 | $ | 11,445 | $ | 2,433 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Supplemental schedule of non-cash investing and financing activities | ||||||||||||||||||||
Acquisition of tangible assets | $ | — | $ | — | $ | (215,890 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of goodwill upon Formation Transactions | $ | — | $ | — | $ | (4,923 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible assets upon Formation Transactions | $ | — | $ | — | $ | (83,442 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of mortgage notes payable | $ | — | $ | — | $ | (201,789 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Fair market value adjustment to mortgage notes payable acquired | $ | — | $ | — | $ | (675 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of related party notes payable upon Formation Transactions | $ | — | $ | — | $ | 4,466 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible liabilities upon Formation Transactions | $ | — | $ | — | $ | 1,066 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of interest rate swaps upon Formation Transactions included in the purchase price allocation | $ | — | $ | — | $ | 420 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of other liabilities upon Formation Transactions | $ | — | $ | — | $ | 171 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisition of net assets upon Formation Transactions | $ | — | $ | — | $ | 95,670 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Disposition of accrued lender fees upon Formation Transactions | $ | — | $ | — | $ | — | $ | 4,420 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of bridge loan for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (4,750 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of note payable to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (727 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of interest rate swaps to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (352 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Non-cash investing activities included in additions of land and building improvements | $ | (11,934 | ) | $ | (440 | ) | $ | (440 | ) | $ | — | |||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisitions of properties | $ | 11,499 | $ | — | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of fully depreciated tenant improvements | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of accumulated depreciation | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Dividends and distributions declared but not paid | $ | 5,166 | $ | 11,301 | $ | 6,160 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accrued distribution upon Formation Transactions | $ | — | $ | — | $ | — | $ | (1,392 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Use of Estimates | ' | |||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||
Real Estate and Deferred Lease Intangibles | ' | |||||||||||||||||||
Real Estate and Deferred Lease Intangibles | ||||||||||||||||||||
Real estate investments are carried at cost less accumulated depreciation and amortization. The cost of real estate includes the purchase price of the property and leasehold improvements. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. | ||||||||||||||||||||
The Company evaluates the carrying value of all tangible and intangible real estate assets held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the asset and the ultimate sale of the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ from actual results. | ||||||||||||||||||||
For properties considered held for sale, the Company ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. The Company classifies properties as held for sale when all criteria within the FASB's Accounting Standard Codification ("ASC") 360, Property, Plant and Equipment are met. | ||||||||||||||||||||
The Company presents qualifying assets and liabilities and the results of operations that have been sold, or otherwise qualify as "held for sale," as discontinued operations in all periods presented if the property operations are expected to be eliminated and the Company will not have significant continuing involvement following the sale. The components of the property's net income (loss) are reflected as discontinued operations include operating results, depreciation and interest expense (if the property is subject to a secured loan). | ||||||||||||||||||||
Expenditures for tenant improvements, leasehold improvements and leasing commissions are capitalized and amortized or depreciated over the shorter of their useful lives or the terms of each specific lease. Depreciation expense is computed using the straight-line method based on the following useful lives: | ||||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Building and land improvements | 5 - 20 years | |||||||||||||||||||
Tenant improvements | Shorter of useful life or terms of related lease | |||||||||||||||||||
The Company evaluates acquisitions to determine if the acquisition represents an asset acquisition or business combination, and the Company accounts for all business combinations in accordance with ASC 805, Business Combinations. Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets and liabilities acquired, which generally consist of land, buildings, tenant improvements and intangible assets including in-place leases, above market and below market leases and tenant relationships, as well as the fair value of debt assumed. The Company allocates the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases, and the below market lease values are amortized as an increase to rental income over the remaining initial terms plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases. | ||||||||||||||||||||
The purchase price is further allocated to in-place lease values and tenant relationships based on the Company's evaluation of the specific characteristics of each tenant's lease and its overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and amortization expense. If a tenant terminates its lease, the unamortized portion of leasing commissions, above and below market leases, the in-place lease value and tenant relationships are immediately written off. | ||||||||||||||||||||
In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt. | ||||||||||||||||||||
Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. The Company may adjust the preliminary purchase price allocations after obtaining more information about asset valuations and liabilities assumed. | ||||||||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||
Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts. | ||||||||||||||||||||
Restricted Cash | ' | |||||||||||||||||||
Restricted Cash | ||||||||||||||||||||
Restricted cash may include security deposits and cash held in escrow for real estate taxes and capital improvements as required in various mortgage loan agreements. Restricted cash also may include amounts held by the Company's transfer agent for preferred stock dividends that are distributed subsequent to period end. | ||||||||||||||||||||
Tenant Accounts Receivable, net | ' | |||||||||||||||||||
Tenant Accounts Receivable, net | ||||||||||||||||||||
Tenant accounts receivable, net on the Consolidated Balance Sheets includes both tenant accounts receivable, net and accrued rental income, net. The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable that is estimated to be uncollectible. As of December 31, 2013 and December 31, 2012, the Company had an allowance for doubtful accounts of $19 thousand and $0, respectively. | ||||||||||||||||||||
The Company accrues rental revenue earned, but not yet receivable, in accordance with GAAP. As of December 31, 2013 and December 31, 2012, the Company had accrued rental revenue of $9.3 million and $6.4 million, respectively. The Company maintains an allowance for estimated losses that may result from those revenues. If a tenant fails to make contractual payments beyond any allowance, the Company may recognize additional bad debt expense in future periods equal to the amount of unpaid rent and accrued rental revenue. As of December 31, 2013 and December 31, 2012, the Company had an allowance on accrued rental revenue of $0 and $0, respectively. | ||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the Company had a total of approximately $4.9 million and $4.8 million, respectively, of total lease security deposits available in existing letters of credit, which are not reflected on the Company's Consolidated Balance Sheets; and $3.0 million and $2.0 million, respectively, of lease security deposits available in cash. | ||||||||||||||||||||
Deferred Costs | ' | |||||||||||||||||||
Deferred Costs | ||||||||||||||||||||
Deferred financing fees include costs incurred in obtaining debt that are capitalized. The deferred financing fees are amortized to interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment. For the year ended December 31, 2013, December 31, 2012, period April 20, 2011 through December 31, 2011 and the period January 1, 2011 through April 19, 2011 amortization of deferred financing fees included in interest expense was $1.2 million, $1.1 million, $0.8 million, and $31 thousand, respectively. Fully amortized deferred charges are removed from the books upon maturity of the underlying debt. | ||||||||||||||||||||
Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, which are capitalized and amortized over the terms of the related leases using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are written off to amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the Consolidated and Combined Statements of Cash Flows. | ||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||
Goodwill | ||||||||||||||||||||
The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company represents amounts allocated to the assembled workforce from the acquired management company. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. | ||||||||||||||||||||
Use of Derivative Financial Instruments | ' | |||||||||||||||||||
Use of Derivative Financial Instruments | ||||||||||||||||||||
The Company follows ASC 815, Derivatives and Hedging for disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why the Company uses derivative instruments, (b) how the Company accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect the Company's financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company's objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | ||||||||||||||||||||
The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | ||||||||||||||||||||
In accordance with the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in an interest rate swap by entering into transactions with high-quality counterparties. The Company's exposure to credit risk at any point is generally limited to amounts recorded as assets or liabilities on the Consolidated Balance Sheets. | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, other accrued expenses, Unsecured Credit Facility (defined in Note 5), Unsecured Term Loans (defined in Note 5) and mortgage notes payable. The fair values of the cash and cash equivalents, restricted cash, tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values because of the short term maturity of these instruments. See Note 5 for the fair values of the Company's debt. See Note 6 for the fair values of the Company's interest rate swaps. | ||||||||||||||||||||
The Company adopted the fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||||||
Offering Costs | ' | |||||||||||||||||||
Offering Costs | ||||||||||||||||||||
Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital. Indirect costs associated with equity offerings are expensed as incurred and included in Formation Transaction costs and offering costs on the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||
Dividends | ' | |||||||||||||||||||
Dividends | ||||||||||||||||||||
Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, compensation expense, and in the estimated useful lives and basis used to compute depreciation. During the years ended December 31, 2013, December 31, 2012, and the period from April 20, 2011 to December 31, 2011, $6.2 million ($2.25 per share of Series A Preferred Stock), $6.2 million ($2.25 per share of Series A Preferred Stock) and $1.0 million ($0.36875 per share of Series A Preferred Stock) of Series A Preferred Stock dividends were paid, respectively, that were treated as ordinary income for tax purposes. During the year ended December 31, 2013, $3.3 million ($1.173175 per share of Series B Preferred Stock) of Series B Preferred Stock dividends were paid that were treated as ordinary income for tax purposes. The tax treatment of common dividends per share for federal income tax purposes is as follows: | ||||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, | ||||||||||||||||||
2013 | 2012 | 2011 to | ||||||||||||||||||
December 31, | ||||||||||||||||||||
2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||
Ordinary income | $ | 0.9723 | 71 | % | $ | 0.634 | 59.8 | % | $ | 0.3471 | 74.5 | % | ||||||||
Return of capital | 0.3703 | 27 | % | 0.426 | 40.2 | % | 0.1186 | 25.5 | % | |||||||||||
Unrecaptured section 1250 capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
Other capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total(1) | $ | 1.37 | 100 | % | $ | 1.06 | 100 | % | $ | 0.4657 | 100 | % | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
The fourth quarter 2012 common stock dividend of $0.27 per share was included in the stockholder's 2013 tax year. The December 2013 monthly common stock dividend of $0.10 per share will be included in the stockholder's 2014 tax year. | ||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||
All current leases are classified as operating leases and rental revenue is recognized on a straight-line basis over the term of the lease when collectability is reasonably assured. Differences between rental revenue earned and amounts due under the lease are charged or credited, as applicable, to accrued rental revenue. Additional rents from expense reimbursements for insurance, real estate taxes and certain other expenses are recognized in the period in which the related expenses are incurred. | ||||||||||||||||||||
Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. On July 8, 2011, the Company entered into a lease termination agreement with the tenant of two facilities, one located in Youngstown, OH and the other in Bardstown, KY. The agreement provided that the Youngstown, OH lease terminated effective July 31, 2011 and required the tenant to pay a termination fee of $2.0 million. Of the termination fee paid, $0.2 million was a replenishment of a security deposit at the Bardstown, KY property, $45 thousand was applied to the outstanding accounts receivable, and the remaining amount of approximately $1.8 million was recognized as termination income and is included in rental income during the period April 20, 2011 to December 31, 2011. On October 18, 2013, the Company entered into a lease termination agreement with the tenant located at the Creedmoor, NC building. The agreement provided that the tenant's lease terminated effective October 31, 2013 and required the tenant to pay a termination fee of $2.5 million. The termination income is included in income (loss) attributable to discontinued operations on the accompanying Consolidated Statements of Operations as the property was sold on October 31, 2013 to an unaffiliated third party. | ||||||||||||||||||||
The Company earns revenue from asset management fees, which are included on the Consolidated Statements of Operations in other income. The Company recognizes revenue from asset management fees when the related fees are earned and are realized or realizable. | ||||||||||||||||||||
By the terms of their leases, certain tenants are obligated to pay directly the costs of their properties' insurance, real estate taxes, ground lease payments, and certain other expenses and these costs are not reflected on the Company's Consolidated and Combined Financial Statements. To the extent any tenant responsible for these costs under its respective lease defaults on its lease or it is deemed probable that the tenant will fail to pay for such costs, the Company would record a liability for such obligation. The Company estimates that real estate taxes, which are the responsibility of these certain tenants, was approximately $9.4 million for the year ended December 31, 2013, $6.9 million for the year ended December 31, 2012, $0.5 million for the period January 1, 2011 to April 19, 2011, $3.5 million for the period from April 20, 2011 to December 31, 2011. This would have been the maximum liability of the Company had the tenants not met their contractual obligations. The Company does not recognize recovery revenue related to leases where the tenant has assumed the cost for real estate taxes, insurance, ground lease payments and certain other expenses. | ||||||||||||||||||||
Gain on Sale of Real Estate | ' | |||||||||||||||||||
Gain on Sales of Real Estate | ||||||||||||||||||||
Gain on sale of real estate is recognized pursuant to the provisions included in ASC 360-20, Real Estate Sales. The specific timing of the sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. | ||||||||||||||||||||
Incentive and Equity-Based Employee Compensation Plans | ' | |||||||||||||||||||
Incentive and Equity-Based Employee Compensation Plans | ||||||||||||||||||||
The Company grants equity-based compensation awards to its employees and directors typically in the form of restricted shares of common stock, long-term incentive plan units in the Operating Partnership ("LTIP units") and an outperformance program. See Notes 7, 8 and 14 for further discussion of restricted shares of common stock, LTIP units, and the outperformance program, respectively. The Company accounts for its equity-based employee compensation in accordance with ASC 718, Compensation—Stock Compensation. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period. | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ||||||||||||||||||||
Prior to the IPO, the Predecessor was comprised primarily of limited partnerships and limited liability companies. Under applicable federal and state income tax rules, the allocated share of net income or loss from the limited partnerships and limited liability companies was reportable in the income tax returns of the respective partners and members. | ||||||||||||||||||||
The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company is generally not subject to corporate level income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain savings provisions set forth in the Code, all of the Company's taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. | ||||||||||||||||||||
The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The TRS did not have any activity during the years ended December 31, 2013 and December 31, 2012 and the period April 20, 2011 to December 31, 2011. | ||||||||||||||||||||
The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of $0.6 million, $0.3 million and $0.3 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2013, December 31, 2012 and the period April 20, 2011 to December 31, 2011. | ||||||||||||||||||||
The Company currently has no liabilities for uncertain tax positions. | ||||||||||||||||||||
The following table reconciles net income (loss) to taxable income for the years ended December 31, 2013 and 2012, respectively, and the period April 20, 2011 to December 31, 2011 (in thousands): | ||||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, 2011 to | ||||||||||||||||||
2013 | 2012 | December 31, 2011 | ||||||||||||||||||
Net income (loss) | $ | 4,902 | $ | (10,199 | ) | $ | (9,227 | ) | ||||||||||||
Book/Tax differences from depreciation and amortization | 46,389 | 24,048 | 12,625 | |||||||||||||||||
Above/Below market lease amortization | 6,544 | 4,837 | 2,776 | |||||||||||||||||
Loss on impairments | — | 4,563 | — | |||||||||||||||||
Formation Transaction costs | — | — | 3,169 | |||||||||||||||||
Offering costs | 27 | 68 | 78 | |||||||||||||||||
Book/Tax difference on property acquisition costs | 3,427 | 4,218 | 1,088 | |||||||||||||||||
Loss on extinguishment of debt | — | 565 | — | |||||||||||||||||
Accrued non-recurring IPO bonus payment | — | (1,000 | ) | 1,000 | ||||||||||||||||
Accrued bonus payment | 440 | 3,731 | — | |||||||||||||||||
Book/Tax difference on bad debt expense | 19 | 317 | 526 | |||||||||||||||||
Book/Tax difference on non-cash compensation | 1,846 | 1,375 | 560 | |||||||||||||||||
Book/Tax difference on gain on sales of real estate | (3,915 | ) | (4,554 | ) | (1,231 | ) | ||||||||||||||
Straight-line rent adjustments, net | (2,941 | ) | (2,796 | ) | (1,036 | ) | ||||||||||||||
Unrealized gain on interest rate swaps | — | (215 | ) | (2,805 | ) | |||||||||||||||
Book/tax difference on non-cash portion of interest expense | (106 | ) | (159 | ) | — | |||||||||||||||
Other book/tax differences, net | 28 | 63 | (73 | ) | ||||||||||||||||
Loss attributable to noncontrolling interest | (7,785 | ) | (5,940 | ) | (1,768 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
Taxable income subject to distribution requirement(1) | $ | 48,875 | $ | 18,922 | $ | 5,682 | ||||||||||||||
-1 | ||||||||||||||||||||
The Company distributed in excess of 100% of its taxable income to its stockholders during the years ended December 31, 2013 and December 31, 2012, and the period April 20, 2011 to December 31, 2011, respectively. | ||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||
The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, basic earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur from shares issuable in connection with awards under incentive and equity-based compensation plans. | ||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. | ||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Schedule of supplemental disclosures related to the Consolidated and Combined Statements of Cash Flows | ' | |||||||||||||||||||
The following table provides supplemental disclosures related to the Consolidated and Combined Statements of Cash Flows (in thousands): | ||||||||||||||||||||
STAG | STAG | STAG | STAG | |||||||||||||||||
Industrial, Inc. | Industrial, Inc. | Industrial, Inc. | Predecessor | |||||||||||||||||
Year ended | Year ended | Period from | Group | |||||||||||||||||
December 31, | December 31, | April 20, 2011 | Period from | |||||||||||||||||
2013 | 2012 | to | January 1, 2011 | |||||||||||||||||
December 31, | to | |||||||||||||||||||
2011 | April 19, 2011 | |||||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||
Cash paid for interest | $ | 19,272 | $ | 15,044 | $ | 11,445 | $ | 2,433 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Supplemental schedule of non-cash investing and financing activities | ||||||||||||||||||||
Acquisition of tangible assets | $ | — | $ | — | $ | (215,890 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of goodwill upon Formation Transactions | $ | — | $ | — | $ | (4,923 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible assets upon Formation Transactions | $ | — | $ | — | $ | (83,442 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of mortgage notes payable | $ | — | $ | — | $ | (201,789 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Fair market value adjustment to mortgage notes payable acquired | $ | — | $ | — | $ | (675 | ) | $ | — | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of related party notes payable upon Formation Transactions | $ | — | $ | — | $ | 4,466 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of intangible liabilities upon Formation Transactions | $ | — | $ | — | $ | 1,066 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of interest rate swaps upon Formation Transactions included in the purchase price allocation | $ | — | $ | — | $ | 420 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Acquisition of other liabilities upon Formation Transactions | $ | — | $ | — | $ | 171 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisition of net assets upon Formation Transactions | $ | — | $ | — | $ | 95,670 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Disposition of accrued lender fees upon Formation Transactions | $ | — | $ | — | $ | — | $ | 4,420 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of bridge loan for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (4,750 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of note payable to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (727 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Assumption of interest rate swaps to related party for Option Properties upon Formation Transactions | $ | — | $ | — | $ | — | $ | (352 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Non-cash investing activities included in additions of land and building improvements | $ | (11,934 | ) | $ | (440 | ) | $ | (440 | ) | $ | — | |||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Issuance of units for acquisitions of properties | $ | 11,499 | $ | — | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of fully depreciated tenant improvements | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Write-off of accumulated depreciation | $ | 1,254 | $ | 576 | $ | — | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Dividends and distributions declared but not paid | $ | 5,166 | $ | 11,301 | $ | 6,160 | $ | — | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Accrued distribution upon Formation Transactions | $ | — | $ | — | $ | — | $ | (1,392 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Schedule of estimated useful lives | ' | |||||||||||||||||||
Buildings | 40 years | |||||||||||||||||||
Building and land improvements | 5 - 20 years | |||||||||||||||||||
Tenant improvements | Shorter of useful life or terms of related lease | |||||||||||||||||||
Schedule of tax treatment of common dividends per share for federal income tax | ' | |||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, | ||||||||||||||||||
2013 | 2012 | 2011 to | ||||||||||||||||||
December 31, | ||||||||||||||||||||
2011 | ||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||
Ordinary income | $ | 0.9723 | 71 | % | $ | 0.634 | 59.8 | % | $ | 0.3471 | 74.5 | % | ||||||||
Return of capital | 0.3703 | 27 | % | 0.426 | 40.2 | % | 0.1186 | 25.5 | % | |||||||||||
Unrecaptured section 1250 capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
Other capital gain | 0.0137 | 1 | % | — | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total(1) | $ | 1.37 | 100 | % | $ | 1.06 | 100 | % | $ | 0.4657 | 100 | % | ||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||
The fourth quarter 2012 common stock dividend of $0.27 per share was included in the stockholder's 2013 tax year. The December 2013 monthly common stock dividend of $0.10 per share will be included in the stockholder's 2014 tax year. | ||||||||||||||||||||
Schedule of reconciliation of net income (loss) to taxable income | ' | |||||||||||||||||||
The following table reconciles net income (loss) to taxable income for the years ended December 31, 2013 and 2012, respectively, and the period April 20, 2011 to December 31, 2011 (in thousands): | ||||||||||||||||||||
Year ended | Year ended | Period from | ||||||||||||||||||
December 31, | December 31, | April 20, 2011 to | ||||||||||||||||||
2013 | 2012 | December 31, 2011 | ||||||||||||||||||
Net income (loss) | $ | 4,902 | $ | (10,199 | ) | $ | (9,227 | ) | ||||||||||||
Book/Tax differences from depreciation and amortization | 46,389 | 24,048 | 12,625 | |||||||||||||||||
Above/Below market lease amortization | 6,544 | 4,837 | 2,776 | |||||||||||||||||
Loss on impairments | — | 4,563 | — | |||||||||||||||||
Formation Transaction costs | — | — | 3,169 | |||||||||||||||||
Offering costs | 27 | 68 | 78 | |||||||||||||||||
Book/Tax difference on property acquisition costs | 3,427 | 4,218 | 1,088 | |||||||||||||||||
Loss on extinguishment of debt | — | 565 | — | |||||||||||||||||
Accrued non-recurring IPO bonus payment | — | (1,000 | ) | 1,000 | ||||||||||||||||
Accrued bonus payment | 440 | 3,731 | — | |||||||||||||||||
Book/Tax difference on bad debt expense | 19 | 317 | 526 | |||||||||||||||||
Book/Tax difference on non-cash compensation | 1,846 | 1,375 | 560 | |||||||||||||||||
Book/Tax difference on gain on sales of real estate | (3,915 | ) | (4,554 | ) | (1,231 | ) | ||||||||||||||
Straight-line rent adjustments, net | (2,941 | ) | (2,796 | ) | (1,036 | ) | ||||||||||||||
Unrealized gain on interest rate swaps | — | (215 | ) | (2,805 | ) | |||||||||||||||
Book/tax difference on non-cash portion of interest expense | (106 | ) | (159 | ) | — | |||||||||||||||
Other book/tax differences, net | 28 | 63 | (73 | ) | ||||||||||||||||
Loss attributable to noncontrolling interest | (7,785 | ) | (5,940 | ) | (1,768 | ) | ||||||||||||||
| | | | | | | | | | | ||||||||||
Taxable income subject to distribution requirement(1) | $ | 48,875 | $ | 18,922 | $ | 5,682 | ||||||||||||||
-1 | ||||||||||||||||||||
The Company distributed in excess of 100% of its taxable income to its stockholders during the years ended December 31, 2013 and December 31, 2012, and the period April 20, 2011 to December 31, 2011, respectively. | ||||||||||||||||||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Real Estate | ' | |||||||||||||
Summary of acquisitions of the Company | ' | |||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Property Location | Date | Square | Buildings | |||||||||||
Acquired | Feet | |||||||||||||
Orangeburg, SC | 2/7/13 | 319,000 | 1 | |||||||||||
Golden, CO | 2/27/13 | 227,500 | 1 | |||||||||||
Columbia, SC | 2/28/13 | 273,280 | 1 | |||||||||||
DeKalb, IL | 3/15/13 | 146,740 | 1 | |||||||||||
Ocala, FL | 3/26/13 | 619,466 | 1 | |||||||||||
Londonderry, NH | 3/28/13 | 125,060 | 1 | |||||||||||
Marion, IA | 3/28/13 | 95,500 | 1 | |||||||||||
Mishawaka, IN | 4/5/13 | 308,884 | 1 | |||||||||||
Southfield, MI(1) | 4/9/13 | 113,000 | 1 | |||||||||||
Houston, TX | 4/9/13 | 201,574 | 1 | |||||||||||
Idaho Falls, ID | 4/11/13 | 90,300 | 1 | |||||||||||
Mt. Prospect, IL | 5/14/13 | 87,380 | 1 | |||||||||||
Williamsport, PA | 5/31/13 | 250,000 | 1 | |||||||||||
Belvidere, IL | 6/19/13 | 1,006,960 | 8 | |||||||||||
Kentwood, MI | 6/26/13 | 85,157 | 1 | |||||||||||
Marshall, MI | 6/26/13 | 57,025 | 1 | |||||||||||
Nashville, TN | 7/18/13 | 150,000 | 1 | |||||||||||
Catoosa, OK | 7/31/13 | 100,100 | 1 | |||||||||||
New Berlin, WI | 8/16/13 | 205,063 | 1 | |||||||||||
Hampstead, MD | 8/21/13 | 1,035,249 | 1 | |||||||||||
New Hope, MN | 9/20/13 | 107,348 | 1 | |||||||||||
Springfield, OH | 9/26/13 | 350,500 | 1 | |||||||||||
Orlando, FL | 10/8/13 | 215,900 | 1 | |||||||||||
North Jackson, OH | 11/6/13 | 209,835 | 1 | |||||||||||
Mebane, NC | 11/14/13 | 383,500 | 1 | |||||||||||
Shannon, GA | 11/26/13 | 568,516 | 1 | |||||||||||
Lansing, MI | 12/11/13 | 160,000 | 1 | |||||||||||
Harvard, IL | 12/17/13 | 126,304 | 1 | |||||||||||
Sauk Village, IL | 12/17/13 | 375,785 | 1 | |||||||||||
South Holland, IL | 12/17/13 | 202,902 | 1 | |||||||||||
Mascot, TN | 12/19/13 | 130,560 | 1 | |||||||||||
Janesville, WI | 12/27/13 | 700,000 | 1 | |||||||||||
Total | 9,028,388 | 39 | ||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
-1 | ||||||||||||||
The Company also owns a 5.4 acre vacant land parcel adjacent to this building. | ||||||||||||||
Year ended December 31, 2012 | ||||||||||||||
Property Location | Date | Square | Buildings | |||||||||||
Acquired | Feet | |||||||||||||
East Windsor, CT | 3/1/12 | 145,000 | 1 | |||||||||||
South Bend, IN | 3/8/12 | 225,000 | 1 | |||||||||||
Lansing, MI | 3/21/12 | 129,325 | 1 | |||||||||||
Portland, ME | 3/27/12 | 100,600 | 1 | |||||||||||
Portland, TN | 3/30/12 | 414,043 | 1 | |||||||||||
Spartanburg, SC | 4/5/12 | 409,600 | 4 | |||||||||||
Franklin, IN | 4/17/12 | 703,496 | 1 | |||||||||||
Muhlenberg Township, PA | 5/24/12 | 394,289 | 1 | |||||||||||
Avon, CT | 6/15/12 | 78,400 | 1 | |||||||||||
Orlando, FL | 6/15/12 | 155,000 | 1 | |||||||||||
Pineville, NC | 6/15/12 | 75,400 | 1 | |||||||||||
Buffalo, NY | 6/15/12 | 117,000 | 1 | |||||||||||
Edgefield, SC | 6/15/12 | 126,190 | 1 | |||||||||||
Arlington, TX | 6/15/12 | 196,000 | 1 | |||||||||||
Bellevue, OH | 7/18/12 | 181,838 | 1 | |||||||||||
Atlanta, GA | 8/1/12 | 407,981 | 1 | |||||||||||
Huntersville, NC | 8/6/12 | 185,570 | 1 | |||||||||||
Simpsonville, SC | 8/23/12 | 204,952 | 1 | |||||||||||
Simpsonville, SC | 8/23/12 | 207,042 | 1 | |||||||||||
Dallas, GA | 9/4/12 | 92,807 | 1 | |||||||||||
Mebane, NC | 9/4/12 | 223,340 | 1 | |||||||||||
Mebane, NC | 9/4/12 | 202,691 | 1 | |||||||||||
De Pere, WI | 9/13/12 | 200,000 | 1 | |||||||||||
Duncan, SC | 9/21/12 | 474,000 | 1 | |||||||||||
Duncan, SC | 9/21/12 | 313,380 | 1 | |||||||||||
Buena Vista, VA | 9/27/12 | 172,759 | 1 | |||||||||||
Gurnee, IL | 9/28/12 | 223,760 | 1 | |||||||||||
Auburn Hills, MI | 10/9/12 | 87,932 | 1 | |||||||||||
El Paso, TX | 10/9/12 | 269,245 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 50,000 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 101,589 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 26,529 | 1 | |||||||||||
Gloversville, NY | 10/9/12 | 59,965 | 1 | |||||||||||
Greenwood, SC | 10/9/12 | 104,955 | 1 | |||||||||||
Greenwood, SC | 10/9/12 | 70,100 | 1 | |||||||||||
Holland, MI | 10/9/12 | 195,000 | 1 | |||||||||||
Independence, VA | 10/9/12 | 120,000 | 1 | |||||||||||
Jackson, TN | 10/9/12 | 250,000 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 52,500 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 60,000 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 42,325 | 1 | |||||||||||
Johnstown, NY | 10/9/12 | 57,102 | 1 | |||||||||||
Kansas City, KS | 10/9/12 | 56,580 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 71,400 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 120,000 | 1 | |||||||||||
Lafayette, IN | 10/9/12 | 275,000 | 1 | |||||||||||
Lansing, MI | 10/9/12 | 250,100 | 1 | |||||||||||
Marion, IN | 10/9/12 | 249,600 | 1 | |||||||||||
Novi, MI | 10/9/12 | 120,800 | 1 | |||||||||||
O'Hara, PA | 10/9/12 | 887,084 | 1 | |||||||||||
Parsons, KS | 10/9/12 | 120,000 | 1 | |||||||||||
Phenix City, AL | 10/9/12 | 117,568 | 1 | |||||||||||
Portage, IN | 10/9/12 | 212,000 | 1 | |||||||||||
Ware Shoals, SC | 10/9/12 | 20,514 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 80,850 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 120,000 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 44,760 | 1 | |||||||||||
Wichita, KS | 10/9/12 | 47,700 | 1 | |||||||||||
Chicopee, MA | 10/26/12 | 217,000 | 1 | |||||||||||
Sterling Heights, MI | 10/31/12 | 108,000 | 1 | |||||||||||
Harrisonburg, VA | 11/29/12 | 357,673 | 1 | |||||||||||
Toledo, OH | 12/13/12 | 177,500 | 1 | |||||||||||
Woodstock, IL | 12/14/12 | 129,803 | 1 | |||||||||||
Kansas City, MO | 12/19/12 | 226,576 | 1 | |||||||||||
Smyrna, GA | 12/20/12 | 102,000 | 1 | |||||||||||
Montgomery, IL | 12/20/12 | 584,301 | 1 | |||||||||||
Statham, GA | 12/21/12 | 225,680 | 1 | |||||||||||
| | | | | | | | | | | ||||
Total | 12,829,194 | 70 | ||||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | ' | |||||||||||||
The following table (in thousands) summarizes the allocation of the consideration paid during the year ended December 31, 2013 and the year ended December 31, 2012, respectively, for the acquired assets and liabilities in connection with the acquisitions of buildings at the date of acquisition identified in the table above (in thousands): | ||||||||||||||
Year Ended | Weighted Average | Year Ended | Weighted Average | |||||||||||
December 31, | Amortization | December 31, | Amortization | |||||||||||
2013 | Period (years) | 2012 | Period (years) | |||||||||||
Lease Intangibles | Lease Intangibles | |||||||||||||
Land | $ | 31,310 | N/A | $ | 34,991 | N/A | ||||||||
Buildings | 223,420 | N/A | 269,616 | N/A | ||||||||||
Tenant improvements | 2,526 | N/A | 10,624 | N/A | ||||||||||
Cash escrow for capital additions | — | N/A | 785 | N/A | ||||||||||
Above market leases | 8,219 | 5.8 | 16,728 | 10 | ||||||||||
Below market leases | (2,538 | ) | 7.2 | (5,962 | ) | 6.5 | ||||||||
In-place leases | 50,005 | 5.8 | 63,397 | 6.6 | ||||||||||
Tenant relationships | 21,257 | 8.2 | 26,241 | 8.2 | ||||||||||
Building and land improvements | 9,133 | N/A | 7,488 | N/A | ||||||||||
| | | | | | | | | | | | | | |
Net assets acquired | $ | 343,332 | $ | 423,908 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of pro forma information presented as if, the acquisitions of the buildings had occurred at the beginning of the previous fiscal period | ' | |||||||||||||
Pro Forma | Year ended | |||||||||||||
December 31, 2013 | ||||||||||||||
(in thousands, | ||||||||||||||
except share data)(1) | ||||||||||||||
Total revenue | $ | 154,866 | ||||||||||||
Net income(2) | $ | 11,780 | ||||||||||||
Net income attributable to common stockholders | $ | 1,715 | ||||||||||||
Weighted average shares outstanding | 42,364,125 | |||||||||||||
Net income per share attributable to common stockholders | $ | 0.04 | ||||||||||||
Pro Forma | Year ended | |||||||||||||
December 31, 2012 | ||||||||||||||
(in thousands, | ||||||||||||||
except share data)(3) | ||||||||||||||
Total revenue | $ | 152,962 | ||||||||||||
Net loss(2) | $ | (12,286 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (14,424 | ) | |||||||||||
Weighted average shares outstanding | 25,046,664 | |||||||||||||
Net loss per share attributable to common stockholders | $ | (0.58 | ) | |||||||||||
-1 | ||||||||||||||
The unaudited pro forma information for the year ended December 31, 2013 is presented as if the properties acquired during the year ended December 31, 2013 had occurred at January 1, 2012, the beginning of the reporting period prior to acquisition. | ||||||||||||||
-2 | ||||||||||||||
The net income for the year ended December 31, 2013 excludes $3.0 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2013, and the net loss for the year ended December 31, 2012 was adjusted to include these acquisition costs. Net loss for the year ended December 31, 2012 excludes $3.6 million of property acquisition costs related to the acquisition of buildings that closed during the year ended December 31, 2012. | ||||||||||||||
-3 | ||||||||||||||
The unaudited pro forma information for the year ended December 31, 2012 is presented as if the properties acquired during the year ended December 31, 2013 and the properties acquired during the year ended December 31, 2012 had occurred at January 1, 2012 and January 1, 2011, respectively, the beginning of the reporting period prior to acquisition. | ||||||||||||||
Deferred_Leasing_Intangibles_T
Deferred Leasing Intangibles (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Leasing Intangibles | ' | |||||||
Schedule of deferred leasing intangibles included in total assets | ' | |||||||
Deferred leasing intangibles included in total assets consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
In-place leases | $ | 142,518 | $ | 108,363 | ||||
Less: Accumulated amortization | (49,756 | ) | (28,289 | ) | ||||
| | | | | | | | |
In-place leases, net | 92,762 | 80,074 | ||||||
| | | | | | | | |
Above market leases | 57,283 | 50,699 | ||||||
Less: Accumulated amortization | (17,232 | ) | (10,362 | ) | ||||
| | | | | | | | |
Above market leases, net | 40,051 | 40,337 | ||||||
| | | | | | | | |
Tenant relationships | 77,260 | 61,050 | ||||||
Less: Accumulated amortization | (18,693 | ) | (11,298 | ) | ||||
| | | | | | | | |
Tenant relationships, net | 58,567 | 49,752 | ||||||
| | | | | | | | |
Leasing commissions | 33,107 | 23,376 | ||||||
Less: Accumulated amortization | (9,520 | ) | (5,984 | ) | ||||
| | | | | | | | |
Leasing commissions, net | 23,587 | 17,392 | ||||||
| | | | | | | | |
Total deferred leasing intangibles, net | $ | 214,967 | $ | 187,555 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of deferred leasing intangibles included in total liabilities | ' | |||||||
Deferred leasing intangibles included in total liabilities consisted of the following (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Below market leases | $ | 11,434 | $ | 9,878 | ||||
Less: Accumulated amortization | (4,520 | ) | (3,007 | ) | ||||
| | | | | | | | |
Total deferred leasing intangibles, net | $ | 6,914 | $ | 6,871 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of amortization related to deferred leasing intangibles over the next five years | ' | |||||||
Amortization related to deferred leasing intangibles over the next five years is as follows (in thousands): | ||||||||
Estimated Net Amortization | Net Decrease to Rental | |||||||
of In-Place Leases, | Income Related to | |||||||
Leasing Commissions and | Above and Below | |||||||
Tenant Relationships | Market Leases | |||||||
2014 | $ | 41,754 | $ | 5,980 | ||||
2015 | 33,004 | 6,201 | ||||||
2016 | 26,818 | 5,600 | ||||||
2017 | 21,011 | 4,240 | ||||||
2018 | 15,217 | 3,256 |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt | ' | |||||||||||||
Summary of the mortgage notes payable, unsecured term loans and credit facility | ' | |||||||||||||
The following table sets forth a summary of the Company's outstanding indebtedness, including mortgage notes payable and borrowings under the Company's Unsecured Term Loans and Unsecured Credit Facility as of December 31, 2013 and December 31, 2012 (dollars in thousands): | ||||||||||||||
Loan | Interest | Principal | Principal | Current | ||||||||||
Rate(1) | outstanding as of | outstanding as of | Maturity | |||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Sun Life(2) | 6.05% | $ | 3,817 | $ | 4,079 | Jun-1-2016 | ||||||||
Webster Bank(3) | 4.22% | 5,834 | 5,984 | Aug-4-2016 | ||||||||||
Bank of America Unsecured Credit Facility(4) | LIBOR + 1.45% | 80,500 | 99,300 | Sept-10-2016 | ||||||||||
Union Fidelity(5) | 5.81% | 6,551 | 6,898 | Apr-30-2017 | ||||||||||
Webster Bank(6) | 3.66% | 3,121 | 3,203 | May-29-2017 | ||||||||||
Webster Bank(7) | 3.64% | 3,360 | 3,450 | May-31-2017 | ||||||||||
Bank of America Unsecured Term Loan(8) | LIBOR + 1.40% | 150,000 | 150,000 | Sept-10-2017 | ||||||||||
CIGNA-1 Facility(9) | 6.50% | 58,874 | 59,645 | Feb-1-2018 | ||||||||||
CIGNA-2 Facility(10) | 5.75% | 59,990 | 60,863 | Feb-1-2018 | ||||||||||
CIGNA-3 Facility(11) | 5.88% | 16,879 | 17,097 | Oct-1-2019 | ||||||||||
Wells Fargo Unsecured Term Loan(12) | LIBOR + 2.15% | 100,000 | — | Feb-14-2020 | ||||||||||
Wells Fargo CMBS Loan(13) | 4.31% | 67,165 | 68,696 | Dec-1-2022 | ||||||||||
| | | | | | | | | | | | | | |
$ | 556,091 | $ | 479,215 | |||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Current interest rate as of December 31, 2013. At December 31, 2013 and December 31, 2012, the one-month LIBOR rate was 0.1677% and 0.2087%, respectively. | ||||||||||||||
-2 | ||||||||||||||
This loan with Sun Life Assurance Company of Canada (U.S.) ("Sun Life") was assumed on October 14, 2011 in connection with the acquisition of the building located in Gahanna, OH. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.2 million and $0.2 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||
-3 | ||||||||||||||
This loan with Webster Bank, National Association ("Webster Bank") was entered into on August 4, 2011 in connection with the acquisition of the building located in Norton, MA. The property is collateral for this loan. | ||||||||||||||
-4 | ||||||||||||||
The spread over LIBOR for this Bank of America, N.A. ("Bank of America") unsecured revolving credit facility ("Unsecured Credit Facility") is based on the Company's consolidated leverage. The spread was 1.45% and 1.65% as of December 31, 2013 and December 31, 2012, respectively. The Company paid unused fees of $0.6 million and $0.1 million for the years ended December 31, 2013 and December 31, 2012, respectively. The borrowing capacity as of December 31, 2013 was $119.3 million, assuming current leverage levels. | ||||||||||||||
-5 | ||||||||||||||
This loan with Union Fidelity Life Insurance Co. ("Union Fidelity") was assumed on July 28, 2011 in connection with the acquisition of the St. Louis, MO building. The property is collateral for this loan. The principal outstanding includes an unamortized fair market value premium of $0.1 million and $0.2 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||
-6 | ||||||||||||||
This loan with Webster Bank was entered into on May 29, 2012 in connection with the acquisition of the building located in Portland, ME. The property is collateral for this loan. | ||||||||||||||
-7 | ||||||||||||||
This loan with Webster Bank was entered into on May 31, 2012 in connection with the acquisition of the building located in East Windsor, CT. The property is collateral for this loan. | ||||||||||||||
-8 | ||||||||||||||
This Bank of America unsecured term loan ("Bank of America Unsecured Term Loan") was entered into on September 10, 2012 and subsequently amended on October 7, 2013. The spread over LIBOR is based on the Company's consolidated leverage ratio. The spread was 1.40% and 1.65% as of December 31, 2013 and December 31, 2012, respectively. The Company swapped the one-month LIBOR for a fixed rate for $100.0 million of the $150.0 million outstanding on the Bank of America Unsecured Term Loan. The net settlements of the swaps commenced on the effective date of the swaps, October 10, 2012 (see Note 6 for further details). There was no remaining borrowing capacity as of December 31, 2013. | ||||||||||||||
-9 | ||||||||||||||
This Connecticut General Life Insurance Company ("CIGNA") credit facility originally was entered into in July 2010 (the "CIGNA-1 Facility"), which loan has various buildings serving as collateral and has no remaining borrowing capacity as of December 31, 2013. | ||||||||||||||
-10 | ||||||||||||||
This CIGNA credit facility originally was entered into in October 2010 (the "CIGNA-2 Facility"), which loan has various buildings serving as collateral and has a remaining borrowing capacity of approximately $2.9 million as of December 31, 2013, subject to customary terms and conditions, including underwriting. | ||||||||||||||
-11 | ||||||||||||||
This CIGNA credit facility originally was entered into on July 8, 2011 ("CIGNA-3 Facility"), which loan has various buildings serving as collateral. The CIGNA-3 Facility and has a remaining borrowing capacity of approximately $47.9 million as of December 31, 2013, subject to customary terms and conditions, including underwriting. | ||||||||||||||
-12 | ||||||||||||||
This Wells Fargo Bank, National Association ("Wells Fargo") unsecured term loan ("Wells Fargo Unsecured Term Loan") was entered into on February 14, 2013. The spread over LIBOR is based on the Company's consolidated leverage. The spread was 2.15% as of December 31, 2013. As of December 31, 2013, the Company swapped one-month LIBOR for a fixed rate on $125.0 million of the $150.0 million capacity on the unsecured term loan (see Note 6 for further details). The borrowing capacity as of December 31, 2013 was $50.0 million, assuming current leverage levels, and was drawn down by the Company on January 30, 2014. | ||||||||||||||
-13 | ||||||||||||||
This Wells Fargo loan ("CMBS Loan") was entered into on November 8, 2012 and is a non-recourse loan with 28 buildings serving as collateral. | ||||||||||||||
Schedule of amended terms of the Unsecured Credit Facility and the Bank of America Unsecured Term Loan | ' | |||||||||||||
Original Terms | Amended Terms | |||||||||||||
Applicable Rates | Unsecured Credit Facility | Unsecured | Unsecured | |||||||||||
and Unsecured Term Loan | Credit Facility | Term Loan | ||||||||||||
Eurodollar Rate(1): | one month-LIBOR + 165.0 bps - 225.0 bps | one month-LIBOR + 145.0 bps - 205.0 bps | one month-LIBOR + 140.0 bps - 200.0 bps | |||||||||||
Base Rate(1): | Base rate + 65.0 bps - 125.0 bps | Base rate + 45.0 bps - 105.0 bps | Base rate + 40.0 bps - 100.0 bps | |||||||||||
Unused Fees: | <50%, 35.0 bps; > 50%, 25.0 bps | <50%, 25.0 bps; > 50%, 20.0 bps | — | |||||||||||
-1 | ||||||||||||||
The spread over the applicable rate is based on the Company's consolidated leverage ratio. | ||||||||||||||
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value | ' | |||||||||||||
The following table presents the aggregate carrying value of the Company's debt and the corresponding estimate of fair value as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||
Amount | Value | Amount | Value | |||||||||||
Mortgage notes payable | $ | 225,591 | $ | 228,996 | $ | 229,915 | $ | 242,175 | ||||||
Unsecured Credit Facility | $ | 80,500 | $ | 80,500 | $ | 99,300 | $ | 99,300 | ||||||
Bank of America Unsecured Term Loan | $ | 150,000 | $ | 148,781 | $ | 150,000 | $ | 150,000 | ||||||
Wells Fargo Unsecured Term Loan | $ | 100,000 | $ | 97,302 | $ | — | $ | — | ||||||
Schedule of aggregate future principal payments of debt | ' | |||||||||||||
The following table reflects the Company's aggregate future principal payments of the Company's debt at December 31, 2013 (dollars in thousands): | ||||||||||||||
2014 | $ | 4,447 | ||||||||||||
2015 | 4,688 | |||||||||||||
2016 | 93,777 | |||||||||||||
2017 | 165,506 | |||||||||||||
2018 | 113,377 | |||||||||||||
Thereafter | 174,008 | |||||||||||||
| | | | | ||||||||||
Total aggregate principal payments | $ | 555,803 | ||||||||||||
Unamortized balance of historical fair value adjustments | 288 | |||||||||||||
| | | | | ||||||||||
Total carrying value of debt | $ | 556,091 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Use_of_Derivative_Financial_In1
Use of Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Use of Derivative Financial Instruments | ' | |||||||||||||||
Schedule of swaps designated as cash flow hedges of interest rate risk collectively referred to as Unsecured Term Loan Swaps | ' | |||||||||||||||
The following table details the Company's outstanding interest rate swaps as of December 31, 2013 (collectively, the "Unsecured Term Loan Swaps") (in thousands): | ||||||||||||||||
Interest Rate Derivative | Trade Date | Notional | Fixed | Variable | Maturity Date | |||||||||||
Amount | Interest Rate | Interest Rate | ||||||||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7945 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-14-2012 | $ | 10,000 | -1 | 0.7975 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-20-2012 | $ | 25,000 | -1 | 0.7525 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | Sept-24-2012 | $ | 25,000 | -1 | 0.727 | % | One-month LIBOR | September 10, 2017 | ||||||||
Interest rate swap | March-1-2013 | $ | 25,000 | -2 | 1.33 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | June-13-2013 | $ | 25,000 | -2 | 1.703 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | June-13-2013 | $ | 50,000 | -2 | 1.681 | % | One-month LIBOR | February 14, 2020 | ||||||||
Interest rate swap | Sept-30-2013 | $ | 25,000 | -2 | 1.9925 | % | One-month LIBOR | February 14, 2020 | ||||||||
-1 | ||||||||||||||||
Fixes the interest rate of the Bank of America Unsecured Term Loan | ||||||||||||||||
-2 | ||||||||||||||||
Fixes the interest rate of the Wells Fargo Unsecured Term Loan | ||||||||||||||||
Summary of the fair value of interest rate swap outstanding | ' | |||||||||||||||
The fair value of the interest rate swaps outstanding as of December 31, 2013 and December 31, 2012 was as follows (in thousands): | ||||||||||||||||
Balance Sheet | Notional | Fair Value | Notional | Fair Value | ||||||||||||
Location(1) | Amount | December 31, | Amount | December 31, | ||||||||||||
December 31, | 2013 | December 31, | 2012 | |||||||||||||
2013 | 2012 | |||||||||||||||
Unsecured Term Loan Swaps | Interest Rate Swaps-Asset (Liability) | $ | 225,000 | $ | 3,924 | $ | 100,000 | $ | (480 | ) | ||||||
-1 | ||||||||||||||||
The individual interest rate swaps' assets and liabilities are not netted on the accompanying Consolidated Balance Sheets. | ||||||||||||||||
Schedule of location in the financial statements of the gain (loss) recognized on interest rate swaps designated as cash flow hedges | ' | |||||||||||||||
The table below details the location in the financial statements of the gain or loss recognized on interest rate swaps designated as cash flow hedges for the years ended December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
STAG Industrial, Inc. | ||||||||||||||||
Year ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) | $ | 3,032 | $ | (608 | ) | |||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) | $ | 1,373 | $ | 128 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Amount of loss recognized in income on swaps (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Schedule of interest rate swaps that are accounted for at fair value on a recurring basis | ' | |||||||||||||||
The following sets forth the Company's financial instruments that are accounted for at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2013 Using: | ||||||||||||||||
December 31, | Quoted Prices | Significant | Unobservable | |||||||||||||
2013 | In Active | Other | Inputs | |||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Assets: | ||||||||||||||||
Interest Rate Swaps | $ | 3,924 | $ | — | $ | 3,924 | $ | — | ||||||||
Fair Value Measurements as of | ||||||||||||||||
December 31, 2012 Using: | ||||||||||||||||
December 31, | Quoted Prices | Significant | Unobservable | |||||||||||||
2012 | In Active | Other | Inputs | |||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest Rate Swaps | $ | (480 | ) | $ | — | $ | (480 | ) | $ | — |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders' Equity | ' | |||||||||
Schedule of grants of common stock for the members' service | ' | |||||||||
Service During Quarter Ended 2013 | Grant Date | Shares | Fair Value | |||||||
December 31 | January 15, 2014 | 2,554 | $ | 52,000 | ||||||
September 30 | October 15, 2013 | 2,607 | 53,000 | |||||||
June 30 | July 15, 2013 | 2,602 | 53,000 | |||||||
March 31 | April 15, 2013 | 2,418 | 52,000 | |||||||
| | | | | | | | | | |
Total 2013 | 10,181 | $ | 210,000 | |||||||
Service During Quarter Ended 2012 | Grant Date | Shares | Fair Value | |||||||
December 31 | January 15, 2013 | 2,851 | $ | 54,000 | ||||||
September 30 | October 15, 2012 | 2,876 | 49,000 | |||||||
June 30 | July 13, 2012 | 3,108 | 46,000 | |||||||
March 31 | April 13, 2012 | 3,776 | 50,000 | |||||||
| | | | | | | | | | |
Total 2012 | 12,611 | $ | 199,000 | |||||||
Series A Preferred Stock | ' | |||||||||
Stockholders' Equity | ' | |||||||||
Schedule of dividends that have been declared by board of directors | ' | |||||||||
Amount Declared During Quarter Ended 2013 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 1, 2013 | $ | 0.5625 | December 31, 2013 | ||||||
September 30 | August 2, 2013 | 0.5625 | September 30, 2013 | |||||||
June 30 | May 6, 2013 | 0.5625 | July 1, 2013 | |||||||
March 31 | March 1, 2013 | 0.5625 | April 1, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 2.25 | ||||||||
Amount Declared During Quarter Ended 2012 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 2, 2012 | $ | 0.5625 | December 31, 2012 | ||||||
September 30 | August 2, 2012 | 0.5625 | October 1, 2012 | |||||||
June 30 | May 15, 2012 | 0.5625 | July 2, 2012 | |||||||
March 31 | March 6, 2012 | 0.5625 | April 2, 2012 | |||||||
| | | | | | | | |||
Total 2012 | $ | 2.25 | ||||||||
Series B Preferred Stock | ' | |||||||||
Stockholders' Equity | ' | |||||||||
Schedule of dividends that have been declared by board of directors | ' | |||||||||
Amount Declared During Quarter Ended 2013 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 1, 2013 | $ | 0.4140625 | December 31, 2013 | ||||||
September 30 | August 2, 2013 | 0.4140625 | September 30, 2013 | |||||||
June 30 (prorated for April 16, 2013 to June 30, 2013) | May 6, 2013 | 0.34505 | July 1, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 1.173175 | ||||||||
Common Shares | ' | |||||||||
Stockholders' Equity | ' | |||||||||
Schedule of dividends that have been declared by board of directors | ' | |||||||||
Amount Declared During 2013 | Declaration Date | Per Share | Date Paid | |||||||
Month ended December 31 | September 24, 2013 | $ | 0.1 | January 15, 2014 | ||||||
Month ended November 30 | September 24, 2013 | 0.1 | December 16, 2013 | |||||||
Month ended October 31 | September 24, 2013 | 0.1 | November 15, 2013 | |||||||
Quarter ended September 30 | August 2, 2013 | 0.3 | October 15, 2013 | |||||||
Quarter ended June 30 | May 6, 2013 | 0.3 | July 15, 2013 | |||||||
Quarter ended March 31 | March 1, 2013 | 0.3 | April 15, 2013 | |||||||
| | | | | | | | |||
Total 2013 | $ | 1.2 | ||||||||
Amount Declared During Quarter Ended 2012 | Declaration Date | Per Share | Date Paid | |||||||
December 31 | November 2, 2012 | $ | 0.27 | January 15, 2013 | ||||||
September 30 | August 2, 2012 | 0.27 | October 15, 2012 | |||||||
June 30 | May 15, 2012 | 0.27 | July 13, 2012 | |||||||
March 31 | March 6, 2012 | 0.26 | April 13, 2012 | |||||||
| | | | | | | | |||
Total 2012 | $ | 1.07 |
Future_Minimum_Rents_Tables
Future Minimum Rents (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Rents | ' | ||||
Schedule of minimum lease payments receivable | ' | ||||
Minimum lease payments receivable, excluding tenant reimbursement of expenses, under non-cancelable operating leases in effect as of December 31, 2013 are approximately as follows (in thousands): | |||||
2014 | $ | 134,391 | |||
2015 | 121,243 | ||||
2016 | 106,356 | ||||
2017 | 85,455 | ||||
2018 | 66,355 | ||||
Thereafter | 211,117 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Earnings Per Share | ' | ||||
Schedule of computation of basic and diluted earnings per common share | ' | ||||
The following tables set forth the computation of basic and diluted earnings per common share for the years ended December 31, 2013, December 31, 2012 and the period from April 20, 2011 to December 31, 2011, respectively (in thousands, except share data). | |||||
Year ended | |||||
December 31, 2013 | |||||
Numerator | |||||
Net income from continuing operations | $ | 106 | |||
Less: preferred stock dividends | 9,495 | ||||
Less: amount allocable to unvested restricted stockholders | 262 | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (1,267 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (8,384 | ) | ||
| | | | | |
| | | | | |
Income attributable to discontinued operations | $ | 4,796 | |||
Less: noncontrolling interest allocable to discontinued operations | 647 | ||||
| | | | | |
Income from discontinued operations attributable to common stockholders | $ | 4,149 | |||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 42,364,125 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.20 | ) | ||
Income from discontinued operations attributable to common stockholders | 0.1 | ||||
| | | | | |
Loss per share—basic and diluted | $ | (0.10 | ) | ||
| | | | | |
| | | | | |
Year ended | |||||
December 31, 2012 | |||||
Numerator | |||||
Net loss from continuing operations | $ | (7,817 | ) | ||
Less: preferred stock dividends | 6,210 | ||||
Less: amount allocable to unvested restricted stockholders | 122 | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (3,180 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (10,969 | ) | ||
| | | | | |
| | | | | |
Loss attributable to discontinued operations | $ | (2,382 | ) | ||
Less: noncontrolling interest allocable to discontinued operations | (540 | ) | |||
| | | | | |
Loss from discontinued operations attributable to common stockholders | $ | (1,842 | ) | ||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 25,046,664 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.44 | ) | ||
Loss from discontinued operations attributable to common stockholders | (0.07 | ) | |||
| | | | | |
Loss per share—basic and diluted | $ | (0.51 | ) | ||
| | | | | |
| | | | | |
Period from | |||||
April 20, 2011 to | |||||
December 31, 2011 | |||||
Numerator | |||||
Net loss from continuing operations | $ | (10,510 | ) | ||
Less: preferred stock dividends | 1,018 | ||||
Less: Amount allocable to unvested restricted stockholders | — | ||||
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | (3,821 | ) | |||
| | | | | |
Loss from continuing operations available to common stockholders | $ | (7,707 | ) | ||
| | | | | |
| | | | | |
Income attributable to discontinued operations | $ | 1,283 | |||
Less: noncontrolling interest allocable to discontinued operations | 425 | ||||
| | | | | |
Income from discontinued operations available to common stockholders | $ | 858 | |||
| | | | | |
| | | | | |
Denominator | |||||
Weighted average common shares outstanding—basic and diluted | 15,630,910 | ||||
| | | | | |
Loss from continuing operations attributable to common stockholders | $ | (0.49 | ) | ||
Income from discontinued operations attributable to common stockholders | 0.05 | ||||
| | | | | |
Loss per common share—basic and diluted | $ | (0.44 | ) | ||
| | | | | |
| | | | | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of future minimum rental payments under the terms of the non-cancelable ground leases and operating leases | ' | ||||
Future minimum rental payments under the terms of the fixed non-cancelable ground leases and operating leases under which the Company is the lessee as of December 31, 2013 are as follows (in thousands): | |||||
2014(1) | $ | 1,134 | |||
2015(1) | 1,433 | ||||
2016(1) | 1,201 | ||||
2017(1) | 1,029 | ||||
2018(1) | 1,134 | ||||
Thereafter(1) | 9,246 | ||||
-1 | |||||
Future minimum rent payments do not include estimates of CPI rent changes required by the lease agreements. Therefore, actual minimum rental payments may differ than those presented. | |||||
Selected_Interim_Financial_Inf1
Selected Interim Financial Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Interim Financial Information (unaudited) | ' | |||||||||||||
Summary of selected quarterly information | ' | |||||||||||||
The tables below reflect the Company's selected quarterly information for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012. | ||||||||||||||
STAG Industrial, Inc. | ||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
Total revenue | $ | 37,418 | $ | 34,644 | $ | 31,842 | $ | 29,988 | ||||||
Income (loss) from continuing operations | $ | 1,126 | $ | 265 | $ | (738 | ) | $ | (547 | ) | ||||
Net income (loss) attributable to the common stockholders | $ | 2,098 | $ | (2,147 | ) | $ | (2,410 | ) | $ | (1,775 | ) | |||
Income (loss) per share—basic and diluted | $ | 0.05 | $ | (0.05 | ) | $ | (0.06 | ) | $ | (0.04 | ) | |||
STAG Industrial, Inc. | ||||||||||||||
Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
Total revenue | $ | 26,877 | $ | 20,878 | $ | 19,116 | $ | 17,181 | ||||||
Income (loss) from continuing operations | $ | (2,973 | ) | $ | (1,371 | ) | $ | (2,028 | ) | $ | (1,445 | ) | ||
Net income (loss) attributable to the common stockholders | $ | (3,372 | ) | $ | (5,262 | ) | $ | (2,235 | ) | $ | (1,942 | ) | ||
Income (loss) per share—basic and diluted | $ | (0.10 | ) | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.12 | ) |
Organization_and_Description_o1
Organization and Description of Business (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Organization and Description of Business | ' | ' |
Number of buildings owned | 209 | ' |
Number of states in which the entity owned buildings | 34 | ' |
Area of building (in square feet) | 38,100,000 | ' |
Number of warehouse/distribution buildings | 142 | ' |
Number of light manufacturing buildings | 47 | ' |
Number of flex/office buildings | 20 | ' |
Number of vacant land parcels owned | 1 | ' |
Percentage of buildings leased to tenants | 95.60% | ' |
Number of tenants to whom buildings are given on lease | 191 | ' |
STAG Industrial Operating Partnership, L.P. | ' | ' |
Organization and Description of Business | ' | ' |
Ownership interest in Operating Partnership (as a percent) | 86.65% | 85.29% |
Organization_and_Description_o2
Organization and Description of Business (Details 2) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 20, 2011 | Dec. 31, 2013 | Apr. 20, 2011 | Apr. 20, 2011 | Apr. 19, 2011 | Apr. 20, 2011 | Apr. 20, 2011 | Jan. 22, 2013 | Aug. 15, 2012 | 29-May-12 | Apr. 19, 2011 | Dec. 31, 2013 | 13-May-11 | Apr. 20, 2011 | |
building | STAG Investments III, LLC (Fund III) | STAG Investments III, LLC (Fund III) | STAG Investments III, LLC (Fund III) | STAG Investments III, LLC (Fund III) | Secured corporate revolving credit facility | Secured corporate revolving credit facility | Predecessor and the Participants | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | ||||
building | building | Minimum | Maximum | |||||||||||||||
Formation transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,284,152 | 9,200,000 | 8,337,500 | 13,750,000 | 8,956,844 | ' | ' |
Issue price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.30 | $14.15 | $12.88 | ' | ' | $13 | $13 |
Common units of Operating Partnership issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,590,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of common units of Operating Partnership issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,700,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under the facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings under the credit facility | ' | 34,500,000 | 124,300,000 | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of certain outstanding indebtedness | 164,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of direct costs associated with the obtaining and retiring of indebtedness and the termination of interest rate swaps | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of transfer taxes and other fees | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings owned | ' | ' | ' | 209 | 3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after notification that the property has stabilized, for which the entity has the right to acquire the Option Properties | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Occupancy percentage required to declare that Option Properties have stabilized (as a percent) | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining lease duration for which a required occupancy percentage should be met in order to declare that the property has stabilized | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period from the date of formation transactions after which the right to acquire any of the Option Properties expires | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 |
STAG Predecessor Group | ||||
Supplemental cash flow information | ' | ' | ' | ' |
Cash paid for interest | $11,445 | $19,272 | $15,044 | $2,433 |
Supplemental schedule of non-cash investing and financing activities | ' | ' | ' | ' |
Acquisition of tangible assets | -215,890 | ' | ' | ' |
Acquisition of goodwill upon formation transactions | -4,923 | ' | ' | ' |
Acquisition of intangible assets upon formation transactions | -83,442 | ' | ' | ' |
Assumption of mortgage notes payable | -201,789 | ' | ' | ' |
Fair market value adjustment to mortgage notes payable acquired | -675 | ' | ' | ' |
Assumption of related party notes payable upon formation transactions | 4,466 | ' | ' | ' |
Acquisition of intangible liabilities upon formation transactions | 1,066 | ' | ' | ' |
Acquisition of interest rate swaps upon formation transactions included in the purchase price allocation | 420 | ' | ' | ' |
Acquisition of other liabilities upon formation transactions | 171 | ' | ' | ' |
Issuance of units for acquisition of net assets upon formation transactions | 95,670 | ' | ' | ' |
Disposition of accrued lender fees upon formation transactions | ' | ' | ' | 4,420 |
Assumption of bridge loan for Option Properties upon formation transactions | ' | ' | ' | -4,750 |
Assumption of note payable to related party for Option Properties upon formation transactions | ' | ' | ' | -727 |
Assumption of interest rate swaps to related party for Option Properties upon formation transactions | ' | ' | ' | -352 |
Non cash investing activities included in additions of land and building improvements | -440 | -11,934 | -440 | ' |
Issuance of units for acquisitions of properties | 95,670 | 11,499 | ' | ' |
Write-off of fully depreciated tenant improvements | ' | 1,254 | 576 | ' |
Write-off of accumulated depreciation | ' | 1,254 | 576 | ' |
Dividends and distributions declared but not paid | 6,160 | 5,166 | 11,301 | ' |
Accrued distribution upon formation transactions | ' | ' | ' | ($1,392) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 17, 2013 | Dec. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 19, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | STAG Predecessor Group | Buildings | Building and land improvements | Building and land improvements | |||||||
Minimum | Maximum | ||||||||||||||||
Rental Property and Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | '5 years | '20 years |
Deferred Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing fees | ' | ' | ' | $800,000 | $1,200,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | $31,000 | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A Preferred stock dividends paid | ' | ' | ' | 1,018,000 | 9,495,000 | 6,210,000 | ' | 1,000,000 | 6,200,000 | 6,200,000 | ' | ' | 3,300,000 | ' | ' | ' | ' |
Dividend paid (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.37 | $2.25 | $2.25 | ' | ' | $1.17 | ' | ' | ' | ' |
Ordinary income (in dollars per share) | ' | ' | ' | $0.35 | $0.97 | $0.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return of capital (in dollars per share) | ' | ' | ' | $0.12 | $0.37 | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecaptured section 1250 capital gain (in dollars per share) | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other capital gain (in dollars per share) | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (in dollars per share) | ' | ' | ' | $0.47 | $1.37 | $1.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary income (as a percent) | ' | ' | ' | 74.50% | 71.00% | 59.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return of capital (as a percent) | ' | ' | ' | 25.50% | 27.00% | 40.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecaptured section 1250 capital gain (as a percent) | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other capital gain (as a percent) | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (as a percent) | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock Dividends declared | $1.20 | $1.26 | $0.27 | ' | $0.10 | ' | $0.41 | ' | ' | ' | $0.35 | $0.41 | $1.17 | ' | ' | ' | ' |
Tenant Accounts Receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | ' | ' | 0 | ' | 19,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued rental revenue | ' | ' | 6,400,000 | ' | 9,300,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance on accrued rental revenue | ' | ' | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease security deposits available in existing letters of credit | ' | ' | 4,800,000 | ' | 4,900,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease security deposits available in cash | ' | ' | $2,000,000 | ' | $3,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||
Jul. 08, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 | Jul. 08, 2011 | Jul. 08, 2011 | Oct. 18, 2013 | |
item | item | STAG Predecessor Group | Property located in Youngstown, OH | Property located in Bardstown, KY | Property located in Creedmoor, NC | |||
item | ||||||||
Summary of significant accounting policies | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities for which a lease termination agreement was entered into for | 2 | ' | ' | ' | ' | 1 | ' | ' |
Termination fee payable by tenant | ' | ' | ' | ' | ' | $2,000,000 | ' | $2,500,000 |
Replenishment of a security deposit | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Lease termination fee applied to outstanding accounts receivable | 45,000 | ' | ' | ' | ' | ' | ' | ' |
Termination income recognized and included in rental income | ' | 1,800,000 | ' | ' | ' | ' | ' | ' |
Estimated amount of real estate taxes, which are the responsibility of tenants | ' | 3,500,000 | 9,400,000 | 6,900,000 | 500,000 | ' | ' | ' |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' |
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT (as a percent) | ' | ' | 90.00% | ' | ' | ' | ' | ' |
State and local income, excise and franchise taxes | ' | 300,000 | 600,000 | 300,000 | ' | ' | ' | ' |
Liabilities for uncertain tax positions | ' | ' | 0 | ' | ' | ' | ' | ' |
Reconciliation of net loss to taxable income | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | -9,227,000 | 4,902,000 | -10,199,000 | -229,000 | ' | ' | ' |
Book/Tax differences from depreciation and amortization | ' | 12,625,000 | 46,389,000 | 24,048,000 | ' | ' | ' | ' |
Above/Below market lease amortization | ' | 2,776,000 | 6,544,000 | 4,837,000 | ' | ' | ' | ' |
Loss on Impairments | ' | ' | ' | 4,563,000 | ' | ' | ' | ' |
Formation transaction costs | ' | 3,169,000 | ' | ' | ' | ' | ' | ' |
Offering costs | ' | 78,000 | 27,000 | 68,000 | ' | ' | ' | ' |
Book/Tax difference on property acquisition costs | ' | 1,088,000 | 3,427,000 | 4,218,000 | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | 565,000 | ' | ' | ' | ' |
Accrued non-recurring IPO bonus payment | ' | 1,000,000 | ' | -1,000,000 | ' | ' | ' | ' |
Accrued bonus payment | ' | ' | 440,000 | 3,731,000 | ' | ' | ' | ' |
Book/Tax difference on bad debt expense | ' | 526,000 | 19,000 | 317,000 | ' | ' | ' | ' |
Book/Tax difference on non-cash compensation | ' | 560,000 | 1,846,000 | 1,375,000 | ' | ' | ' | ' |
Book/Tax difference on gain on sale of real estate | ' | -1,231,000 | -3,915,000 | -4,554,000 | ' | ' | ' | ' |
Straight-line rent adjustments, net | ' | -1,036,000 | -2,941,000 | -2,796,000 | ' | ' | ' | ' |
Unrealized gain on interest rate swaps | ' | -2,805,000 | ' | -215,000 | ' | ' | ' | ' |
Book/Tax difference on non-cash portion of interest expense | ' | ' | -106,000 | -159,000 | ' | ' | ' | ' |
Other book/tax differences, net | ' | -73,000 | 28,000 | 63,000 | ' | ' | ' | ' |
Loss attributable to noncontrolling interest | ' | -1,768,000 | -7,785,000 | -5,940,000 | ' | ' | ' | ' |
Taxable income subject to distribution requirement | ' | $5,682,000 | $48,875,000 | $18,922,000 | ' | ' | ' | ' |
Minimum distribution of taxable income (as a percent) | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 1 | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 1 | ' | ' | ' | ' | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | 0 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 19, 2013 | Apr. 05, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2012 | Oct. 31, 2012 | Apr. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
property | building | property | property | STAG Investments Holdings II, LLC | Fund II - Related Party | Fund II - Related Party | Above market leases | Above market leases | Below market leases | Below market leases | In-place leases | In-place leases | Tenant relationships | Tenant relationships | Series of individually insignificant properties | Series of individually insignificant properties | Orangeburg, SC | Golden, CO | Columbia, SC | DeKalb, IL | Ocala, FL | Londonderry, NH | Marion, IA | Mishawaka, IN | Southfield, MI | Houston, TX | Idaho Falls, ID | Mt. Prospect, IL | Williamsport, PA | Belvidere, IL | Kentwood, MI | Marshall, MI | Nashville, TN | Catoosa, OK | New Berlin, WI | Hampstead, MD | New Hope, MN | Springfield, OH | Orlando, FL | North Jackson, OH | Mebane, NC | Mebane, NC | Shannon, GA | Lansing, MI | Harvard, IL | Sauk Village, IL | South Holland, IL | Mascot, TN | Janesville, WI | East Windsor, CT | South Bend, IN | Lansing, MI | Portland, ME | Portland, TN | Spartanburg, SC | Franklin, IN | Muhlenberg Township, PA | Avon, CT | Orlando, FL | Pineville, NC | Buffalo, NY | Edgefield, SC | Arlington, TX | Bellevue, OH | Atlanta, GA | Huntersville, NC | Simpsonville, SC | Simpsonville, SC | Dallas, GA | Mebane, NC | De Pere, WI | Duncan, SC | Duncan, SC | Buena Vista, VA | Gurnee, IL | Auburn Hills, MI | El Paso, TX | Gloversville, NY | Gloversville, NY | Gloversville, NY | Gloversville, NY | Greenwood, SC | Greenwood, SC | Holland, MI | Independence, VA | Jackson, TN | Johnstown, NY | Johnstown, NY | Johnstown, NY | Johnstown, NY | Kansas City, KS | Lafayette, IN | Lafayette, IN | Lafayette, IN | Lansing, MI | Marion, IN | Novi, MI | O'Hara, PA | Parsons, KS | Phenix City, AL | Portage, IN | Ware Shoals, SC | Wichita, KS | Wichita, KS | Wichita, KS | Wichita, KS | Chicopee, MA | Sterling Heights, MI | Harrisonburg, VA | Toledo, OH | Woodstock, IL | Kansas City, MO | Smyrna, GA | Montgomery, IL | Statham, GA | ||
sqft | sqft | building | property | building | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | property | |||||||||||||
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Formation transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area (in square feet) | ' | ' | ' | 9,028,388 | 12,829,194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 319,000 | 227,500 | 273,280 | 146,740 | 619,466 | 125,060 | 95,500 | 308,884 | 113,000 | 201,574 | 90,300 | 87,380 | 250,000 | 1,006,960 | 85,157 | 57,025 | 150,000 | 100,100 | 205,063 | 1,035,249 | 107,348 | 350,500 | 215,900 | 209,835 | 383,500 | 202,691 | 568,516 | 160,000 | 126,304 | 375,785 | 202,902 | 130,560 | 700,000 | 145,000 | 225,000 | 129,325 | 100,600 | 414,043 | 409,600 | 703,496 | 394,289 | 78,400 | 155,000 | 75,400 | 117,000 | 126,190 | 196,000 | 181,838 | 407,981 | 185,570 | 204,952 | 207,042 | 92,807 | 223,340 | 200,000 | 474,000 | 313,380 | 172,759 | 223,760 | 87,932 | 269,245 | 50,000 | 101,589 | 26,529 | 59,965 | 104,955 | 70,100 | 195,000 | 120,000 | 250,000 | 52,500 | 60,000 | 42,325 | 57,102 | 56,580 | 71,400 | 120,000 | 275,000 | 250,100 | 249,600 | 120,800 | 887,084 | 120,000 | 117,568 | 212,000 | 20,514 | 80,850 | 120,000 | 44,760 | 47,700 | 217,000 | 108,000 | 357,673 | 177,500 | 129,803 | 226,576 | 102,000 | 584,301 | 225,680 |
Number of buildings acquired | ' | ' | ' | 39 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 8 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Area of land owned adjacent to building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of industrial properties acquired | ' | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of industrial properties acquired | ' | 33 | ' | ' | ' | 31 | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of the consideration paid for the acquired assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | $31,310,000 | $34,991,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings | ' | ' | ' | 223,420,000 | 269,616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tenant improvements | ' | ' | ' | 2,526,000 | 10,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash escrow for capital additions | ' | ' | ' | ' | 785,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 8,219,000 | 16,728,000 | -2,538,000 | -5,962,000 | 50,005,000 | 63,397,000 | 21,257,000 | 26,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Building and land Improvements | ' | ' | ' | 9,133,000 | 7,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | 343,332,000 | 423,908,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Amortization Period of Lease Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 9 months 18 days | '10 years | '7 years 2 months 12 days | '6 years 6 months | '5 years 9 months 18 days | '6 years 7 months 6 days | '8 years 2 months 12 days | '8 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings purchased through issuance of common stock | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued as a consideration for purchase of building | 555,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of common units issued | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid in cash | 40,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property acquisition costs | ' | ' | 1,088,000 | 3,427,000 | 4,218,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings acquired whose results of operations are included in the consolidated statement of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | 154,866,000 | 152,962,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | 11,780,000 | -12,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common stockholders | ' | ' | ' | $1,715,000 | ($14,424,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | ' | ' | ' | 42,364,125 | 25,046,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per share attributable to common stockholders (in dollars per share) | ' | ' | ' | ($0.04) | ($0.58) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Details_2
Real Estate (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 11, 2012 | Nov. 30, 2012 | Sep. 30, 2012 | Apr. 19, 2011 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 11, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 13, 2013 | Oct. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 18, 2013 | Apr. 20, 2012 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 22, 2011 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
sqft | Great Bend, KS | Great Bend, KS | Great Bend, KS | Great Bend, KS | Great Bend, KS | Great Bend, KS | Great Bend, KS | In-place lease intangibles | In-place lease intangibles | Flex/office building in Pittburgh, PA | Flex/office building in Pittburgh, PA | Flex/office building in Pittburgh, PA | Flex/office building in Pittburgh, PA | Flex/office building in Pittburgh, PA | Warehouse and distribution building in Creedmoor, NC | Warehouse and distribution building in Creedmoor, NC | Warehouse and distribution building in Creedmoor, NC | Warehouse and distribution building in Creedmoor, NC | Warehouse and distribution building in Creedmoor, NC | Warehouse and distribution facility located in Youngstown, OH | Warehouse and distribution facility located in Youngstown, OH | Warehouse and distribution facility located in Youngstown, OH | Warehouse and distribution facility located in Youngstown, OH | Warehouse and distribution facility located in Youngstown, OH | Flex/office property located in Amesbury, MA | Flex/office property located in Amesbury, MA | Flex/office property located in Amesbury, MA | Flex/office property located in Amesbury, MA | Flex/office property located in Amesbury, MA | ||||||||||||
Great Bend, KS | Great Bend, KS | sqft | sqft | sqft | sqft | ||||||||||||||||||||||||||||||||||||
Disposal of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rentable square feet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,183 | 243,048 | ' | ' | ' | ' | 153,708 | ' | ' | ' | ' | 78,000 | ' | ' | ' | ' |
Carrying value of property sold | $1,007,393,000 | ' | ' | ' | $770,052,000 | ' | ' | ' | ' | $1,007,393,000 | $770,052,000 | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,400,000 | $4,500,000 | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' |
Net proceeds from sales of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,507,000 | 14,181,000 | 7,221,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | 9,300,000 | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' |
Gain on sales of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 329,000 | 5,305,000 | 222,000 | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | 4,800,000 | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' |
Termination fee payable by tenant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount contributed to total revenue by the property sold | 37,418,000 | 34,644,000 | 31,842,000 | 29,988,000 | 26,877,000 | 20,878,000 | 19,116,000 | 17,181,000 | 41,116,000 | 133,893,000 | 84,052,000 | ' | ' | ' | 400,000 | 800,000 | ' | 0 | 1,800,000 | ' | ' | ' | 400,000 | 300,000 | 500,000 | ' | ' | 600,000 | 700,000 | 900,000 | ' | ' | 200,000 | 2,000,000 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Loss on impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | 3,900,000 | ' | ' | 700,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price under purchase and sale agreement to sell the building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred_Leasing_Intangibles_D
Deferred Leasing Intangibles (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Jun. 11, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 | |
sqft | Great Bend, Kansas | Great Bend, Kansas | Non-recurring | Non-recurring | In-place leases | In-place leases | In-place leases | In-place leases | Above market leases | Above market leases | Tenant relationships | Tenant relationships | Leasing commissions | Leasing commissions | Below market leases | Below market leases | In-place leases, lease commissions and tenant relationships | In-place leases, lease commissions and tenant relationships | In-place leases, lease commissions and tenant relationships | In-place leases, lease commissions and tenant relationships | Above and below market leases | Above and below market leases | Above and below market leases | Above and below market leases | |||
Level 3 inputs | Level 3 inputs | Great Bend, Kansas | Great Bend, Kansas | STAG Predecessor Group | STAG Predecessor Group | ||||||||||||||||||||||
Great Bend, Kansas | |||||||||||||||||||||||||||
Deferred leasing intangibles, assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross | ' | ' | ' | ' | ' | ' | ' | $142,518,000 | $108,363,000 | ' | ' | $57,283,000 | $50,699,000 | $77,260,000 | $61,050,000 | $33,107,000 | $23,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | -49,756,000 | -28,289,000 | ' | ' | -17,232,000 | -10,362,000 | -18,693,000 | -11,298,000 | -9,520,000 | -5,984,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 187,555,000 | 214,967,000 | ' | ' | ' | ' | ' | 92,762,000 | 80,074,000 | ' | ' | 40,051,000 | 40,337,000 | 58,567,000 | 49,752,000 | 23,587,000 | 17,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred leasing intangibles, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,434,000 | 9,878,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,520,000 | -3,007,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,914,000 | 6,871,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | 42,500,000 | 25,000,000 | 700,000 | ' | ' | ' | ' |
Net increase (decrease) to rental revenues related to net amortization of above (below) market leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | -6,500,000 | -4,800,000 | 2,000 |
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,754,000 | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,004,000 | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,818,000 | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,011,000 | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,217,000 | ' | ' | ' | ' | ' | ' |
Net Decrease to Rental Income Related to Above and Below Market Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,980,000 | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,201,000 | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,240,000 | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,256,000 | ' | ' |
Net rentable area before exercise of option by tenant to downsize the space (in square feet) | ' | ' | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rentable area after exercise of option by tenant to downsize the space (in square feet) | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate at which cash flows are discounted (as a percent) | 11.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of lease intangibles | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash impairment loss | 622,000 | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash impairment loss | ' | ' | ' | $3,900,000 | $3,900,000 | ' | $700,000 | ' | ' | $700,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details
Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 07, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 07, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2012 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Oct. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2013 | Dec. 31, 2013 | Feb. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2012 | Oct. 07, 2013 | Sep. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 10, 2012 | Sep. 10, 2012 | Dec. 31, 2013 | Sep. 10, 2012 | Aug. 15, 2012 | Sep. 10, 2012 | Oct. 07, 2013 | Sep. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | |
Minimum | Minimum | Maximum | Maximum | Mortgage notes payable | Mortgage notes payable | Sun Life | Sun Life | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Bank of America Unsecured Credit Facility and Unsecured Term Loan | Webster Bank, maturity date Aug 4, 2016 | Webster Bank, maturity date Aug 4, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Bank of America Unsecured Credit Facility, due on September 10, 2016 | Union Fidelity | Union Fidelity | Webster Bank, maturity date May 29, 2017 | Webster Bank, maturity date May 29, 2017 | Webster Bank, maturity date May 31, 2017 | Webster Bank, maturity date May 31, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | Bank of America Unsecured Term Loan, due on September 10, 2017 | CIGNA-1 Facility | CIGNA-1 Facility | CIGNA-2 Facility | CIGNA-2 Facility | CIGNA-3 Facility | CIGNA-3 Facility | Wells Fargo, Unsecured Term Loan, due on February 14, 2020 | Wells Fargo, Unsecured Term Loan, due on February 14, 2020 | Wells Fargo, Unsecured Term Loan, due on February 14, 2020 | Wells Fargo, CMBS Loan | Wells Fargo, CMBS Loan | Wells Fargo, CMBS Loan | Unsecured Credit Facility | Unsecured Credit Facility | Unsecured Credit Facility | Unsecured Credit Facility | Swing line loans | Letter of credit | CIGNA-1, CIGNA-2, and CIGNA-3 facilities | Wells Fargo Master Loan-Fixed Amount | Wells Fargo Master Loan-Fixed Amount | Credit Facility | Unsecured Term Loan | Unsecured Term Loan | Unsecured Term Loan | Unsecured Term Loan | Unsecured Term Loan | Unsecured Term Loan | Bank of America, N.A. | ||||
Original Terms | Base Rate | Eurodollar Rate | Minimum | Minimum | Maximum | Maximum | Amended Terms | Base Rate | Eurodollar Rate | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Base Rate | Eurodollar Rate | Minimum | Minimum | Maximum | Maximum | LIBOR | Minimum | Maximum | item | Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||
Original Terms | Original Terms | Base Rate | Eurodollar Rate | Base Rate | Eurodollar Rate | Amended Terms | Amended Terms | Base Rate | Eurodollar Rate | Base Rate | Eurodollar Rate | Amended Terms | Amended Terms | Base Rate | Eurodollar Rate | Base Rate | Eurodollar Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Original Terms | Original Terms | Original Terms | Original Terms | Amended Terms | Amended Terms | Amended Terms | Amended Terms | Amended Terms | Amended Terms | Amended Terms | Amended Terms | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate base | ' | 'One-month LIBOR | 'One-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Base rate | 'one month-LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'Base rate | 'one month-LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'Base rate | 'one month-LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.65% | 1.65% | 1.25% | 2.25% | ' | ' | 1.45% | ' | ' | ' | ' | 1.45% | 1.45% | 0.45% | 1.45% | 1.65% | 1.65% | 1.05% | 2.05% | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | ' | ' | ' | 0.40% | 1.40% | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | 2.15% | 2.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | 1.40% | 1.65% | 1.65% | ' |
Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.81% | ' | 3.66% | ' | 3.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | 5.75% | ' | 5.88% | ' | ' | ' | ' | 4.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.05% |
One-month LIBOR rate (as a percent) | ' | 0.17% | 0.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal outstanding | ' | $556,091,000 | $479,215,000 | ' | ' | ' | ' | $225,591,000 | $229,915,000 | $3,817,000 | $4,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | $5,834,000 | $5,984,000 | $80,500,000 | $99,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,551,000 | $6,898,000 | $3,121,000 | $3,203,000 | $3,360,000 | $3,450,000 | ' | $150,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | $58,874,000 | $59,645,000 | $59,990,000 | $60,863,000 | $16,879,000 | $17,097,000 | ' | $100,000,000 | ' | $67,165,000 | $68,696,000 | $68,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of principal outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 |
New or additional borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair market value premium | ' | 288,000 | ' | ' | ' | ' | ' | 288,000 | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of unsecured term loan swapped from LIBOR for fixed rate | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Unsecured Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate received under agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One-month LIBOR | 'One-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unencumbered leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured recourse debt ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate at which cash flows are discounted (as a percent) | ' | ' | 11.40% | 1.57% | 1.86% | 5.24% | 4.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value | ' | ' | ' | ' | ' | ' | ' | 228,996,000 | 242,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,500,000 | 99,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,781,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 2,900,000 | ' | 47,900,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on early extinguishment of the loan | ' | ' | -929,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 |
Service coverage ratio after to satisfaction of an appraisal condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-payment penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 |
Loss on early extinguishment of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee when usage more than 50 % (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee when usage less than 50 % (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees, net | ' | 5,467,000 | 4,704,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Deferred financing fees amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '4 years | ' | ' | ' | ' | ' | ' |
Deferred financing fees expensed as a loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred annual fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred annual fees amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties held as collateral that are cross-collateralized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of collateralized properties for debt arrangements | ' | 262,700,000 | 269,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate future principal payments of mortgage notes payable, Unsecured credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | 4,447,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | 4,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | 93,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | 165,506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | 113,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | ' | ' | ' | ' | ' | 174,008,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total aggregate principal payments | ' | ' | ' | ' | ' | ' | ' | 555,803,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair market value premium | ' | 288,000 | ' | ' | ' | ' | ' | 288,000 | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total carrying value of debt | ' | $225,591,000 | $229,915,000 | ' | ' | ' | ' | $556,091,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Use_of_Derivative_Financial_In2
Use of Derivative Financial Instruments (Details) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Sep. 14, 2012 | Sep. 14, 2012 | Dec. 31, 2013 | Sep. 10, 2012 | Dec. 31, 2013 | Aug. 01, 2013 | Jul. 02, 2013 | Mar. 01, 2013 | Jun. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2013 | Jun. 13, 2013 | Dec. 31, 2013 | Jun. 13, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 19, 2011 | Apr. 19, 2011 | |
item | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Interest Rate Swaps | Interest rate swap one | Interest rate swap two | Interest rate swap three | Interest rate swap four | Interest rate swap five | Interest rate swap six | Interest rate swap seven | Interest rate swap eight | Interest rate swap eight | Interest rate swap nine | Interest rate swap nine | Interest rate swap ten | Interest rate swap ten | Interest rate swap eleven | Interest rate swap eleven | Wells Fargo Master Loan Swap | STAG Predecessor Group | |
Wells Fargo Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Bank of America Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Unsecured Term Loan | Wells Fargo Master Loan Swap | ||||||||||
item | ||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional interest rate swaps | 7 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Unsecured Term Loan swapped from LIBOR for fixed rate | $100,000,000 | ' | $100,000,000 | ' | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | $25,000,000 | ' | $50,000,000 | ' | $25,000,000 | ' | ' | ' |
Variable rate received under agreement | ' | 'One-month LIBOR | 'One-month LIBOR | ' | ' | ' | ' | ' | ' | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | ' |
Unsecured Term Loan | ' | 150,000,000 | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | 1.33% | ' | 0.79% | 0.79% | 0.79% | 0.79% | 0.80% | 0.75% | 0.73% | ' | 1.33% | 1.70% | 1.70% | 1.68% | 1.68% | 1.99% | 1.99% | ' | ' |
Unsecured Term Loan Swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | $100,000,000 | ' | ' | ' | ' | $25,000,000 | $50,000,000 | $25,000,000 | ' | $10,000,000 | $10,000,000 | $10,000,000 | $10,000,000 | $10,000,000 | $25,000,000 | $25,000,000 | ' | $25,000,000 | $25,000,000 | $25,000,000 | $50,000,000 | $50,000,000 | ' | $25,000,000 | ' | $141,000,000 |
Fixed Interest Rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.33% | ' | 0.79% | 0.79% | 0.79% | 0.79% | 0.80% | 0.75% | 0.73% | ' | 1.33% | 1.70% | 1.70% | 1.68% | 1.68% | 1.99% | 1.99% | ' | ' |
Variable Interest Rate | ' | 'One-month LIBOR | 'One-month LIBOR | ' | ' | ' | ' | ' | ' | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | 'One-month LIBOR | ' |
Use_of_Derivative_Financial_In3
Use of Derivative Financial Instruments (Details 2) (USD $) | Sep. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Unsecured Term Loan Swaps | Unsecured Term Loan Swaps | |
Interest Rate Swaps | Interest Rate Swaps | ||
Not Designated As Hedging Instruments | Not Designated As Hedging Instruments | ||
Fair value of the interest rate swaps outstanding | ' | ' | ' |
Fair Value | ' | $3,924 | ($480) |
Notional Amount | $100,000 | $225,000 | $100,000 |
Use_of_Derivative_Financial_In4
Use of Derivative Financial Instruments (Details 3) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Apr. 19, 2011 | |
STAG Predecessor Group | Wells Fargo Master Loan Swap | Wells Fargo Master Loan Swap | Wells Fargo Master Loan Swap | ||||
STAG Predecessor Group | |||||||
Cash Flow Hedges of Interest Rate Risk | ' | ' | ' | ' | ' | ' | ' |
Additional amount reclassified from accumulated other comprehensive income (loss) as an increase to interest expense over the next twelve months | ' | ($2,300,000) | ' | ' | ' | ' | ' |
Amount of income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps (effective portion) | ' | 3,032,000 | -608,000 | ' | ' | ' | ' |
Amount of loss reclassified from accumulated other comprehensive income (loss) into income (loss) as interest expense (effective portion) | ' | 1,373,000 | 128,000 | ' | ' | ' | ' |
Gains relating to the change in fair market value of the interest rate swaps (loss) | 2,179,000 | ' | 215,000 | 762,000 | 2,200,000 | 200,000 | 800,000 |
Credit-risk-related Contingent Features | ' | ' | ' | ' | ' | ' | ' |
Fair values of the interest rate swaps in a net asset position | ' | 4,200,000 | ' | ' | ' | ' | ' |
Accrued interest expense included in fair values of the interest rate swaps in a net asset position | ' | 200,000 | ' | ' | ' | ' | ' |
Value of adjustment for nonperformance risk | ' | $300,000 | ' | ' | ' | ' | ' |
Use_of_Derivative_Financial_In5
Use of Derivative Financial Instruments (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets (liabilities): | ' | ' |
Interest rate Swaps Assets | $3,924 | ' |
Interest rate Swaps Liabilities | ' | -480 |
Fair value on recurring basis | Total | ' | ' |
Assets (liabilities): | ' | ' |
Interest rate Swaps Assets | 3,924 | ' |
Interest rate Swaps Liabilities | ' | -480 |
Fair value on recurring basis | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets (liabilities): | ' | ' |
Interest rate Swaps Assets | 3,924 | ' |
Interest rate Swaps Liabilities | ' | ($480) |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 17, 2013 | Dec. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 14, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2011 | Apr. 16, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2014 | Oct. 15, 2013 | Jul. 15, 2013 | Apr. 16, 2013 | Jan. 22, 2013 | Jan. 15, 2013 | Oct. 15, 2012 | Aug. 15, 2012 | Jul. 13, 2012 | 29-May-12 | Apr. 13, 2012 | 13-May-11 | Apr. 19, 2011 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
At The Market (ATM) Program | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | Common Shares | |||||||
At The Market (ATM) Program | At The Market (ATM) Program | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized shares of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | 10,000,000 | 10,000,000 | 10,000,000 | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | $0.01 | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | ' | 2,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,284,152 | ' | ' | 9,200,000 | ' | 8,337,500 | ' | ' | 13,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,956,844 | ' | ' | 2,672,692 | 298,000 |
Shares issued pursuant to full exercise of the underwriters' overallotment option | ' | ' | ' | ' | ' | ' | ' | 360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | $18.30 | ' | ' | $14.15 | ' | $12.88 | ' | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13 | ' | ' |
Net proceeds from sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69,000,000 | ' | ' | ' | $67,800,000 | ' | ' | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discount incurred reflected as a reduction to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | 5,500,000 | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct offering costs | ' | ' | ' | 19,537,000 | 8,713,000 | 11,136,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | 16,900,000 | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | ' | ' | ' | ' | 169,747,000 | 242,947,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,100,000 | ' | ' | 124,600,000 | ' | 107,400,000 | ' | 24,900,000 | 166,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,900,000 | 5,300,000 |
Gross proceeds from sale of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | 130,200,000 | ' | 102,800,000 | ' | ' | 178,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,700,000 | 5,400,000 |
Indirect offering costs | ' | ' | ' | 78,000 | 27,000 | 68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 100,000 |
Aggregate value of common stock available to be sold under the ATM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | ' |
Number of shares issued pursuant to the full exercise of underwriters' overallotment option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 819,672 | ' | ' | 1,200,000 | ' | 1,087,500 | ' | 2,062,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | ' | $2.25 | $2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared (in dollars per share) | $1.20 | $1.26 | $0.27 | ' | $0.10 | ' | ' | ' | $0.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.35 | $0.41 | $1.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | $0.10 | $0.30 | $0.30 | $0.30 | $0.27 | $0.27 | $0.27 | $0.26 | ' | $1.20 | $1.07 | ' | ' | ' |
Increase in dividend rate (as a percent) | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of common stock which may be sold through sales agents under the stock offering program | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares to directors for their services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,554 | 2,607 | 2,602 | 2,418 | ' | 2,851 | 2,876 | ' | 3,108 | ' | 3,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,181 | 12,611 | ' | ' | ' |
Fair value of shares issued to directors for their services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000 | 53,000 | 53,000 | 52,000 | ' | 54,000 | 49,000 | ' | 46,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,000 | 199,000 | ' | ' | ' |
Number of days of average trailing stock price used to calculate number of shares of common stock granted | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock at initial public offering | ' | ' | ' | 205,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,600,000 | ' | ' | ' | ' | ' |
Formation transaction costs and offering costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' |
Portion of formation transaction costs and offering costs expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' |
Portion of formation transaction costs and offering costs deducted from the gross proceeds of the IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Direct offering costs incurred reflected as a reduction to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | $200,000 | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Details_2
Equity (Details 2) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 03, 2013 | Jan. 03, 2012 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted stock | ' | ' | ' | ' | ' | ' |
Restricted Stock-Based Compensation | ' | ' | ' | ' | ' | ' |
Number of installments over which restricted common stocks are subject to vest | ' | ' | ' | ' | 5 | ' |
2011 Plan | ' | ' | ' | ' | ' | ' |
Restricted Stock-Based Compensation | ' | ' | ' | ' | ' | ' |
Non-cash compensation expense recognized | ' | ' | ' | $0.70 | $3 | $1.90 |
2011 Plan | Restricted stock | ' | ' | ' | ' | ' | ' |
Restricted Stock-Based Compensation | ' | ' | ' | ' | ' | ' |
Number of shares granted | 106,268 | 87,025 | 80,809 | 80,809 | 106,268 | 87,025 |
Fair value of shares granted | 1.9 | 1 | 1 | ' | ' | ' |
Fair value of shares granted (in dollars per share) | $18.11 | $11.89 | $12.21 | ' | ' | ' |
Non-cash compensation expense recognized | ' | ' | ' | 0.1 | 0.8 | 0.4 |
Fair value of shares vested | ' | ' | ' | 0 | 0.6 | 0.2 |
Unrecognized compensation expense for remaining life of the awards | ' | ' | ' | ' | $2.50 | $1.50 |
Number of shares vested | ' | ' | ' | 0 | 32,012 | 16,161 |
Shares forfeited | ' | ' | ' | ' | 11,540 | 1,559 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Jun. 19, 2013 | Jun. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
property | Operating Partnership | Operating Partnership | Operating Partnership | Common Units | Common Units | Common Units | Common Units | LTIP Units | LTIP Units | LTIP Units | |
property | property | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | Operating Partnership | ||||
2011 Plan | |||||||||||
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units held by noncontrolling interests (in shares) | ' | ' | ' | ' | ' | 6,299,186 | 5,743,958 | ' | 599,464 | 413,551 | ' |
Ownership interest held by noncontrolling owners (as a percent) | ' | ' | 13.35% | 14.71% | ' | ' | ' | ' | ' | ' | ' |
Issue price of units (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $13 | ' | ' | ' |
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares) | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Conversion ratio of noncontrolling units | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | 1 |
Noncontrolling common units converted to common stock (in shares) | ' | ' | ' | ' | ' | 2,186 | 1,861,831 | ' | ' | ' | ' |
Number of industrial properties acquired | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of common units issued | $11,500,000 | $15,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common units issued as a consideration for purchase of properties | 555,758 | 200,000 | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' |
Number of buildings purchased through issuance of common stock | 8 | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interest_Detail1
Noncontrolling Interest (Details 2) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2013 | Jan. 03, 2012 | Jun. 30, 2011 | Apr. 20, 2011 | Jan. 31, 2012 | Apr. 30, 2011 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2013 | Jan. 03, 2012 | Apr. 20, 2011 | Jan. 03, 2013 | 7-May-12 | Jan. 03, 2012 | Apr. 20, 2011 | Aug. 02, 2012 | |
LTIP Units | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | |
LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | |||||
Executive officers | Executive officers | Executive officers | Non-employee, independent directors | Non-employee, independent directors | Non-employee, independent directors | Non-employee, independent directors | Christopher P. Marr | |||||||||||||||
Share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,441 | 187,569 | 223,985 | 173,044 | 196,260 | 159,046 | 14,525 | ' | 22,380 | 41,395 | 5,345 |
Vesting period (in years) | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the date of grant | ' | ' | ' | ' | $3,300,000 | $2,500,000 | ' | $2,300,000 | ' | ' | ' | $300,000 | $2,400,000 | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Volatility factor (as a percent) | ' | ' | ' | ' | 45.00% | ' | ' | ' | 50.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | ' | ' | ' | 1.97% | ' | ' | ' | 3.40% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected annual dividend yield (as a percent) | ' | ' | ' | ' | 6.00% | ' | ' | ' | 6.50% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term | ' | ' | ' | ' | '10 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,066 | 119,852 | 82,440 | ' | ' | ' | ' | ' | ' | ' | ' |
Units redeemed (in shares) | 1,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 10,875 | ' | ' | ' |
Amount of dividend paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' |
Non-cash compensation expense recognized | ' | 700,000 | 3,000,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | 0 | 300,000 | 1,600,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | $5,200,000 | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future_Minimum_Rents_Details
Future Minimum Rents (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Rents | ' |
2014 | $134,391 |
2015 | 121,243 |
2016 | 106,356 |
2017 | 85,455 |
2018 | 66,355 |
Thereafter | $211,117 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (Unvested restricted stock) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unvested restricted stock | ' | ' | ' |
Antidilutive participating securities | ' | ' | ' |
Unvested shares of restricted stock on a weighted average basis excluded from computation of earnings per share (in shares) | 80,809 | 218,934 | 155,488 |
Earnings_Per_Share_Details_2
Earnings Per Share (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | $1,126 | $265 | ($738) | ($547) | ($2,973) | ($1,371) | ($2,028) | ($1,445) | ($10,510) | $106 | ($7,817) |
Less: preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 1,018 | 9,495 | 6,210 |
Less: amount allocable to unvested restricted stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262 | 122 |
Less: noncontrolling interest after preferred stock dividends allocable to continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,821 | -1,267 | -3,180 |
Loss from continuing operations available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -7,707 | -8,384 | -10,969 |
Income (Loss) attributable to discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,283 | 4,796 | -2,382 |
Less: noncontrolling interest allocable to discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 425 | 647 | -540 |
Income (Loss) from discontinued operations attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $858 | $4,149 | ($1,842) |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | 15,630,910 | 42,364,125 | 25,046,664 |
Earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations attributable to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.49) | ($0.20) | ($0.44) |
Income (Loss) from discontinued operations attributable to common stockholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.10 | ($0.07) |
Loss per share - basic and diluted (in dollars per share) | $0.05 | ($0.05) | ($0.06) | ($0.04) | ($0.10) | ($0.18) | ($0.11) | ($0.12) | ($0.44) | ($0.10) | ($0.51) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
item | Minimum | Minimum | Maximum | Maximum | One-time incentive fee | One-time incentive fee | One-time incentive fee | One-time incentive fee | One-time incentive fee | ||||
Columbus Nova | Columbus Nova | Columbus Nova | Columbus Nova | Columbus Nova | |||||||||
property | Minimum | Maximum | |||||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of industrial properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' |
Aggregate purchase price of industrial properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' |
Internal rate of return (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' |
Percentage of return earned by entity upon achieving a 10% internal rate of return by the entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Fair value of incentive fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Ground rent expense | 0 | 100,000 | 400,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense incurred | $0 | $300,000 | $500,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value inputs, discount rate (as a percent) | ' | ' | ' | 11.40% | 1.57% | 1.86% | 5.24% | 4.64% | ' | 9.50% | ' | ' | ' |
Fair value inputs, exit capitalization rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' |
Fair value inputs, market rent and expense growth rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 3.00% |
Number of separate ground leases for which the entity is a lessee | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of separate ground leases having option to extend period of lease | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2012 | Dec. 31, 2013 | Oct. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
item | Non-cancelable operating ground lease agreement from May 31, 1994 to April 30, 2034 | Non-cancelable operating ground lease agreement from May 31, 1994 to April 30, 2034 | Non-cancelable operating ground lease agreement from October 28, 1996 to December 31, 2038 | Non-cancelable operating ground lease agreement from October 28, 1996 to December 31, 2038 | Non-cancelable operating ground lease agreement from July 01, 2013 to June 30, 2033 | ||||
item | item | ||||||||
Ground and Operating Lease Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings acquired that are subject to non-cancelable operating ground lease agreements | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Number of non-cancelable operating ground lease agreements | ' | ' | ' | ' | 1 | ' | 1 | ' | ' |
Operating lease term | ' | ' | ' | ' | '40 years | ' | ' | ' | ' |
Ground rent expense | $0 | $100 | $400 | $200 | $33 | $100 | ' | ' | $20 |
Number of separate ground leases having option to extend period of lease one | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of separate ground leases having option to extend period of lease two | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Period of rent adjustments on the basis of increases in the Consumer Price Index | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' |
Estimated ground rent expense, which is the responsibility of the tenant | ' | ' | ' | ' | ' | ' | 33 | 100 | ' |
Future minimum rental payments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 1,134 | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 1,433 | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 1,201 | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 1,029 | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 1,134 | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | $9,246 | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans | ' | ' | ' |
Period of service for employees to be eligible to participate in the defined contribution plan | ' | '3 months | ' |
Discretionary match (as a percent) | ' | 50.00% | ' |
Maximum percentage of employee's annual salary that the entity can contribute | ' | 6.00% | ' |
Aggregate matching contribution | $46 | $100 | $100 |
Vesting period | ' | '3 years | ' |
Equity_Incentive_Plan_Details
Equity Incentive Plan (Details) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Apr. 01, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2011 | Apr. 01, 2011 | Apr. 01, 2011 | Apr. 01, 2011 | Sep. 26, 2011 | Sep. 20, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 20, 2011 | Sep. 20, 2011 | Jan. 03, 2013 | Jan. 31, 2012 | Apr. 30, 2011 | Apr. 19, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 6-May-13 | Jan. 03, 2013 | Jan. 03, 2012 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
OPP awards | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | 2011 Plan | |
Stock option | Stock appreciation rights | Stock appreciation rights | OPP awards | OPP awards | OPP awards | OPP awards | OPP awards | OPP awards | OPP awards | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | LTIP Units | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | Restricted stock | |||||||
Maximum | Minimum | Maximum | item | Minimum | Maximum | |||||||||||||||||||||||||
Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock that are available for issuance | ' | ' | ' | 2,778,779 | 1,175,362 | 1,755,187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares of common stock awarded under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,887,274 | ' | ' | ' | ' | ' | ' |
Maximum number of common stock that can be awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,642,461 | ' | ' | ' | ' | ' | ' |
Additional shares of common stock awarded under the plan as a percentage of common stock issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' |
Number of shares of common stock equivalent to each LTIP unit (in shares) | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio by which number of shares available for grant is reduced for each LTIP unit awarded | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award expiration term | ' | ' | ' | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price as a percentage of fair market value of common stock | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of total stockholder return considered for performance measurement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning value of the company's common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of aggregate reward that can be earned by all recipients collectively | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage of increase in cumulative absolute total stockholder return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess total stockholder return above relative total stockholder return hurdle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base return rate used in calculating relative stockholder return hurdle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'MSCI US REIT Index | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points added to base return rate in calculating relative total stockholder return hurdle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interests in the OPP awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | 0.7 | 3 | 1.9 | ' | ' | ' | ' | ' | ' | 0.1 | 0.4 | 0.4 | ' | ' | ' | ' | ' | 0 | 0.3 | 1.6 | 0.9 | ' | ' | ' | ' | 0.1 | 0.8 | 0.4 |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,268 | 87,025 | 80,809 | 80,809 | 106,268 | 87,025 |
Units granted (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,441 | 187,569 | 223,985 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.7 | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.5 | ' | ' | ' | ' | ' | 2.5 | 1.5 |
Weighted average period for recognition of unrecognized compensation expense | ' | ' | ' | '3 years 3 months 18 days | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested stock outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 368,760 | 301,043 | ' | ' | ' | ' | ' | 214,389 | 150,114 |
Assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of OPP awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of simulations run to determine the fair value of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected price volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | 45.00% | 50.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MSCI US REIT Index (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.34% | ' | ' | ' | ' | ' | ' | 1.97% | 3.40% | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 5 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||
Apr. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 20, 2011 | Apr. 19, 2011 | Jun. 06, 2007 | Apr. 19, 2011 | Oct. 31, 2012 | Apr. 05, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 09, 2012 | Dec. 31, 2013 | Apr. 20, 2011 | Sep. 10, 2012 | Apr. 19, 2011 | Oct. 09, 2012 | |
building | building | sqft | Fund II | Fund III | Fund III | STAG Predecessor Group | Affiliate of NED Credit Inc. | Affiliate of NED Credit Inc. | Fund II - Related Party | Fund II - Related Party | Fund II - Related Party | Fund II - Related Party | Fund II - Related Party | Fund II - Related Party | STAG Industrial Management, LLC (the "Manager") | STAG Industrial Management, LLC (the "Manager") | STAG Industrial Management, LLC (the "Manager") | Management Company | STAG Investments Holdings II, LLC | ||
building | building | building | STAG Predecessor Group | STAG Predecessor Group | property | building | sqft | Fund II | Fund III | Fund IV | STAG Predecessor Group | building | |||||||||
sqft | |||||||||||||||||||||
Related party transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual guaranty fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee fees expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management fees expensed | ' | ' | ' | ' | ' | ' | ' | 162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' |
Number of buildings owned | ' | 209 | ' | ' | 44 | 0 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rentable square feet | ' | ' | ' | 190,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' |
Annual asset management fee based on the equity investment (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' |
Asset management fees recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 800,000 | 1,100,000 | ' | ' | ' | ' | ' | ' |
Asset management fees receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 500,000 | ' | ' | ' | ' | ' | ' |
Annual management fee per property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' |
Administration fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 20,000 | ' | ' |
Total number of industrial properties acquired | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 31 |
Aggregate purchase price of industrial properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 6,200,000 | ' | ' | ' | 127,600,000 | ' | ' | ' | ' | ' |
Due from related parties | ' | $185,000 | $806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' |
Selected_Interim_Financial_Inf2
Selected Interim Financial Information (unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Interim Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $37,418 | $34,644 | $31,842 | $29,988 | $26,877 | $20,878 | $19,116 | $17,181 | $41,116 | $133,893 | $84,052 |
Income (loss) from continuing operations | 1,126 | 265 | -738 | -547 | -2,973 | -1,371 | -2,028 | -1,445 | -10,510 | 106 | -7,817 |
Net income (loss) attributable to the common stockholders | $2,098 | ($2,147) | ($2,410) | ($1,775) | ($3,372) | ($5,262) | ($2,235) | ($1,942) | ($5,831) | $5,522 | ($6,479) |
Income (loss) per share-basic and diluted (in dollars per share) | $0.05 | ($0.05) | ($0.06) | ($0.04) | ($0.10) | ($0.18) | ($0.11) | ($0.12) | ($0.44) | ($0.10) | ($0.51) |
Subsequent_Events_Details
Subsequent Events (Details) | 0 Months Ended | |||
Feb. 07, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | |
Subsequent event | Subsequent event | Subsequent event | ||
LTIP Units | LTIP Units | Restricted stock | ||
Executive officers | Non-employee, independent directors | Employees | ||
Subsequent Events | ' | ' | ' | ' |
Unit granted for services | ' | 203,691 | 20,733 | 103,149 |
Period of which the former CFO will provide consultation services | '1 year | ' | ' | ' |
Schedule_2_Valuation_and_Quali
Schedule 2 - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Receivables and Accrued Rent Reserves, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Receivables and Accrued Rent Reserves | ' | ' |
Valuation and Qualifying Accounts | ' | ' |
Beginning of Period | ' | $931 |
Costs and Expenses | 19 | -105 |
Amounts Written Off | ' | -826 |
Balance at End of Period | $19 | ' |
Schedule_3_Real_Estate_and_Acc
Schedule 3 - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | ($225,303) | ' | ' |
Building and Tenant Improvements (initial cost) | 924,075 | ' | ' |
Land | 134,399 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 20,572 | ' | ' |
Building Improvements and Equipment | 944,647 | ' | ' |
Land | 134,399 | ' | ' |
Total | 1,079,046 | 816,227 | 502,258 |
Accumulated Depreciation | -71,653 | -46,175 | -30,004 |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 93 | ' | ' |
Land | 67 | ' | ' |
Building Improvements and Equipment | 93 | ' | ' |
Land | 67 | ' | ' |
Total | 160 | ' | ' |
Accumulated Depreciation | -17 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 932 | ' | ' |
Land | 103 | ' | ' |
Building Improvements and Equipment | 932 | ' | ' |
Land | 103 | ' | ' |
Total | 1,035 | ' | ' |
Accumulated Depreciation | -169 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,107 | ' | ' |
Land | 55 | ' | ' |
Building Improvements and Equipment | 1,107 | ' | ' |
Land | 55 | ' | ' |
Total | 1,162 | ' | ' |
Accumulated Depreciation | -201 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 970 | ' | ' |
Land | 332 | ' | ' |
Building Improvements and Equipment | 970 | ' | ' |
Land | 332 | ' | ' |
Total | 1,302 | ' | ' |
Accumulated Depreciation | -176 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,397 | ' | ' |
Land | 52 | ' | ' |
Building Improvements and Equipment | 1,397 | ' | ' |
Land | 52 | ' | ' |
Total | 1,449 | ' | ' |
Accumulated Depreciation | -253 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,528 | ' | ' |
Land | 126 | ' | ' |
Building Improvements and Equipment | 1,528 | ' | ' |
Land | 126 | ' | ' |
Total | 1,654 | ' | ' |
Accumulated Depreciation | -277 | ' | ' |
Kendallville, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,510 | ' | ' |
Land | 142 | ' | ' |
Building Improvements and Equipment | 1,510 | ' | ' |
Land | 142 | ' | ' |
Total | 1,652 | ' | ' |
Accumulated Depreciation | -273 | ' | ' |
Albion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 710 | ' | ' |
Land | 187 | ' | ' |
Building Improvements and Equipment | 710 | ' | ' |
Land | 187 | ' | ' |
Total | 897 | ' | ' |
Accumulated Depreciation | -129 | ' | ' |
Alexandria, MN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,568 | ' | ' |
Land | 960 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 151 | ' | ' |
Building Improvements and Equipment | 4,719 | ' | ' |
Land | 960 | ' | ' |
Total | 5,679 | ' | ' |
Accumulated Depreciation | -398 | ' | ' |
Appleton, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,916 | ' | ' |
Land | 495 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 191 | ' | ' |
Building Improvements and Equipment | 4,107 | ' | ' |
Land | 495 | ' | ' |
Total | 4,602 | ' | ' |
Accumulated Depreciation | -693 | ' | ' |
Arlington, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,455 | ' | ' |
Land | 413 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -45 | ' | ' |
Building Improvements and Equipment | 2,410 | ' | ' |
Land | 413 | ' | ' |
Total | 2,823 | ' | ' |
Accumulated Depreciation | -394 | ' | ' |
Arlington, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,151 | ' | ' |
Land | 1,246 | ' | ' |
Building Improvements and Equipment | 6,151 | ' | ' |
Land | 1,246 | ' | ' |
Total | 7,397 | ' | ' |
Accumulated Depreciation | -289 | ' | ' |
Atlanta, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 7,437 | ' | ' |
Land | 917 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 298 | ' | ' |
Building Improvements and Equipment | 7,735 | ' | ' |
Land | 917 | ' | ' |
Total | 8,652 | ' | ' |
Accumulated Depreciation | -318 | ' | ' |
Auburn Hills, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,246 | ' | ' |
Land | 224 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -4 | ' | ' |
Building Improvements and Equipment | 2,242 | ' | ' |
Land | 224 | ' | ' |
Total | 2,466 | ' | ' |
Accumulated Depreciation | -77 | ' | ' |
Avon, CT | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,750 | ' | ' |
Land | 336 | ' | ' |
Building Improvements and Equipment | 2,750 | ' | ' |
Land | 336 | ' | ' |
Total | 3,086 | ' | ' |
Accumulated Depreciation | -127 | ' | ' |
Belfast, ME | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 10,728 | ' | ' |
Land | 1,883 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 383 | ' | ' |
Building Improvements and Equipment | 11,111 | ' | ' |
Land | 1,883 | ' | ' |
Total | 12,994 | ' | ' |
Accumulated Depreciation | -921 | ' | ' |
Bellevue, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,621 | ' | ' |
Land | 381 | ' | ' |
Building Improvements and Equipment | 3,621 | ' | ' |
Land | 381 | ' | ' |
Total | 4,002 | ' | ' |
Accumulated Depreciation | -181 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,956 | ' | ' |
Land | 733 | ' | ' |
Building Improvements and Equipment | 3,956 | ' | ' |
Land | 733 | ' | ' |
Total | 4,689 | ' | ' |
Accumulated Depreciation | -78 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,436 | ' | ' |
Land | 1,310 | ' | ' |
Building Improvements and Equipment | 3,436 | ' | ' |
Land | 1,310 | ' | ' |
Total | 4,746 | ' | ' |
Accumulated Depreciation | -91 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,310 | ' | ' |
Land | 538 | ' | ' |
Building Improvements and Equipment | 2,310 | ' | ' |
Land | 538 | ' | ' |
Total | 2,848 | ' | ' |
Accumulated Depreciation | -51 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,899 | ' | ' |
Land | 670 | ' | ' |
Building Improvements and Equipment | 6,899 | ' | ' |
Land | 670 | ' | ' |
Total | 7,569 | ' | ' |
Accumulated Depreciation | -116 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,321 | ' | ' |
Land | 668 | ' | ' |
Building Improvements and Equipment | 4,321 | ' | ' |
Land | 668 | ' | ' |
Total | 4,989 | ' | ' |
Accumulated Depreciation | -91 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,730 | ' | ' |
Land | 866 | ' | ' |
Building Improvements and Equipment | 3,730 | ' | ' |
Land | 866 | ' | ' |
Total | 4,596 | ' | ' |
Accumulated Depreciation | -73 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,808 | ' | ' |
Land | 586 | ' | ' |
Building Improvements and Equipment | 2,808 | ' | ' |
Land | 586 | ' | ' |
Total | 3,394 | ' | ' |
Accumulated Depreciation | -67 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 8,340 | ' | ' |
Land | 1,542 | ' | ' |
Building Improvements and Equipment | 8,340 | ' | ' |
Land | 1,542 | ' | ' |
Total | 9,882 | ' | ' |
Accumulated Depreciation | -192 | ' | ' |
Belvidere, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 71 | ' | ' |
Land | 216 | ' | ' |
Building Improvements and Equipment | 71 | ' | ' |
Land | 216 | ' | ' |
Total | 287 | ' | ' |
Accumulated Depreciation | -12 | ' | ' |
Boardman, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,482 | ' | ' |
Land | 282 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 593 | ' | ' |
Building Improvements and Equipment | 4,075 | ' | ' |
Land | 282 | ' | ' |
Total | 4,357 | ' | ' |
Accumulated Depreciation | -648 | ' | ' |
Boardman, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,979 | ' | ' |
Land | 192 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 359 | ' | ' |
Building Improvements and Equipment | 2,338 | ' | ' |
Land | 192 | ' | ' |
Total | 2,530 | ' | ' |
Accumulated Depreciation | -329 | ' | ' |
Buena Vista, VA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,500 | ' | ' |
Land | 534 | ' | ' |
Building Improvements and Equipment | 2,500 | ' | ' |
Land | 534 | ' | ' |
Total | 3,034 | ' | ' |
Accumulated Depreciation | -114 | ' | ' |
Buffalo, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,924 | ' | ' |
Land | 146 | ' | ' |
Building Improvements and Equipment | 2,924 | ' | ' |
Land | 146 | ' | ' |
Total | 3,070 | ' | ' |
Accumulated Depreciation | -129 | ' | ' |
Canton, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,078 | ' | ' |
Land | 586 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 128 | ' | ' |
Building Improvements and Equipment | 5,206 | ' | ' |
Land | 586 | ' | ' |
Total | 5,792 | ' | ' |
Accumulated Depreciation | -981 | ' | ' |
Catoosa, OK | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,937 | ' | ' |
Building Improvements and Equipment | 3,937 | ' | ' |
Total | 3,937 | ' | ' |
Accumulated Depreciation | -64 | ' | ' |
Charlotte, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -12,541 | ' | ' |
Building and Tenant Improvements (initial cost) | 10,239 | ' | ' |
Land | 3,535 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 525 | ' | ' |
Building Improvements and Equipment | 10,764 | ' | ' |
Land | 3,535 | ' | ' |
Total | 14,299 | ' | ' |
Accumulated Depreciation | -994 | ' | ' |
Charlotte, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -15,830 | ' | ' |
Building and Tenant Improvements (initial cost) | 12,818 | ' | ' |
Land | 2,734 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 161 | ' | ' |
Building Improvements and Equipment | 12,979 | ' | ' |
Land | 2,734 | ' | ' |
Total | 15,713 | ' | ' |
Accumulated Depreciation | -1,277 | ' | ' |
Cheektowaga, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,757 | ' | ' |
Land | 216 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 395 | ' | ' |
Building Improvements and Equipment | 3,152 | ' | ' |
Land | 216 | ' | ' |
Total | 3,368 | ' | ' |
Accumulated Depreciation | -293 | ' | ' |
Chesterfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,169 | ' | ' |
Land | 207 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 62 | ' | ' |
Building Improvements and Equipment | 1,231 | ' | ' |
Land | 207 | ' | ' |
Total | 1,438 | ' | ' |
Accumulated Depreciation | -301 | ' | ' |
Chesterfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 798 | ' | ' |
Land | 150 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 15 | ' | ' |
Building Improvements and Equipment | 813 | ' | ' |
Land | 150 | ' | ' |
Total | 963 | ' | ' |
Accumulated Depreciation | -133 | ' | ' |
Chesterfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 802 | ' | ' |
Land | 151 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 131 | ' | ' |
Building Improvements and Equipment | 933 | ' | ' |
Land | 151 | ' | ' |
Total | 1,084 | ' | ' |
Accumulated Depreciation | -154 | ' | ' |
Chesterfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,304 | ' | ' |
Land | 942 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 972 | ' | ' |
Building Improvements and Equipment | 6,276 | ' | ' |
Land | 942 | ' | ' |
Total | 7,218 | ' | ' |
Accumulated Depreciation | -1,293 | ' | ' |
Chicopee, MA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,867 | ' | ' |
Land | 504 | ' | ' |
Building Improvements and Equipment | 5,867 | ' | ' |
Land | 504 | ' | ' |
Total | 6,371 | ' | ' |
Accumulated Depreciation | -243 | ' | ' |
Chippewa Falls, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,303 | ' | ' |
Land | 133 | ' | ' |
Building Improvements and Equipment | 2,303 | ' | ' |
Land | 133 | ' | ' |
Total | 2,436 | ' | ' |
Accumulated Depreciation | -142 | ' | ' |
Chippewa Falls, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 544 | ' | ' |
Land | 44 | ' | ' |
Building Improvements and Equipment | 544 | ' | ' |
Land | 44 | ' | ' |
Total | 588 | ' | ' |
Accumulated Depreciation | -33 | ' | ' |
Cincinnati, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,172 | ' | ' |
Land | 384 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,751 | ' | ' |
Building Improvements and Equipment | 6,923 | ' | ' |
Land | 384 | ' | ' |
Total | 7,307 | ' | ' |
Accumulated Depreciation | -1,142 | ' | ' |
Cleveland, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -2,964 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,161 | ' | ' |
Land | 554 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 84 | ' | ' |
Building Improvements and Equipment | 3,245 | ' | ' |
Land | 554 | ' | ' |
Total | 3,799 | ' | ' |
Accumulated Depreciation | -260 | ' | ' |
West Columbia, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,988 | ' | ' |
Land | 715 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 102 | ' | ' |
Building Improvements and Equipment | 7,090 | ' | ' |
Land | 715 | ' | ' |
Total | 7,805 | ' | ' |
Accumulated Depreciation | -179 | ' | ' |
Conyers, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,928 | ' | ' |
Building and Tenant Improvements (initial cost) | 4,142 | ' | ' |
Land | 969 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 80 | ' | ' |
Building Improvements and Equipment | 4,222 | ' | ' |
Land | 969 | ' | ' |
Total | 5,191 | ' | ' |
Accumulated Depreciation | -331 | ' | ' |
Dallas, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,712 | ' | ' |
Land | 475 | ' | ' |
Building Improvements and Equipment | 1,712 | ' | ' |
Land | 475 | ' | ' |
Total | 2,187 | ' | ' |
Accumulated Depreciation | -78 | ' | ' |
LaGrange, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,175 | ' | ' |
Land | 240 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 41 | ' | ' |
Building Improvements and Equipment | 3,216 | ' | ' |
Land | 240 | ' | ' |
Total | 3,456 | ' | ' |
Accumulated Depreciation | -354 | ' | ' |
Danville, KY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 11,814 | ' | ' |
Land | 965 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 997 | ' | ' |
Building Improvements and Equipment | 12,811 | ' | ' |
Land | 965 | ' | ' |
Total | 13,776 | ' | ' |
Accumulated Depreciation | -1,122 | ' | ' |
Daytona Beach, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 875 | ' | ' |
Land | 1,237 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 740 | ' | ' |
Building Improvements and Equipment | 1,615 | ' | ' |
Land | 1,237 | ' | ' |
Total | 2,852 | ' | ' |
Accumulated Depreciation | -315 | ' | ' |
Dayton, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,650 | ' | ' |
Land | 391 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 624 | ' | ' |
Building Improvements and Equipment | 4,274 | ' | ' |
Land | 391 | ' | ' |
Total | 4,665 | ' | ' |
Accumulated Depreciation | -510 | ' | ' |
DeKalb, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,568 | ' | ' |
Land | 489 | ' | ' |
Building Improvements and Equipment | 4,568 | ' | ' |
Land | 489 | ' | ' |
Total | 5,057 | ' | ' |
Accumulated Depreciation | -115 | ' | ' |
De Pere, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,144 | ' | ' |
Land | 525 | ' | ' |
Building Improvements and Equipment | 6,144 | ' | ' |
Land | 525 | ' | ' |
Total | 6,669 | ' | ' |
Accumulated Depreciation | -265 | ' | ' |
Duncan, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 11,352 | ' | ' |
Land | 1,002 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 44 | ' | ' |
Building Improvements and Equipment | 11,396 | ' | ' |
Land | 1,002 | ' | ' |
Total | 12,398 | ' | ' |
Accumulated Depreciation | -519 | ' | ' |
Duncan, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,928 | ' | ' |
Land | 709 | ' | ' |
Building Improvements and Equipment | 6,928 | ' | ' |
Land | 709 | ' | ' |
Total | 7,637 | ' | ' |
Accumulated Depreciation | -359 | ' | ' |
Edgefield, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 938 | ' | ' |
Land | 220 | ' | ' |
Building Improvements and Equipment | 938 | ' | ' |
Land | 220 | ' | ' |
Total | 1,158 | ' | ' |
Accumulated Depreciation | -52 | ' | ' |
Elkhart, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 210 | ' | ' |
Land | 25 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 14 | ' | ' |
Building Improvements and Equipment | 224 | ' | ' |
Land | 25 | ' | ' |
Total | 249 | ' | ' |
Accumulated Depreciation | -45 | ' | ' |
Elkhart, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,567 | ' | ' |
Land | 422 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 161 | ' | ' |
Building Improvements and Equipment | 3,728 | ' | ' |
Land | 422 | ' | ' |
Total | 4,150 | ' | ' |
Accumulated Depreciation | -628 | ' | ' |
El Paso, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,096 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 373 | ' | ' |
Building Improvements and Equipment | 3,469 | ' | ' |
Total | 3,469 | ' | ' |
Accumulated Depreciation | -137 | ' | ' |
East Windsor, CT | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,360 | ' | ' |
Building and Tenant Improvements (initial cost) | 4,713 | ' | ' |
Land | 348 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 447 | ' | ' |
Building Improvements and Equipment | 5,160 | ' | ' |
Land | 348 | ' | ' |
Total | 5,508 | ' | ' |
Accumulated Depreciation | -403 | ' | ' |
Lexington, VA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 445 | ' | ' |
Land | 59 | ' | ' |
Building Improvements and Equipment | 445 | ' | ' |
Land | 59 | ' | ' |
Total | 504 | ' | ' |
Accumulated Depreciation | -77 | ' | ' |
Fairfield, VA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,274 | ' | ' |
Land | 295 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 177 | ' | ' |
Building Improvements and Equipment | 2,451 | ' | ' |
Land | 295 | ' | ' |
Total | 2,746 | ' | ' |
Accumulated Depreciation | -463 | ' | ' |
Farmington, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,342 | ' | ' |
Land | 410 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 12 | ' | ' |
Building Improvements and Equipment | 5,354 | ' | ' |
Land | 410 | ' | ' |
Total | 5,764 | ' | ' |
Accumulated Depreciation | -908 | ' | ' |
Franklin, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 12,042 | ' | ' |
Land | 2,479 | ' | ' |
Building Improvements and Equipment | 12,042 | ' | ' |
Land | 2,479 | ' | ' |
Total | 14,521 | ' | ' |
Accumulated Depreciation | -713 | ' | ' |
Fort Worth, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -2,271 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,965 | ' | ' |
Land | 389 | ' | ' |
Building Improvements and Equipment | 2,965 | ' | ' |
Land | 389 | ' | ' |
Total | 3,354 | ' | ' |
Accumulated Depreciation | -257 | ' | ' |
Gahanna, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,649 | ' | ' |
Building and Tenant Improvements (initial cost) | 4,191 | ' | ' |
Land | 1,265 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 1,158 | ' | ' |
Building Improvements and Equipment | 5,349 | ' | ' |
Land | 1,265 | ' | ' |
Total | 6,614 | ' | ' |
Accumulated Depreciation | -365 | ' | ' |
Georgetown, KY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -2,437 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,183 | ' | ' |
Land | 875 | ' | ' |
Building Improvements and Equipment | 2,183 | ' | ' |
Land | 875 | ' | ' |
Total | 3,058 | ' | ' |
Accumulated Depreciation | -199 | ' | ' |
Gloversville, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -813 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,317 | ' | ' |
Land | 117 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -18 | ' | ' |
Building Improvements and Equipment | 1,299 | ' | ' |
Land | 117 | ' | ' |
Total | 1,416 | ' | ' |
Accumulated Depreciation | -50 | ' | ' |
Gloversville, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,314 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,613 | ' | ' |
Land | 151 | ' | ' |
Building Improvements and Equipment | 2,613 | ' | ' |
Land | 151 | ' | ' |
Total | 2,764 | ' | ' |
Accumulated Depreciation | -123 | ' | ' |
Gloversville, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,189 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,790 | ' | ' |
Land | 130 | ' | ' |
Building Improvements and Equipment | 1,790 | ' | ' |
Land | 130 | ' | ' |
Total | 1,920 | ' | ' |
Accumulated Depreciation | -97 | ' | ' |
Gloversville, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -939 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,514 | ' | ' |
Land | 154 | ' | ' |
Building Improvements and Equipment | 1,514 | ' | ' |
Land | 154 | ' | ' |
Total | 1,668 | ' | ' |
Accumulated Depreciation | -70 | ' | ' |
Golden, CO | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,164 | ' | ' |
Land | 742 | ' | ' |
Building Improvements and Equipment | 6,164 | ' | ' |
Land | 742 | ' | ' |
Total | 6,906 | ' | ' |
Accumulated Depreciation | -154 | ' | ' |
Goshen, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -6,366 | ' | ' |
Building and Tenant Improvements (initial cost) | 6,509 | ' | ' |
Land | 1,442 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 201 | ' | ' |
Building Improvements and Equipment | 6,710 | ' | ' |
Land | 1,442 | ' | ' |
Total | 8,152 | ' | ' |
Accumulated Depreciation | -566 | ' | ' |
Greenwood, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,689 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,848 | ' | ' |
Land | 166 | ' | ' |
Building Improvements and Equipment | 1,848 | ' | ' |
Land | 166 | ' | ' |
Total | 2,014 | ' | ' |
Accumulated Depreciation | -75 | ' | ' |
Greenwood, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,439 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,232 | ' | ' |
Land | 169 | ' | ' |
Building Improvements and Equipment | 1,232 | ' | ' |
Land | 169 | ' | ' |
Total | 1,401 | ' | ' |
Accumulated Depreciation | -58 | ' | ' |
Gresham, OR | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -9,241 | ' | ' |
Building and Tenant Improvements (initial cost) | 8,740 | ' | ' |
Land | 1,730 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 365 | ' | ' |
Building Improvements and Equipment | 9,105 | ' | ' |
Land | 1,730 | ' | ' |
Total | 10,835 | ' | ' |
Accumulated Depreciation | -715 | ' | ' |
Gurnee, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,902 | ' | ' |
Land | 1,337 | ' | ' |
Building Improvements and Equipment | 4,902 | ' | ' |
Land | 1,337 | ' | ' |
Total | 6,239 | ' | ' |
Accumulated Depreciation | -312 | ' | ' |
Hampstead, MD | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 34,969 | ' | ' |
Land | 780 | ' | ' |
Building Improvements and Equipment | 34,969 | ' | ' |
Land | 780 | ' | ' |
Total | 35,749 | ' | ' |
Accumulated Depreciation | -438 | ' | ' |
Harrisonburg, VA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 11,179 | ' | ' |
Land | 1,455 | ' | ' |
Building Improvements and Equipment | 11,179 | ' | ' |
Land | 1,455 | ' | ' |
Total | 12,634 | ' | ' |
Accumulated Depreciation | -355 | ' | ' |
Harvard, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,980 | ' | ' |
Land | 1,157 | ' | ' |
Building Improvements and Equipment | 2,980 | ' | ' |
Land | 1,157 | ' | ' |
Total | 4,137 | ' | ' |
Accumulated Depreciation | -17 | ' | ' |
St. Louis, MO | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -6,432 | ' | ' |
Building and Tenant Improvements (initial cost) | 5,815 | ' | ' |
Land | 1,382 | ' | ' |
Building Improvements and Equipment | 5,815 | ' | ' |
Land | 1,382 | ' | ' |
Total | 7,197 | ' | ' |
Accumulated Depreciation | -582 | ' | ' |
Holland, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,235 | ' | ' |
Land | 489 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 428 | ' | ' |
Building Improvements and Equipment | 5,663 | ' | ' |
Land | 489 | ' | ' |
Total | 6,152 | ' | ' |
Accumulated Depreciation | -969 | ' | ' |
Holland, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,492 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,475 | ' | ' |
Land | 279 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 60 | ' | ' |
Building Improvements and Equipment | 3,535 | ' | ' |
Land | 279 | ' | ' |
Total | 3,814 | ' | ' |
Accumulated Depreciation | -166 | ' | ' |
Holland, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,046 | ' | ' |
Land | 497 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -218 | ' | ' |
Building Improvements and Equipment | 3,828 | ' | ' |
Land | 497 | ' | ' |
Total | 4,325 | ' | ' |
Accumulated Depreciation | -592 | ' | ' |
Houston, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 7,790 | ' | ' |
Land | 2,255 | ' | ' |
Building Improvements and Equipment | 7,790 | ' | ' |
Land | 2,255 | ' | ' |
Total | 10,045 | ' | ' |
Accumulated Depreciation | -177 | ' | ' |
Huntersville, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,270 | ' | ' |
Land | 1,061 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 35 | ' | ' |
Building Improvements and Equipment | 3,305 | ' | ' |
Land | 1,061 | ' | ' |
Total | 4,366 | ' | ' |
Accumulated Depreciation | -170 | ' | ' |
Idaho Falls, ID | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,735 | ' | ' |
Land | 356 | ' | ' |
Building Improvements and Equipment | 2,735 | ' | ' |
Land | 356 | ' | ' |
Total | 3,091 | ' | ' |
Accumulated Depreciation | -82 | ' | ' |
Independence, VA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,571 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,212 | ' | ' |
Land | 226 | ' | ' |
Building Improvements and Equipment | 2,212 | ' | ' |
Land | 226 | ' | ' |
Total | 2,438 | ' | ' |
Accumulated Depreciation | -153 | ' | ' |
Jackson, MS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 926 | ' | ' |
Land | 218 | ' | ' |
Building Improvements and Equipment | 926 | ' | ' |
Land | 218 | ' | ' |
Total | 1,144 | ' | ' |
Accumulated Depreciation | -161 | ' | ' |
Jackson, MS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,142 | ' | ' |
Land | 750 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 565 | ' | ' |
Building Improvements and Equipment | 3,707 | ' | ' |
Land | 750 | ' | ' |
Total | 4,457 | ' | ' |
Accumulated Depreciation | -612 | ' | ' |
Jackson, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,374 | ' | ' |
Land | 230 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 142 | ' | ' |
Building Improvements and Equipment | 2,516 | ' | ' |
Land | 230 | ' | ' |
Total | 2,746 | ' | ' |
Accumulated Depreciation | -88 | ' | ' |
Janesville, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 17,493 | ' | ' |
Land | 828 | ' | ' |
Building Improvements and Equipment | 17,493 | ' | ' |
Land | 828 | ' | ' |
Total | 18,321 | ' | ' |
Accumulated Depreciation | -59 | ' | ' |
Jefferson, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,875 | ' | ' |
Land | 119 | ' | ' |
Building Improvements and Equipment | 2,875 | ' | ' |
Land | 119 | ' | ' |
Total | 2,994 | ' | ' |
Accumulated Depreciation | -482 | ' | ' |
Johnstown, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -813 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,304 | ' | ' |
Land | 178 | ' | ' |
Building Improvements and Equipment | 1,304 | ' | ' |
Land | 178 | ' | ' |
Total | 1,482 | ' | ' |
Accumulated Depreciation | -54 | ' | ' |
Johnstown, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,189 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,595 | ' | ' |
Land | 216 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -3 | ' | ' |
Building Improvements and Equipment | 1,592 | ' | ' |
Land | 216 | ' | ' |
Total | 1,808 | ' | ' |
Accumulated Depreciation | -54 | ' | ' |
Johnstown, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -970 | ' | ' |
Building and Tenant Improvements (initial cost) | 978 | ' | ' |
Land | 198 | ' | ' |
Building Improvements and Equipment | 978 | ' | ' |
Land | 198 | ' | ' |
Total | 1,176 | ' | ' |
Accumulated Depreciation | -54 | ' | ' |
Johnstown, NY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,815 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,467 | ' | ' |
Land | 140 | ' | ' |
Building Improvements and Equipment | 1,467 | ' | ' |
Land | 140 | ' | ' |
Total | 1,607 | ' | ' |
Accumulated Depreciation | -61 | ' | ' |
Kansas City, MO | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,581 | ' | ' |
Land | 703 | ' | ' |
Building Improvements and Equipment | 5,581 | ' | ' |
Land | 703 | ' | ' |
Total | 6,284 | ' | ' |
Accumulated Depreciation | -168 | ' | ' |
Kansas City, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,283 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,125 | ' | ' |
Land | 527 | ' | ' |
Building Improvements and Equipment | 1,125 | ' | ' |
Land | 527 | ' | ' |
Total | 1,652 | ' | ' |
Accumulated Depreciation | -62 | ' | ' |
Kentwood, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,478 | ' | ' |
Land | 407 | ' | ' |
Building Improvements and Equipment | 2,478 | ' | ' |
Land | 407 | ' | ' |
Total | 2,885 | ' | ' |
Accumulated Depreciation | -55 | ' | ' |
Lafayette, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,345 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,280 | ' | ' |
Land | 295 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -47 | ' | ' |
Building Improvements and Equipment | 2,233 | ' | ' |
Land | 295 | ' | ' |
Total | 2,528 | ' | ' |
Accumulated Depreciation | -78 | ' | ' |
Lafayette, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -2,284 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,554 | ' | ' |
Land | 410 | ' | ' |
Building Improvements and Equipment | 3,554 | ' | ' |
Land | 410 | ' | ' |
Total | 3,964 | ' | ' |
Accumulated Depreciation | -221 | ' | ' |
Lafayette, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -4,693 | ' | ' |
Building and Tenant Improvements (initial cost) | 8,135 | ' | ' |
Land | 906 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 26 | ' | ' |
Building Improvements and Equipment | 8,161 | ' | ' |
Land | 906 | ' | ' |
Total | 9,067 | ' | ' |
Accumulated Depreciation | -427 | ' | ' |
Lansing, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -8,735 | ' | ' |
Building and Tenant Improvements (initial cost) | 8,164 | ' | ' |
Land | 501 | ' | ' |
Building Improvements and Equipment | 8,164 | ' | ' |
Land | 501 | ' | ' |
Total | 8,665 | ' | ' |
Accumulated Depreciation | -637 | ' | ' |
Lansing, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,077 | ' | ' |
Land | 580 | ' | ' |
Building Improvements and Equipment | 4,077 | ' | ' |
Land | 580 | ' | ' |
Total | 4,657 | ' | ' |
Accumulated Depreciation | -214 | ' | ' |
Lansing, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -6,257 | ' | ' |
Building and Tenant Improvements (initial cost) | 7,162 | ' | ' |
Land | 429 | ' | ' |
Building Improvements and Equipment | 7,162 | ' | ' |
Land | 429 | ' | ' |
Total | 7,591 | ' | ' |
Accumulated Depreciation | -275 | ' | ' |
Lansing, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,209 | ' | ' |
Land | 907 | ' | ' |
Building Improvements and Equipment | 5,209 | ' | ' |
Land | 907 | ' | ' |
Total | 6,116 | ' | ' |
Accumulated Depreciation | -17 | ' | ' |
Lewiston, ME | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,515 | ' | ' |
Land | 173 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 360 | ' | ' |
Building Improvements and Equipment | 5,875 | ' | ' |
Land | 173 | ' | ' |
Total | 6,048 | ' | ' |
Accumulated Depreciation | -1,057 | ' | ' |
Lexington, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,968 | ' | ' |
Land | 232 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 135 | ' | ' |
Building Improvements and Equipment | 4,103 | ' | ' |
Land | 232 | ' | ' |
Total | 4,335 | ' | ' |
Accumulated Depreciation | -340 | ' | ' |
Londonderry, NH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,683 | ' | ' |
Land | 730 | ' | ' |
Building Improvements and Equipment | 6,683 | ' | ' |
Land | 730 | ' | ' |
Total | 7,413 | ' | ' |
Accumulated Depreciation | -167 | ' | ' |
Louisville, KY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,508 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,875 | ' | ' |
Land | 386 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 520 | ' | ' |
Building Improvements and Equipment | 4,395 | ' | ' |
Land | 386 | ' | ' |
Total | 4,781 | ' | ' |
Accumulated Depreciation | -380 | ' | ' |
Louisville, KY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -5,596 | ' | ' |
Building and Tenant Improvements (initial cost) | 6,182 | ' | ' |
Land | 616 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 632 | ' | ' |
Building Improvements and Equipment | 6,814 | ' | ' |
Land | 616 | ' | ' |
Total | 7,430 | ' | ' |
Accumulated Depreciation | -590 | ' | ' |
Madison, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -6,844 | ' | ' |
Building and Tenant Improvements (initial cost) | 6,159 | ' | ' |
Land | 1,655 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 892 | ' | ' |
Building Improvements and Equipment | 7,051 | ' | ' |
Land | 1,655 | ' | ' |
Total | 8,706 | ' | ' |
Accumulated Depreciation | -737 | ' | ' |
Malden, MA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,817 | ' | ' |
Land | 366 | ' | ' |
Building Improvements and Equipment | 2,817 | ' | ' |
Land | 366 | ' | ' |
Total | 3,183 | ' | ' |
Accumulated Depreciation | -475 | ' | ' |
Malden, MA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,961 | ' | ' |
Land | 507 | ' | ' |
Building Improvements and Equipment | 3,961 | ' | ' |
Land | 507 | ' | ' |
Total | 4,468 | ' | ' |
Accumulated Depreciation | -668 | ' | ' |
Marion, IA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,257 | ' | ' |
Land | 691 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 46 | ' | ' |
Building Improvements and Equipment | 2,303 | ' | ' |
Land | 691 | ' | ' |
Total | 2,994 | ' | ' |
Accumulated Depreciation | -68 | ' | ' |
Marion, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,191 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,010 | ' | ' |
Land | 243 | ' | ' |
Building Improvements and Equipment | 3,010 | ' | ' |
Land | 243 | ' | ' |
Total | 3,253 | ' | ' |
Accumulated Depreciation | -169 | ' | ' |
Marshall, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,051 | ' | ' |
Land | 199 | ' | ' |
Building Improvements and Equipment | 1,051 | ' | ' |
Land | 199 | ' | ' |
Total | 1,250 | ' | ' |
Accumulated Depreciation | -36 | ' | ' |
Mascot, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,452 | ' | ' |
Land | 385 | ' | ' |
Building Improvements and Equipment | 3,452 | ' | ' |
Land | 385 | ' | ' |
Total | 3,837 | ' | ' |
Accumulated Depreciation | -14 | ' | ' |
Salem, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,849 | ' | ' |
Land | 858 | ' | ' |
Building Improvements and Equipment | 6,849 | ' | ' |
Land | 858 | ' | ' |
Total | 7,707 | ' | ' |
Accumulated Depreciation | -1,127 | ' | ' |
Mayville, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,118 | ' | ' |
Land | 547 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 330 | ' | ' |
Building Improvements and Equipment | 4,448 | ' | ' |
Land | 547 | ' | ' |
Total | 4,995 | ' | ' |
Accumulated Depreciation | -742 | ' | ' |
Mebane, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,570 | ' | ' |
Land | 481 | ' | ' |
Building Improvements and Equipment | 4,570 | ' | ' |
Land | 481 | ' | ' |
Total | 5,051 | ' | ' |
Accumulated Depreciation | -174 | ' | ' |
Mebane, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,148 | ' | ' |
Land | 443 | ' | ' |
Building Improvements and Equipment | 4,148 | ' | ' |
Land | 443 | ' | ' |
Total | 4,591 | ' | ' |
Accumulated Depreciation | -169 | ' | ' |
Mebane, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,999 | ' | ' |
Land | 358 | ' | ' |
Building Improvements and Equipment | 4,999 | ' | ' |
Land | 358 | ' | ' |
Total | 5,357 | ' | ' |
Accumulated Depreciation | -31 | ' | ' |
Milwaukee, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,090 | ' | ' |
Land | 456 | ' | ' |
Building Improvements and Equipment | 4,090 | ' | ' |
Land | 456 | ' | ' |
Total | 4,546 | ' | ' |
Accumulated Depreciation | -663 | ' | ' |
Milwaukee, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,283 | ' | ' |
Land | 1,048 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 368 | ' | ' |
Building Improvements and Equipment | 5,651 | ' | ' |
Land | 1,048 | ' | ' |
Total | 6,699 | ' | ' |
Accumulated Depreciation | -1,125 | ' | ' |
Mishawaka, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,108 | ' | ' |
Land | 800 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 24 | ' | ' |
Building Improvements and Equipment | 3,132 | ' | ' |
Land | 800 | ' | ' |
Total | 3,932 | ' | ' |
Accumulated Depreciation | -92 | ' | ' |
Montgomery, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 12,543 | ' | ' |
Land | 2,190 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 62 | ' | ' |
Building Improvements and Equipment | 12,605 | ' | ' |
Land | 2,190 | ' | ' |
Total | 14,795 | ' | ' |
Accumulated Depreciation | -424 | ' | ' |
Mooresville, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -7,085 | ' | ' |
Building and Tenant Improvements (initial cost) | 7,411 | ' | ' |
Land | 701 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 216 | ' | ' |
Building Improvements and Equipment | 7,627 | ' | ' |
Land | 701 | ' | ' |
Total | 8,328 | ' | ' |
Accumulated Depreciation | -625 | ' | ' |
Mt. Prospect, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,988 | ' | ' |
Land | 726 | ' | ' |
Building Improvements and Equipment | 2,988 | ' | ' |
Land | 726 | ' | ' |
Total | 3,714 | ' | ' |
Accumulated Depreciation | -77 | ' | ' |
Nashville, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,601 | ' | ' |
Land | 547 | ' | ' |
Building Improvements and Equipment | 3,601 | ' | ' |
Land | 547 | ' | ' |
Total | 4,148 | ' | ' |
Accumulated Depreciation | -56 | ' | ' |
Newark, DE | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,478 | ' | ' |
Land | 197 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 137 | ' | ' |
Building Improvements and Equipment | 1,615 | ' | ' |
Land | 197 | ' | ' |
Total | 1,812 | ' | ' |
Accumulated Depreciation | -333 | ' | ' |
Newark, DE | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,479 | ' | ' |
Land | 330 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 36 | ' | ' |
Building Improvements and Equipment | 2,515 | ' | ' |
Land | 330 | ' | ' |
Total | 2,845 | ' | ' |
Accumulated Depreciation | -431 | ' | ' |
New Berlin, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,500 | ' | ' |
Land | 1,068 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 98 | ' | ' |
Building Improvements and Equipment | 6,598 | ' | ' |
Land | 1,068 | ' | ' |
Total | 7,666 | ' | ' |
Accumulated Depreciation | -102 | ' | ' |
New Hope, MN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,970 | ' | ' |
Land | 1,919 | ' | ' |
Building Improvements and Equipment | 1,970 | ' | ' |
Land | 1,919 | ' | ' |
Total | 3,889 | ' | ' |
Accumulated Depreciation | -34 | ' | ' |
Lopatcong, NJ | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,400 | ' | ' |
Land | 1,554 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 184 | ' | ' |
Building Improvements and Equipment | 1,584 | ' | ' |
Land | 1,554 | ' | ' |
Total | 3,138 | ' | ' |
Accumulated Depreciation | -228 | ' | ' |
Piscataway, NJ | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,655 | ' | ' |
Land | 640 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 164 | ' | ' |
Building Improvements and Equipment | 5,819 | ' | ' |
Land | 640 | ' | ' |
Total | 6,459 | ' | ' |
Accumulated Depreciation | -698 | ' | ' |
Newton, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,367 | ' | ' |
Land | 732 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 86 | ' | ' |
Building Improvements and Equipment | 4,453 | ' | ' |
Land | 732 | ' | ' |
Total | 5,185 | ' | ' |
Accumulated Depreciation | -542 | ' | ' |
North Jackson, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,427 | ' | ' |
Land | 1,528 | ' | ' |
Building Improvements and Equipment | 4,427 | ' | ' |
Land | 1,528 | ' | ' |
Total | 5,955 | ' | ' |
Accumulated Depreciation | -25 | ' | ' |
North Jackson 2, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -7,775 | ' | ' |
Building and Tenant Improvements (initial cost) | 6,439 | ' | ' |
Land | 486 | ' | ' |
Building Improvements and Equipment | 6,439 | ' | ' |
Land | 486 | ' | ' |
Total | 6,925 | ' | ' |
Accumulated Depreciation | -591 | ' | ' |
Norton, MA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -5,834 | ' | ' |
Building and Tenant Improvements (initial cost) | 6,740 | ' | ' |
Land | 2,839 | ' | ' |
Building Improvements and Equipment | 6,740 | ' | ' |
Land | 2,839 | ' | ' |
Total | 9,579 | ' | ' |
Accumulated Depreciation | -532 | ' | ' |
Novi, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,066 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,879 | ' | ' |
Land | 252 | ' | ' |
Building Improvements and Equipment | 3,879 | ' | ' |
Land | 252 | ' | ' |
Total | 4,131 | ' | ' |
Accumulated Depreciation | -198 | ' | ' |
Ocala, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 13,296 | ' | ' |
Land | 731 | ' | ' |
Building Improvements and Equipment | 13,296 | ' | ' |
Land | 731 | ' | ' |
Total | 14,027 | ' | ' |
Accumulated Depreciation | -295 | ' | ' |
O'Fallon, MO | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,210 | ' | ' |
Building and Tenant Improvements (initial cost) | 2,676 | ' | ' |
Land | 1,242 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 69 | ' | ' |
Building Improvements and Equipment | 2,745 | ' | ' |
Land | 1,242 | ' | ' |
Total | 3,987 | ' | ' |
Accumulated Depreciation | -239 | ' | ' |
O'Hara, PA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -17,583 | ' | ' |
Building and Tenant Improvements (initial cost) | 18,875 | ' | ' |
Land | 1,435 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 574 | ' | ' |
Building Improvements and Equipment | 19,449 | ' | ' |
Land | 1,435 | ' | ' |
Total | 20,884 | ' | ' |
Accumulated Depreciation | -787 | ' | ' |
Orangeburg, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,653 | ' | ' |
Land | 362 | ' | ' |
Building Improvements and Equipment | 2,653 | ' | ' |
Land | 362 | ' | ' |
Total | 3,015 | ' | ' |
Accumulated Depreciation | -100 | ' | ' |
Orlando, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,839 | ' | ' |
Land | 1,339 | ' | ' |
Building Improvements and Equipment | 4,839 | ' | ' |
Land | 1,339 | ' | ' |
Total | 6,178 | ' | ' |
Accumulated Depreciation | -45 | ' | ' |
Orlando, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,996 | ' | ' |
Land | 721 | ' | ' |
Building Improvements and Equipment | 1,996 | ' | ' |
Land | 721 | ' | ' |
Total | 2,717 | ' | ' |
Accumulated Depreciation | -101 | ' | ' |
Parsons, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,189 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,053 | ' | ' |
Land | 108 | ' | ' |
Building Improvements and Equipment | 1,053 | ' | ' |
Land | 108 | ' | ' |
Total | 1,161 | ' | ' |
Accumulated Depreciation | -50 | ' | ' |
Pensacola, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,705 | ' | ' |
Land | 282 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 68 | ' | ' |
Building Improvements and Equipment | 4,773 | ' | ' |
Land | 282 | ' | ' |
Total | 5,055 | ' | ' |
Accumulated Depreciation | -807 | ' | ' |
Pensacola, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 206 | ' | ' |
Land | 42 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 83 | ' | ' |
Building Improvements and Equipment | 289 | ' | ' |
Land | 42 | ' | ' |
Total | 331 | ' | ' |
Accumulated Depreciation | -51 | ' | ' |
Phenix City, AL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,752 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,493 | ' | ' |
Land | 276 | ' | ' |
Building Improvements and Equipment | 1,493 | ' | ' |
Land | 276 | ' | ' |
Total | 1,769 | ' | ' |
Accumulated Depreciation | -85 | ' | ' |
Pineville, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,380 | ' | ' |
Land | 392 | ' | ' |
Building Improvements and Equipment | 1,380 | ' | ' |
Land | 392 | ' | ' |
Total | 1,772 | ' | ' |
Accumulated Depreciation | -79 | ' | ' |
Warrendale, PA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,437 | ' | ' |
Land | 778 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 430 | ' | ' |
Building Improvements and Equipment | 6,867 | ' | ' |
Land | 778 | ' | ' |
Total | 7,645 | ' | ' |
Accumulated Depreciation | -536 | ' | ' |
Pocatello, ID | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,472 | ' | ' |
Land | 399 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 135 | ' | ' |
Building Improvements and Equipment | 3,607 | ' | ' |
Land | 399 | ' | ' |
Total | 4,006 | ' | ' |
Accumulated Depreciation | -785 | ' | ' |
Portage, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,416 | ' | ' |
Building Improvements and Equipment | 5,416 | ' | ' |
Total | 5,416 | ' | ' |
Accumulated Depreciation | -180 | ' | ' |
Portland, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 8,353 | ' | ' |
Land | 1,662 | ' | ' |
Building Improvements and Equipment | 8,353 | ' | ' |
Land | 1,662 | ' | ' |
Total | 10,015 | ' | ' |
Accumulated Depreciation | -526 | ' | ' |
Portland, ME | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,120 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,727 | ' | ' |
Land | 891 | ' | ' |
Building Improvements and Equipment | 3,727 | ' | ' |
Land | 891 | ' | ' |
Total | 4,618 | ' | ' |
Accumulated Depreciation | -192 | ' | ' |
Rapid City, SD | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 11,957 | ' | ' |
Land | 2,306 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 524 | ' | ' |
Building Improvements and Equipment | 12,481 | ' | ' |
Land | 2,306 | ' | ' |
Total | 14,787 | ' | ' |
Accumulated Depreciation | -2,724 | ' | ' |
Muhlenberg TWP, PA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 14,064 | ' | ' |
Land | 843 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 13 | ' | ' |
Building Improvements and Equipment | 14,077 | ' | ' |
Land | 843 | ' | ' |
Total | 14,920 | ' | ' |
Accumulated Depreciation | -706 | ' | ' |
Rogers, MN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -12,050 | ' | ' |
Building and Tenant Improvements (initial cost) | 11,787 | ' | ' |
Land | 1,671 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 238 | ' | ' |
Building Improvements and Equipment | 12,025 | ' | ' |
Land | 1,671 | ' | ' |
Total | 13,696 | ' | ' |
Accumulated Depreciation | -1,429 | ' | ' |
Rogers, AR | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 8,280 | ' | ' |
Land | 1,072 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 99 | ' | ' |
Building Improvements and Equipment | 8,379 | ' | ' |
Land | 1,072 | ' | ' |
Total | 9,451 | ' | ' |
Accumulated Depreciation | -569 | ' | ' |
Round Rock, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,399 | ' | ' |
Land | 394 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -54 | ' | ' |
Building Improvements and Equipment | 3,345 | ' | ' |
Land | 394 | ' | ' |
Total | 3,739 | ' | ' |
Accumulated Depreciation | -551 | ' | ' |
Rural Hall, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,664 | ' | ' |
Land | 439 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 137 | ' | ' |
Building Improvements and Equipment | 5,801 | ' | ' |
Land | 439 | ' | ' |
Total | 6,240 | ' | ' |
Accumulated Depreciation | -677 | ' | ' |
Salem, OR | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -3,340 | ' | ' |
Building and Tenant Improvements (initial cost) | 3,150 | ' | ' |
Land | 599 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 161 | ' | ' |
Building Improvements and Equipment | 3,311 | ' | ' |
Land | 599 | ' | ' |
Total | 3,910 | ' | ' |
Accumulated Depreciation | -312 | ' | ' |
Salem, OR | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,501 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,471 | ' | ' |
Land | 266 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 119 | ' | ' |
Building Improvements and Equipment | 1,590 | ' | ' |
Land | 266 | ' | ' |
Total | 1,856 | ' | ' |
Accumulated Depreciation | -209 | ' | ' |
Sauk Village, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,516 | ' | ' |
Land | 877 | ' | ' |
Building Improvements and Equipment | 5,516 | ' | ' |
Land | 877 | ' | ' |
Total | 6,393 | ' | ' |
Accumulated Depreciation | -21 | ' | ' |
Sergeant Bluff, IA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 11,675 | ' | ' |
Land | 736 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 36 | ' | ' |
Building Improvements and Equipment | 11,711 | ' | ' |
Land | 736 | ' | ' |
Total | 12,447 | ' | ' |
Accumulated Depreciation | -2,886 | ' | ' |
Seville, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,662 | ' | ' |
Land | 1,170 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 229 | ' | ' |
Building Improvements and Equipment | 6,891 | ' | ' |
Land | 1,170 | ' | ' |
Total | 8,061 | ' | ' |
Accumulated Depreciation | -538 | ' | ' |
Shannon, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 12,969 | ' | ' |
Land | 393 | ' | ' |
Building Improvements and Equipment | 12,969 | ' | ' |
Land | 393 | ' | ' |
Total | 13,362 | ' | ' |
Accumulated Depreciation | -61 | ' | ' |
South Holland, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,900 | ' | ' |
Land | 714 | ' | ' |
Building Improvements and Equipment | 3,900 | ' | ' |
Land | 714 | ' | ' |
Total | 4,614 | ' | ' |
Accumulated Depreciation | -18 | ' | ' |
Simpsonville, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,003 | ' | ' |
Land | 957 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 30 | ' | ' |
Building Improvements and Equipment | 3,033 | ' | ' |
Land | 957 | ' | ' |
Total | 3,990 | ' | ' |
Accumulated Depreciation | -158 | ' | ' |
Simpsonville, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,418 | ' | ' |
Land | 470 | ' | ' |
Building Improvements and Equipment | 3,418 | ' | ' |
Land | 470 | ' | ' |
Total | 3,888 | ' | ' |
Accumulated Depreciation | -161 | ' | ' |
Smithfield, NC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,671 | ' | ' |
Land | 613 | ' | ' |
Building Improvements and Equipment | 4,671 | ' | ' |
Land | 613 | ' | ' |
Total | 5,284 | ' | ' |
Accumulated Depreciation | -295 | ' | ' |
Smyrna, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,286 | ' | ' |
Land | 264 | ' | ' |
Building Improvements and Equipment | 3,286 | ' | ' |
Land | 264 | ' | ' |
Total | 3,550 | ' | ' |
Accumulated Depreciation | -129 | ' | ' |
South Bend, IN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,834 | ' | ' |
Land | 411 | ' | ' |
Building Improvements and Equipment | 4,834 | ' | ' |
Land | 411 | ' | ' |
Total | 5,245 | ' | ' |
Accumulated Depreciation | -253 | ' | ' |
Southfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 4,196 | ' | ' |
Land | 562 | ' | ' |
Building Improvements and Equipment | 4,196 | ' | ' |
Land | 562 | ' | ' |
Total | 4,758 | ' | ' |
Accumulated Depreciation | -103 | ' | ' |
Southfield, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Land | 354 | ' | ' |
Land | 354 | ' | ' |
Total | 354 | ' | ' |
Sparks, MD | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,577 | ' | ' |
Land | 790 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -146 | ' | ' |
Building Improvements and Equipment | 3,431 | ' | ' |
Land | 790 | ' | ' |
Total | 4,221 | ' | ' |
Accumulated Depreciation | -536 | ' | ' |
Spartanburg, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,471 | ' | ' |
Land | 493 | ' | ' |
Building Improvements and Equipment | 6,471 | ' | ' |
Land | 493 | ' | ' |
Total | 6,964 | ' | ' |
Accumulated Depreciation | -591 | ' | ' |
Springfield, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,432 | ' | ' |
Land | 574 | ' | ' |
Building Improvements and Equipment | 6,432 | ' | ' |
Land | 574 | ' | ' |
Total | 7,006 | ' | ' |
Accumulated Depreciation | -76 | ' | ' |
Statham, GA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,242 | ' | ' |
Land | 588 | ' | ' |
Building Improvements and Equipment | 6,242 | ' | ' |
Land | 588 | ' | ' |
Total | 6,830 | ' | ' |
Accumulated Depreciation | -236 | ' | ' |
Sterling Heights, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,689 | ' | ' |
Building and Tenant Improvements (initial cost) | 4,197 | ' | ' |
Land | 513 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 55 | ' | ' |
Building Improvements and Equipment | 4,252 | ' | ' |
Land | 513 | ' | ' |
Total | 4,765 | ' | ' |
Accumulated Depreciation | -153 | ' | ' |
Hazelwood, MO | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 5,436 | ' | ' |
Land | 1,959 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 455 | ' | ' |
Building Improvements and Equipment | 5,891 | ' | ' |
Land | 1,959 | ' | ' |
Total | 7,850 | ' | ' |
Accumulated Depreciation | -935 | ' | ' |
Streetsboro, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -6,694 | ' | ' |
Building and Tenant Improvements (initial cost) | 5,481 | ' | ' |
Land | 2,161 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 214 | ' | ' |
Building Improvements and Equipment | 5,695 | ' | ' |
Land | 2,161 | ' | ' |
Total | 7,856 | ' | ' |
Accumulated Depreciation | -796 | ' | ' |
Sun Prairie, WI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,176 | ' | ' |
Land | 2,360 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | -76 | ' | ' |
Building Improvements and Equipment | 6,100 | ' | ' |
Land | 2,360 | ' | ' |
Total | 8,460 | ' | ' |
Accumulated Depreciation | -431 | ' | ' |
Tavares, FL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,339 | ' | ' |
Land | 722 | ' | ' |
Building Improvements and Equipment | 6,339 | ' | ' |
Land | 722 | ' | ' |
Total | 7,061 | ' | ' |
Accumulated Depreciation | -1,386 | ' | ' |
Toledo, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,831 | ' | ' |
Land | 213 | ' | ' |
Building Improvements and Equipment | 6,831 | ' | ' |
Land | 213 | ' | ' |
Total | 7,044 | ' | ' |
Accumulated Depreciation | -259 | ' | ' |
Twinsburg, OH | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 6,497 | ' | ' |
Land | 590 | ' | ' |
Building Improvements and Equipment | 6,497 | ' | ' |
Land | 590 | ' | ' |
Total | 7,087 | ' | ' |
Accumulated Depreciation | -1,014 | ' | ' |
Vonore, TN | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -9,392 | ' | ' |
Building and Tenant Improvements (initial cost) | 8,243 | ' | ' |
Land | 2,355 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 85 | ' | ' |
Building Improvements and Equipment | 8,328 | ' | ' |
Land | 2,355 | ' | ' |
Total | 10,683 | ' | ' |
Accumulated Depreciation | -916 | ' | ' |
Waco, TX | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 1,448 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 30 | ' | ' |
Building Improvements and Equipment | 1,478 | ' | ' |
Total | 1,478 | ' | ' |
Accumulated Depreciation | -107 | ' | ' |
Walker, MI | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -4,434 | ' | ' |
Building and Tenant Improvements (initial cost) | 4,872 | ' | ' |
Land | 855 | ' | ' |
Costs Capitalized Subsequent to Acquisition and Valuation Provision | 118 | ' | ' |
Building Improvements and Equipment | 4,990 | ' | ' |
Land | 855 | ' | ' |
Total | 5,845 | ' | ' |
Accumulated Depreciation | -452 | ' | ' |
Ware Shoals, SC | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -282 | ' | ' |
Building and Tenant Improvements (initial cost) | 197 | ' | ' |
Land | 133 | ' | ' |
Building Improvements and Equipment | 197 | ' | ' |
Land | 133 | ' | ' |
Total | 330 | ' | ' |
Accumulated Depreciation | -10 | ' | ' |
Wichita, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,689 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,835 | ' | ' |
Land | 88 | ' | ' |
Building Improvements and Equipment | 1,835 | ' | ' |
Land | 88 | ' | ' |
Total | 1,923 | ' | ' |
Accumulated Depreciation | -82 | ' | ' |
Wichita, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -1,846 | ' | ' |
Building and Tenant Improvements (initial cost) | 1,931 | ' | ' |
Land | 107 | ' | ' |
Building Improvements and Equipment | 1,931 | ' | ' |
Land | 107 | ' | ' |
Total | 2,038 | ' | ' |
Accumulated Depreciation | -135 | ' | ' |
Wichita, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -939 | ' | ' |
Building and Tenant Improvements (initial cost) | 904 | ' | ' |
Land | 140 | ' | ' |
Building Improvements and Equipment | 904 | ' | ' |
Land | 140 | ' | ' |
Total | 1,044 | ' | ' |
Accumulated Depreciation | -42 | ' | ' |
Wichita, KS | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Encumbrances | -845 | ' | ' |
Building and Tenant Improvements (initial cost) | 869 | ' | ' |
Land | 76 | ' | ' |
Building Improvements and Equipment | 869 | ' | ' |
Land | 76 | ' | ' |
Total | 945 | ' | ' |
Accumulated Depreciation | -59 | ' | ' |
Williamsport, PA | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 9,059 | ' | ' |
Land | 688 | ' | ' |
Building Improvements and Equipment | 9,059 | ' | ' |
Land | 688 | ' | ' |
Total | 9,747 | ' | ' |
Accumulated Depreciation | -209 | ' | ' |
Woodstock, IL | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 3,796 | ' | ' |
Land | 496 | ' | ' |
Building Improvements and Equipment | 3,796 | ' | ' |
Land | 496 | ' | ' |
Total | 4,292 | ' | ' |
Accumulated Depreciation | -138 | ' | ' |
Bardstown, KY | ' | ' | ' |
Real Estate and Accumulated Depreciation | ' | ' | ' |
Building and Tenant Improvements (initial cost) | 2,399 | ' | ' |
Land | 381 | ' | ' |
Building Improvements and Equipment | 2,399 | ' | ' |
Land | 381 | ' | ' |
Total | 2,780 | ' | ' |
Accumulated Depreciation | ($424) | ' | ' |
Schedule_3_Real_Estate_and_Acc1
Schedule 3 - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 19, 2011 | Dec. 31, 2010 | |
Buildings | Building and land improvements | Building and land improvements | STAG Predecessor Group | STAG Predecessor Group | ||||
Minimum | Maximum | |||||||
RealEstate: | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | $816,227,000 | $502,258,000 | ' | ' | ' | $210,186,000 | $210,009,000 |
Additions during period Other acquisitions | 292,426,000 | 266,389,000 | 322,719,000 | ' | ' | ' | ' | ' |
Additions during period Improvements etc. | 4,513,000 | 6,757,000 | 3,541,000 | ' | ' | ' | 39,000 | 1,500,000 |
Deductions during period Cost of real estate sold | -4,544,000 | -9,073,000 | -8,309,000 | ' | ' | ' | ' | ' |
Deductions during period Write-off of tenant improvements | -362,000 | -1,254,000 | -576,000 | ' | ' | ' | ' | -1,323,000 |
Deductions during period Asset Impairments | ' | ' | -3,406,000 | ' | ' | ' | ' | ' |
Balance at the end of the period | 502,258,000 | 1,079,046,000 | 816,227,000 | ' | ' | ' | 210,225,000 | 210,186,000 |
Accumulated Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | 46,175,000 | 30,004,000 | ' | ' | ' | 19,261,000 | 14,626,000 |
Additions during period Depreciation and amortization expense | 9,618,000 | 27,492,000 | 18,174,000 | ' | ' | ' | 1,698,000 | 5,747,000 |
Deductions during period Disposals | -573,000 | -2,014,000 | -1,885,000 | ' | ' | ' | ' | -1,112,000 |
Deductions during period Other reductions | ' | ' | -118,000 | ' | ' | ' | ' | ' |
Balance at the end of the period | 30,004,000 | 71,653,000 | 46,175,000 | ' | ' | ' | 20,959,000 | 19,261,000 |
Useful life | ' | ' | ' | '40 years | '5 years | '20 years | ' | ' |
Unamortized balance of historical fair value adjustments | ' | 288,000 | ' | ' | ' | ' | ' | ' |
Aggregate cost for federal income tax purposes of investments in real estate | ' | $1,400,000,000 | ' | ' | ' | ' | ' | ' |