Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-55605 | ||
Entity Registrant Name | Griffin Capital Essential Asset REIT, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-4654479 | ||
Entity Address, Address Line One | 1520 E. Grand Ave | ||
Entity Address, City or Town | El Segundo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90245 | ||
City Area Code | 310 | ||
Local Phone Number | 469-6100 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 0 | ||
Documents Incorporated by Reference [Text Block] | Documents Incorporated by Reference: The Registrant incorporates by reference in Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K portions of its Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders. | ||
Entity Central Index Key | 0001600626 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Common Class T | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 559,728 | ||
Common Class S | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,801 | ||
Common Class D | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 41,302 | ||
Common Class I | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,900,456 | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 24,396,690 | ||
Common Class AA | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 47,442,476 | ||
Common Class AAA | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 923,087 | ||
Common Class E | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 155,608,273 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 168,954 | $ 54,830 | |
Restricted cash | 34,352 | 58,430 | |
Real estate: | |||
Land | 445,674 | 458,339 | |
Building and improvements | 3,112,253 | 3,043,527 | |
Tenant origination and absorption cost | 740,489 | 744,773 | |
Construction in progress | 11,886 | 31,794 | |
Total real estate | 4,310,302 | 4,278,433 | |
Less: accumulated depreciation and amortization | (817,773) | (668,104) | |
Total real estate, net | 3,492,529 | 3,610,329 | |
Investments in unconsolidated entities | 34 | 11,028 | |
Intangible assets, net | 10,035 | 12,780 | |
Deferred rent receivable | 98,116 | 73,012 | |
Deferred leasing costs, net | 45,966 | 49,390 | |
Goodwill | 229,948 | 229,948 | |
Due from affiliates | 1,411 | 837 | |
Right of use asset | 39,935 | 41,347 | |
Other assets | 30,570 | 33,571 | |
Total assets | 4,151,850 | 4,175,502 | |
LIABILITIES AND EQUITY | |||
Debt, net | 2,140,427 | 1,969,104 | |
Restricted reserves | 12,071 | 14,064 | |
Interest rate swap liability | 53,975 | 24,146 | |
Redemptions payable | 5,345 | 96,648 | |
Distributions payable | 9,430 | 15,530 | |
Due to affiliates | 3,272 | 10,883 | |
Intangible liabilities, net | 27,333 | 31,805 | |
Lease liability | 45,646 | 45,020 | |
Accrued expenses and other liabilities | 114,434 | 96,389 | |
Total liabilities | 2,411,933 | 2,303,589 | |
Commitments and contingencies (Note 13) | |||
Noncontrolling interests subject to redemption; 556,099 and 554,110 units as of December 31, 2020 and December 31, 2019, respectively | 4,610 | 4,831 | |
Stockholders’ equity: | |||
Common stock, $0.001 par value; 800,000,000 shares authorized; 230,320,668 and 227,853,720 shares outstanding in the aggregate as of December 31, 2020 and December 31, 2019, respectively(1) | [1] | 230 | 228 |
Additional paid-in-capital | 2,103,028 | 2,060,604 | |
Cumulative distributions | (813,892) | (715,792) | |
Accumulated earnings | 140,354 | 153,312 | |
Accumulated other comprehensive loss | (48,001) | (21,875) | |
Total stockholders’ equity | 1,381,719 | 1,476,477 | |
Noncontrolling interests | 226,550 | 245,040 | |
Total equity | 1,608,269 | 1,721,517 | |
Total liabilities and equity | $ 4,151,850 | $ 4,175,502 | |
Noncontrolling Interests Subject to Redemption | 556,099 | 554,110 | |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Perpetual Convertible Preferred Shares | |||
LIABILITIES AND EQUITY | |||
Perpetual convertible preferred shares and common stock subject to redemption | $ 125,000 | $ 125,000 | |
Common Stock | |||
LIABILITIES AND EQUITY | |||
Perpetual convertible preferred shares and common stock subject to redemption | $ 2,038 | $ 20,565 | |
[1] | See Note 9, Equity , for the number of shares outstanding of each class of common stock as of December 31, 2020. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Noncontrolling interest, units eligible towards redemption (in shares) | 556,099 | 554,110 |
Common Stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, number of shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, number of shares outstanding (in shares) | 230,320,668 | 227,853,720 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Rental income | $ 397,452 | $ 387,108 | $ 336,359 |
Expenses: | |||
Property operating expense | 57,461 | 55,301 | 49,509 |
Property tax expense | 37,590 | 37,035 | 44,662 |
Property management fees to non-affiliates | 3,656 | 3,528 | 0 |
Property asset management fees to affiliates | 0 | 0 | 23,668 |
Property management fees to affiliates | 0 | 0 | 9,479 |
Self-administration transaction expense | 0 | 0 | 1,331 |
General and administrative expenses | 38,633 | 26,078 | 6,968 |
Corporate operating expenses to affiliates | 2,500 | 2,745 | 3,594 |
Impairment provision | 23,472 | 30,734 | 0 |
Depreciation and amortization | 161,056 | 153,425 | 119,168 |
Total expenses | 324,368 | 308,846 | 258,379 |
Income before other income and (expenses) | 73,084 | 78,262 | 77,980 |
Other income (expenses): | |||
Interest expense | (79,646) | (73,557) | (55,194) |
Management fee revenue from affiliates | 0 | 6,368 | 0 |
Other income, net | 3,228 | 1,340 | 275 |
(Loss) from investment in unconsolidated entities | (6,523) | (5,307) | (2,254) |
Gain from disposition of assets | 4,083 | 29,938 | 1,231 |
Net (loss) income | (5,774) | 37,044 | 22,038 |
Distributions to redeemable preferred shareholders | (8,708) | (8,188) | (3,275) |
Net loss (income) attributable to noncontrolling interests | 1,732 | (3,749) | (789) |
Net (loss) income attributable to controlling interest | (12,750) | 25,107 | 17,974 |
Distributions to redeemable noncontrolling interests attributable to common stockholders | (208) | (320) | (356) |
Net (loss) income attributable to common stockholders | $ (12,958) | $ 24,787 | $ 17,618 |
Net income attributable to common stockholders per share, basic and diluted (in usd per share) | $ (0.06) | $ 0.11 | $ 0.10 |
Weighted average number of common shares outstanding, basic and diluted (shares) | 230,042,543 | 222,531,173 | 169,907,020 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (5,774) | $ 37,044 | $ 22,038 |
Other comprehensive loss: | |||
Equity in other comprehensive (loss) income of unconsolidated joint venture | 0 | (217) | 122 |
Change in fair value of swap agreements | (29,704) | (22,303) | (5,301) |
Total comprehensive (loss) income | (35,478) | 14,524 | 16,859 |
Distributions to redeemable preferred shareholders | (8,708) | (8,188) | (3,275) |
Distributions to redeemable noncontrolling interests attributable to common stockholders | (208) | (320) | (356) |
Comprehensive loss (income) attributable to noncontrolling interests | 5,310 | (695) | (479) |
Comprehensive (loss) income attributable to common stockholders | $ (39,084) | $ 5,321 | $ 12,749 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Common Stock | Additional Paid-In Capital | Cumulative Distributions | Accumulated Income (Deficit) | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests |
BALANCE at Dec. 31, 2017 | $ 1,251,811 | $ 1,220,706 | $ 179 | $ 1,561,686 | $ (454,526) | $ 110,907 | $ 2,460 | $ 31,105 |
BALANCE (in shares) at Dec. 31, 2017 | 179,121,568 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Deferred equity compensation | 38 | 38 | 38 | |||||
Deferred equity compensation (in shares) | 8,035 | |||||||
Cash distributions to common stockholders | (75,613) | (75,613) | (75,613) | |||||
Issuance of shares for distribution reinvestment plan | 0 | $ 4 | 40,834 | (40,838) | ||||
Issuance of shares for distribution reinvestment plan (shares) | 4,262,336 | |||||||
Repurchase of common stock | (83,574) | (83,574) | $ (9) | (83,565) | ||||
Repurchase of common stock (shares) | (9,113,598) | |||||||
Reduction of common stock subject to redemption | 42,736 | 42,736 | 42,736 | |||||
Issuance of limited partnership units | 205,000 | 205,000 | ||||||
EA Merger | 0 | |||||||
Distributions to noncontrolling interests | (4,368) | (4,368) | ||||||
Distributions to noncontrolling interests subject to redemption | (13) | (13) | ||||||
Offering costs | (4,959) | (4,959) | (4,959) | |||||
Net income | 18,407 | 17,618 | 17,618 | 789 | ||||
Other comprehensive loss | (5,179) | (4,869) | (4,869) | (310) | ||||
BALANCE at Dec. 31, 2018 | 1,344,286 | 1,112,083 | $ 174 | 1,556,770 | (570,977) | 128,525 | (2,409) | 232,203 |
BALANCE (in shares) at Dec. 31, 2018 | 174,278,341 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Gross proceeds from issuance of common stock | 9,383 | 9,383 | 9,383 | |||||
Gross proceeds from issuance of common stock (shares) | 973,490 | |||||||
Deferred equity compensation | 2,623 | 2,623 | 2,623 | |||||
Deferred equity compensation (in shares) | 260,039 | |||||||
Cash distributions to common stockholders | (89,836) | (89,836) | (89,836) | |||||
Issuance of shares for distribution reinvestment plan | 220 | 220 | $ 4 | 41,056 | (40,840) | |||
Issuance of shares for distribution reinvestment plan (shares) | 4,298,420 | |||||||
Repurchase of common stock | (296,659) | (296,659) | $ (30) | (296,629) | ||||
Repurchase of common stock (shares) | (31,290,588) | |||||||
Repurchase of noncontrolling interest | 0 | |||||||
Reduction of common stock subject to redemption | (9,042) | (9,042) | (9,042) | |||||
Issuance of limited partnership units | 25,000 | 25,000 | ||||||
Issuance of stock dividend for noncontrolling interest | 1,861 | 1,861 | ||||||
Issuance of stock dividends | (1,948) | (1,948) | $ 2 | 12,189 | (14,139) | |||
Issuance of stock dividends (shares) | 1,279,084 | |||||||
EA Merger | 751,277 | 746,238 | $ 78 | 746,160 | 5,039 | |||
EA Merger (shares) | 78,054,934 | |||||||
Distributions to noncontrolling interests | (19,716) | (19,716) | ||||||
Distributions to noncontrolling interests subject to redemption | (45) | (45) | ||||||
Offering costs | (1,906) | (1,906) | (1,906) | |||||
Reclass of noncontrolling interest subject to redemption | 3 | 3 | ||||||
Net income | 28,536 | 24,787 | 24,787 | 3,749 | ||||
Other comprehensive loss | (22,520) | (19,466) | (19,466) | (3,054) | ||||
BALANCE at Dec. 31, 2019 | $ 1,721,517 | 1,476,477 | $ 228 | 2,060,604 | (715,792) | 153,312 | (21,875) | 245,040 |
BALANCE (in shares) at Dec. 31, 2019 | 227,853,720 | 227,853,720 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Gross proceeds from issuance of common stock | $ 4,141 | 4,141 | 4,141 | |||||
Gross proceeds from issuance of common stock (shares) | 433,328 | |||||||
Deferred equity compensation | 4,106 | 4,106 | 4,106 | |||||
Deferred equity compensation (in shares) | 436,704 | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (751) | (751) | (751) | |||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (78,849) | |||||||
Cash distributions to common stockholders | (69,532) | (69,532) | (69,532) | |||||
Issuance of shares for distribution reinvestment plan | 1,677 | 1,677 | $ 3 | 24,494 | (22,820) | |||
Issuance of shares for distribution reinvestment plan (shares) | 2,693,560 | |||||||
Repurchase of common stock | (16,519) | (16,519) | $ (2) | (16,517) | ||||
Repurchase of common stock (shares) | (1,841,887) | |||||||
Repurchase of noncontrolling interest | (1,137) | (1,137) | ||||||
Reduction of common stock subject to redemption | 18,528 | 18,528 | 18,528 | |||||
Issuance of stock dividend for noncontrolling interest | 1,068 | 1,068 | ||||||
Issuance of stock dividends | 1,941 | 1,941 | $ 1 | 7,688 | (5,748) | |||
Issuance of stock dividends (shares) | 824,092 | |||||||
EA Merger | 0 | |||||||
Distributions to noncontrolling interests | (13,306) | (13,306) | ||||||
Distributions to noncontrolling interests subject to redemption | (29) | (29) | ||||||
Offering costs | 735 | 735 | 735 | |||||
Reclass of noncontrolling interest subject to redemption | 224 | 224 | ||||||
Net income | (14,690) | (12,958) | (12,958) | (1,732) | ||||
Other comprehensive loss | (29,704) | (26,126) | (26,126) | (3,578) | ||||
BALANCE at Dec. 31, 2020 | $ 1,608,269 | $ 1,381,719 | $ 230 | $ 2,103,028 | $ (813,892) | $ 140,354 | $ (48,001) | $ 226,550 |
BALANCE (in shares) at Dec. 31, 2020 | 230,320,668 | 230,320,668 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net (loss) income | $ (5,774) | $ 37,044 | $ 22,038 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation of building and building improvements | 93,980 | 80,394 | 60,120 |
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs | 67,076 | 73,031 | 59,048 |
Amortization of below market leases, net | (2,292) | (3,201) | (685) |
Amortization of deferred financing costs and debt premium | 2,607 | 5,562 | 3,071 |
Amortization of swap interest | 126 | 126 | 126 |
Deferred rent | (25,687) | (19,519) | (8,571) |
Deferred rent, ground lease | 2,065 | 1,640 | 0 |
Termination fee revenue - receivable from tenant, net | 0 | (6,000) | (3,114) |
Gain from sale of depreciable operating property | (4,083) | (29,940) | (1,231) |
Gain on fair value of earn-out | (2,657) | (1,461) | 0 |
Unrealized loss on interest rate swap | 0 | 0 | 2 |
Loss from investment in unconsolidated entities | 2,071 | 5,307 | 2,254 |
Investment in unconsolidated entities valuation adjustment | 4,453 | 0 | 0 |
Loss from investments | 31 | 307 | 0 |
Impairment provision | 23,472 | 30,734 | 0 |
Performance distribution allocation (non-cash) | 0 | (2,604) | 0 |
Stock-based compensation | 4,107 | 2,623 | 38 |
Change in operating assets and liabilities: | |||
Deferred leasing costs and other assets | 4,383 | (7,775) | (13,503) |
Restricted reserves | 27 | 14 | 57 |
Accrued expenses and other liabilities | 4,203 | (9,505) | 3,463 |
Due to affiliates, net | (3,570) | 4,072 | (2,254) |
Net cash provided by operating activities | 164,538 | 160,849 | 120,859 |
Investing Activities: | |||
Cash acquired in connection with the EA Merger, net of acquisition costs | 0 | 25,320 | 0 |
Acquisition of properties, net | (16,584) | (38,775) | (182,250) |
Proceeds from disposition of properties | 51,692 | 139,446 | 11,442 |
Real estate acquisition deposits | 1,047 | (1,047) | (3,350) |
Reserves for tenant improvements | 1,039 | ||
Reserves for tenant improvements | (1,530) | (357) | |
Payments for construction in progress | (58,938) | (46,346) | (24,398) |
Investment in unconsolidated joint venture | (8,160) | 0 | (3,274) |
Distributions of capital from investment in unconsolidated entities | 8,531 | 14,603 | 7,691 |
Payments to Acquire Other Investments | (1,029) | (8,422) | 0 |
Net cash (used in) provided by investing activities | (24,971) | 85,818 | (194,496) |
Financing Activities: | |||
Proceeds from borrowings - KeyBank Loans | 0 | 627,000 | 0 |
Proceeds from borrowings - Revolver/KeyBank Loans | 215,000 | 315,854 | 0 |
Proceeds from borrowings - Revolver Loan - EA-1 | 0 | 0 | 96,100 |
Principal payoff of secured indebtedness - Revolver Loan | (53,000) | (104,439) | 0 |
Principal payoff of secured indebtedness - Mortgage Debt | 0 | 0 | (18,954) |
Principal payoff of secured indebtedness - Unsecured Credit Facility - EA-1 | 0 | (715,000) | (106,253) |
Principal amortization payments on secured indebtedness | (7,362) | (6,577) | (6,494) |
Deferred financing costs | (4,725) | (5,737) | (24) |
Offering costs | (594) | (2,384) | (4,959) |
Issuance of perpetual convertible preferred shares | 0 | 0 | 125,000 |
Repurchase of common stock | (107,821) | (200,013) | (83,574) |
Repurchase of noncontrolling interest | (1,137) | (53) | 0 |
Issuance of common stock, net of discounts and underwriting costs | 4,698 | 8,826 | 0 |
Repurchase of common shares to satisfy employee tax withholding requirements | (751) | 0 | 0 |
Dividends paid on preferred units subject to redemption | (8,396) | (8,188) | (1,228) |
Distributions to noncontrolling interests | (13,290) | (16,865) | (4,737) |
Distributions to common stockholders | (72,143) | (90,116) | (71,822) |
Net cash used in financing activities | (49,521) | (197,692) | (76,945) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 90,046 | 48,975 | (150,582) |
Cash, cash equivalents and restricted cash at the beginning of the period | 113,260 | 64,285 | 214,867 |
Cash, cash equivalents and restricted cash at the end of the period | 203,306 | 113,260 | 64,285 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 80,155 | 65,040 | 50,736 |
Supplemental disclosures of non-cash investing and financing transactions: | |||
Goodwill -Self Administration Transaction | 0 | 0 | 229,948 |
Affiliates - receivables and other related party assets acquired in Self Administration Transaction | 0 | 0 | 19,878 |
Distributions payable to common stockholders | 6,864 | 13,035 | 9,799 |
Distributions payable to noncontrolling interests | 943 | 1,758 | 402 |
Common stock issued pursuant to the distribution reinvestment plan | 24,497 | 41,060 | 40,838 |
Common stock redemptions funded subsequent to period-end | (5,345) | 96,648 | 0 |
Issuance of stock dividends | 5,747 | 14,139 | 0 |
Mortgage debt assumed in conjunction with the acquisition of real estate assets plus a premium of $109 | 18,884 | 0 | 0 |
Payable for construction in progress | 472 | 0 | 0 |
Accrued tenant obligations | 30,011 | 11,802 | 0 |
Limited partnership units issued in exchange for net assets acquired in Self Administration Transaction | 0 | 25,000 | 205,000 |
Due to affiliates- Self Administration Transaction | 0 | 0 | 41,114 |
Other liabilities assumed in Self Administration Transaction | 0 | 0 | 7,951 |
Decrease in fair value swap agreement | (29,704) | (22,303) | (5,427) |
Decrease in stockholder servicing fee payable | (1,388) | 0 | 0 |
Net assets acquired in Merger in exchange for common shares | 0 | 751,277 | 0 |
Implied EA-1 common stock and operating partnership units issued in exchange for net assets acquired in Merger | 0 | 751,277 | 0 |
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 | 16,919 | ||
Distributions to redeemable noncontrolling interests attributable to common stockholders as reflected on the consolidated statements of operations | $ 0 | $ 0 | $ 355 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement of Cash Flows [Abstract] | |
Unamortized premium | $ 109 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Griffin Capital Essential Asset REIT, Inc. (“GCEAR” or the “Company”) is an internally managed, publicly registered real estate investment trust ("REIT") that owns and operates a geographically diversified portfolio of corporate office and industrial properties that are primarily net-leased. GCEAR’s year-end date is December 31. On December 14, 2018, GCEAR, Griffin Capital Essential Asset Operating Partnership II, L.P. (the “GCEAR II Operating Partnership”), GCEAR’s wholly-owned subsidiary Globe Merger Sub, LLC (“EA Merger Sub”), the entity formerly known as Griffin Capital Essential Asset REIT, Inc. (“EA-1”), and Griffin Capital Essential Asset Operating Partnership, L.P. (the “EA-1 Operating Partnership”) entered into an Agreement and Plan of Merger (the “EA Merger Agreement”). On April 30, 2019, pursuant to the EA Merger Agreement, (i) EA-1 merged with and into EA Merger Sub, with EA Merger Sub surviving as GCEAR’s direct, wholly-owned subsidiary (the “EA Company Merger”) and (ii) the GCEAR II Operating Partnership merged with and into the EA-1 Operating Partnership (the “EA Partnership Merger” and, together with the EA Company Merger, the “EA Mergers”), with the EA-1 Operating Partnership (and now known as the “GCEAR Operating Partnership”) surviving the EA Partnership Merger. In addition, on April 30, 2019, following the EA Mergers, EA Merger Sub merged into GCEAR. In connection with the EA Mergers, the Company converted EA-1’s Series A cumulative perpetual convertible preferred stock into GCEAR’s newly created Series A cumulative perpetual convertible preferred stock (the “Series A Preferred Shares”). Also on April 30, 2019, the Company converted each EA-1 Operating Partnership unit outstanding into 1.04807 Class E units in the GCEAR Operating Partnership and each unit outstanding in the GCEAR II Operating Partnership converted into one unit of like class in the GCEAR Operating Partnership (the “GCEAR OP Units”). The GCEAR Operating Partnership and Griffin Capital Real Estate Company, LLC ("GRECO") are the subsidiaries of the Company and are the entities through which the Company conducts its business. In addition, on December 14, 2018, EA-1 and the EA-1 Operating Partnership entered into a series of transactions, agreements, and amendments to EA-1’s existing agreements and arrangements with EA-1’s former sponsor, Griffin Capital Company, LLC ("GCC"), and Griffin Capital, LLC (“GC LLC”), pursuant to which GCC and GC LLC contributed all of the membership interests of GRECO (including the GRECO employees) and certain assets related to the business of GRECO to the EA-1 Operating Partnership (the "Self-Administration Transaction"). As a result of the Self-Administration Transaction, EA-1 became self-managed and acquired the advisory, asset management and property management business of GRECO. In connection with the EA Mergers, many of the agreements and amendments entered into by EA-1 as part of the Self-Administration Transaction were assumed by GCEAR pursuant to the EA Mergers. In connection with the EA Mergers, GCEAR was the legal acquirer and EA-1 was the accounting acquirer for financial reporting purposes. T hus, the financial information set forth herein subsequent to the EA Mergers reflects results of the combined entity, and the financial information set forth herein prior to the EA Mergers reflects EA-1’s results. For this reason, period to period comparisons may not be meaningful. When used in this section, unless the context requires otherwise, all references to “GCEAR,” “we,” “our,” and “us” herein mean EA-1 and one or more of EA-1’s subsidiaries for periods prior to the EA Mergers, and GCEAR and one or more of GCEAR’s subsidiaries, including GRECO and the GCEAR Operating Partnership, for periods following the EA Mergers. Certain historical information of GCEAR is included for background purposes. On October 29, 2020, Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), a Maryland corporation, Cole Corporate Income Operating Partnership II, LP, a Delaware limited partnership and a wholly owned subsidiary of CCIT II (the “CCIT II Operating Partnership”), CRI CCIT II LLC, a Delaware limited liability company and a wholly owned subsidiary of CCIT II (“CCIT II LP” and, together with CCIT II and the CCIT II Operating Partnership, the “CCIT II Parties”), GCEAR, GRT (Cardinal REIT Merger Sub), LLC, a Maryland limited liability company and a wholly owned subsidiary of GCEAR (“GCEAR Merger Sub”), the GCEAR Operating Partnership, GRT OP (Cardinal New GP Sub), LLC, a Delaware limited liability company and a wholly owned subsidiary of the GCEAR Operating Partnership (“New GP Sub”), GRT OP (Cardinal LP Merger Sub), LLC, a Delaware limited liability company and a wholly owned subsidiary of the GCEAR Operating Partnership (“LP Merger Sub”), GRT OP (Cardinal OP Merger Sub), LLC, a Delaware limited liability company and a subsidiary of LP Merger Sub and New GP Sub (“OP Merger Sub” and, together with GCEAR, GCEAR Merger Sub, the GCEAR Operating Partnership, New GP Sub and LP Merger Sub, the “GCEAR Parties”), entered into an Agreement and Plan of Merger (the “CCIT II Merger Agreement”) pursuant to which (i) CCIT II will merge with and into GCEAR Merger Sub (the “CCIT II REIT Merger”), with GCEAR Merger Sub being the surviving entity, (ii) OP Merger Sub will merge with and into CCIT II Operating Partnership (the “CCIT II Partnership Merger”), with the CCIT II Operating Partnership being the surviving entity and (iii) CCIT II LP will merge with and into LP Merger Sub (the “CCIT II LP Merger” and, together with the CCIT II REIT Merger and the CCIT II Partnership Merger, the “CCIT II Mergers”), with CCIT II LP Merger Sub being the surviving entity. At the effective time of the CCIT II Mergers and subject to the terms and conditions of the CCIT II Merger Agreement, each issued and outstanding share of CCIT II Class A common stock and each issued and outstanding share of CCIT II Class T common stock (other than excluded shares) will be converted into the right to receive 1.392 shares of GCEAR Class E common stock, subject to the treatment of fractional shares in accordance with the CCIT II Merger Agreement. The board of directors of CCIT II (the “CCIT II Board”), based on the unanimous recommendation of the special committee of the CCIT II Board, which was comprised solely of independent directors, and the board of directors of GCEAR, respectively, each approved the CCIT II Mergers. The obligations of CCIT II and GCEAR to effect the CCIT II Mergers are subject to the satisfaction or waiver of several conditions set forth in the CCIT II Merger Agreement, as described in the proxy statement/prospectus filed with the SEC on December 11, 2020, including the approval of CCIT II stockholders. On February 23, 2021, CCIT II held a special meeting of its stockholders and the CCIT II stockholders voted to approve the CCIT II REIT Merger and the other proposals described in the proxy statement/prospectus filed with the SEC on December 11, 2020. The GCEAR Operating Partnership owns, directly or indirectly, all of the properties that the Company has acquired. As of December 31, 2020, the Company owned approximately 87.8% of the GCEAR OP Units of the GCEAR Operating Partnership. As a result of the contribution of five properties to the Company and the Self-Administration Transaction, the former sponsor and certain of its affiliates owned approximately 10.6% of t he limited partnership units of the GCEAR Operating Partnership, including approximately 2.4 million units owned by the Company’s Executive Chairman and Chairman of the Board, Kevin A. Shields, as of December 31, 2020. The remaining approximately 1.6% GCEAR OP Units are owned by unaffiliated third parties. The GCEAR Operating Partnership may conduct certain activities through one or more of the Company’s taxable REIT subsidiaries, which are wholly-owned subsidiaries of the GCEAR Operating Partnership. As of December 31, 2020, the Company ha d issued 284,595,718 shares (approximately $2.8 billion) of c ommon stock since November 9, 2009 in various private offerings, public offerings, distribution reinvestment plan ("DRP") offerings and mergers (includes EA-1 offerings and EA-1 merger with Signature Office REIT, Inc. and the EA Mergers). Th ere were 230,320,668 shares of common stock outstanding as of December 31, 2020, including shares issued pursuant to the DRP, less shares redeemed pursuant to the share redemption program ("SRP") and a self-tender offer that occurred in May 2019. As of December 31, 2020 and December 31, 2019, the Company had issued approximately $318.2 million and $293.7 million in shares pursuant to the DRP, respectively . As of December 31, 2020, 230,390 shares subject to the Company's quarterly cap on aggregate redemptions were classified on the consolidated balance sheet as common stock subject to redemption. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying cons olidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. The consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the years ended December 31, 2020 and 2019. The consolidated financial statements of the Company include all accounts of the Company, the GCEAR Operating Partnership, and its subsidiaries. Intercompany transactions are not shown on the consolidated statements. However, each property owning entity is a wholly-owned subsidiary which is a special purpose entity ("SPE"), whose assets and credit are not available to satisfy the debts or obligations of any other entity, except to the extent required with respect to any co-borrower or guarantor under the same credit facility. Principles of Consolidation The Company's financial statements, and the financial statements of the GCEAR Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by the Company is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interests at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. See Note 4, Investments in Unconsolidated Entities, for more detail . Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. There were no cash equivalents, nor were there restrictions on the use of the Company’s cash balance as of December 31, 2020 and 2019. The Company maintains its cash accounts with major financial institutions. The cash balances consist of business checking accounts. These accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 at each institution. The Company has not experienced any losses with respect to cash balances in excess of government provided insurance. Management believes there was no significant concentration of credit risk with respect to these cash balances as of December 31, 2020. Restricted Cash In conjunction with acquisitions of certain assets, as required by certain lease provisions or certain lenders in conjunction with an acquisition or debt financing, or credits received by the seller of certain assets, the Company assumed or funded reserves for specific property improvements and deferred maintenance, re-leasing costs, and taxes and insurance, which are included on the consolidated balance sheets as restricted cash. Real Estate Purchase Price Allocation The Company applies the provisions in ASC 805-10, Business Combinations ( " ASC 805-10"), to account for the acquisition of real estate, or real estate related assets, in which a lease, or other contract, is in place representing an active revenue stream, as an asset acquisition (in rare cases, a business combination). In accordance with the provisions of ASC 805-10 (on an asset acquisition), the Company recognizes the assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity at their relative fair values. The accounting provisions have also established that transaction costs associated with an asset acquisition are capitalized. Acquired in-place leases are valued as above-market or below-market as of the date of acquisition. The valuation is measured based on the present value (using an interest rate, which reflects the risks associated with the leases acquired) of the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) management’s estimate of fair market lease rates for the corresponding in-place leases over a period equal to the remaining non-cancelable term of the lease for above-market leases, taking into consideration below-market extension options for below-market leases. In addition, renewal options are considered and will be included in the valuation of in-place leases if (1) it is likely that the tenant will exercise the option, and (2) the renewal rent is considered to be sufficiently below a fair market rental rate at the time of renewal. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. The aggregate relative fair value of in-place leases includes direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals, which are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs, and are estimated using methods similar to those used in independent appraisals and management’s consideration of current market costs to execute a similar lease. These direct costs are considered intangible lease assets and are included with real estate assets on the consolidated balance sheets. The intangible lease assets are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid, including real estate taxes, insurance, and other operating expenses, pursuant to the in-place leases over a market lease-up period for a similar lease. Customer relationships are valued based on management’s evaluation of certain characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics management will consider in allocating these values include the nature and extent of the Company’s existing business relationships with tenants, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. These intangibles will be included in intangible lease assets on the consolidated balance sheets and are amortized to expense over the remaining term of the respective leases. The determination of the relative fair values of the assets and liabilities acquired requires the use of significant assumptions about current market rental rates, rental growth rates, discount rates and other variables. Depreciation and Amortization The purchase price of real estate acquired and costs related to development, construction, and property improvements are capitalized. Repairs and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. The Company considers the period of future benefit of an asset to determine the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building Improvements 5-20 years Land Improvements 15-25 years Tenant Improvements Shorter of estimated useful life or remaining contractual lease term Tenant Origination and Absorption Cost Remaining contractual lease term In-place Lease Valuation Remaining contractual lease term with consideration as to below-market extension options for below-market leases If a lease is terminated or amended prior to its scheduled expiration, the Company will accelerate/extend the remaining useful life of the unamortized lease-related costs. Impairment of Real Estate and Related Intangible Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, the Company assesses the carrying values of our respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, the Company considers current market conditions as well as the Company's intent with respect to holding or disposing of the asset. The intent with regard to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage the Company's underlying business. If the Company analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Projections of expected future undiscounted cash flows require management to estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property and the number of years the property is held for investment. Revenue Recognition Leases associated with the acquisition and contribution of certain real estate assets have net minimum rent payment increases during the term of the lease and are recorded to rental revenue on a straight-line basis, commencing as of the contribution or acquisition date. If a lease provides for contingent rental income, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Tenant reimbursement revenue, which is comprised of additional amounts collected from tenants for the recovery of certain operating expenses, including repair and maintenance, property taxes (excluding taxes paid by a lessee directly to a third party on behalf of the lessor) and insurance, and capital expenditures, to the extent allowed pursuant to the lease (collectively, "Recoverable Expenses"), is recognized as revenue when the additional rent is due. Recoverable Expenses to be reimbursed by a tenant are determined based on the Company's estimate of the property's operating expenses for the year, pro-rated based on leased square footage of the property, and are collected in equal installments as additional rent from the tenant, pursuant to the terms of the lease. At the end of each quarter, the Company reconciles the amount of additional rent paid by the tenant during the quarter to the actual amount of the Recoverable Expenses incurred by the Company for the same period. The difference, if any, is either charged or credited to the tenant pursuant to the provisions of the lease. In certain instances, the lease may restrict the amount the Company can recover from the tenant such as a cap on certain or all property operating expenses. In a situation in which a lease associated with a significant tenant has been, or is expected to be, terminated early, or extended, the Company evaluates the remaining useful life of amortizable assets in the asset group related to the lease that will be terminated (i.e., above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination or extension, the Company may write-off or accelerate the amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and amortization for the remaining lease related asset groups in the consolidated statements of operations. Lease Accounting On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and elected to apply the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, the Company elected the “package of practical expedients,” which allowed the Company to not reassess (a) whether expired or existing contracts as of January 1, 2019 are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As the Company elected the package of practical expedients, the Company's existing leases as of January 1, 2019 continue to be accounted for as operating leases. Upon adoption of ASC 842, the Company elected the practical expedient permitting lessors to elect by class of underlying asset to not separate nonlease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Company assessed the criteria above with respect to the Company's operating leases and determined that they qualify for the non-separation practical expedient. As a result, the Company accounted for and presented all rental income earned pursuant to operating leases, including property expense recovery, as a single line item, “Rental income,” in the consolidated statement of operations for all periods presented. Prior to the adoption of ASC 842, the Company presented rental income, property expense recovery and other income related to leases separately in the Company's consolidated statements of operations. Under ASC 842, lessors are required to record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed by a lessee. Conversely, lessors are required to record revenues and expenses on a net basis for lessor costs when they are paid by a lessee directly to a third party on behalf of the lessor. Prior to the adoption of ASC 842, the Company recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to the Company by a tenant or paid directly by a tenant to the taxing authorities on the Company's behalf. Effective January 1, 2019, the Company is recording these costs in accordance with ASC 842. Lessee ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. On January 1, 2019, the Company was the lessee on two ground leases, which were classified as operating leases under ASC 840. As the Company elected the packages of practical expedients, the Company is not required to reassess the classification of these existing leases and, as such, these leases continue to be accounted for as operating leases. On January 1, 2019, the Company recognized ROU assets and lease liabilities for these leases on the Company's consolidated balance sheets, and on a go-forward basis, lease expense will be recognized on a straight-line basis over the remaining term of the lease. On January 1, 2019, the Company recorded a ROU asset of $25.5 million and a corresponding liability of approximately $27.6 million relating to the Company's existing ground lease arrangements. These operating leases were recognized based on the present value of the future minimum lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of future payments. The discount rate used to determine the present value of these operating leases’ future payments was 5.36%. There was no impact to beginning equity as a result of the adoption related to the lessee accounting as the difference between the asset and liability is attributed to derecognition of pre-existing straight-line rent balances. On March 1, 2019. the Company entered into an office lease located in Chicago, Illinois. The Company recorded a ROU asset of $0.6 million and a corresponding liability to the Company's lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 3.94%. On September 20, 2019, the Company acquired the McKesson II property and assumed a ground lease from the seller. The Company recorded a ROU asset of $16.3 million and a corresponding liability to the Company's existing ground lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 4.36%. Upon adoption of ASC 842, the Company also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components for the Company's ground and office space leases. Derivative Instruments and Hedging Activities ASC 815, Derivatives and Hedging ("ASC 815") provides the 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 an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, ASC 815 requires qualitative disclosures regarding the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, the Company recorded all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and 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 risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See Note 6, Interest Rate Contracts , for more detail. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code ("Code"). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to stockholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to stockholders. As of December 31, 2020, the Company satisfied the REIT requirements and distributed all of its taxable income. Pursuant to the Code, the Company has elected to treat its corporate subsidiary as a TRS. In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax. Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. 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. The Company performs its annual assessment on October 1st. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of December 31, 2020 and December 31, 2019, there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. During the year ended December 31, 2020, the Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings Per Share ("ASC 260-10"). ASC 260-10 requires the computations of basic and diluted earnings per share to be adjusted retroactively for all periods presented to reflect the change in capital structure if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the consolidated financial statements are issued or are available to be issued, the per share computations for those and any prior period consolidated financial statements presented shall be based on the new number of shares. Segment Information ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment. Unaudited Data Any references to the number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of the Company's independent registered public accounting firm's audit of its consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements During the first quarter of 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As of December 31, 2020, the Company’s real estate portfolio consisted of 98 properties (including one land parcel held for future development), in 25 states consisting substantially of office, warehouse, and manufacturing facilities with a combined acquisition value of approximately $4.1 billion, including the allocation of the purchase price to above and below-market lease valuation. Depreciation expense for buildings and improvements for the years ended December 31, 2020, 2019, and 2018 was $94.0 million, $80.4 million, and $60.1 million, respectively. Amortization expense for intangibles, including but not limited to, tenant origination and absorption costs for the years ended December 31, 2020, 2019, and 2018 was $67.1 million, $73.0 million and $59.0 million respectively. 2020 Acquisitions The purchase price and other acquisition items for the property acquired during the year ended December 31, 2020 are shown below: Property Location Tenant/Major Lessee Acquisition Date Purchase Price Square Feet Acquisition Fees and Expenses Year of Lease Expiration Pepsi Bottling Ventures North Carolina PepsiCo 2/5/2020 $34,937 526,320 $386 2032 Real Estate - Valuation and Purchase Price Allocation The Company allocates the purchase price to the relative fair value of the tangible assets of a property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company's review of the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In calculating the “as-if vacant” value for the acquisition completed during the year ended December 31, 2020, the Company used a discount rate of 6.25%. In determining the fair value of intangible lease assets or liabilities, the Company also considers Level 3 inputs. 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, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property that would be incurred to lease the property to its occupancy level at the time of its acquisition. Acquisition costs associated with asset acquisitions are capitalized during the period they are incurred. The following summarizes the purchase price allocation of the property acquired during the year ended December 31, 2020: Property Land Building Improvements Tenant origination and absorption costs In-place lease valuation - (below) / market Debt discount / (premium) Total (1) Pepsi Bottling Ventures $3,407 $26,813 $954 $4,970 $(712) $(109) $35,323 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. Intangibles The Company allocated a portion of the acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles for the years ended December 31, 2020 and 2019: December 31, 2020 2019 In-place lease valuation (above market) $ 43,576 $ 44,012 In-place lease valuation (above market) - accumulated amortization (35,604) (33,322) In-place lease valuation (above market), net 7,972 10,690 Ground leasehold interest (below market) 2,254 2,254 Ground leasehold interest (below market) - accumulated amortization (191) (164) Ground leasehold interest (below market), net 2,063 2,090 Intangible assets, net $ 10,035 $ 12,780 In-place lease valuation (below market) $ (68,334) $ (67,622) Land leasehold interest (above market) (3,072) (3,073) In-place lease valuation & land leasehold interest - accumulated amortization 44,073 38,890 Intangible liabilities, net $ (27,333) $ (31,805) Tenant origination and absorption cost $ 740,489 $ 744,773 Tenant origination and absorption cost - accumulated amortization (412,462) (354,379) Tenant origination and absorption cost, net $ 328,027 $ 390,394 The intangible assets are amortized over the remaining lease term of each property, which on a weighted-average basis, was approximately 6.83 years and 7.36 years as of December 31, 2020 and 2019, respectively. The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Amortization (income) expense for the year ended December 31, 2020 2019 2018 Above and below market leases, net $ (2,292) $ (3,201) $ (685) Tenant origination and absorption cost $ 62,459 $ 69,502 $ 55,464 Ground leasehold amortization (below market) $ (291) $ (52) $ 27 Other leasing costs amortization $ 4,908 $ 3,581 $ 3,557 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold improvements, and other leasing costs as of December 31, 2020 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold improvements Other leasing costs 2021 $ (2,118) $ 57,243 $ (290) $ 5,862 2022 $ (2,518) $ 54,114 $ (290) $ 5,867 2023 $ (2,465) $ 49,551 $ (290) $ 5,739 2024 $ (1,648) $ 37,371 $ (291) $ 5,504 2025 $ (1,186) $ 26,813 $ (290) $ 5,385 Sale of Property On June 30, 2020, the Company sold the Bank of America II property located at 1800 Tapo Canyon in Simi Valley, California for total gross proceeds of $24.5 million, less closing costs and other closing credits. The carrying value of the property on the closing date was approximately $19.6 million. Upon the sale of the property, the Company recognized a gain of approximately $4.3 million. On December 22, 2020, the Company sold Bank of America I property located at 450 American Way in Simi Valley, California for total gross proceeds of $30.0 million, less closing costs and other closing credits. The carrying value of the property approximated the selling price. Impairments 2200 Channahon Road, Houston Westway I and 2275 Cabot Drive During the year ended December 31, 2020, in connection with the preparation and review of the Company's financial statements, the Company recorded an impairment provision of approximately $23.5 million as it was determined that the carrying value of the real estate would not be recoverable on three properties. This impairment resulted from changes in longer absorption periods, lower market rents and shorter anticipated hold periods. In determining the fair value of property, the Company considered Level 3 inputs. See Note 8, Fair Value Measurements , for details. Restricted Cash In conjunction with the acquisition of certain assets, as required by certain lease provisions or certain lenders in conjunction with an acquisition or debt financing, or credits received by the seller of certain assets, the Company assumed or funded reserves for specific property improvements and deferred maintenance, re-leasing costs, and taxes and insurance, which are included on the consolidated balance sheets as restricted cash. Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to each tenant’s respective lease as follows: Balance as of December 31, 2020 December 31, 2019 Cash reserves $ 20,385 $ 48,129 Restricted lockbox 13,967 10,301 Total $ 34,352 $ 58,430 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The interests discussed below are deemed to be variable interests in VIEs and, based on an evaluation of the variable interests against the criteria for consolidation, the Company determined that it is not the primary beneficiary of the investments, as the Company does not have power to direct the activities of the entities that most significantly affect their performance. As such, the interest in the VIEs is recorded using the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the investments in the unconsolidated entities are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the allocation of cash distributions upon liquidation of the investment at book value in accordance with the operating agreements. The Company's maximum exposure to losses associated with its unconsolidated investments is primarily limited to its carrying value in the investments. Heritage Commons X, LTD In June 2018, the Company, through an SPE, wholly-owned by the GCEAR Operating Partnership, formed a joint venture ("Heritage Commons X") for the construction and ownership of a four-story Class "A" office building with a net rentable area of approximately 200,000 square feet located in Fort Worth, Texas (the "Heritage Commons Property"). The Heritage Commons Property was completed in April 2019 and is 100% leased to Mercedes-Benz Financial Services USA. On July 17, 2019, Heritage Commons X sold the Heritage Commons Property. Digital Realty Trust, Inc. In September 2014, the Company, through an SPE wholly-owned by the GCEAR Operating Partnership, acquired an 80% interest in a joint venture with an affiliate of Digital Realty Trust, Inc. ("Digital") for $68.4 million, which was funded with equity proceeds raised in the Company's public offerings. The gross acquisition value of the property was $187.5 million, plus closing costs, which was partially financed with debt of $102.0 million. The joint venture was created for purposes of directly or indirectly acquiring, owning, financing, operating and maintaining a data center facility located in Ashburn, Virginia (the "Digital Property"). The Digital Property is approximately 132,300 square feet and consists of certain data processing and communications equipment that is fully leased to a social media company and a financial services company with an average remaining lease term of approximately three years. In September 2014, the joint venture entered into a secured term loan (the "Digital Loan") in the amount of approximately $102.0 million. The Digital Loan had an original maturity date of September 9, 2019 and included two extension options of 12 additional months each beyond the original maturity date. On March 29, 2019, the joint venture executed the first 12-month loan extension. Based on the executed extension, the new loan maturity date was September 9, 2020. The extension did not change the loan amount, rate or other substantive terms. The Company had approximately $8.2 million in an outstanding letter of credit. Since the tenant did not execute a long term extension or sign a new lease with the joint venture, the joint venture elected not to accept the loan extension terms offered by the lender and subsequent discussions did not result in an additional loan extension in 2020. As a result, on September 9, 2020, the lender provided a notice of default for non-payment of the unpaid balance of the non-recourse Digital Loan and exercised its right to draw on the stand-by letter of credit. The Company funded the $8.2 million stand-by letter of credit with cash. In accordance with the terms of the Digital operating agreement, the Company holds a guaranteed minimum return such that the Digital managing member will pay an amount to the Company in order for the Company to receive a minimum 7% return on investment, subject to a cap on actual cash amounts distributed to the managing member. As part of the wind up of the joint venture, the Company has recorded a receivable from the Digital managing member of $4.1 million that it expects to receive in first quarter of 2021 and has written off its remaining investment in the venture. The Company is not exposed to any future funding obligations and there are no other future losses expected to arise from this investment. As of December 31, 2020, the balance of the investments is shown below : Digital Realty Heritage Commons X Total Balance as of December 31, 2019 $ 10,584 $ 444 $ 11,028 Net loss (164) — (164) Distributions (8,121) (410) (8,531) Contributions 8,160 — 8,160 Valuation adjustment (1) (4,453) — (4,453) Impairment (2) (1,906) — (1,906) Clawback receivable reclass (3) (4,100) — (4,100) Balance as of December 31, 2020 $ — $ 34 $ 34 (1) Amount represents a charge to arrive at the net realizable value as of December 31, 2020, which is included in the line item "(Loss) Gain from investment in unconsolidated entities" in the consolidated statement of operations. (2) Amount represents an impairment on the Company's Digital investment that the Company determined in connection with the preparation and review of the financial statements. Amount included in the line item "(Loss) Gain from investment in unconsolidated entities" in the consolidated statement of operations. (3) Amount represents a reclass of the clawback to other assets as disclosed above. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2020 and December 31, 2019, the Company’s debt consisted of the following: December 31, Contractual Interest Rate (1) Loan Effective Interest Rate (2) 2020 2019 HealthSpring Mortgage Loan $ 20,208 $ 20,723 4.18% April 2023 4.62% Midland Mortgage Loan 98,155 100,249 3.94% April 2023 4.12% Emporia Partners Mortgage Loan 1,627 2,104 5.88% September 2023 5.96% Samsonite Loan 20,165 21,154 6.08% September 2023 5.09% Highway 94 Loan 14,689 15,610 3.75% August 2024 4.80% Pepsi Bottling Ventures Loan 18,587 — 3.69% October 2024 3.92% AIG Loan II 126,792 126,970 4.15% November 2025 4.93% BOA Loan 375,000 375,000 3.77% October 2027 3.91% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 103,870 105,762 4.96% February 2029 5.08% Total Mortgage Debt 1,029,093 1,017,572 Revolving Credit Facility (3) 373,500 211,500 LIBO Rate + 1.60% June 2023 1.88% 2023 Term Loan 200,000 200,000 LIBO Rate + 1.55% June 2023 1.80% 2024 Term Loan 400,000 400,000 LIBO Rate + 1.55% April 2024 1.79% 2026 Term Loan 150,000 150,000 LIBO Rate + 1.85% April 2026 2.06% Total Debt 2,152,593 1,979,072 Unamortized Deferred Financing Costs and Discounts, net (12,166) (9,968) Total Debt, net $ 2,140,427 $ 1,969,104 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750 million the weighted average interest rate as of December 31, 2020 was 3.58% for both the Company’s fixed-rate and variable-rate debt combined and 3.96% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of December 31, 2020 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The LIBO rate as of December 1, 2020 (effective date) was 0.16%. The Revolving Credit Facility has an initial term of approximately two years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below. Second Amended and Restated Credit Agreement Pursuant to the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 and the Second Amendment to Second Amended and Restated Credit Agreement dated as of December 18, 2020, the “Second Amended and Restated Credit Agreement”), with KeyBank, as administrative agent, and a syndicate of lenders, we, through the GCEAR Operating Partnership, as the borrower, have been provided with a $1.9 billion credit facility consisting of a $750 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing in June 2022 with (subject to the satisfaction of certain customary conditions) a one-year extension option, a $200 million senior unsecured term loan maturing in June 2023 (the “$200M 5-Year Term Loan”), a $150 million senior unsecured term loan maturing in April 2026 (the “$150M 7-Year Term Loan”), a $400 million senior unsecured term loan maturing in April 2024 (the “$400M 5-Year Term Loan”) and a delayed draw $400 million senior unsecured term loan maturing in December 2025 (the “Delayed Draw $400M 5-Year Term Loan”) (collectively, the “KeyBank Loans”). The credit facility also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, increase the existing term loans and/or incur new term loans by up to an additional $600 million in the aggregate. As of December 31, 2020, the remaining capacity under the Revolving Credit Facility was $221.9 million and the Delayed Draw $400M 5-Year Term Loan was undrawn. Based on the terms as of December 31, 2020, the interest rate for the credit facility varies based on the consolidated leverage ratio of the GCEAR Operating Partnership, us, and our subsidiaries and ranges (a) in the case of the Revolving Credit Facility, from LIBOR plus 1.30% to LIBOR plus 2.20%, (b) in the case of each of the $200M 5-Year Term Loan, the $400M 5-Year Term Loan and the Delayed Draw $400M 5-Year Term Loan, from LIBOR plus 1.25% to LIBOR plus 2.15% and (c) in the case of the $150M 7-Year Term Loan, from LIBOR plus 1.65% to LIBOR plus 2.50%. If the GCEAR Operating Partnership obtains an investment grade rating of its senior unsecured long term debt from Standard & Poor's Rating Services, Moody's Investors Service, Inc., or Fitch, Inc., the applicable LIBOR margin and base rate margin will vary based on such rating and range (i) in the case of the Revolving Credit Facility, from LIBOR plus 0.825% to LIBOR plus 1.55%, (ii) in the case of each of the $200M 5-Year Term Loan, the $400M 5-Year Term Loan and the Delayed Draw $400M 5-Year Term Loan, from LIBOR plus 0.90% to LIBOR plus 1.75% and (iii) in the case of the $150M 7-Year Term Loan, from LIBOR plus 1.40% to LIBOR plus 2.35%. In the event that any of the 2025 Term Loan is not advanced as of the date that is 120 days after December 18, 2020, such unadvanced amount will incur an unused fee equal to 0.20% annually multiplied by the average daily amount of the unadvanced portion of the 2025 Term Loan. Such unused fee will be payable quarterly in arrears and will start accruing on the date that is 120 days after December 18, 2020 and will stop accruing on the first to occur of (a) the date the 2025 Term Loan is fully advanced, (b) the date that is 180 days after December 18, 2020, or (c) the date the GCEAR Operating Partnership, as borrower, terminates any remaining portion of the 2025 Term Loan. The Second Amended and Restated Credit Agreement provides that the GCEAR Operating Partnership must maintain a pool of unencumbered real properties (each a "Pool Property" and collectively the "Pool Properties") that meet certain requirements contained in the Second Amended and Restated Credit Agreement. The agreement sets forth certain covenants relating to the Pool Properties, including, without limitation, the following: • there must be no less than 15 Pool Properties at any time; • no greater than 15% of the aggregate pool value may be contributed by a single Pool Property or tenant; • no greater than 15% of the aggregate pool value may be contributed by Pool Properties subject to ground leases; • no greater than 20% of the aggregate pool value may be contributed by Pool Properties which are under development or assets under renovation; • the minimum aggregate leasing percentage of all Pool Properties must be no less than 90%; and • other limitations as determined by KeyBank upon further due diligence of the Pool Properties. Borrowing availability under the Second Amended and Restated Credit Agreement is limited to the lesser of the maximum amount of all loans outstanding that would result in (i) an unsecured leverage ratio of no greater than 60%, or (ii) an unsecured interest coverage ratio of no less than 2.00:1.00. Guarantors of the KeyBank Loans include the Company, each special purpose entity that owns a Pool Property, and each of the GCEAR Operating Partnership's other subsidiaries which owns a direct or indirect equity interest in a special purpose entity that owns a Pool Property. In addition to customary representations, warranties, covenants, and indemnities, the KeyBank Loans require the GCEAR Operating Partnership to comply with the following at all times, which will be tested on a quarterly basis: • a maximum consolidated leverage ratio of 60%, or, the ratio may increase to 65% for up to four consecutive quarters after a material acquisition; • a minimum consolidated tangible net worth of 75% of the Company's consolidated tangible net worth at closing of the Revolving Credit Facility, or approximately $2.0 billion, plus 75% of net future equity issuances (including GCEAR OP Units ), minus 75% of the amount of any payments used to redeem the Company's stock or OP Units, minus any amounts paid for the redemption or retirement of or any accrued return on the preferred equity issued under the preferred equity investment made in EA-1 in August 2018 by SHBNPP Global Professional Investment Type Private Real Estate Trust No. 13 (H); • upon consummation, if ever, of an initial public offering, a minimum consolidated tangible net worth of 75% of the Company's consolidated tangible net worth at the time of such initial public offering plus 75% of net future equity issuances (including GCEAR OP Units) should the Company publicly list its shares; • a minimum consolidated fixed charge coverage ratio of not less than 1.50:1.00; • a maximum total secured debt ratio of not greater than 40%, which ratio will increase by five percentage points for four quarters after closing of a material acquisition that is financed with secured debt; • a minimum unsecured interest coverage ratio of 2.00:1.00; • a maximum total secured recourse debt ratio, excluding recourse obligations associated with interest rate hedges, of 10% of our total asset value; and • aggregate maximum unhedged variable rate debt of not greater than 30% of the Company's total asset value. Furthermore, the activities of the GCEAR Operating Partnership, the Company, and the Company's subsidiaries must be focused principally on the ownership, development, operation and management of office, industrial, manufacturing, warehouse, distribution or educational properties (or mixed uses thereof) and businesses reasonably related or ancillary thereto. Debt Covenant Compliance Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the GCEAR Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. The Company was in compliance with all of its debt covenants as of December 31, 2020. The following summarizes the future scheduled principal repayments of all loans as of December 31, 2020 per the loan terms discussed above: As of December 31, 2020 2021 $ 9,587 2022 10,216 2023 337,387 2024 433,921 2025 120,111 Thereafter 1,241,371 Total principal 2,152,593 Unamortized debt premium/(discount) (577) Unamortized deferred loan costs (11,589) Total $ 2,140,427 |
Interest Rate Contracts
Interest Rate Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Contracts | Interest Rate Contracts Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the values of which are determined by expected cash payments principally related to borrowings and interest rates. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivatives for trading or speculative purposes. Derivative Instruments On July 9, 2015, the Company executed one interest rate swap agreement to hedge the variable cash flows associated with LIBOR. The interest rate swap was effective for the period from July 9, 2015 to July 1, 2020 with a notional amount of $425.0 million, which matured during the third quarter of 2020. On August 31, 2018, the Company executed four interest rate swap agreements to hedge future variable cash flows associated with LIBOR. The forward-starting interest rate swaps with a total notional amount of $425.0 million became effective on July 1, 2020 and have a term of five years. On March 10, 2020, the Company entered into three interest rate swap agreements to hedge variable cash flows associated with LIBOR. The swap agreements became effective on March 10, 2020, and have a term of approximately five years with notional amounts of $150.0 million, $100.0 million and $75.0 million, respectively. The Company also has entered into interest rate swap agreements to hedge the variable cash flows associated with certain existing or forecasted LIBOR based variable-rate debt, including the Company's KeyBank Loans. The change in the fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income ("AOCI") and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. The following table sets forth a summary of the interest rate swaps at December 31, 2020 and 2019: Fair Value (1) Current Notional Amounts December 31, December 31, Derivative Instrument Effective Date Maturity Date Interest Strike Rate 2020 2019 2020 2019 (Liabilities) Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ (2,963) $ — $ 150,000 $ — Interest Rate Swap 3/10/2020 7/1/2025 0.84% (2,023) — 100,000 — Interest Rate Swap 3/10/2020 7/1/2025 0.86% (1,580) — 75,000 — Interest Rate Swap 7/1/2020 7/1/2025 2.82% (13,896) (7,038) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (11,140) (5,651) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% (11,148) (5,665) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% (11,225) (5,749) 100,000 100,000 Interest Rate Swap 7/9/2015 7/1/2020 1.69% — (43) — 425,000 Total $ (53,975) $ (24,146) $ 750,000 $ 850,000 (1) The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of December 31, 2020, derivatives in a liability position are included in the line item "Interest rate swap liability" in the consolidated balance sheets at fair value. The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Year Ended December 31, 2020 2019 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ (38,319) $ (19,944) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ 8,615 $ (2,359) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 79,646 $ 73,557 During the twelve months subsequent to December 31, 2020, the Company estimates that an additional $13.8 million of its expense will be recognized from AOCI into earnings. Certain agreements with the derivative counterparties contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then the Company could also be declared in default on its derivative obligations. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Accrued tenant improvements $ 30,011 $ 11,802 Prepaid tenant rent 20,780 20,510 Real estate taxes payable 15,380 13,385 Deferred compensation 10,599 9,209 Interest payable 9,147 12,264 Property operating expense payable 8,473 7,752 Other liabilities 20,044 21,467 Total $ 114,434 $ 96,389 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company is required to disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) "significant other observable inputs," and (iii) "significant unobservable inputs." "Significant other observable inputs" can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. "Significant unobservable inputs" are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the years ended December 31, 2020 and 2019. The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 and 2019: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2020 Interest Rate Swap Liability $ (53,975) $ — $ (53,975) $ — Corporate Owned Life Insurance Asset $ 4,454 $ — $ 4,454 $ — Mutual Funds Asset $ 6,643 $ 6,643 $ — $ — Deferred Compensation Liability $ (10,599) $ — $ (10,599) $ — December 31, 2019 Interest Rate Swap Liability $ (24,146) $ — $ (24,146) $ — Earn-out Liability (due to affiliates) $ (2,919) $ — $ — $ (2,919) Corporate Owned Life Insurance Asset $ 2,134 $ — $ 2,134 $ — Mutual Funds Asset $ 6,983 $ 6,983 $ — $ — Deferred Compensation Liability $ (9,209) $ — $ (9,209) $ — Earn-outs The Current Operating Partnership will pay GCC in cash earn-out consideration ("Cash Earn-Out") equal to (i) 37.25% of the amounts received by the Company's advisor as advisory fees pursuant to the Company's advisory agreement with respect to the incremental common equity invested in the Company's follow-on public offering from April 30, 2019 through the September 20, 2020 (termination of the follow-on offering) plus (ii) 37.25% of the amounts that would have been received by the Company's advisor as performance distributions pursuant to the Current Operating Partnership agreement of the Current Operating Partnership with respect to assets acquired by the Company from April 30, 2019 through September 20, 2020. The Cash Earn-Out consideration will accrue on an ongoing basis and be paid quarterly; provided that such cash earn-out consideration will in no event exceed an amount equal to 2.5% of the aggregate dollar amount of common equity invested in the Company pursuant to its follow-on public offering from April 30, 2019 through September 20, 2020. The Company estimated the fair value of the Cash Earn-Out liability using a discounted cash flow. The estimate required the Company to make various assumptions about future equity raised, capitalization rates and annual net operating income growth prior to the termination of the follow-on offering. During the year ended ended December 31, 2020, the Company recorded an adjustment of approximately $2.6 million, which is included in "Other income, net" on the consolidated statement of operations as a reduction of the Company's liability. As of December 31, 2020, the liability is approximately $0.3 million. Since the follow-on offering terminated on September 20, 2020, the liability is based on actual amounts raised during the offering. The Company has made one payment of approximately $0.1 million as of December 31, 2020. Real Estate For the year ended December 31, 2020, in connection with the preparation and review of the Company's financial statements, the Company determined that three of the Company's properties were impaired based upon discounted cash flow analyses where the most significant inputs were the market rental rates, terminal capitalization rate, discount rate and expected hold period. The Company considered these inputs as Level 3 measurements within the fair value hierarchy. The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the year-ended December 31, 2020: Range of Inputs or Inputs Unobservable Inputs: 2200 Channahon Road Houston Westway I 2275 Cabot Drive Market rent per square foot $2.00 to $3.00 $15.00 to $17.00 $11.00 to $12.00 Terminal capitalization rate 9.75% 7.75% 9.00% Discount rate 14.00% 9.00% 10.25% Financial Instruments Disclosed at Fair Value Financial instruments as of December 31, 2020 and December 31, 2019 consisted of cash and cash equivalents, restricted cash, accounts receivable, accrued expenses and other liabilities, and mortgage payable and other borrowings, as defined in Note 5, Debt . With the exception of the mortgage loans in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of December 31, 2020 and December 31, 2019. The fair value of the ten mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. December 31, 2020 December 31, 2019 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ 355,823 $ 375,000 $ 369,343 $ 375,000 BOA/KeyBank Loan $ 263,454 $ 250,000 $ 264,101 $ 250,000 AIG Loan II $ 121,011 $ 126,792 $ 122,258 $ 126,970 AIG Loan $ 102,033 $ 103,870 $ 101,663 $ 105,762 Midland Mortgage Loan $ 97,709 $ 98,155 $ 99,318 $ 100,249 Samsonite Loan $ 21,030 $ 20,165 $ 22,103 $ 21,154 HealthSpring Mortgage Loan $ 20,462 $ 20,208 $ 20,868 $ 20,723 Pepsi Bottling Ventures Loan $ 18,942 $ 18,587 $ — $ — Highway 94 Loan $ 14,447 $ 14,689 $ 15,101 $ 15,610 Emporia Partners Mortgage Loan $ 1,654 $ 1,627 $ 2,105 $ 2,104 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2020 and December 31, 2019. See Note 5, Debt |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Classes Class T shares, Class S shares, Class D shares, Class I shares, Class A shares, Class AA shares, Class AAA and Class E shares vote together as a single class, and each share is entitled to one vote on each matter submitted to a vote at a meeting of the Company's stockholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common stock, only the holders of such affected class are entitled to vote . As of December 31, 2020, there were 558,107 shares of Class T common stock, 1,800 shares of Class S common stock, 41,095 shares of Class D common stock, 1,896,696 shares of Class I common stock, 24,325,680 shares of Class A common stock, 47,304,097 of Class AA common stock, 920,920 shares of Class AAA common stock, and 155,272,273 of Class E common stock outstanding. Common Equity As of December 31, 2020, the Company had received aggregate gross offering proceeds of approximately $2.8 billion from the sale of shares in the private offering, the public offerings, the DRP offerings and mergers (includes EA-1 offerings and EA-1 merger with Signature Office REIT, Inc. and the EA Merger) , as discussed in Note 1, Organization . As part of the $2.8 billion from the sale of shares, the Company issued approximately 43,772,611 shares of its common stock upon the consummation of the merger of Signature Office REIT, Inc. in June 2015 and 174,981,547 Class E shares (in exchange for all outstanding shares of EA-1's common stock at the time of the EA Merger) in April 2019 upon the consummation of the EA Merger. As of December 31, 2020, there were 230,320,668 shares outstanding, including shares issued pursuant to the DRP, less shares redeemed pursuant to the SRP and the self-tender offer, which occurred in May 2019. Termination of Follow-On Offering On February 26, 2020, the Company’s Board of Directors (the “Board”) approved the temporary suspension of the primary portion of the Company’s follow-on offering of up to $2.2 billion of shares, consisting of up to $2.0 billion of shares in our primary offering and $0.2 billion of shares pursuant to our DRP (the “Follow-On Offering”), effective February 27, 2020. The Follow-On Offering terminated with the expiration of the registration statement on Form S-11 (Registration No. 333-217223), as amended, on September 20, 2020. Distribution Reinvestment Plan (DRP) The Company has adopted the DRP, which allows stockholders to have dividends and other distributions otherwise distributable to them invested in additional shares of common stock. No sales commissions or dealer manager fees will be paid on shares sold through the DRP, but the DRP shares will be charged the applicable distribution fee payable with respect to all shares of the applicable class. The purchase price per share under the DRP is equal to the net asset value ("NAV") per share applicable to the class of shares purchased, calculated using the most recently published NAV available at the time of reinvestment. The Company may amend or terminate the DRP for any reason at any time upon 10 days' prior written notice to stockholders, which may be provided through the Company's filings with the SEC. In connection with a potential strategic transaction, on February 26, 2020, the Board approved the temporary suspension of the DRP, effective March 8, 2020. On July 16, 2020, the Board approved the reinstatement of the DRP, effective July 27, 2020 and an amendment of the DRP to allow for the use of the most recently published NAV per share of the applicable share class available at the time of reinvestment as the DRP purchase price for each share class. On July 17, 2020, the Company filed a registration statement on Form S-3 for the registration of up to $100 million in shares pursuant to the Company's DRP (the “DRP Offering”). The DRP Offering may be terminated at any time upon 10 days’ prior written notice to stockholders. As of December 31, 2020, the Company sold 32,978,545 shares for approximately $318.2 million in the Company's DRP offerings. The following table summarizes the DRP offerings ,by share class, as of December 31, 2020: Share Class Amount Shares Class A 6,923 743,349 Class AA 13,695 1,470,340 Class AAA 207 22,190 Class D 12 1,312 Class E 296,930 30,697,419 Class I 300 31,992 Class S 0 12 Class T 112 11,931 Total $ 318,179 32,978,545 As of December 31, 2020 and December 31, 2019, the Company had issued approximately $318.2 million and $293.7 million in shares pursuant to the DRP, respectively. Share Redemption Program (SRP) The Company has adopted the SRP that enables stockholders to sell their stock to the Company in limited circumstances. On August 8, 2019, the Company's Board amended and restated its SRP, effective as of September 12, 2019, in order to (i) clarify that only those stockholders who purchased their shares from us or received their shares from the Company (directly or indirectly) through one or more non-cash transactions (including transfers to trusts, family members, etc.) may participate in the SRP; (ii) allocate capacity within each class of common stock such that the Company may redeem up to 5% of t he aggregate NAV of each class of common stock; (iii) treat all unsatisfied redemption requests (or portion thereof) as a request for redemption the following quarter unless otherwise withdrawn; and (iv) make certain other clarifying changes. On November 7, 2019, the Board amended and restated the SRP, effective as of December 12, 2019, in order to (i) provide for redemption sought upon a stockholder’s determination of incompetence or incapacitation; (ii) clarify the circumstances under which a determination of incompetence or incapacitation will entitle a stockholder to such redemption; and (iii) make certain other clarifying changes. In connection with a potential strategic transaction, on February 26, 2020, the Board approved the temporary suspension of the SRP, effective March 28, 2020. On July 16, 2020, the Board approved the partial reinstatement of the SRP, effective August 17, 2020, subject to the following limitations: (A) redemptions will be limited to those sought upon a stockholder’s death, qualifying disability, or determination of incompetence or incapacitation in accordance with the terms of the SRP, and (B) the quarterly cap on aggregate redemptions will be equal to the aggregate NAV, as of the last business day of the previous quarter, of the shares issued pursuant to the DRP during such quarter. Settlements of share redemptions will be made within the first three business days of the following quarter. Redemption activity during the quarter is listed below. Under the SRP, the Company will redeem shares as of the last business day of each quarter. The redemption price will be equal to the NAV per share for the applicable class generally on the 13th day of the month prior to quarter end (which will be the most recently published NAV). Redemption requests must be received by 4:00 p.m. (Eastern time) on the second to last business day of the applicable quarter. Redemption requests exceeding the quarterly cap will be filled on a pro rata basis. With respect to any pro rata treatment, redemption requests following the death or qualifying disability of a stockholder will be considered first, as a group, followed by requests where pro rata redemption would result in a stockholder owning less than the minimum balance of $2,500 of shares of the Company's common stock, which will be redeemed in full to the extent there are available funds, with any remaining available funds allocated pro rata among all other redemption requests. All unsatisfied redemption requests must be resubmitted after the start of the next quarter, or upon the recommencement of the SRP, as applicable. There are several restrictions under the SRP. Stockholders generally must hold their shares for one year before submitting their shares for redemption under the program; however, the Company will waive the one-year holding period in the event of the death or qualifying disability of a stockholder. Shares issued pursuant to the DRP are not subject to the one-year holding period. In addition, the SRP generally imposes a quarterly cap on aggregate redemptions of the Company's shares equal to a value of up to 5% of the aggregate NAV of the outstanding shares as of the last business day of the previous quarter, subject to the further limitations as indicated in the August 8, 2019 amendments discussed above. As the value on the aggregate redemptions of the Company's shares is outside the Company's control, the 5% quarterly cap is considered to be temporary equity and is presented as common stock subject to redemption on the accompanying consolidated balance sheets. The following table summarizes share redemption (excluding the self-tender offer) activity during the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares of common stock redeemed 1,841,887 20,933,322 Weighted average price per share $ 9.01 $ 9.44 Since July 31, 2014 and through December 31, 2020, the Company had redeemed 26,072,452 shares (excluding the self-tender offer) of common stock for approximately $245.3 million at a weighted average price per share of $9.41 pursuant to the SRP. Since July 31, 2014 and through December 31, 2019, the Company had honored all outstanding redemption requests. During the three months ended September 30, 2019, redemption requests for Class E shares exceeded the quarterly 5% per share class limitation by 2,872,488 shares or approximately $27.4 million. The Class E shares not redeemed during that quarter, or 25% of the shares submitted, were treated as redemption requests for the quarter ended December 31, 2019. All outstanding requests for the quarter ended September 30, 2019 and all new requests for the quarter ended December 31, 2019 were honored on January 2, 2020. Redemptions sought upon a stockholder's death, qualifying disability, or determination of incompetence or incapacitation in the first quarter of 2020 were honored in accordance with the terms of the SRP, and the SRP officially was suspended as of March 28, 2020 for regular redemptions and subsequent redemptions for death, qualifying disability, or determination of incompetence or incapacitation after those honored in the first quarter of 2020. As described above, the SRP was partially reinstated, effective August 17, 2020, for redemptions sought upon a stockholder’s death, qualifying disability, or determination of incompetence or incapacitation in accordance with the terms of the SRP, subject to a quarterly cap on aggregate redemptions equal to the aggregate NAV, as of the last business day of the previous quarter, of the shares issued pursuant to the DRP during such quarter. During the year ended December 31, 2020, the Company received redemption requests (including those due to death, disability or incapacitation) for 600,075 shares of common stock that were all redeemed during and subsequent to the current quarter. Series A Preferred Shares On August 8, 2018, EA-1 entered into a purchase agreement (the "Purchase Agreement") with SHBNPP Global Professional Investment Type Private Real Estate Trust No. 13(H) (acting through Kookmin Bank as trustee) (the "Purchaser") and Shinhan BNP Paribas Asset Management Corporation, as an asset manager of the Purchaser, pursuant to which the Purchaser agreed to purchase an aggregate of 10,000,000 shares of EA-1 Series A Cumulative Perpetual Convertible Preferred Stock at a price of $25.00 per share (the "EA-1 Series A Preferred Shares") in two tranches, each comprising 5,000,000 EA-1 Series A Preferred Shares. On August 8, 2018 (the "First Issuance Date"), EA-1 issued 5,000,000 Series A Preferred Shares to the Purchaser for a total purchase price of $125.0 million (the "First Issuance"). EA-1 paid transaction fees totaling 3.5% of the First Issuance purchase price and incurred approximately $0.4 million in transaction-related expenses to unaffiliated third parties. EA-1's former external advisor incurred transaction-related expenses of approximately $0.2 million, which was reimbursed by EA-1. Upon consummation of the Mergers, the Company issued 5,000,000 Series A Preferred Shares to the Purchaser. Pursuant to the Purchase Agreement, the Purchaser has agreed to purchase an additional 5,000,000 Series A Preferred Shares (the "Second Issuance") at a later date (the "Second Issuance Date") for an additional purchase price of $125.0 million subject to approval by the Purchaser’s internal investment committee and the satisfaction of certain conditions set forth in the Purchase Agreement. Pursuant to the Purchase Agreement, the Purchaser is generally restricted from transferring the Series A Preferred Shares or the economic interest in the Series A Preferred Shares for a period of five years from the applicable closing date. The Company's Series A Preferred Shares are not registered under the Securities Act and are not listed on a national securities exchange. The articles supplementary filed by the Company related to the Series A Preferred Shares set forth the key terms of such shares as follows: Distributions Subject to the terms of the applicable articles supplementary, the holders of the Series A Preferred Shares are entitled to receive distributions quarterly in arrears at a rate equal to one-fourth (1/4) of the applicable varying rate, as follows: i. 6.55% from and after the First Issuance Date, or if the Second Issuance occurs, 6.55% from and after the Second Issuance Date until the five five ii. 6.75% from and after the Reset Date, subject to paragraphs (iii) and (iv) below; iii. if a listing of the Company's shares of Class E Common Stock or the Series A Preferred Shares on a national securities exchange registered under Section 6(a) of the Exchange Act, does not occur by August 1, 2020 (the “First Triggering Event”), 7.55% from and after August 2, 2020 and 7.75% from and after the Reset Date, subject to (iv) below and certain conditions as set forth in the articles supplementary; or iv. if such a listing does not occur by August 1, 2021, 8.05% from and after August 2, 2021 until the Reset Date, and 8.25% from and after the Reset Date. Liquidation Preference Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of the Series A Preferred Shares will be entitled to be paid out of the Company's assets legally available for distribution to the stockholders, after payment of or provision for the Company's debts and other liabilities, liquidating distributions, in cash or property at its fair market value as determined by the Company's Board, in the amount, for each outstanding Series A Preferred Share equal to $25.00 per Series A Preferred Share (the "Liquidation Preference"), plus an amount equal to any accumulated and unpaid distributions to the date of payment, before any distribution or payment is made to holders of shares of common stock or any other class or series of equity securities ranking junior to the Series A Preferred Shares but subject to the preferential rights of holders of any class or series of equity securities ranking senior to the Series A Preferred Shares. After payment of the full amount of the Liquidation Preference to which they are entitled, plus an amount equal to any accumulated and unpaid distributions to the date of payment, the holders of Series A Preferred Shares will have no right or claim to any of the Company's remaining assets. Company Redemption Rights The Series A Preferred Shares may be redeemed by the Company, in whole or in part, at the Company's option, at a per share redemption price in cash equal to $25.00 per Series A Preferred Share (the "Redemption Price"), plus any accumulated and unpaid distributions on the Series A Preferred Shares up to the redemption date, plus, a redemption fee of 1.5% of the Redemption Price in the case of a redemption that occurs on or after the date of the First Triggering Event, but before the date that is five years from the First Issuance Date. Holder Redemption Rights In the event the Company fails to effect a listing of the Company’s shares of common stock or Series A Preferred Shares by August 1, 2023, the holder of any Series A Preferred Shares has the option to request a redemption of such shares on or on any date following August 1, 2023, at the Redemption Price, plus any accumulated and unpaid distributions up to the redemption date (the "Redemption Right"); provided, however, that no holder of the Series A Preferred Shares shall have a Redemption Right if such a listing occurs prior to or on August 1, 2023. Conversion Rights Subject to the Company's redemption rights and certain conditions set forth in the articles supplementary, a holder of the Series A Preferred Shares, at his or her option, will have the right to convert such holder's Series A Preferred Shares into shares of the Company's common stock any time after the earlier of (i) five years from the First Issuance Date, or if the Second Issuance occurs, five years from the Second Issuance Date or (ii) a Change of Control (as defined in the articles supplementary) at a per share conversion rate equal to the Liquidation Preference divided by the then Common Stock Fair Market Value (as defined in the articles supplementary). Issuance of Restricted Stock Units to Executive Officers and Employees On May 1, 2019, the Company issued 1,009,415 restricted stock units ("2019 RSUs") to the Company's officers under the Griffin Capital Essential Asset REIT, Inc. Employee and Director Long-Term Incentive Plan (as amended, the "LTIP") Each 2019 RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective restricted stock unit award agreement and will vest in equal, 25% installments on each of December 31, 2019, 2020, 2021 and 2022, provided that such executive officer remains continuously employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the restricted stock unit award agreements. The shares of Class E common stock underlying the 2019 RSUs will not be delivered upon vesting, but instead will be deferred for delivery on May 1, 2023, or, if sooner, upon the executive officer's termination of employment. The fair value of grants issued was approximately $9.7 million. As of December 31, 2020, there was $4.5 million of unrecognized compensation expense remaining over two years. On January 15, 2020, the Company issued 589,248 restricted stock units ("2020 RSUs") to Company employees, including officers, under the Griffin Capital Essential Asset REIT, Inc. Employee and LTIP. Each 2020 RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective restricted stock award agreement. The remaining scheduled to vest in equal, 25% installments on each of December 31, 2021, 2022 and 2023 provided that the employee continues to be employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the respective restricted stock unit award agreement. The fair value of grants issued was approximately $5.5 million. Forfeitures on the Company's restricted stock units are recognized as they occur. As of December 31, 2020, there was $3.6 million of unrecognized compensation expense remaining over three years. Total compensation expense for the year ended December 31, 2020 and 2019 was approximately $5.2 million and $2.4 million, respectively. In December 2020, the Company accrued for the accelerating the vesting of restricted stock units to a former executive as part of his resignation. The acceleration resulted in $1.4 million of compensation expense. The restricted stock units vested in February 2021. Number of Unvested Shares of Restricted Stock Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2018 — $ — Granted 1,009,415 $ 9.56 Forfeited — $ — Vested (252,354) $ 9.56 Balance at December 31, 2019 757,061 Granted 589,248 $ 9.35 Forfeited (3,744) $ 9.35 Vested (1) (398,729) $ 9.48 Balance at December 31, 2020 943,836 (1) Total shares vested include 78,849 shares of common stock that were tendered by employees during the year ended December 31, 2020, to satisfy minimum statutory tax with holdings requirements associated with the vesting of RSUs. Issuance of Restricted Stock to Directors On June 15, 2020, the Company issued 8,055 shares of restricted stock to each of the Company’s independent directors upon his or her reelection to the Board. Half of the restricted shares vested upon issuance, and the remaining half are scheduled to vest upon the first anniversary of the grant date, subject to the independent director’s continued service as a director during such vesting period. Distributions Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense. The following unaudited table summarizes the federal income tax treatment for all distributions per share for the years ended December 31, 2020, 2019, and 2018 reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Code Section 857(b)(3)(C) and Treasury Regulation §1.857-6(e). Year Ended December 31, 2020 2019 2018 Ordinary income $ 0.13 33 % $ 0.22 37 % $ 0.32 47 % Capital gain — — % 0.08 13 % — — % Return of capital 0.27 67 % 0.30 50 % 0.36 53 % Total distributions paid $ 0.40 100 % $ 0.60 100 % $ 0.68 100 % |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the GCEAR Operating Partnership in which the Company is the general partner. General partnership units and limited partnership units of the GCEAR Operating Partnership were issued as part of the initial capitalization of the EA-1 Operating Partnership and GCEAR II Operating Partnership, in conjunction with members of management's contribution of certain assets, other contributions, and in connection with the Self-Administration Transaction as discussed in Note 1, Organization. As of December 31, 2020, noncontrolling interests were approximately 12.2% of total shares and 12.0% of weighted average shares outstanding (both measures assuming GCEAR OP Units were converted to common stock). The Company has evaluated the terms of the limited partnership interests in the GCEAR Operating Partnership, and as a result, has classified limited partnership interests issued in the initial capitalization, in conjunction with the contributed assets and in connection with the Self-Administration Transaction, as noncontrolling interests, which are presented as a component of permanent equity, except as discussed below. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity has been reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. As of December 31, 2020, the limited partners of the GCEAR Operating Partnership owned approximately $31.8 million GCEAR OP Units, which were issued to affiliated parties and unaffiliated third parties in exchange for certain properties, and in connection with the Self-Administration Transaction and other services. Approximatel y 20.4 million GCEAR O P Units issued to affiliates had a mandatory hold period until December 2020 and had no voting rights until the units convert to common shares. In addition, 0.2 million GCEAR OP Units were issued to unaffiliated third parties unrelated to property contributions. To the extent the contributors should elect to redeem all or a portion of their GCEAR OP Units, pursuant to the terms of the respective contribution agreement, such redemption shall be at a per unit value equivalent to the price at which the contributor acquired its GCEAR OP Units in the respective transaction. The limited partners of the GCEAR Operating Partnership, other than those related to the Will Partners REIT, LLC ("Will Partners") property contribution, will have the right to cause the general partner of the GCEAR Operating Partnership, the Company, to redeem their GCEAR OP Units for cash equal to the value of an equivalent number of shares, or, at the Company’s option, purchase their GCEAR OP Units by issuing one share of the Company’s common stock for the original redemption value of each limited partnership unit redeemed. The Company has the control and ability to settle such requests in shares. These rights may not be exercised under certain circumstances which could cause the Company to lose its REIT election. There were 134,383 GCEAR OP Units redeemed during the year ended December 31, 2020 and 6,000 units redeemed during the year ended December 31, 2019. The following summarizes the activity for noncontrolling interests recorded as equity for the years ended December 31, 2020 and 2019: December 31, 2020 2019 Beginning balance $ 245,040 $ 232,203 Contributions/issuance of noncontrolling interests — 30,039 Reclass of noncontrolling interest subject to redemption 224 — Repurchase of noncontrolling interest (1,137) — Issuance of stock dividend for noncontrolling interest 1,068 1,861 Distributions to noncontrolling interests (13,306) (19,716) Allocated distributions to noncontrolling interests subject to redemption (29) (42) Net (loss) income (1,732) 3,749 Other comprehensive loss (3,578) (3,054) Ending balance $ 226,550 $ 245,040 Noncontrolling interests subject to redemption Operating partnership units issued pursuant to the Will Partners property contribution are not included in permanent equity on the consolidated balance sheets. The partners holding these units can cause the general partner to redeem the units for the cash value, as defined in the GCEAR Operating Partnership agreement. As the general partner does not control these redemptions, these units are presented on the consolidated balance sheets as noncontrolling interest subject to redemption at their redeemable value. The net income (loss) and distributions attributed to these limited partners is allocated proportionately between common stockholders and other noncontrolling interests that are not considered redeemable. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions Summarized below are the related-party costs incurred by the Company for the years ended December 31, 2020, 2019 and 2018, respectively, and any related amounts receivable and payable as of December 31, 2020 and 2019: Incurred for the Year Ended December 31, Receivable as of December 31, 2020 2019 2018 2020 2019 Assets Assumed through the Self-Administration Transaction Cash to be received from an affiliate related to deferred compensation and other payroll costs $ — $ 658 $ — $ — $ — Other fees 243 — — 293 352 Due from GCC Reimbursable Expense Allocation 15 4 — 4 4 Payroll/Expense Allocation 653 481 — 1,114 481 Due from Affiliates Payroll/Expense Allocation — 1,217 — — — O&O Costs (including payroll allocated to O&O) — 157 — — — Other Fees — 6,375 — — — Total incurred/receivable $ 911 $ 8,892 $ — $ 1,411 $ 837 Incurred for the Year Ended December 31, Payable as of December 31, 2020 2019 2018 2020 2019 Expensed Operating expenses $ — $ — $ 3,594 $ — $ — Asset management fees — — 23,668 — — Property management fees — — 9,479 — — Disposition fees — 641 177 — — Costs advanced by the advisor 2,000 3,771 546 1,085 1,164 Consulting fee - shared services 2,500 2,500 — 695 441 Capitalized Acquisition fees — 942 5,331 — — Leasing commissions — 2,540 2,289 — — Assumed through Self- Administration Transaction/EA Mergers Earn-out — — — 262 2,919 Other Fees — 20 — — — Stockholder Servicing Fee — 692 — 494 4,994 Other Distributions 10,537 14,138 — 736 1,365 Total incurred/payable $ 15,037 $ 25,244 $ 45,084 $ 3,272 $ 10,883 Dealer Manager Agreement GCEAR entered into a dealer manager agreement and associated form of participating dealer agreement (the "Dealer Manager Agreement") with the dealer manager for the Follow-On Offering. The terms of the Dealer Manager Agreement are substantially similar to the terms of the dealer manager agreement from GCEAR's initial public offering ("IPO"), except as it relates to the share classes offered and the fees to be received by the dealer manager. The Follow-On Offering terminated on September 20, 2020. See Note 9, Equity. Subject to the Financial Industry Regulatory Authority, Inc.'s limitations on underwriting compensation, under the Dealer Manager Agreement the Company requires payment to the dealer manager of a distribution fee for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers. The fee accrues daily, is paid monthly in arrears, and is calculated based on the average daily NAV for the applicable month (the “Average NAV”). Conflicts of Interest Affiliated Dealer Manager Since Griffin Capital Securities, LLC, the Company's dealer manager, is an affiliate of the Company's former sponsor, the Company does not have the benefit of an independent due diligence review and investigation of the type normally performed by an unaffiliated, independent underwriter in connection with the offering of securities. The Company's dealer manager is also serving as the dealer manager for Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc., each of which are publicly-registered, non-traded REITs, as wholesale marketing agent for Griffin Institutional Access Real Estate Fund and Griffin Institutional Access Credit Fund both of which are non-diversified, closed-end management investment companies that are operated as interval funds under the 1940 Act, and as dealer manager or master placement agent for various private offerings. Administrative Services Agreement In connection with the EA Merger, the Company assumed, as the successor of EA-1 and the EA-1 Operating Partnership, an Administrative Services Agreement (the "Administrative Services Agreement"), pursuant to which GCC and GC LLC continue to provide office space and certain operational and administrative services at cost to the GCEAR Operating Partnership, Griffin Capital Essential Asset TRS, Inc., and GRECO, which may include, without limitation, the shared information technology, human resources, legal, due diligence, marketing, customer service, events, operations, accounting and administrative support services set forth in the Administrative Services Agreement. The Company pays GCC a monthly amount based on the actual costs anticipated to be incurred by GCC for the provision of such office space and services until the Company elects to provide such space and/or services for itself or through another provider, which amount is initially $0.2 million per month, based on an approved budget. Such costs are reconciled quarterly and a full review of the costs will be performed at least annually. In addition, the Company will directly pay or reimburse GCC for the actual cost of any reasonable third-party expenses incurred in connection with the provision of such services. Certain Conflict Resolution Procedures Every transaction that the Company enters into with affiliates is subject to an inherent conflict of interest. The Board may encounter conflicts of interest in enforcing the Company's rights against any affiliate in the event of a default by or disagreement with an affiliate or in invoking powers, rights or options pursuant to any agreement between the Company and affiliates. See the Company's Code of Ethics available at the "Corporate Governance" subpage of the Company's website at www.GCEAR.com for a detailed description of the Company's conflict resolution procedures. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Lessor The Company leases commercial and industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. The Company recognized $314.1 million, $291.4 million and $247.4 million of lease income related to operating lease payments for the year ended December 31, 2020, 2019 and 2018, respectively. The Company's current leases have expirations ranging from 2021 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2020. As of December 31, 2020 2021 $ 300,861 2022 302,912 2023 289,261 2024 249,419 2025 208,153 Thereafter 937,408 Total $ 2,288,014 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee As of December 31, 2020, the Company leased three parcels of land located in Arizona under long-term ground leases with expiration dates of September 2102, December 2095, and September 2102 with no options to renew. The Company leases office space as part of conducting day-to-day business in Chicago. The Company's office space lease has a remaining lease term of approximately five years and no option to renew. The Company incurred operating lease costs of approximately $3.7 million and $2.8 million for the year ended December 31, 2020 and 2019 respectively, which are included in "Property Operating Expense" in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities was $1.6 million and $1.2 million for the years ended December 31, 2020 and 2019, respectively. The following table sets forth the weighted-average for the lease term and the discount rate as of December 31, 2020 and 2019: As of Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term in years. 80.1 80.9 Weighted-average discount rate (1) 4.98 % 4.98 % (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. Maturities of lease liabilities as of December 31, 2020 were as follows: December 31, 2020 2021 $ 1,632 2022 1,675 2023 1,741 2024 1,776 2025 1,727 Thereafter 285,011 Total undiscounted lease payments 293,562 Less imputed interest (247,916) Total lease liabilities $ 45,646 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. |
Declaration of Distributions
Declaration of Distributions | 12 Months Ended |
Dec. 31, 2020 | |
Declaration of Distributions [Abstract] | |
Declaration of Distributions | Declaration of DistributionsOn March 30, 2020, the Board elected to change from a quarterly to a monthly declaration of distributions commencing in April 2020 in order to give the Board maximum flexibility due to the review of a prior potential strategic transaction and to monitor and evaluate the situation related to the financial impact of COVID-19 pandemic. As noted elsewhere, the Company is continuing to closely monitor the impact of the COVID-19 pandemic and believes it is prudent to continue to employ a more conservative cash management strategy due to the current environment. In light of these considerations, on September 29, 2020, October 19, 2020, and November 30, 2020, the Board declared cash distributions in the amount of $0.000956284 per day ($0.35 per share annualized), subject to adjustments for class-specific expenses, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, for stockholders of such classes as of the close of each business day of the period from October 1, 2020 through October 31, 2020, November 1, 2020 through November 30, 2020 and December 1, 2020 through December 31, 2020, respectively. The Company paid such distributions to each stockholder of record on November 2, 2020, December 1, 2020 and January 4, 2021 respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events DRP Offering As of February 24, 2021, the Company had issued 33,532,756 shares of the Company’s common stock pursuant to the DRP offerings for approximately $323.1 million (includes historical amounts sold by EA-1 prior to the EA Merger). Cash Distributions On December 17, 2020, January 26, 2021 and February 25, 2021, the Board declared cash distributions in the amount of $0.000958904 per day ($0.35 per share annualized), subject to adjustments for class-specific expenses, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, for stockholders of such classes as of the close of each business day of the period from January 1, 2021 through January 31, 2021, February 1, 2021 through February 28, 2021, and March 1, 2021 through March 31, 2021, respectively. The Company paid such January distributions to each stockholder of record on February 25, 2021, and intends to pay such February and March distributions to each stockholder of record at such time in March 2021 and April 2021, respectively, as determined by the Company’s Chief Executive Officer. Issuance of Restricted Stock Units to Executive Officers and Employees On January 22, 2021, the Company issued 1,071,347 Restricted Stock Unit Awards to Company employees, including officers, under the LTIP. Each RSU represents a contingent right to receive one share of the Company’s Class E common stock when settled in accordance with the terms of the respective Restricted Stock Unit Award Agreement and 1/3 of the RSUs are scheduled to vest equally on each of December 31, 2021, 2022, and 2023 provided that the employee continues to be employed by the Company on each such date, subject to certain accelerated vesting provisions as provided in the respective Restricted Stock Award Agreement. The fair value of grants issued was approximately $9.6 million. |
Schedule III Real Estate Assets
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization | GRIFFIN CAPITAL ESSENTIAL ASSET REIT, INC. SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION (Dollars in thousands) Initial Cost to Company (1) Total Adjustment to Basis (2) Gross Carrying Amount at Life on Property Property Type State Encumbrances (3) Land Building and Improvements Building and Improvements Land Building and Improvements (2) Total Accumulated Depreciation and Amortization Date of Construction Date of Acquisition Plainfield Office IL $ — $ 3,709 $ 22,209 $ 7,344 $ 3,709 $ 29,552 $ 33,261 $ 15,568 N/A 6/18/2009 5-40 years Renfro Industrial SC 12,548 1,400 18,182 2,012 1,400 20,194 21,594 9,595 N/A 6/18/2009 5-40 years Emporia Partners Industrial KS 1,627 274 7,567 962 274 8,530 8,804 3,216 N/A 8/27/2010 5-40 years AT&T Office WA 24,167 6,770 32,420 718 6,770 33,138 39,908 11,085 N/A 1/31/2012 5-40 years Westinghouse Office PA 20,449 2,650 26,745 54 2,650 26,799 29,449 9,550 N/A 3/22/2012 5-40 years TransDigm Industrial NJ 4,276 3,773 9,030 411 3,773 9,441 13,214 3,056 N/A 5/31/2012 5-40 years Atrium II Office CO 8,830 2,600 13,500 10,267 2,600 23,767 26,367 6,864 N/A 6/29/2012 5-40 years Zeller Plastik Industrial IL 8,365 2,674 13,229 651 2,674 13,881 16,555 4,239 N/A 11/8/2012 5-40 years Northrop Grumman Office OH 10,139 1,300 16,188 39 1,300 16,227 17,527 6,887 N/A 11/13/2012 5-40 years Health Net Office CA 12,548 4,182 18,072 324 4,182 18,396 22,578 8,851 N/A 12/18/2012 5-40 years Comcast Office CO 14,105 (5) 3,146 22,826 1,788 3,146 24,614 27,760 11,021 N/A 1/11/2013 5-40 years 500 Rivertech Office WA — 3,000 9,000 6,784 3,000 15,784 18,784 5,535 N/A 2/15/2013 5-40 years Schlumberger Office TX 28,221 2,800 47,752 1,285 2,800 49,037 51,837 13,537 N/A 5/1/2013 5-40 years UTC Office NC 22,306 1,330 37,858 — 1,330 37,858 39,188 11,482 N/A 5/3/2013 5-40 years Avnet Industrial AZ 18,644 1,860 31,481 47 1,860 31,528 33,388 8,068 N/A 5/29/2013 5-40 years Cigna Office AZ 39,000 (5) 8,600 48,102 133 8,600 48,235 56,835 14,678 N/A 6/20/2013 5-40 years Amazon - Arlington Heights Industrial IL — 7,697 21,843 5,879 7,697 27,722 35,419 7,194 N/A 8/13/2013 5-40 years Verizon Office NJ 24,559 5,300 36,768 14,032 5,300 50,800 56,100 17,817 N/A 10/3/2013 5-40 years Fox Head Office CA — 3,672 23,230 — 3,672 23,230 26,902 5,916 N/A 10/29/2013 5-40 years 2500 Windy Ridge Office GA — 5,000 50,227 17,864 5,000 68,091 73,091 17,417 N/A 11/5/2013 5-40 years General Electric Office GA — 5,050 51,396 132 5,050 51,529 56,579 12,746 N/A 11/5/2013 5-40 years Atlanta Wildwood Office GA — 4,241 23,414 6,114 4,241 29,528 33,769 10,079 N/A 11/5/2013 5-40 years Community Insurance Office OH — 1,177 22,323 3,725 1,177 26,047 27,224 6,016 N/A 11/5/2013 5-40 years Anthem Office OH — 850 8,892 175 850 9,067 9,917 3,016 N/A 11/5/2013 5-40 years JPMorgan Chase Office OH — 5,500 39,000 978 5,500 39,978 45,478 11,296 N/A 11/5/2013 5-40 years Initial Cost to Company (1) Total Adjustment to Basis (2) Gross Carrying Amount at Life on Property Property Type State Encumbrances (3) Land Building and Improvements Building and Improvements Land Building and Improvements (2) Total Accumulated Depreciation and Amortization Date of Construction Date of Acquisition Sterling Commerce Center Office OH — 4,750 32,769 5,400 4,750 38,170 42,920 13,049 N/A 11/5/2013 5-40 years Aetna (Arlington) Office TX 36,199 (5) 3,000 12,330 663 3,000 12,994 15,994 4,843 N/A 11/5/2013 5-40 years CHRISTUS Health Office TX — 1,950 46,922 377 1,950 47,299 49,249 15,805 N/A 11/5/2013 5-40 years Roush Industries Office MI — 875 11,375 2,492 875 13,867 14,742 3,937 N/A 11/5/2013 5-40 years Parkland Center Office WI — 3,100 26,348 11,040 3,100 37,387 40,487 17,841 N/A 11/5/2013 5-40 years 1200 Morris Office PA — 2,925 18,935 2,708 2,925 21,643 24,568 8,235 N/A 11/5/2013 5-40 years United HealthCare Office MO — 2,920 23,510 8,969 2,920 32,478 35,398 8,865 N/A 11/5/2013 5-40 years Intermec (Northpointe Corporate Center II) Office WA — 1,109 6,066 4,576 1,109 10,642 11,751 3,831 N/A 11/5/2013 5-40 years Comcast (Northpointe Corporate Center I) Office WA 39,650 (5) 2,292 16,930 2,324 2,292 19,254 21,546 5,486 N/A 11/5/2013 5-40 years Farmers Office KS — 2,750 17,106 816 2,750 17,923 20,673 6,400 N/A 12/27/2013 5-40 years 2200 Channahon Road Industrial IL — 6,000 46,511 (24,957) 2,066 25,488 27,554 14,718 N/A 5-40 years Digital Globe Office CO — 8,600 83,400 — 8,600 83,400 92,000 22,299 N/A 1/14/2014 5-40 years Waste Management Office AZ — — 16,515 82 — 16,597 16,597 5,390 N/A 1/16/2014 5-40 years Wyndham Worldwide Office NJ — 6,200 91,153 2,494 6,200 93,647 99,847 19,388 N/A 4/23/2014 5-40 years ACE Hardware Corporation HQ Office IL 22,750 (5) 6,900 33,945 — 6,900 33,945 40,845 8,693 N/A 4/24/2014 5-40 years Equifax Office MO — 1,850 12,709 578 1,850 13,287 15,137 4,624 N/A 5/20/2014 5-40 years American Express Office AZ — 15,000 45,893 5,408 15,000 51,300 66,300 19,104 N/A 5/22/2014 5-40 years Circle Star Office CA — 22,789 68,950 4,704 22,789 73,654 96,443 24,810 N/A 5/28/2014 5-40 years Vanguard Office NC — 2,230 31,062 819 2,230 31,881 34,111 8,614 N/A 6/19/2014 5-40 years Parallon Office FL 6,971 1,000 16,772 — 1,000 16,772 17,772 4,519 N/A 6/25/2014 5-40 years TW Telecom Office CO — 10,554 35,817 1,474 10,554 37,292 47,846 10,947 N/A 8/1/2014 5-40 years Equifax II Office MO — 2,200 12,755 266 2,200 13,022 15,222 3,920 N/A 10/1/2014 5-40 years Mason I Office OH — 4,777 18,489 746 4,777 19,235 24,012 2,928 N/A 11/7/2014 5-40 years Wells Fargo (Charlotte) Office NC 26,975 (5) 2,150 40,806 46 2,150 40,852 43,002 9,743 N/A 12/15/2014 5-40 years GE Aviation Office OH — 4,400 61,681 — 4,400 61,681 66,081 15,656 N/A 2/19/2015 5-40 years Westgate III Office TX — 3,209 75,937 — 3,209 75,937 79,146 16,145 N/A 4/1/2015 5-40 years 2275 Cabot Drive Office IL — 2,788 16,200 (10,796) 373 7,818 8,191 6,504 N/A 6/10/2015 5-40 years Franklin Center Office MD — 6,989 46,875 1,436 6,989 48,311 55,300 9,780 N/A 6/10/2015 5-40 years 4650 Lakehurst Court Office OH — 2,943 22,651 808 2,943 23,459 26,402 8,308 N/A 6/10/2015 5-40 years Initial Cost to Company (1) Total Adjustment to Basis (2) Gross Carrying Amount at Life on Property Property Type State Encumbrances (3) Land Building and Improvements Building and Improvements Land Building and Improvements (2) Total Accumulated Depreciation and Amortization Date of Construction Date of Acquisition Miramar Office FL — 4,488 19,979 2,233 4,488 22,212 26,700 5,145 N/A 6/10/2015 5-40 years Royal Ridge V Office TX 21,385 (5) 1,842 22,052 3,667 1,842 25,719 27,561 5,507 N/A 6/10/2015 5-40 years Duke Bridges Office TX 27,475 (5) 8,239 51,395 7,867 8,239 59,263 67,502 11,167 N/A 6/10/2015 5-40 years Houston Westway II Office TX — 3,961 78,668 1,461 3,961 80,129 84,090 19,740 N/A 6/10/2015 5-40 years Houston Westway I Office TX — 6,540 30,703 (2,647) 2,668 16,175 18,843 6,425 N/A 6/10/2015 5-40 years Atlanta Perimeter Office GA 69,461 (5) 8,382 96,718 957 8,382 97,675 106,057 31,017 N/A 5-40 years South Lake at Dulles Office VA — 9,666 74,098 26,501 9,666 100,599 110,265 18,592 N/A 6/10/2015 5-40 years Four Parkway Office IL — 4,339 37,298 4,228 4,339 41,526 45,865 11,510 N/A 6/10/2015 5-40 years Highway 94 Industrial MO 14,689 5,637 25,280 — 5,637 25,280 30,917 6,306 N/A 11/6/2015 5-40 years Heritage III Office TX — 1,955 15,540 5,436 1,955 20,976 22,931 3,788 N/A 12/11/2015 5-40 years Heritage IV Office TX — 2,330 26,376 4,744 2,330 31,120 33,450 6,209 N/A 12/11/2015 5-40 years Samsonite Industrial FL 20,165 5,040 42,490 11 5,040 42,501 47,541 7,711 N/A 12/11/2015 5-40 years Restoration Hardware Industrial CA 78,000 (5) 15,463 36,613 37,693 15,463 74,305 89,768 18,432 N/A 1/14/2016 5-40 years HealthSpring Office TN 20,208 8,126 31,447 43 8,126 31,490 39,616 6,971 N/A 4/27/2016 5-40 years LPL Office SC — 4,612 86,352 — 4,612 86,352 90,964 7,821 N/A 11/30/2017 5-40 years LPL Office SC — 1,274 41,509 — 1,273 41,509 42,782 3,760 N/A 11/30/2017 5-40 years Quaker Industrial FL — 5,433 55,341 — 5,433 55,341 60,774 4,760 N/A 3/13/2018 5-40 years McKesson Office AZ — 312 69,760 — 312 69,760 70,072 9,879 N/A 4/10/2018 5-40 years Shaw Industries Industrial GA — 5,465 57,116 — 5,465 57,116 62,581 4,737 N/A 5/3/2018 5-40 years GEAR Entities Land WA — 1,584 — — 1,584 — 1,584 — N/A 3/17/2016 N/A Owens Corning Industrial NC 3,295 867 4,418 901 867 5,319 6,186 500 N/A 5/1/2019 5-40 years Westgate II Office TX 34,152 7,716 48,422 870 7,716 49,292 57,008 5,047 N/A 5/1/2019 5-40 years Administrative Office of Pennsylvania Courts Office PA 6,061 1,246 9,626 498 1,246 10,125 11,371 972 N/A 5/1/2019 5-40 years American Express Center Office AZ 54,823 10,595 82,098 3,109 10,595 85,207 95,802 9,882 - 5/1/2019 5-40 years MGM Corporate Center Office NV 18,154 4,546 25,825 1,223 4,546 27,049 31,595 2,823 - 5/1/2019 5-40 years American Showa Industrial OH 10,306 1,214 16,538 2,427 1,214 18,965 20,179 1,588 N/A 5/1/2019 5-40 years Huntington Ingalls Industrial VA — 6,213 29,219 2,670 6,213 31,889 38,102 2,712 - 5/1/2019 5-40 years Wyndham Office NJ — 9,677 71,316 1,742 9,677 73,058 82,735 5,678 N/A 5/1/2019 5-40 years Exel Industrial OH — 978 14,137 2,568 978 16,705 17,683 1,941 N/A 5/1/2019 5-40 years Initial Cost to Company (1) Total Adjustment to Basis (2) Gross Carrying Amount at Life on Property Property Type State Encumbrances (3) Land Building and Improvements Building and Improvements Land Building and Improvements (2) Total Accumulated Depreciation and Amortization Date of Construction Date of Acquisition Rapiscan Systems Office MA — 2,006 10,270 484 2,006 10,755 12,761 1,013 N/A 5/1/2019 5-40 years Aetna Office AZ — 2,332 18,486 1,598 2,332 20,084 22,416 2,003 N/A 5/1/2019 5-40 years Atlas Copco Office MI — 1,156 18,297 1,505 1,156 19,802 20,958 1,729 N/A 5/1/2019 5-40 years Toshiba TEC Office NC — 1,916 36,374 2,423 1,916 38,796 40,712 3,246 N/A 5/1/2019 5-40 years NETGEAR Office CA — 22,600 28,859 1,700 22,600 30,559 53,159 3,799 N/A 5/1/2019 5-40 years Nike Office OR — 8,186 41,184 2,164 8,187 43,347 51,534 5,512 - 5/1/2019 5-40 years Zebra Technologies Office IL — 5,927 58,688 1,255 5,927 59,943 65,870 6,168 N/A 5/1/2019 5-40 years WABCO Industrial SC — 1,226 13,902 839 1,226 14,741 15,967 860 N/A 5/1/2019 5-40 years IGT Office NV 45,300 (7) 5,673 67,610 2,021 5,673 69,631 75,304 4,501 - 5/1/2019 5-40 years 3M Industrial IL 43,600 (7) 5,802 75,758 6,391 5,802 82,148 87,950 4,388 N/A 5/1/2019 5-40 years Amazon - Etna Industrial OH 61,500 (7) 4,773 95,475 11,546 4,773 107,021 111,794 6,799 N/A 5/1/2019 5-40 years Zoetis Office NJ — 3,718 44,082 735 3,718 44,817 48,535 3,268 N/A 5/1/2019 5-40 years Southern Company Office AL 99,600 (7) 7,794 157,724 1,457 7,794 159,181 166,975 7,615 N/A 5/1/2019 38 years Allstate Office CO — 3,109 13,096 553 3,109 13,649 16,758 1,214 N/A 5/1/2019 5-40 years MISO Office IN — 3,725 25,848 971 3,725 26,820 30,545 2,074 N/A 5/1/2019 5-40 years McKesson II Office AZ — — 36,959 4,681 — 41,640 41,640 2,794 N/A 9/20/2019 5-40 years Pepsi Bottling Ventures Industrial NC 18,590 3,407 31,783 954 3,407 32,734 36,141 1,033 N/A 2/5/2020 5-40 years Others (6) — — 95 — 95 95 26 Total all properties (4) $ 1,029,093 $ 455,895 $ 3,616,395 $ 253,765 $ 445,674 $ 3,864,628 $ 4,310,302 $ 817,773 (1) Building and improvements include tenant origination and absorption costs. (2) Consists of capital expenditure, real estate development costs, and impairment charges. (3) Amount does not include the net loan valuation discount of $0.6 million related to the debt assumed in the Highway 94, Samsonite and HealthSpring property acquisitions, as well as Owens Corning, Westgate II, AOPC, IPC/TRWC (AMEX), MGM, American Showa, BAML and Pepsi Bottling Ventures. (4) As of December 31, 2020, the aggregate cost of real estate the Company and consolidated subsidiaries owned for federal income tax purposes was approximately $4.1 billion (unaudited). (5) The BOA Loan is secured by cross-collateralized and cross-defaulted first mortgage liens on the properties. (6) Represents furniture & fixtures for the Company's office in Chicago. (7) The BOA/KeyBank Loan is secured by cross-collateralized and cross-defaulted first mortgage liens on the properties. Activity for the Year Ended December 31, 2020 2019 2018 Real estate facilities Balance at beginning of year $ 4,278,433 $ 3,073,364 $ 2,869,328 Acquisitions 36,144 1,305,998 193,430 Construction costs and improvements 72,306 51,440 26,883 Impairment provision (23,472) (30,734) — Sale of real estate assets (53,109) (121,635) (16,277) Balance at end of year $ 4,310,302 $ 4,278,433 $ 3,073,364 Accumulated depreciation Balance at beginning of year $ 668,104 $ 538,412 $ 426,752 Depreciation and amortization expense 161,056 153,425 119,168 Less: Non-real estate assets depreciation expense (4,619) (7,769) (3,584) Less: Sale of real estate assets depreciation expense (6,768) (15,964) (3,924) Balance at end of year $ 817,773 $ 668,104 $ 538,412 Real estate facilities, net $ 3,492,529 $ 3,610,329 $ 2,534,952 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Consolidation Considerations | Principles of Consolidation The Company's financial statements, and the financial statements of the GCEAR Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by the Company is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation. Consolidation Considerations Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interests at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. See Note 4, Investments in Unconsolidated Entities, for more detail . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. There were no cash equivalents, nor were there restrictions on the use of the Company’s cash balance as of December 31, 2020 and 2019. The Company maintains its cash accounts with major financial institutions. The cash balances consist of business checking accounts. These accounts are insured by the Federal Deposit Insurance Corporation up to $250,000 at each institution. The Company has not experienced any losses with respect to cash balances in excess of government provided insurance. Management believes there was no significant concentration of credit risk with respect to these cash balances as of December 31, 2020. |
Restricted Cash | Restricted Cash In conjunction with acquisitions of certain assets, as required by certain lease provisions or certain lenders in conjunction with an acquisition or debt financing, or credits received by the seller of certain assets, the Company assumed or funded reserves for specific property improvements and deferred maintenance, re-leasing costs, and taxes and insurance, which are included on the consolidated balance sheets as restricted cash. |
Real Estate Purchase Price Allocation | Real Estate Purchase Price Allocation The Company applies the provisions in ASC 805-10, Business Combinations ( " ASC 805-10"), to account for the acquisition of real estate, or real estate related assets, in which a lease, or other contract, is in place representing an active revenue stream, as an asset acquisition (in rare cases, a business combination). In accordance with the provisions of ASC 805-10 (on an asset acquisition), the Company recognizes the assets acquired, the liabilities assumed and any noncontrolling interest in the acquired entity at their relative fair values. The accounting provisions have also established that transaction costs associated with an asset acquisition are capitalized. Acquired in-place leases are valued as above-market or below-market as of the date of acquisition. The valuation is measured based on the present value (using an interest rate, which reflects the risks associated with the leases acquired) of the difference between (a) the contractual amounts to be paid pursuant to the in-place leases and (b) management’s estimate of fair market lease rates for the corresponding in-place leases over a period equal to the remaining non-cancelable term of the lease for above-market leases, taking into consideration below-market extension options for below-market leases. In addition, renewal options are considered and will be included in the valuation of in-place leases if (1) it is likely that the tenant will exercise the option, and (2) the renewal rent is considered to be sufficiently below a fair market rental rate at the time of renewal. The above-market and below-market lease values are capitalized as intangible lease assets or liabilities and amortized as an adjustment to rental income over the remaining terms of the respective leases. The aggregate relative fair value of in-place leases includes direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals, which are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs, and are estimated using methods similar to those used in independent appraisals and management’s consideration of current market costs to execute a similar lease. These direct costs are considered intangible lease assets and are included with real estate assets on the consolidated balance sheets. The intangible lease assets are amortized to expense over the remaining terms of the respective leases. The value of opportunity costs is calculated using the contractual amounts to be paid, including real estate taxes, insurance, and other operating expenses, pursuant to the in-place leases over a market lease-up period for a similar lease. Customer relationships are valued based on management’s evaluation of certain characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics management will consider in allocating these values include the nature and extent of the Company’s existing business relationships with tenants, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. These intangibles will be included in intangible lease assets on the consolidated balance sheets and are amortized to expense over the remaining term of the respective leases. |
Depreciation and Amortization | Depreciation and Amortization The purchase price of real estate acquired and costs related to development, construction, and property improvements are capitalized. Repairs and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. The Company considers the period of future benefit of an asset to determine the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building Improvements 5-20 years Land Improvements 15-25 years Tenant Improvements Shorter of estimated useful life or remaining contractual lease term Tenant Origination and Absorption Cost Remaining contractual lease term In-place Lease Valuation Remaining contractual lease term with consideration as to below-market extension options for below-market leases |
Impairment of Real Estate and Related Intangible Assets | Impairment of Real Estate and Related Intangible Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, the Company assesses the carrying values of our respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, the Company considers current market conditions as well as the Company's intent with respect to holding or disposing of the asset. The intent with regard to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage the Company's underlying business. If the Company analysis indicates that the carrying value of the real estate asset is not recoverable on an |
Revenue Recognition | Revenue Recognition Leases associated with the acquisition and contribution of certain real estate assets have net minimum rent payment increases during the term of the lease and are recorded to rental revenue on a straight-line basis, commencing as of the contribution or acquisition date. If a lease provides for contingent rental income, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Tenant reimbursement revenue, which is comprised of additional amounts collected from tenants for the recovery of certain operating expenses, including repair and maintenance, property taxes (excluding taxes paid by a lessee directly to a third party on behalf of the lessor) and insurance, and capital expenditures, to the extent allowed pursuant to the lease (collectively, "Recoverable Expenses"), is recognized as revenue when the additional rent is due. Recoverable Expenses to be reimbursed by a tenant are determined based on the Company's estimate of the property's operating expenses for the year, pro-rated based on leased square footage of the property, and are collected in equal installments as additional rent from the tenant, pursuant to the terms of the lease. At the end of each quarter, the Company reconciles the amount of additional rent paid by the tenant during the quarter to the actual amount of the Recoverable Expenses incurred by the Company for the same period. The difference, if any, is either charged or credited to the tenant pursuant to the provisions of the lease. In certain instances, the lease may restrict the amount the Company can recover from the tenant such as a cap on certain or all property operating expenses. In a situation in which a lease associated with a significant tenant has been, or is expected to be, terminated early, or extended, the Company evaluates the remaining useful life of amortizable assets in the asset group related to the lease that will be terminated (i.e., above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination or extension, the Company may write-off or accelerate the amortization associated with the asset group. Such amounts are included within rental and other income for above- and below-market lease intangibles and amortization for the remaining lease related asset groups in the consolidated statements of operations. |
Lease Accounting | Lease Accounting On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and elected to apply the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, the Company elected the “package of practical expedients,” which allowed the Company to not reassess (a) whether expired or existing contracts as of January 1, 2019 are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As the Company elected the package of practical expedients, the Company's existing leases as of January 1, 2019 continue to be accounted for as operating leases. Upon adoption of ASC 842, the Company elected the practical expedient permitting lessors to elect by class of underlying asset to not separate nonlease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Company assessed the criteria above with respect to the Company's operating leases and determined that they qualify for the non-separation practical expedient. As a result, the Company accounted for and presented all rental income earned pursuant to operating leases, including property expense recovery, as a single line item, “Rental income,” in the consolidated statement of operations for all periods presented. Prior to the adoption of ASC 842, the Company presented rental income, property expense recovery and other income related to leases separately in the Company's consolidated statements of operations. Under ASC 842, lessors are required to record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed by a lessee. Conversely, lessors are required to record revenues and expenses on a net basis for lessor costs when they are paid by a lessee directly to a third party on behalf of the lessor. Prior to the adoption of ASC 842, the Company recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to the Company by a tenant or paid directly by a tenant to the taxing authorities on the Company's behalf. Effective January 1, 2019, the Company is recording these costs in accordance with ASC 842. Lessee ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. On January 1, 2019, the Company was the lessee on two ground leases, which were classified as operating leases under ASC 840. As the Company elected the packages of practical expedients, the Company is not required to reassess the classification of these existing leases and, as such, these leases continue to be accounted for as operating leases. On January 1, 2019, the Company recognized ROU assets and lease liabilities for these leases on the Company's consolidated balance sheets, and on a go-forward basis, lease expense will be recognized on a straight-line basis over the remaining term of the lease. On January 1, 2019, the Company recorded a ROU asset of $25.5 million and a corresponding liability of approximately $27.6 million relating to the Company's existing ground lease arrangements. These operating leases were recognized based on the present value of the future minimum lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of future payments. The discount rate used to determine the present value of these operating leases’ future payments was 5.36%. There was no impact to beginning equity as a result of the adoption related to the lessee accounting as the difference between the asset and liability is attributed to derecognition of pre-existing straight-line rent balances. On March 1, 2019. the Company entered into an office lease located in Chicago, Illinois. The Company recorded a ROU asset of $0.6 million and a corresponding liability to the Company's lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 3.94%. On September 20, 2019, the Company acquired the McKesson II property and assumed a ground lease from the seller. The Company recorded a ROU asset of $16.3 million and a corresponding liability to the Company's existing ground lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 4.36%. Upon adoption of ASC 842, the Company also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components for the Company's ground and office space leases. |
Lease Accounting | Lease Accounting On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and elected to apply the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, the Company elected the “package of practical expedients,” which allowed the Company to not reassess (a) whether expired or existing contracts as of January 1, 2019 are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As the Company elected the package of practical expedients, the Company's existing leases as of January 1, 2019 continue to be accounted for as operating leases. Upon adoption of ASC 842, the Company elected the practical expedient permitting lessors to elect by class of underlying asset to not separate nonlease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Company assessed the criteria above with respect to the Company's operating leases and determined that they qualify for the non-separation practical expedient. As a result, the Company accounted for and presented all rental income earned pursuant to operating leases, including property expense recovery, as a single line item, “Rental income,” in the consolidated statement of operations for all periods presented. Prior to the adoption of ASC 842, the Company presented rental income, property expense recovery and other income related to leases separately in the Company's consolidated statements of operations. Under ASC 842, lessors are required to record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed by a lessee. Conversely, lessors are required to record revenues and expenses on a net basis for lessor costs when they are paid by a lessee directly to a third party on behalf of the lessor. Prior to the adoption of ASC 842, the Company recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to the Company by a tenant or paid directly by a tenant to the taxing authorities on the Company's behalf. Effective January 1, 2019, the Company is recording these costs in accordance with ASC 842. Lessee ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. On January 1, 2019, the Company was the lessee on two ground leases, which were classified as operating leases under ASC 840. As the Company elected the packages of practical expedients, the Company is not required to reassess the classification of these existing leases and, as such, these leases continue to be accounted for as operating leases. On January 1, 2019, the Company recognized ROU assets and lease liabilities for these leases on the Company's consolidated balance sheets, and on a go-forward basis, lease expense will be recognized on a straight-line basis over the remaining term of the lease. On January 1, 2019, the Company recorded a ROU asset of $25.5 million and a corresponding liability of approximately $27.6 million relating to the Company's existing ground lease arrangements. These operating leases were recognized based on the present value of the future minimum lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of future payments. The discount rate used to determine the present value of these operating leases’ future payments was 5.36%. There was no impact to beginning equity as a result of the adoption related to the lessee accounting as the difference between the asset and liability is attributed to derecognition of pre-existing straight-line rent balances. On March 1, 2019. the Company entered into an office lease located in Chicago, Illinois. The Company recorded a ROU asset of $0.6 million and a corresponding liability to the Company's lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 3.94%. On September 20, 2019, the Company acquired the McKesson II property and assumed a ground lease from the seller. The Company recorded a ROU asset of $16.3 million and a corresponding liability to the Company's existing ground lease agreements. The discount rate used to determine the present value of these operating leases’ future payments was 4.36%. Upon adoption of ASC 842, the Company also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components for the Company's ground and office space leases. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities ASC 815, Derivatives and Hedging ("ASC 815") provides the 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 an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, ASC 815 requires qualitative disclosures regarding the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, the Company recorded all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and 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 risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See Note 6, Interest Rate Contracts , for more detail. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code ("Code"). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to stockholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service ("IRS") grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to stockholders. As of December 31, 2020, the Company satisfied the REIT requirements and distributed all of its taxable income. |
Goodwill | GoodwillGoodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. 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. The Company performs its annual assessment on October 1st. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. |
Per Share Data | Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of December 31, 2020 and December 31, 2019, there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. During the year ended December 31, 2020, the Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings Per Share ("ASC 260-10"). ASC 260-10 requires the computations of basic and diluted earnings per share to be adjusted retroactively for all periods presented to reflect the change in capital structure if the |
Segment Information | Segment Information ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment. |
Unaudited Data | Unaudited DataAny references to the number of buildings, square footage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of the Company's independent registered public accounting firm's audit of its consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board ("PCAOB"). |
Recently Issued Accounting Pronouncements and Adoption of New Accounting Pronouncements | Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements During the first quarter of 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of assets | The Company anticipates the estimated useful lives of its assets by class to be generally as follows: Buildings 25-40 years Building Improvements 5-20 years Land Improvements 15-25 years Tenant Improvements Shorter of estimated useful life or remaining contractual lease term Tenant Origination and Absorption Cost Remaining contractual lease term In-place Lease Valuation Remaining contractual lease term with consideration as to below-market extension options for below-market leases |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Acquisition Purchase Price and Allocation | The purchase price and other acquisition items for the property acquired during the year ended December 31, 2020 are shown below: Property Location Tenant/Major Lessee Acquisition Date Purchase Price Square Feet Acquisition Fees and Expenses Year of Lease Expiration Pepsi Bottling Ventures North Carolina PepsiCo 2/5/2020 $34,937 526,320 $386 2032 |
Schedule Of Asset Acquisition | The following summarizes the purchase price allocation of the property acquired during the year ended December 31, 2020: Property Land Building Improvements Tenant origination and absorption costs In-place lease valuation - (below) / market Debt discount / (premium) Total (1) Pepsi Bottling Ventures $3,407 $26,813 $954 $4,970 $(712) $(109) $35,323 (1) The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs. |
Schedule of Company's Intangibles | The Company allocated a portion of the acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles for the years ended December 31, 2020 and 2019: December 31, 2020 2019 In-place lease valuation (above market) $ 43,576 $ 44,012 In-place lease valuation (above market) - accumulated amortization (35,604) (33,322) In-place lease valuation (above market), net 7,972 10,690 Ground leasehold interest (below market) 2,254 2,254 Ground leasehold interest (below market) - accumulated amortization (191) (164) Ground leasehold interest (below market), net 2,063 2,090 Intangible assets, net $ 10,035 $ 12,780 In-place lease valuation (below market) $ (68,334) $ (67,622) Land leasehold interest (above market) (3,072) (3,073) In-place lease valuation & land leasehold interest - accumulated amortization 44,073 38,890 Intangible liabilities, net $ (27,333) $ (31,805) Tenant origination and absorption cost $ 740,489 $ 744,773 Tenant origination and absorption cost - accumulated amortization (412,462) (354,379) Tenant origination and absorption cost, net $ 328,027 $ 390,394 |
Schedule of Estimated Annual Amortization (Income) Expense | The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Amortization (income) expense for the year ended December 31, 2020 2019 2018 Above and below market leases, net $ (2,292) $ (3,201) $ (685) Tenant origination and absorption cost $ 62,459 $ 69,502 $ 55,464 Ground leasehold amortization (below market) $ (291) $ (52) $ 27 Other leasing costs amortization $ 4,908 $ 3,581 $ 3,557 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold improvements, and other leasing costs as of December 31, 2020 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold improvements Other leasing costs 2021 $ (2,118) $ 57,243 $ (290) $ 5,862 2022 $ (2,518) $ 54,114 $ (290) $ 5,867 2023 $ (2,465) $ 49,551 $ (290) $ 5,739 2024 $ (1,648) $ 37,371 $ (291) $ 5,504 2025 $ (1,186) $ 26,813 $ (290) $ 5,385 |
Restrictions on Cash and Cash Equivalents | Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to each tenant’s respective lease as follows: Balance as of December 31, 2020 December 31, 2019 Cash reserves $ 20,385 $ 48,129 Restricted lockbox 13,967 10,301 Total $ 34,352 $ 58,430 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Company's share of net earnings or losses and reduced by distributions | As of December 31, 2020, the balance of the investments is shown below : Digital Realty Heritage Commons X Total Balance as of December 31, 2019 $ 10,584 $ 444 $ 11,028 Net loss (164) — (164) Distributions (8,121) (410) (8,531) Contributions 8,160 — 8,160 Valuation adjustment (1) (4,453) — (4,453) Impairment (2) (1,906) — (1,906) Clawback receivable reclass (3) (4,100) — (4,100) Balance as of December 31, 2020 $ — $ 34 $ 34 (1) Amount represents a charge to arrive at the net realizable value as of December 31, 2020, which is included in the line item "(Loss) Gain from investment in unconsolidated entities" in the consolidated statement of operations. (2) Amount represents an impairment on the Company's Digital investment that the Company determined in connection with the preparation and review of the financial statements. Amount included in the line item "(Loss) Gain from investment in unconsolidated entities" in the consolidated statement of operations. (3) Amount represents a reclass of the clawback to other assets as disclosed above. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of December 31, 2020 and December 31, 2019, the Company’s debt consisted of the following: December 31, Contractual Interest Rate (1) Loan Effective Interest Rate (2) 2020 2019 HealthSpring Mortgage Loan $ 20,208 $ 20,723 4.18% April 2023 4.62% Midland Mortgage Loan 98,155 100,249 3.94% April 2023 4.12% Emporia Partners Mortgage Loan 1,627 2,104 5.88% September 2023 5.96% Samsonite Loan 20,165 21,154 6.08% September 2023 5.09% Highway 94 Loan 14,689 15,610 3.75% August 2024 4.80% Pepsi Bottling Ventures Loan 18,587 — 3.69% October 2024 3.92% AIG Loan II 126,792 126,970 4.15% November 2025 4.93% BOA Loan 375,000 375,000 3.77% October 2027 3.91% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 103,870 105,762 4.96% February 2029 5.08% Total Mortgage Debt 1,029,093 1,017,572 Revolving Credit Facility (3) 373,500 211,500 LIBO Rate + 1.60% June 2023 1.88% 2023 Term Loan 200,000 200,000 LIBO Rate + 1.55% June 2023 1.80% 2024 Term Loan 400,000 400,000 LIBO Rate + 1.55% April 2024 1.79% 2026 Term Loan 150,000 150,000 LIBO Rate + 1.85% April 2026 2.06% Total Debt 2,152,593 1,979,072 Unamortized Deferred Financing Costs and Discounts, net (12,166) (9,968) Total Debt, net $ 2,140,427 $ 1,969,104 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750 million the weighted average interest rate as of December 31, 2020 was 3.58% for both the Company’s fixed-rate and variable-rate debt combined and 3.96% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of December 31, 2020 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The LIBO rate as of December 1, 2020 (effective date) was 0.16%. The Revolving Credit Facility has an initial term of approximately two years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below. |
Summary of future principal repayments of all loans | The following summarizes the future scheduled principal repayments of all loans as of December 31, 2020 per the loan terms discussed above: As of December 31, 2020 2021 $ 9,587 2022 10,216 2023 337,387 2024 433,921 2025 120,111 Thereafter 1,241,371 Total principal 2,152,593 Unamortized debt premium/(discount) (577) Unamortized deferred loan costs (11,589) Total $ 2,140,427 |
Interest Rate Contracts (Tables
Interest Rate Contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | The following table sets forth a summary of the interest rate swaps at December 31, 2020 and 2019: Fair Value (1) Current Notional Amounts December 31, December 31, Derivative Instrument Effective Date Maturity Date Interest Strike Rate 2020 2019 2020 2019 (Liabilities) Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ (2,963) $ — $ 150,000 $ — Interest Rate Swap 3/10/2020 7/1/2025 0.84% (2,023) — 100,000 — Interest Rate Swap 3/10/2020 7/1/2025 0.86% (1,580) — 75,000 — Interest Rate Swap 7/1/2020 7/1/2025 2.82% (13,896) (7,038) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% (11,140) (5,651) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% (11,148) (5,665) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% (11,225) (5,749) 100,000 100,000 Interest Rate Swap 7/9/2015 7/1/2020 1.69% — (43) — 425,000 Total $ (53,975) $ (24,146) $ 750,000 $ 850,000 |
Derivative Instruments, Gain (Loss) | The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Year Ended December 31, 2020 2019 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ (38,319) $ (19,944) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ 8,615 $ (2,359) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 79,646 $ 73,557 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2020 and 2019: December 31, 2020 2019 Accrued tenant improvements $ 30,011 $ 11,802 Prepaid tenant rent 20,780 20,510 Real estate taxes payable 15,380 13,385 Deferred compensation 10,599 9,209 Interest payable 9,147 12,264 Property operating expense payable 8,473 7,752 Other liabilities 20,044 21,467 Total $ 114,434 $ 96,389 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Liabilities fair value measured on recurring basis | The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 and 2019: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2020 Interest Rate Swap Liability $ (53,975) $ — $ (53,975) $ — Corporate Owned Life Insurance Asset $ 4,454 $ — $ 4,454 $ — Mutual Funds Asset $ 6,643 $ 6,643 $ — $ — Deferred Compensation Liability $ (10,599) $ — $ (10,599) $ — December 31, 2019 Interest Rate Swap Liability $ (24,146) $ — $ (24,146) $ — Earn-out Liability (due to affiliates) $ (2,919) $ — $ — $ (2,919) Corporate Owned Life Insurance Asset $ 2,134 $ — $ 2,134 $ — Mutual Funds Asset $ 6,983 $ 6,983 $ — $ — Deferred Compensation Liability $ (9,209) $ — $ (9,209) $ — |
Quantitative Information Related to Non-recurring Fair Value Measurements | The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the year-ended December 31, 2020: Range of Inputs or Inputs Unobservable Inputs: 2200 Channahon Road Houston Westway I 2275 Cabot Drive Market rent per square foot $2.00 to $3.00 $15.00 to $17.00 $11.00 to $12.00 Terminal capitalization rate 9.75% 7.75% 9.00% Discount rate 14.00% 9.00% 10.25% |
Schedule of carrying values and estimated fair values of financial instruments | The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. December 31, 2020 December 31, 2019 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ 355,823 $ 375,000 $ 369,343 $ 375,000 BOA/KeyBank Loan $ 263,454 $ 250,000 $ 264,101 $ 250,000 AIG Loan II $ 121,011 $ 126,792 $ 122,258 $ 126,970 AIG Loan $ 102,033 $ 103,870 $ 101,663 $ 105,762 Midland Mortgage Loan $ 97,709 $ 98,155 $ 99,318 $ 100,249 Samsonite Loan $ 21,030 $ 20,165 $ 22,103 $ 21,154 HealthSpring Mortgage Loan $ 20,462 $ 20,208 $ 20,868 $ 20,723 Pepsi Bottling Ventures Loan $ 18,942 $ 18,587 $ — $ — Highway 94 Loan $ 14,447 $ 14,689 $ 15,101 $ 15,610 Emporia Partners Mortgage Loan $ 1,654 $ 1,627 $ 2,105 $ 2,104 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2020 and December 31, 2019. See Note 5, Debt |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stock Issued Under DRP Offering | The following table summarizes the DRP offerings ,by share class, as of December 31, 2020: Share Class Amount Shares Class A 6,923 743,349 Class AA 13,695 1,470,340 Class AAA 207 22,190 Class D 12 1,312 Class E 296,930 30,697,419 Class I 300 31,992 Class S 0 12 Class T 112 11,931 Total $ 318,179 32,978,545 |
Schedule of Stock Redemption Activity | The following table summarizes share redemption (excluding the self-tender offer) activity during the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares of common stock redeemed 1,841,887 20,933,322 Weighted average price per share $ 9.01 $ 9.44 |
Unvested Shares of Restricted Stock Awards Activity | Number of Unvested Shares of Restricted Stock Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2018 — $ — Granted 1,009,415 $ 9.56 Forfeited — $ — Vested (252,354) $ 9.56 Balance at December 31, 2019 757,061 Granted 589,248 $ 9.35 Forfeited (3,744) $ 9.35 Vested (1) (398,729) $ 9.48 Balance at December 31, 2020 943,836 |
Schedule of Distributions Paid | The following unaudited table summarizes the federal income tax treatment for all distributions per share for the years ended December 31, 2020, 2019, and 2018 reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Code Section 857(b)(3)(C) and Treasury Regulation §1.857-6(e). Year Ended December 31, 2020 2019 2018 Ordinary income $ 0.13 33 % $ 0.22 37 % $ 0.32 47 % Capital gain — — % 0.08 13 % — — % Return of capital 0.27 67 % 0.30 50 % 0.36 53 % Total distributions paid $ 0.40 100 % $ 0.60 100 % $ 0.68 100 % |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule of activity for noncontrolling interests | The following summarizes the activity for noncontrolling interests recorded as equity for the years ended December 31, 2020 and 2019: December 31, 2020 2019 Beginning balance $ 245,040 $ 232,203 Contributions/issuance of noncontrolling interests — 30,039 Reclass of noncontrolling interest subject to redemption 224 — Repurchase of noncontrolling interest (1,137) — Issuance of stock dividend for noncontrolling interest 1,068 1,861 Distributions to noncontrolling interests (13,306) (19,716) Allocated distributions to noncontrolling interests subject to redemption (29) (42) Net (loss) income (1,732) 3,749 Other comprehensive loss (3,578) (3,054) Ending balance $ 226,550 $ 245,040 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Schedule of related party transactions | Summarized below are the related-party costs incurred by the Company for the years ended December 31, 2020, 2019 and 2018, respectively, and any related amounts receivable and payable as of December 31, 2020 and 2019: Incurred for the Year Ended December 31, Receivable as of December 31, 2020 2019 2018 2020 2019 Assets Assumed through the Self-Administration Transaction Cash to be received from an affiliate related to deferred compensation and other payroll costs $ — $ 658 $ — $ — $ — Other fees 243 — — 293 352 Due from GCC Reimbursable Expense Allocation 15 4 — 4 4 Payroll/Expense Allocation 653 481 — 1,114 481 Due from Affiliates Payroll/Expense Allocation — 1,217 — — — O&O Costs (including payroll allocated to O&O) — 157 — — — Other Fees — 6,375 — — — Total incurred/receivable $ 911 $ 8,892 $ — $ 1,411 $ 837 Incurred for the Year Ended December 31, Payable as of December 31, 2020 2019 2018 2020 2019 Expensed Operating expenses $ — $ — $ 3,594 $ — $ — Asset management fees — — 23,668 — — Property management fees — — 9,479 — — Disposition fees — 641 177 — — Costs advanced by the advisor 2,000 3,771 546 1,085 1,164 Consulting fee - shared services 2,500 2,500 — 695 441 Capitalized Acquisition fees — 942 5,331 — — Leasing commissions — 2,540 2,289 — — Assumed through Self- Administration Transaction/EA Mergers Earn-out — — — 262 2,919 Other Fees — 20 — — — Stockholder Servicing Fee — 692 — 494 4,994 Other Distributions 10,537 14,138 — 736 1,365 Total incurred/payable $ 15,037 $ 25,244 $ 45,084 $ 3,272 $ 10,883 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Undiscounted Cash Flow | December 31, 2020. As of December 31, 2020 2021 $ 300,861 2022 302,912 2023 289,261 2024 249,419 2025 208,153 Thereafter 937,408 Total $ 2,288,014 |
Lease Costs | As of Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term in years. 80.1 80.9 Weighted-average discount rate (1) 4.98 % 4.98 % (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. |
Operating Lease Liability Maturity | Maturities of lease liabilities as of December 31, 2020 were as follows: December 31, 2020 2021 $ 1,632 2022 1,675 2023 1,741 2024 1,776 2025 1,727 Thereafter 285,011 Total undiscounted lease payments 293,562 Less imputed interest (247,916) Total lease liabilities $ 45,646 |
Organization (Details)
Organization (Details) $ in Thousands | 24 Months Ended | 30 Months Ended | ||||||
Sep. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)realEstatePropertyshares | Oct. 29, 2020 | Dec. 31, 2019USD ($)shares | Apr. 30, 2019shares | Jun. 30, 2015shares | ||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Units issued upon conversion (in shares) | 1 | |||||||
Limited liability partnership interest held (percent) | 87.80% | |||||||
Proceeds from issuance of equity | $ | $ 2,800,000 | $ 2,800,000 | ||||||
Common stock, number of shares outstanding (in shares) | 230,320,668 | 227,853,720 | ||||||
Common stock issued | $ | [1] | $ 230 | $ 228 | |||||
Noncontrolling interest, units eligible towards redemption (in shares) | 556,099 | 554,110 | ||||||
Sponsor and Affiliates | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Limited liability partnership interest held (percent) | 10.60% | |||||||
Number of properties contributed | realEstateProperty | 5 | |||||||
Third parties | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Limited liability partnership interest held (percent) | 1.60% | |||||||
Private Offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock issued (shares) | 284,595,718 | 43,772,611 | ||||||
Distribution Reinvestment Plan | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Common stock issued | $ | $ 318,200 | $ 293,700 | ||||||
Noncontrolling interest, units eligible towards redemption (in shares) | 230,390 | |||||||
Common Class E | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Partnership units conversion ratio | 1.392 | 1.04807 | ||||||
Common stock, number of shares outstanding (in shares) | 155,272,273 | |||||||
Common Class E | Private Offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock issued (shares) | 174,981,547 | |||||||
Board of Directors Chairman | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Partnership units owned (shares) | 2,400,000 | |||||||
[1] | See Note 9, Equity , for the number of shares outstanding of each class of common stock as of December 31, 2020. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($)reportableSegment | Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | ||
Cash equivalents | $ | $ 0 | $ 0 |
Reportable segments | reportableSegment | 1 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 25 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 40 years |
Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 5 years |
Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 20 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 15 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated life of assets | 25 years |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Leases (Details) $ in Thousands | Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) | Sep. 20, 2019USD ($) | Mar. 01, 2019USD ($) | Jan. 01, 2019USD ($)lease |
Lessee, Lease, Description [Line Items] | |||||
Number of ground leases | lease | 3 | 2 | |||
Right of use asset | $ 39,935 | $ 41,347 | $ 25,500 | ||
Lease liability | $ 45,646 | $ 45,020 | $ 27,600 | ||
Weighted-average discount rate (percent) | 4.98% | 4.98% | 5.36% | ||
McKesson II | |||||
Lessee, Lease, Description [Line Items] | |||||
Right of use asset | $ 16,300 | ||||
Weighted-average discount rate (percent) | 4.36% | ||||
Chicago, Illinois | |||||
Lessee, Lease, Description [Line Items] | |||||
Right of use asset | $ 600 | ||||
Weighted-average discount rate (percent) | 3.94% |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) $ in Thousands | Dec. 22, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)staterealEstateProperty | Dec. 31, 2020USD ($)staterealEstateProperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Real Estate Properties [Line Items] | ||||||
Number of properties | realEstateProperty | 98 | 98 | ||||
Number of states | state | 25 | 25 | ||||
Purchase price | $ 4,100,000 | $ 4,100,000 | ||||
Depreciation expense | 93,980 | $ 80,394 | $ 60,120 | |||
Amortization of intangible assets | $ 67,076 | $ 73,031 | 59,048 | |||
Useful life | 6 years 9 months 29 days | 7 years 4 months 9 days | ||||
Proceeds from disposition of properties | $ 51,692 | $ 139,446 | $ 11,442 | |||
Number of impaired properties | realEstateProperty | 3 | |||||
Bank of America II Property | ||||||
Real Estate Properties [Line Items] | ||||||
Proceeds from disposition of properties | $ 24,500 | |||||
Gain on sale of property | 4,300 | |||||
Bank of America II Property | Land and Building [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Carrying value of property | $ 19,600 | |||||
Bank of America I Property | ||||||
Real Estate Properties [Line Items] | ||||||
Proceeds from disposition of properties | $ 30,000 | |||||
2200 Channahon Road and Houston Westway I [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment of real estate | $ 23,500 | |||||
Number of impaired properties | realEstateProperty | 3 | |||||
Discount rate | Maximum | ||||||
Real Estate Properties [Line Items] | ||||||
Discount rate (percent) | 0.0625 | 0.0625 |
Real Estate - Summary of Proper
Real Estate - Summary of Property Acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)ft² | |
Real Estate [Line Items] | |
Purchase Price | $ 4,100,000 |
Pepsi Bottling Ventures | |
Real Estate [Line Items] | |
Purchase Price | $ 34,937 |
Square Feet | ft² | 526,320 |
Acquisition Fees and Expenses | $ 386 |
Real Estate - Final Purchase Pr
Real Estate - Final Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Line Items] | ||
Land | $ 445,674 | $ 458,339 |
In-place lease valuation - (below) / market | (68,334) | $ (67,622) |
Debt discount / (premium) | 577 | |
Pepsi Bottling Ventures | ||
Real Estate [Line Items] | ||
Land | 3,407 | |
Building | 26,813 | |
Improvements | 954 | |
Tenant origination and absorption costs | 4,970 | |
In-place lease valuation - (below) / market | (712) | |
Debt discount / (premium) | (109) | |
Total | $ 35,323 |
Real Estate - Intangibles (Deta
Real Estate - Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
In-place lease valuation (above market) | $ 43,576 | $ 44,012 |
In-place lease valuation (above market) - accumulated amortization | (35,604) | (33,322) |
In-place lease valuation (above market), net | 7,972 | 10,690 |
Ground leasehold interest (below market) | 2,254 | 2,254 |
Ground leasehold interest (below market) - accumulated amortization | (191) | (164) |
Ground leasehold interest (below market), net | 2,063 | 2,090 |
Intangible assets, net | 10,035 | 12,780 |
In-place lease valuation (below market) | (68,334) | (67,622) |
Land leasehold interest (above market) | (3,072) | (3,073) |
In-place lease valuation & land leasehold interest - accumulated amortization | 44,073 | 38,890 |
Intangible liabilities, net | (27,333) | (31,805) |
Tenant origination and absorption cost | 740,489 | 744,773 |
Tenant origination and absorption cost - accumulated amortization | (412,462) | (354,379) |
Tenant origination and absorption cost, net | $ 328,027 | $ 390,394 |
Real Estate - Amortization of I
Real Estate - Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of amortization expense | |||
Above and below market leases, net | $ (2,292) | $ (3,201) | $ (685) |
Tenant origination and absorption cost | 62,459 | 69,502 | 55,464 |
Ground leasehold amortization (below market) | (291) | (52) | 27 |
Other leasing costs amortization | $ 4,908 | $ 3,581 | $ 3,557 |
Real Estate - Estimated Annual
Real Estate - Estimated Annual Amortization (Details) $ in Thousands | Dec. 31, 2020USD ($) |
In-place lease valuation, net | |
2021 | $ 2,118,000 |
2022 | 2,518,000 |
2023 | (2,465,000) |
2024 | (1,648,000) |
2025 | (1,186) |
Tenant origination and absorption costs | |
2021 | 57,243,000 |
2022 | 54,114,000 |
2023 | 49,551,000 |
2024 | 37,371,000 |
2025 | 26,813,000 |
Ground leasehold improvements | |
2021 | (290,000) |
2022 | (290,000) |
2023 | (290,000) |
2024 | (291,000) |
2025 | (290,000) |
Other leasing costs | |
2021 | 5,862,000 |
2022 | 5,867,000 |
2023 | 5,739,000 |
2024 | 5,504,000 |
2025 | $ 5,385 |
Real Estate - Ongoing Replaceme
Real Estate - Ongoing Replacement Reserve (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash [Roll Forward] | ||
Restricted cash | $ 34,352 | $ 58,430 |
Real Estate Asset Acquisitions and Contributions | ||
Restricted Cash [Roll Forward] | ||
Restricted cash | 34,352 | 58,430 |
Real Estate Asset Acquisitions and Contributions | Cash reserves | ||
Restricted Cash [Roll Forward] | ||
Restricted cash | 20,385 | 48,129 |
Real Estate Asset Acquisitions and Contributions | Restricted lockbox | ||
Restricted Cash [Roll Forward] | ||
Restricted cash | $ 13,967 | $ 10,301 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Narrative (Details) | 1 Months Ended | |||||
Sep. 30, 2014USD ($)termExtension | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 29, 2019USD ($) | Dec. 31, 2018ft² | Jun. 30, 2015ft² | |
Gain (Loss) on Securities [Line Items] | ||||||
Gross acquisition value of property | $ 4,151,850,000 | $ 4,175,502,000 | ||||
Receivable as of December 31, | $ 1,411,000 | $ 837,000 | ||||
Heritage Commons X | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Area of equity method investments (in sqft) | ft² | 200,000 | |||||
Digital Realty | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Area of equity method investments (in sqft) | ft² | 132,300 | |||||
Ownership interest (percent) | 80.00% | |||||
Contributions | $ 68,400,000 | |||||
Gross acquisition value of property | 187,500,000 | |||||
Debt | $ 102,000,000 | |||||
Operating lease term | 3 years | |||||
Guaranteed minimum return | 7.00% | |||||
Receivable as of December 31, | $ 4,100,000 | |||||
Digital Realty | Secured Term Loan | Secured Debt | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Debt principal | $ 102,000,000 | |||||
Number of debt term extensions | termExtension | 2 | |||||
Debt extension term | 12 months | |||||
Letters of credit outstanding | $ 8,200,000 | |||||
Mercedes-Benz Financial Services USA | Heritage Commons X | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Area of real estate leased | 100.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Share of Earnings and Losses of Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investments [Roll Forward] | ||||
Balance as of December 31, 2019 | $ 11,028 | |||
Net loss | (6,523) | $ (5,307) | $ (2,254) | |
Balance as of December 31, 2020 | 34 | 11,028 | ||
Investments | ||||
Equity Method Investments [Roll Forward] | ||||
Balance as of December 31, 2019 | 11,028 | |||
Net loss | (164) | |||
Distributions | (8,531) | |||
Contributions | 8,160 | |||
Valuation adjustment | (4,453) | |||
Impairment | (1,906) | |||
Clawback receivable reclass | (4,100) | |||
Balance as of December 31, 2020 | 34 | 11,028 | ||
Digital Realty | ||||
Equity Method Investments [Roll Forward] | ||||
Contributions | $ 68,400 | |||
Digital Realty | Investments | ||||
Equity Method Investments [Roll Forward] | ||||
Balance as of December 31, 2019 | 10,584 | |||
Net loss | (164) | |||
Distributions | (8,121) | |||
Contributions | 8,160 | |||
Valuation adjustment | (4,453) | |||
Impairment | (1,906) | |||
Clawback receivable reclass | (4,100) | |||
Balance as of December 31, 2020 | 0 | 10,584 | ||
Heritage Commons X | Investments | ||||
Equity Method Investments [Roll Forward] | ||||
Balance as of December 31, 2019 | 444 | |||
Net loss | 0 | |||
Distributions | (410) | |||
Contributions | 0 | |||
Valuation adjustment | 0 | |||
Balance as of December 31, 2020 | $ 34 | $ 444 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 18, 2020 | Dec. 31, 2020 | Sep. 01, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Total Debt | $ 2,152,593 | $ 2,152,593 | $ 1,979,072 | ||
Unamortized Deferred Financing Costs and Premiums/(Discounts) | (12,166) | (12,166) | (9,968) | ||
Debt, net | 2,140,427 | 2,140,427 | 1,969,104 | ||
Term of debt instrument | 5 years | ||||
LIBOR | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (percent) | 0.16% | ||||
Revolving Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 373,500 | $ 373,500 | 211,500 | ||
Effective interest rate (percent) | 1.88% | 1.88% | |||
Term of debt instrument | 2 years | ||||
Extended term on debt | 1 year | ||||
Revolving Credit Facility | LIBOR | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread on the variable rate debt (percent) | 1.60% | ||||
2023 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (percent) | 1.80% | 1.80% | |||
2023 Term Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread on the variable rate debt (percent) | 1.55% | ||||
2024 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (percent) | 1.79% | 1.79% | |||
2024 Term Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread on the variable rate debt (percent) | 1.55% | ||||
2026 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (percent) | 2.06% | 2.06% | |||
2026 Term Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread on the variable rate debt (percent) | 1.85% | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 1,029,093 | $ 1,029,093 | 1,017,572 | ||
Mortgages | HealthSpring Mortgage Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 20,208 | $ 20,208 | 20,723 | ||
Contractual interest rate on fixed rate debt (percent) | 4.18% | 4.18% | |||
Effective interest rate (percent) | 4.62% | 4.62% | |||
Mortgages | Midland Mortgage Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 98,155 | $ 98,155 | 100,249 | ||
Contractual interest rate on fixed rate debt (percent) | 3.94% | 3.94% | |||
Effective interest rate (percent) | 4.12% | 4.12% | |||
Mortgages | Emporia Partners Mortgage Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 1,627 | $ 1,627 | 2,104 | ||
Contractual interest rate on fixed rate debt (percent) | 5.88% | 5.88% | |||
Effective interest rate (percent) | 5.96% | 5.96% | |||
Mortgages | Samsonite Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 20,165 | $ 20,165 | 21,154 | ||
Contractual interest rate on fixed rate debt (percent) | 6.08% | 6.08% | |||
Effective interest rate (percent) | 5.09% | 5.09% | |||
Mortgages | Highway 94 Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 14,689 | $ 14,689 | 15,610 | ||
Contractual interest rate on fixed rate debt (percent) | 3.75% | 3.75% | |||
Effective interest rate (percent) | 4.80% | 4.80% | |||
Mortgages | Pepsi Bottling Ventures Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 18,587 | $ 18,587 | 0 | ||
Contractual interest rate on fixed rate debt (percent) | 3.69% | 3.69% | |||
Effective interest rate (percent) | 3.92% | 3.92% | |||
Mortgages | AIG Loan II | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 126,792 | $ 126,792 | 126,970 | ||
Contractual interest rate on fixed rate debt (percent) | 4.15% | 4.15% | |||
Effective interest rate (percent) | 4.93% | 4.93% | |||
Mortgages | BOA Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 375,000 | $ 375,000 | 375,000 | ||
Contractual interest rate on fixed rate debt (percent) | 3.77% | 3.77% | |||
Effective interest rate (percent) | 3.91% | 3.91% | |||
Mortgages | BOA/KeyBank Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 250,000 | $ 250,000 | 250,000 | ||
Contractual interest rate on fixed rate debt (percent) | 4.32% | 4.32% | |||
Effective interest rate (percent) | 4.14% | 4.14% | |||
Mortgages | AIG Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 103,870 | $ 103,870 | 105,762 | ||
Contractual interest rate on fixed rate debt (percent) | 4.96% | 4.96% | |||
Effective interest rate (percent) | 5.08% | 5.08% | |||
Loans Payable | 2023 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 200,000 | $ 200,000 | 200,000 | ||
Term of debt instrument | 5 years | 5 years | |||
Loans Payable | 2024 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 400,000 | 400,000 | 400,000 | ||
Term of debt instrument | 5 years | 5 years | |||
Loans Payable | 2026 Term Loan | |||||
Debt Instrument [Line Items] | |||||
Total Debt | $ 150,000 | $ 150,000 | $ 150,000 | ||
Term of debt instrument | 7 years | 7 years | |||
Fixed and Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate of the fixed-rate debt (percent) | 3.58% | 3.58% | |||
Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate of the fixed-rate debt (percent) | 3.96% | 3.96% | |||
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Derivative, notional amount | $ 750,000 | $ 750,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Dec. 31, 2020USD ($)quarterrealEstateProperty | Dec. 18, 2020USD ($) | Dec. 31, 2020USD ($)quarterrealEstateProperty |
Line of Credit Facility [Line Items] | |||
Term of debt instrument | 5 years | ||
2023 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.55% | ||
2026 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.85% | ||
2024 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.55% | ||
Line of Credit | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 1,900,000,000 | ||
Line of Credit | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Minimum number of Pool Properties under credit agreement | realEstateProperty | 15 | 15 | |
Maximum aggregated pool value that may be contributed by a single Pool Property or tenant (percent) | 15.00% | 15.00% | |
Maximum of aggregate pool value that may be contributed by Pool Properties subject to ground leases (percent) | 15.00% | 15.00% | |
Maximum aggregate pool value that may be contributed by Pool Properties under development or assets under renovation (percent) | 20.00% | 20.00% | |
Minimum aggregate leasing percentage of all Pool Properties (percent) | 90.00% | 90.00% | |
Maximum unsecured leverage ratio (percent) | 60.00% | 60.00% | |
Minimum unsecured interest coverage ratio | 2 | 2 | |
Unsecured Debt | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 750,000,000 | ||
Extended term on debt | 1 year | ||
Increase limit on borrowing capacity | $ 600,000,000 | ||
Remaining borrowing capacity | $ 221,900,000 | $ 221,900,000 | |
Loans Payable | 2023 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 200,000,000 | ||
Term of debt instrument | 5 years | 5 years | |
Loans Payable | 2023 Term Loan | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Term of debt instrument | 5 years | ||
Loans Payable | 2026 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 150,000,000 | ||
Term of debt instrument | 7 years | 7 years | |
Loans Payable | 2026 Term Loan | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Term of debt instrument | 7 years | ||
Loans Payable | 2024 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 400,000,000 | ||
Term of debt instrument | 5 years | 5 years | |
Loans Payable | 2024 Term Loan | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Term of debt instrument | 5 years | ||
Loans Payable | 2025 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 400,000,000 | ||
Term of debt instrument | 5 years | 5 years | |
Commitment fee (percent) | 0.20% | ||
Loans Payable | 2025 Term Loan | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Term of debt instrument | 5 years | ||
Loans Payable | Keybank Loans | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio (percent) | 60.00% | 60.00% | |
Maximum consolidated leverage ratio after material acquisition (percent) | 65.00% | 65.00% | |
Number of consecutive quarters subject to higher ratio | quarter | 4 | ||
Minimum consolidated tangible net worth (percent) | 75.00% | 75.00% | |
Minimum consolidated tangible net worth | $ 2,000,000,000 | $ 2,000,000,000 | |
Tangible net worth, additional percentage of net future equity issuances (percent) | 75.00% | 75.00% | |
Tangible net worth, reduction for any payments used to redeem Company's or Borrower's stock (percent) | 75.00% | 75.00% | |
Minimum consolidated fixed charge coverage ratio | 1.50 | 1.50 | |
Maximum total secured debt ratio (percent) | 40.00% | 40.00% | |
Increase to maximum total secured debt ratio (percent) | 5.00% | 5.00% | |
Number of consecutive quarters subject to higher total secured debt ratio | quarter | 4 | 4 | |
Minimum unsecured interest coverage ratio | 2 | 2 | |
Maximum total secured recourse debt ratio (percent) | 10.00% | 10.00% | |
Aggregate maximum unhedged variable rate debt (percent) | 30.00% | 30.00% | |
Minimum | 2024 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 0.90% | ||
Minimum | 2025 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 0.90% | ||
Minimum | Unsecured Debt | Revolving Credit Facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.30% | ||
Minimum | Unsecured Debt | Revolving Credit Facility | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 0.825% | ||
Minimum | Loans Payable | 2023 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.25% | ||
Minimum | Loans Payable | 2023 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 0.90% | ||
Minimum | Loans Payable | 2026 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.65% | ||
Minimum | Loans Payable | 2026 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.40% | ||
Minimum | Loans Payable | 2024 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.25% | ||
Minimum | Loans Payable | 2025 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Commitment fee accrual period | 120 days | ||
Minimum | Loans Payable | 2025 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.25% | ||
Maximum | Unsecured Debt | Revolving Credit Facility | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.20% | ||
Maximum | Unsecured Debt | Revolving Credit Facility | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.55% | ||
Maximum | Loans Payable | 2023 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.15% | ||
Maximum | Loans Payable | 2023 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.75% | ||
Maximum | Loans Payable | 2026 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.50% | ||
Maximum | Loans Payable | 2026 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.35% | ||
Maximum | Loans Payable | 2024 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.15% | ||
Maximum | Loans Payable | 2024 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.75% | ||
Maximum | Loans Payable | 2025 Term Loan | |||
Line of Credit Facility [Line Items] | |||
Commitment fee accrual period | 180 days | ||
Maximum | Loans Payable | 2025 Term Loan | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 2.15% | ||
Maximum | Loans Payable | 2025 Term Loan | LIBOR | External investment grade rating | |||
Line of Credit Facility [Line Items] | |||
Interest rate spread on the variable rate debt (percent) | 1.75% |
Debt - Maturity of Debt (Detail
Debt - Maturity of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of future principal repayments of all loans | ||
2021 | $ 9,587 | |
2022 | 10,216 | |
2023 | 337,387 | |
2024 | 433,921 | |
2025 | 120,111 | |
Thereafter | 1,241,371 | |
Total principal | 2,152,593 | $ 1,979,072 |
Unamortized debt premium/(discount) | (577) | |
Unamortized deferred loan costs | (11,589) | |
Debt, net | $ 2,140,427 | $ 1,969,104 |
Interest Rate Contracts - Narra
Interest Rate Contracts - Narrative (Details) | Mar. 10, 2020USD ($)contract | Aug. 31, 2018USD ($)swapAgreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 09, 2015USD ($)swapAgreement |
Derivative [Line Items] | |||||
Amount expected to be reclassified next 12 months | $ 13,800,000 | ||||
Fair value, net | 54,000,000 | $ 24,100,000 | |||
Interest Rate Swap Effective Date July 1, 2020, $425,000 Notional Amount | |||||
Derivative [Line Items] | |||||
Number of instruments held | swapAgreement | 4 | ||||
Derivative, notional amount | $ 425,000,000 | ||||
Derivative term | 5 years | ||||
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83% [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 150,000,000 | 150,000,000 | 0 | ||
Fair value, net | 2,963,000 | 0 | |||
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 100,000,000 | 125,000,000 | 125,000,000 | ||
Fair value, net | 13,896,000 | 7,038,000 | |||
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86% | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 75,000,000 | 75,000,000 | 0 | ||
Fair value, net | 1,580,000 | 0 | |||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of instruments held | 3 | 1 | |||
Derivative, notional amount | 750,000,000 | 850,000,000 | $ 425,000,000 | ||
Derivative term | 5 years | ||||
Fair value, net | $ 53,975,000 | $ 24,146,000 |
Interest Rate Contracts - Summa
Interest Rate Contracts - Summary of Interest Rate Swaps (Details) - USD ($) | Dec. 31, 2020 | Mar. 10, 2020 | Dec. 31, 2019 | Jul. 09, 2015 |
Derivative [Line Items] | ||||
Fair value, net | $ (54,000,000) | $ (24,100,000) | ||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Fair value, net | (53,975,000) | (24,146,000) | ||
Derivative, notional amount | $ 750,000,000 | 850,000,000 | $ 425,000,000 | |
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83% [Member] | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 0.83% | |||
Fair value, net | $ (2,963,000) | 0 | ||
Derivative, notional amount | $ 150,000,000 | $ 150,000,000 | 0 | |
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84% [Member] | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 0.84% | |||
Fair value, net | $ (2,023,000) | 0 | ||
Derivative, notional amount | $ 100,000,000 | 0 | ||
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86% | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 0.86% | |||
Fair value, net | $ (1,580,000) | 0 | ||
Derivative, notional amount | $ 75,000,000 | 75,000,000 | 0 | |
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 2.82% | |||
Fair value, net | $ (13,896,000) | (7,038,000) | ||
Derivative, notional amount | $ 125,000,000 | $ 100,000,000 | 125,000,000 | |
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 2.82% | |||
Fair value, net | $ (11,140,000) | (5,651,000) | ||
Derivative, notional amount | $ 100,000,000 | 100,000,000 | ||
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 2.83% | |||
Fair value, net | $ (11,148,000) | (5,665,000) | ||
Derivative, notional amount | $ 100,000,000 | 100,000,000 | ||
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 2.84% | |||
Fair value, net | $ (11,225,000) | (5,749,000) | ||
Derivative, notional amount | $ 100,000,000 | 100,000,000 | ||
Interest Rate Swap Effective Date July 9, 2015 | ||||
Derivative [Line Items] | ||||
Interest strike rate (percent) | 1.69% | |||
Fair value, net | $ 0 | (43,000) | ||
Derivative, notional amount | $ 0 | $ 425,000,000 |
Interest Rate Contracts - Impac
Interest Rate Contracts - Impact of Interest Rate Swaps (Details) - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Amount of (loss) gain recognized in AOCI on derivatives | $ (38,319) | $ (19,944) |
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” | 8,615 | (2,359) |
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded | $ 79,646 | $ 73,557 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Accrued tenant obligations | $ 30,011 | $ 11,802 | $ 0 |
Prepaid tenant rent | 20,780 | 20,510 | |
Real estate taxes payable | 15,380 | 13,385 | |
Deferred compensation | 10,599 | 9,209 | |
Interest payable | 9,147 | 12,264 | |
Property operating expense payable | 8,473 | 7,752 | |
Other liabilities | 20,044 | 21,467 | |
Total | $ 114,434 | $ 96,389 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | $ (53,975) | $ (24,146) |
Earn-out Liability (due to affiliates) | (300) | |
Recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Corporate Owned Life Insurance Asset | 4,454 | 2,134 |
Mutual Funds Asset | 6,643 | 6,983 |
Deferred Compensation Liability | (10,599) | (9,209) |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Corporate Owned Life Insurance Asset | 0 | 0 |
Mutual Funds Asset | 6,643 | 6,983 |
Deferred Compensation Liability | 0 | 0 |
Recurring basis | Significant Other Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Corporate Owned Life Insurance Asset | 4,454 | 2,134 |
Mutual Funds Asset | 0 | 0 |
Deferred Compensation Liability | (10,599) | (9,209) |
Recurring basis | Significant Unobservable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Corporate Owned Life Insurance Asset | 0 | 0 |
Mutual Funds Asset | 0 | 0 |
Deferred Compensation Liability | 0 | 0 |
Recurring basis | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | (53,975) | (24,146) |
Earn-out Liability (due to affiliates) | (2,919) | |
Recurring basis | Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | 0 | 0 |
Earn-out Liability (due to affiliates) | 0 | |
Recurring basis | Interest Rate Swap | Significant Other Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | (53,975) | (24,146) |
Earn-out Liability (due to affiliates) | 0 | |
Recurring basis | Interest Rate Swap | Significant Unobservable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | $ 0 | 0 |
Earn-out Liability (due to affiliates) | $ (2,919) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020USD ($)realEstateProperty | Sep. 30, 2020 | Dec. 31, 2020USD ($)loan | |
Fair Value Disclosures [Abstract] | |||
Number of impaired properties | realEstateProperty | 3 | ||
Number of mortgage loans (in loan) | loan | 10 | ||
Cash earn-out as percentage of advisory fees (percent) | 37.25% | ||
Earn-out consideration limit as percentage of common equity invested (percent) | 2.50% | ||
Change in amount of contingent liability | $ 2.6 | ||
Fair value of earn-outs | $ 0.3 | 0.3 | |
Payment for contingent consideration | $ 0.1 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information (Details) | Dec. 31, 2020USD ($) |
2200 Channahon Road | Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal capitalization rate | 9.75% |
Discount rate | 14.00% |
2200 Channahon Road | Minimum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 2 |
2200 Channahon Road | Maximum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 3 |
Houston Westway I | Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal capitalization rate | 7.75% |
Discount rate | 9.00% |
Houston Westway I | Minimum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 15 |
Houston Westway I | Maximum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 17 |
2275 Cabot Drive | Discounted Cash Flow | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal capitalization rate | 9.00% |
Discount rate | 10.25% |
2275 Cabot Drive | Minimum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 11 |
2275 Cabot Drive | Maximum | Significant Unobservable Inputs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Market rent | $ 12 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments at Fair Value (Details) - Mortgages - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value | BOA Loan [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 355,823 | $ 369,343 |
Fair Value | BOA/KeyBank Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 263,454 | 264,101 |
Fair Value | AIG Loan II | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 121,011 | 122,258 |
Fair Value | AIG Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 102,033 | 101,663 |
Fair Value | Midland Mortgage Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 97,709 | 99,318 |
Fair Value | Samsonite Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 21,030 | 22,103 |
Fair Value | HealthSpring Mortgage Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 20,462 | 20,868 |
Fair Value | Pepsi Bottling Ventures | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 18,942 | 0 |
Fair Value | Highway 94 Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 14,447 | 15,101 |
Fair Value | Emporia Partners Mortgage Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 1,654 | 2,105 |
Carrying Value | BOA Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 375,000 | 375,000 |
Carrying Value | BOA/KeyBank Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 250,000 | 250,000 |
Carrying Value | AIG Loan II | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 126,792 | 126,970 |
Carrying Value | AIG Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 103,870 | 105,762 |
Carrying Value | Midland Mortgage Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 98,155 | 100,249 |
Carrying Value | Samsonite Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 20,165 | 21,154 |
Carrying Value | HealthSpring Mortgage Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 20,208 | 20,723 |
Carrying Value | Pepsi Bottling Ventures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 18,587 | 0 |
Carrying Value | Highway 94 Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 14,689 | 15,610 |
Carrying Value | Emporia Partners Mortgage Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 1,627 | $ 2,104 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Jun. 15, 2020shares | Jan. 15, 2020USD ($) | May 01, 2019USD ($) | Aug. 08, 2018USD ($)tranche$ / sharesshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2020USD ($)vote$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)vote$ / sharesshares | Jul. 17, 2020USD ($) | Feb. 26, 2020USD ($) | Apr. 30, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Jun. 30, 2015shares | |
Class of Stock [Line Items] | |||||||||||||||||
Common stock, number of shares outstanding (in shares) | 230,320,668 | 227,853,720 | 230,320,668 | ||||||||||||||
Proceeds from issuance of equity | $ | $ 2,800,000,000 | $ 2,800,000,000 | |||||||||||||||
Common stock issued | $ | [1] | $ 230,000 | $ 228,000 | $ 230,000 | |||||||||||||
Share Redemption Program | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Minimum balance of common stock | $ | $ 2,500 | $ 2,500 | |||||||||||||||
Minimum holding period for redemption of stock | 1 year | ||||||||||||||||
Share Redemption Program | Maximum | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Maximum redemption percentage of weighted average shares outstanding | 5.00% | 5.00% | |||||||||||||||
Common Stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common stock, number of shares outstanding (in shares) | 230,320,668 | 227,853,720 | 230,320,668 | 174,278,341 | 179,121,568 | ||||||||||||
Shares tendered by employees to satisfy employee tax withholding requirements upon vesting of restricted stock awards (shares) | 78,849 | ||||||||||||||||
Common Stock | Share Redemption Program | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock redeemed during period (in shares) | 1,841,887 | 20,933,322 | 26,072,452 | ||||||||||||||
Stock redeemed, value | $ | $ 245,300,000 | ||||||||||||||||
Weighted average price per share (in usd per share) | $ / shares | $ 9.01 | $ 9.44 | $ 9.41 | ||||||||||||||
Shares redeemed (shares) | 600,075 | ||||||||||||||||
Primary offering | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock issued (shares) | 284,595,718 | 284,595,718 | 43,772,611 | ||||||||||||||
Authorized issuances under Company's follow-on offering that have been suspended | $ | $ 2,000,000,000 | ||||||||||||||||
Follow-on Offering | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Authorized issuances under Company's follow-on offering that have been suspended | $ | 2,200,000,000 | ||||||||||||||||
Distribution Reinvestment Plan | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Authorized issuances under Company's follow-on offering that have been suspended | $ | $ 100,000,000 | $ 200,000,000 | |||||||||||||||
Prior notice period to terminate plan | 10 days | ||||||||||||||||
Common stock issued | $ | $ 318,200,000 | $ 293,700,000 | $ 318,200,000 | ||||||||||||||
Common Class A | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 24,325,680 | 24,325,680 | |||||||||||||||
Common Class AA | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 47,304,097 | 47,304,097 | |||||||||||||||
Common Class AAA | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 920,920 | 920,920 | |||||||||||||||
Common Class D | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 41,095 | 41,095 | |||||||||||||||
Common Class E | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 155,272,273 | 155,272,273 | |||||||||||||||
Common Class E | Share Redemption Program | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share redemption requests in excess of limitation (shares) | 2,872,488 | ||||||||||||||||
Redemption requests | $ | $ 27,400,000 | ||||||||||||||||
Percentage of shares submitted (percent) | 25.00% | ||||||||||||||||
Common Class E | Primary offering | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock issued (shares) | 174,981,547 | ||||||||||||||||
Common Class I | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 1,896,696 | 1,896,696 | |||||||||||||||
Common Class S | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 1,800 | 1,800 | |||||||||||||||
Common Class T | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of votes per share | vote | 1 | 1 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 558,107 | 558,107 | |||||||||||||||
Series A Preferred Shares | Series A Purchase Agreement | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Aggregate number of shares purchased (shares) | 10,000,000 | ||||||||||||||||
Stock price (in usd per share) | $ / shares | $ 25 | ||||||||||||||||
Number of trancehs | tranche | 2 | ||||||||||||||||
Shares issued (shares) | 5,000,000 | ||||||||||||||||
Total purchase price | $ | $ 125,000,000 | ||||||||||||||||
Transaction fees (percent) | 3.50% | ||||||||||||||||
Reimbursable transaction related expenses | $ | $ 400,000 | ||||||||||||||||
Restricted period before transferring shares | 5 years | ||||||||||||||||
Redemption price per share (in usd per share) | $ / shares | $ 25 | ||||||||||||||||
Series A Preferred Shares | Series A Purchase Agreement | Advisor | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Reimbursable transaction related expenses | $ | $ 200,000 | ||||||||||||||||
Series A Preferred Shares | Series A Purchase Agreement | After First Triggering Event but Before Reset Date | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Redemption fee (percent) | 1.50% | ||||||||||||||||
Series A Preferred Shares | Series A Purchase Agreement | From and After Reset Date | Reference Period Two | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 6.75% | ||||||||||||||||
Series A Preferred Shares | Preferred Stock First Issuance | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Aggregate number of shares purchased (shares) | 5,000,000 | ||||||||||||||||
Shares issued (shares) | 5,000,000 | ||||||||||||||||
Conversion period from issuance | 5 years | ||||||||||||||||
Series A Preferred Shares | Preferred Stock First Issuance | Reference Period One | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 6.55% | ||||||||||||||||
Redemption period | 5 years | ||||||||||||||||
Series A Preferred Shares | Preferred Stock First Issuance | After First Triggering Event but Before Reset Date | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Redemption period | 5 years | ||||||||||||||||
Series A Preferred Shares | Preferred Stock Secondary Issuance | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Aggregate number of shares purchased (shares) | 5,000,000 | ||||||||||||||||
Total purchase price | $ | $ 125,000,000 | ||||||||||||||||
Conversion period from issuance | 5 years | ||||||||||||||||
Series A Preferred Shares | Preferred Stock Secondary Issuance | Reference Period One | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 6.55% | ||||||||||||||||
Redemption period | 5 years | ||||||||||||||||
Series A Preferred Shares | Preferred Stock, Triggering Event | After First Triggering Event but Before Reset Date | Reference Period Three | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 7.55% | ||||||||||||||||
Series A Preferred Shares | Preferred Stock, Triggering Event | After First Triggering Event and Also After Reset Date | Reference Period Three | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 7.75% | ||||||||||||||||
Series A Preferred Shares | Preferred Stock, Reset Date | After First Triggering Event but Before Reset Date | Reference Period Three | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 8.05% | ||||||||||||||||
Series A Preferred Shares | Preferred Stock, Reset Date | From and After Reset Date | Reference Period Three | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Initial annual distribution rate (percent) | 8.25% | ||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Total compensation expense | $ | $ 5,200,000 | $ 2,400,000 | |||||||||||||||
Share-based compensation, accelerated cost | $ | 1,400,000 | ||||||||||||||||
Restricted Stock Units (RSUs) | 2019 Restricted Stock Units | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Fair value of grants issued | $ | $ 9,700,000 | ||||||||||||||||
Costs not yet recognized | $ | $ 4,500,000 | $ 4,500,000 | |||||||||||||||
Restricted shares issued (shares) | 1,009,415 | ||||||||||||||||
Vesting installments (percent) | 25.00% | ||||||||||||||||
Recognition period for unrecognized expense | 2 years | ||||||||||||||||
Restricted Stock Units (RSUs) | 2020 Restricted Stock Units | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Fair value of grants issued | $ | $ 5,500,000 | ||||||||||||||||
Costs not yet recognized | $ | $ 3,600,000 | $ 3,600,000 | |||||||||||||||
Vesting installment (percent) | 25.00% | ||||||||||||||||
Restricted shares issued (shares) | 589,248 | ||||||||||||||||
Recognition period for unrecognized expense | 3 years | ||||||||||||||||
Restricted Stock Units (RSUs) | Common Class E | Common Stock | 2020 Restricted Stock Units | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Number of shares contingently receivable for each RSU (share) | 1 | 1 | |||||||||||||||
Restricted Stock | Independent directors | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Restricted shares issued (shares) | 8,055 | ||||||||||||||||
[1] | See Note 9, Equity , for the number of shares outstanding of each class of common stock as of December 31, 2020. |
Equity - DRP Offerings by Share
Equity - DRP Offerings by Share Class (Details) - Distribution Reinvestment Plan $ in Thousands | 5 Months Ended |
Dec. 31, 2020USD ($)shares | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 318,179 |
Gross proceeds from issuance of common stock (shares) | shares | 32,978,545 |
Common Class A | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 6,923 |
Gross proceeds from issuance of common stock (shares) | shares | 743,349 |
Common Class AA | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 13,695 |
Gross proceeds from issuance of common stock (shares) | shares | 1,470,340 |
Common Class AAA | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 207 |
Gross proceeds from issuance of common stock (shares) | shares | 22,190 |
Common Class D | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 12 |
Gross proceeds from issuance of common stock (shares) | shares | 1,312 |
Common Class E | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 296,930 |
Gross proceeds from issuance of common stock (shares) | shares | 30,697,419 |
Common Class I | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 300 |
Gross proceeds from issuance of common stock (shares) | shares | 31,992 |
Common Class S | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 0 |
Gross proceeds from issuance of common stock (shares) | shares | 12 |
Common Class T | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 112 |
Gross proceeds from issuance of common stock (shares) | shares | 11,931 |
Equity - Schedule of Redemption
Equity - Schedule of Redemption Activity (Details) - Common Stock - Share Redemption Program - $ / shares | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Shares of common stock redeemed (shares) | 1,841,887 | 20,933,322 | 26,072,452 |
Weighted average price per share (in usd per share) | $ 9.01 | $ 9.44 | $ 9.41 |
Equity - Issuance of Restricted
Equity - Issuance of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Unvested Shares of Restricted Stock Awards | ||
Balance at beginning of period (shares) | 757,061 | 0 |
Forfeited (shares) | (3,744) | 0 |
Vested (shares) | (398,729) | (252,354) |
Balance at end of period (shares) | 943,836 | 757,061 |
Weighted-Average Grant Date Fair Value per Share | ||
Granted (in usd per share) | $ 9.35 | $ 9.56 |
Forfeited (in usd per share) | 9.35 | 0 |
Vested (in usd per share) | $ 9.48 | $ 9.56 |
Employees | ||
Number of Unvested Shares of Restricted Stock Awards | ||
Vested (shares) | (78,849) |
Equity - Schedule of Distributi
Equity - Schedule of Distributions Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Ordinary income (in usd per share) | $ 0.13 | $ 0.22 | $ 0.32 |
Ordinary income (percent) | 33.00% | 37.00% | 47.00% |
Capital gain (in usd per share) | $ 0 | $ 0.08 | $ 0 |
Capital gain (percent) | 0.00% | 13.00% | 0.00% |
Return of capital (in usd per share) | $ 0.27 | $ 0.30 | $ 0.36 |
Return of capital (percent) | 67.00% | 50.00% | 53.00% |
Total distributions paid (in usd per share) | $ 0.40 | $ 0.60 | $ 0.68 |
Total distributions paid (percent) | 100.00% | 100.00% | 100.00% |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Percentage of noncontrolling interest based on weighted average shares (percent) | 12.00% | |
Units issued related to property contributions (shares) | 31,800,000 | |
Units with a mandatory hold period (shares) | 20,400,000 | |
Units issued to unaffiliated third parties (shares) | 200,000 | |
Partnership unite exchange (shares) | 1 | |
Repurchase of noncontrolling interest (shares) | 6,000 | 134,383 |
Griffin Capital Essential Asset Operating Partnership, L.P. | ||
Noncontrolling Interest [Line Items] | ||
Percentage of noncontrolling interests based on total shares (percent) | 12.20% |
Noncontrolling Interests - Acti
Noncontrolling Interests - Activity for Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Repurchase of noncontrolling interest | $ (1,137) | ||
Issuance of stock dividend for noncontrolling interest | 1,068 | $ 1,861 | |
Distributions to noncontrolling interests | (13,306) | (19,716) | $ (4,368) |
Net (loss) income | (14,690) | 28,536 | 18,407 |
Other comprehensive loss | (29,704) | (22,520) | (5,179) |
Non-controlling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 245,040 | 232,203 | |
Contributions/issuance of noncontrolling interests | 0 | 30,039 | |
Reclass of noncontrolling interest subject to redemption | 224 | 0 | |
Repurchase of noncontrolling interest | (1,137) | 0 | |
Issuance of stock dividend for noncontrolling interest | 1,068 | 1,861 | |
Distributions to noncontrolling interests | (13,306) | (19,716) | (4,368) |
Allocated distributions to noncontrolling interests subject to redemption | (29) | (42) | |
Net (loss) income | (1,732) | 3,749 | 789 |
Other comprehensive loss | (3,578) | (3,054) | (310) |
Ending balance | $ 226,550 | $ 245,040 | $ 232,203 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | $ 911 | $ 8,892 | $ 0 |
Receivable as of December 31, | 1,411 | 837 | |
Incurred for the Year Ended December 31, | 15,037 | 25,244 | 45,084 |
Payable as of December 31, | 3,272 | 10,883 | |
Deferred Compensation and Other Payroll Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 658 | 0 |
Receivable as of December 31, | 0 | 0 | |
Operating expenses | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 0 | 3,594 |
Payable as of December 31, | 0 | 0 | |
Asset management fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 0 | 23,668 |
Payable as of December 31, | 0 | 0 | |
Property management fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 0 | 9,479 |
Payable as of December 31, | 0 | 0 | |
Disposition fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 641 | 177 |
Payable as of December 31, | 0 | 0 | |
Costs advanced by the advisor | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 2,000 | 3,771 | 546 |
Payable as of December 31, | 1,085 | 1,164 | |
Consulting fee - shared services | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 2,500 | 2,500 | 0 |
Payable as of December 31, | 695 | 441 | |
Acquisition fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 942 | 5,331 |
Payable as of December 31, | 0 | 0 | |
Leasing commissions | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 2,540 | 2,289 |
Payable as of December 31, | 0 | 0 | |
Earn-out | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 0 | 0 |
Payable as of December 31, | 262 | 2,919 | |
Other Fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 243 | 0 | 0 |
Receivable as of December 31, | 293 | 352 | |
Incurred for the Year Ended December 31, | 0 | 20 | 0 |
Payable as of December 31, | 0 | 0 | |
Stockholder Servicing Fee | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 692 | 0 |
Payable as of December 31, | 494 | 4,994 | |
Distributions | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 10,537 | 14,138 | 0 |
Payable as of December 31, | 736 | 1,365 | |
Griffin Capital Corporation | Payroll/Expense Allocation | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 15 | 4 | 0 |
Receivable as of December 31, | 4 | 4 | |
Griffin Capital Corporation | Payroll/Expense Allocation | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 653 | 481 | 0 |
Receivable as of December 31, | 1,114 | 481 | |
Griffin Capital Essential Asset REIT II | Payroll/Expense Allocation | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 1,217 | 0 |
Receivable as of December 31, | 0 | 0 | |
Griffin Capital Essential Asset REIT II | O&O Costs (including payroll allocated to O&O) | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 157 | 0 |
Receivable as of December 31, | 0 | 0 | |
Griffin Capital Essential Asset REIT II | Other Fees | |||
Related Party Transaction [Line Items] | |||
Incurred for the Year Ended December 31, | 0 | 6,375 | $ 0 |
Receivable as of December 31, | $ 0 | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Administrative Service Agreement | Griffin Capital Corporation | |
Related Party Transaction [Line Items] | |
Amount of transaction | $ 0.2 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019lease | |
Lessee, Lease, Description [Line Items] | ||||
Lease income | $ 314.1 | $ 291.4 | ||
Lease income recognized | $ 247.4 | |||
Number of ground leases | lease | 3 | 2 | ||
Weighted-average remaining lease term in years. | 80 years 1 month 6 days | 80 years 10 months 24 days | ||
Operating lease cost | $ 3.7 | $ 2.8 | ||
Operating lease payments | $ 1.6 | $ 1.2 | ||
Chicago Illinois Office | ||||
Lessee, Lease, Description [Line Items] | ||||
Weighted-average remaining lease term in years. | 5 years |
Operating Leases - Undiscounted
Operating Leases - Undiscounted cash flow (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 300,861 |
2022 | 302,912 |
2023 | 289,261 |
2024 | 249,419 |
2025 | 208,153 |
Thereafter | 937,408 |
Total | $ 2,288,014 |
Operating Leases - Cash paid fo
Operating Leases - Cash paid for Measurement of Lease Liabilities (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
Weighted-average remaining lease term in years. | 80 years 1 month 6 days | 80 years 10 months 24 days | |
Weighted-average discount rate (percent) | 4.98% | 4.98% | 5.36% |
Operating Leases - Operating Le
Operating Leases - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
2021 | $ 1,632 | ||
2022 | 1,675 | ||
2023 | 1,741 | ||
2024 | 1,776 | ||
2025 | 1,727 | ||
Thereafter | 285,011 | ||
Total undiscounted lease payments | 293,562 | ||
Less imputed interest | (247,916) | ||
Total lease liabilities | $ 45,646 | $ 45,020 | $ 27,600 |
Declaration of Distributions (D
Declaration of Distributions (Details) - $ / shares | Dec. 17, 2020 | Nov. 30, 2020 | Oct. 19, 2020 | Sep. 29, 2020 |
Declaration of Distributions [Abstract] | ||||
Dividends per share declared (in usd per share) | $ 0.000958904 | $ 0.000956284 | $ 0.000956284 | $ 0.000956284 |
Annualized dividends declared per share (in usd per share) | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 25, 2021$ / shares | Jan. 26, 2021$ / shares | Jan. 22, 2021USD ($)shares | Dec. 17, 2020$ / shares | Nov. 30, 2020$ / shares | Oct. 19, 2020$ / shares | Sep. 29, 2020$ / shares | Dec. 31, 2020USD ($)shares | Feb. 24, 2021USD ($)shares |
Subsequent Event [Line Items] | |||||||||
Dividends per share declared (in usd per share) | $ / shares | $ 0.000958904 | $ 0.000956284 | $ 0.000956284 | $ 0.000956284 | |||||
Annualized dividends declared per share (in usd per share) | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | |||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends per share declared (in usd per share) | $ / shares | $ 0.000958904 | $ 0.000958904 | |||||||
Annualized dividends declared per share (in usd per share) | $ / shares | $ 0.35 | $ 0.35 | |||||||
Subsequent Event | Common Class E | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares contingently receivable for each RSU (share) | 1 | ||||||||
Subsequent Event | Restricted Stock Units (RSUs) | |||||||||
Subsequent Event [Line Items] | |||||||||
Restricted shares issued (shares) | shares | 1,071,347 | ||||||||
Fair value of grants issued | $ | $ 9,600 | ||||||||
Distribution Reinvestment Plan | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued (shares) | shares | 32,978,545 | ||||||||
Proceeds from issuance of private placement | $ | $ 318,179 | ||||||||
Distribution Reinvestment Plan | Common Class E | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued (shares) | shares | 30,697,419 | ||||||||
Proceeds from issuance of private placement | $ | $ 296,930 | ||||||||
Distribution Reinvestment Plan | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued (shares) | shares | 33,532,756 | ||||||||
Proceeds from issuance of private placement | $ | $ 323,100 |
Schedule III Real Estate Asse_2
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 1,029,093 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 455,895 | |||
Building and Improvements | 3,616,395 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 253,765 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 445,674 | |||
Building and Improvements | 3,864,628 | |||
Total | 4,310,302 | $ 4,278,433 | $ 3,073,364 | $ 2,869,328 |
Accumulated Depreciation and Amortization | 817,773 | $ 668,104 | $ 538,412 | $ 426,752 |
Loan valuation discount | 600 | |||
Aggregate cost of real estate owned for income tax purposes | $ 4,100,000 | |||
Plainfield | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Plainfield | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Renfro | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Renfro | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Emporia Partners | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Emporia Partners | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
AT&T | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
AT&T | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Westinghouse | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Westinghouse | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
TransDigm | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
TransDigm | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Atrium II | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Atrium II | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Zeller Plastik | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Zeller Plastik | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Northrop Grumman | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Northrop Grumman | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Health Net | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Health Net | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Comcast | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Comcast | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
500 Rivertech | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
500 Rivertech | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Schlumberger | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Schlumberger | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
UTC | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
UTC | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Avnet | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Avnet | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Cigna | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Cigna | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Amazon - Arlington Heights | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Amazon - Arlington Heights | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Verizon | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Verizon | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Fox Head | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Fox Head | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
2500 Windy Ridge | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
2500 Windy Ridge | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
General Electric | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
General Electric | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Atlanta Wildwood | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Atlanta Wildwood | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Community Insurance | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Community Insurance | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Anthem | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Anthem | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
JPMorgan Chase | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
JPMorgan Chase | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Sterling Commerce Center | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Sterling Commerce Center | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Aetna (Arlington) | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Aetna (Arlington) | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
CHRISTUS Health | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
CHRISTUS Health | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Roush Industries | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Roush Industries | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Parkland Center | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Parkland Center | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
1200 Morris | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
1200 Morris | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
United HealthCare | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
United HealthCare | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Intermec (Northpointe Corporate Center II) | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Intermec (Northpointe Corporate Center II) | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Comcast (Northpointe Corporate Center I) | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Comcast (Northpointe Corporate Center I) | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Farmers | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Farmers | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
2200 Channahon Road | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
2200 Channahon Road | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Digital Globe | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Digital Globe | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Waste Management | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Waste Management | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Wyndham Worldwide | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Wyndham Worldwide | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
ACE Hardware Corporation HQ | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
ACE Hardware Corporation HQ | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Equifax | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Equifax | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
American Express | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
American Express | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
SoftBank | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
SoftBank | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Vanguard | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Vanguard | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Parallon | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Parallon | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
TW Telecom | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
TW Telecom | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Equifax II | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Equifax II | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Mason I | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Mason I | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Wells Fargo (Charlotte) | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Wells Fargo (Charlotte) | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
GE Aviation | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
GE Aviation | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Westgate III | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Westgate III | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
2275 Cabot Drive | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
2275 Cabot Drive | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Franklin Center | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Franklin Center | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
4650 Lakehurst Court | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
4650 Lakehurst Court | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Miramar | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Miramar | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Royal Ridge V | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Royal Ridge V | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Duke Bridges | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Duke Bridges | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Houston Westway II | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Houston Westway II | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Houston Westway I | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Houston Westway I | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Atlanta Perimeter | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Atlanta Perimeter | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
South Lake at Dulles | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
South Lake at Dulles | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Four Parkway | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Four Parkway | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Highway 94 | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Highway 94 | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Heritage IV | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Heritage IV | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Samsonite | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Samsonite | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Restoration Hardware | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Restoration Hardware | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
HealthSpring | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
HealthSpring | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
LPL | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
LPL | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
LPL | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
LPL | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Quaker | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Quaker | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,955 | |||
Building and Improvements | 15,540 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 5,436 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,955 | |||
Building and Improvements | 20,976 | |||
Total | 22,931 | |||
Accumulated Depreciation and Amortization | 3,788 | |||
Operating Properties | Plainfield | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,709 | |||
Building and Improvements | 22,209 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 7,344 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,709 | |||
Building and Improvements | 29,552 | |||
Total | 33,261 | |||
Accumulated Depreciation and Amortization | 15,568 | |||
Operating Properties | Renfro | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 12,548 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,400 | |||
Building and Improvements | 18,182 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,012 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,400 | |||
Building and Improvements | 20,194 | |||
Total | 21,594 | |||
Accumulated Depreciation and Amortization | 9,595 | |||
Operating Properties | Emporia Partners | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 1,627 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 274 | |||
Building and Improvements | 7,567 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 962 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 274 | |||
Building and Improvements | 8,530 | |||
Total | 8,804 | |||
Accumulated Depreciation and Amortization | 3,216 | |||
Operating Properties | AT&T | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 24,167 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,770 | |||
Building and Improvements | 32,420 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 718 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,770 | |||
Building and Improvements | 33,138 | |||
Total | 39,908 | |||
Accumulated Depreciation and Amortization | 11,085 | |||
Operating Properties | Westinghouse | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 20,449 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,650 | |||
Building and Improvements | 26,745 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 54 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,650 | |||
Building and Improvements | 26,799 | |||
Total | 29,449 | |||
Accumulated Depreciation and Amortization | 9,550 | |||
Operating Properties | TransDigm | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 4,276 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,773 | |||
Building and Improvements | 9,030 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 411 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,773 | |||
Building and Improvements | 9,441 | |||
Total | 13,214 | |||
Accumulated Depreciation and Amortization | 3,056 | |||
Operating Properties | Atrium II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,830 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,600 | |||
Building and Improvements | 13,500 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 10,267 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,600 | |||
Building and Improvements | 23,767 | |||
Total | 26,367 | |||
Accumulated Depreciation and Amortization | 6,864 | |||
Operating Properties | Zeller Plastik | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 8,365 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,674 | |||
Building and Improvements | 13,229 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 651 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,674 | |||
Building and Improvements | 13,881 | |||
Total | 16,555 | |||
Accumulated Depreciation and Amortization | 4,239 | |||
Operating Properties | Northrop Grumman | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 10,139 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,300 | |||
Building and Improvements | 16,188 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 39 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,300 | |||
Building and Improvements | 16,227 | |||
Total | 17,527 | |||
Accumulated Depreciation and Amortization | 6,887 | |||
Operating Properties | Health Net | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 12,548 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,182 | |||
Building and Improvements | 18,072 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 324 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,182 | |||
Building and Improvements | 18,396 | |||
Total | 22,578 | |||
Accumulated Depreciation and Amortization | 8,851 | |||
Operating Properties | Comcast | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,105 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,146 | |||
Building and Improvements | 22,826 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,788 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,146 | |||
Building and Improvements | 24,614 | |||
Total | 27,760 | |||
Accumulated Depreciation and Amortization | 11,021 | |||
Operating Properties | 500 Rivertech | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,000 | |||
Building and Improvements | 9,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 6,784 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,000 | |||
Building and Improvements | 15,784 | |||
Total | 18,784 | |||
Accumulated Depreciation and Amortization | 5,535 | |||
Operating Properties | Schlumberger | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 28,221 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,800 | |||
Building and Improvements | 47,752 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,285 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,800 | |||
Building and Improvements | 49,037 | |||
Total | 51,837 | |||
Accumulated Depreciation and Amortization | 13,537 | |||
Operating Properties | UTC | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 22,306 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,330 | |||
Building and Improvements | 37,858 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,330 | |||
Building and Improvements | 37,858 | |||
Total | 39,188 | |||
Accumulated Depreciation and Amortization | 11,482 | |||
Operating Properties | Avnet | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 18,644 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,860 | |||
Building and Improvements | 31,481 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 47 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,860 | |||
Building and Improvements | 31,528 | |||
Total | 33,388 | |||
Accumulated Depreciation and Amortization | 8,068 | |||
Operating Properties | Cigna | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 39,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,600 | |||
Building and Improvements | 48,102 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 133 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,600 | |||
Building and Improvements | 48,235 | |||
Total | 56,835 | |||
Accumulated Depreciation and Amortization | 14,678 | |||
Operating Properties | Amazon - Arlington Heights | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 7,697 | |||
Building and Improvements | 21,843 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 5,879 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 7,697 | |||
Building and Improvements | 27,722 | |||
Total | 35,419 | |||
Accumulated Depreciation and Amortization | 7,194 | |||
Operating Properties | Verizon | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 24,559 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,300 | |||
Building and Improvements | 36,768 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 14,032 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,300 | |||
Building and Improvements | 50,800 | |||
Total | 56,100 | |||
Accumulated Depreciation and Amortization | 17,817 | |||
Operating Properties | Fox Head | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,672 | |||
Building and Improvements | 23,230 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,672 | |||
Building and Improvements | 23,230 | |||
Total | 26,902 | |||
Accumulated Depreciation and Amortization | 5,916 | |||
Operating Properties | 2500 Windy Ridge | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,000 | |||
Building and Improvements | 50,227 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 17,864 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,000 | |||
Building and Improvements | 68,091 | |||
Total | 73,091 | |||
Accumulated Depreciation and Amortization | 17,417 | |||
Operating Properties | General Electric | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,050 | |||
Building and Improvements | 51,396 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 132 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,050 | |||
Building and Improvements | 51,529 | |||
Total | 56,579 | |||
Accumulated Depreciation and Amortization | 12,746 | |||
Operating Properties | Atlanta Wildwood | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,241 | |||
Building and Improvements | 23,414 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 6,114 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,241 | |||
Building and Improvements | 29,528 | |||
Total | 33,769 | |||
Accumulated Depreciation and Amortization | 10,079 | |||
Operating Properties | Community Insurance | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,177 | |||
Building and Improvements | 22,323 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 3,725 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,177 | |||
Building and Improvements | 26,047 | |||
Total | 27,224 | |||
Accumulated Depreciation and Amortization | 6,016 | |||
Operating Properties | Anthem | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 850 | |||
Building and Improvements | 8,892 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 175 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 850 | |||
Building and Improvements | 9,067 | |||
Total | 9,917 | |||
Accumulated Depreciation and Amortization | 3,016 | |||
Operating Properties | JPMorgan Chase | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,500 | |||
Building and Improvements | 39,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 978 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,500 | |||
Building and Improvements | 39,978 | |||
Total | 45,478 | |||
Accumulated Depreciation and Amortization | 11,296 | |||
Operating Properties | Sterling Commerce Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,750 | |||
Building and Improvements | 32,769 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 5,400 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,750 | |||
Building and Improvements | 38,170 | |||
Total | 42,920 | |||
Accumulated Depreciation and Amortization | 13,049 | |||
Operating Properties | Aetna (Arlington) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 36,199 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,000 | |||
Building and Improvements | 12,330 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 663 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,000 | |||
Building and Improvements | 12,994 | |||
Total | 15,994 | |||
Accumulated Depreciation and Amortization | 4,843 | |||
Operating Properties | CHRISTUS Health | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,950 | |||
Building and Improvements | 46,922 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 377 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,950 | |||
Building and Improvements | 47,299 | |||
Total | 49,249 | |||
Accumulated Depreciation and Amortization | 15,805 | |||
Operating Properties | Roush Industries | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 875 | |||
Building and Improvements | 11,375 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,492 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 875 | |||
Building and Improvements | 13,867 | |||
Total | 14,742 | |||
Accumulated Depreciation and Amortization | 3,937 | |||
Operating Properties | Parkland Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,100 | |||
Building and Improvements | 26,348 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 11,040 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,100 | |||
Building and Improvements | 37,387 | |||
Total | 40,487 | |||
Accumulated Depreciation and Amortization | 17,841 | |||
Operating Properties | 1200 Morris | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,925 | |||
Building and Improvements | 18,935 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,708 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,925 | |||
Building and Improvements | 21,643 | |||
Total | 24,568 | |||
Accumulated Depreciation and Amortization | 8,235 | |||
Operating Properties | United HealthCare | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,920 | |||
Building and Improvements | 23,510 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 8,969 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,920 | |||
Building and Improvements | 32,478 | |||
Total | 35,398 | |||
Accumulated Depreciation and Amortization | 8,865 | |||
Operating Properties | Intermec (Northpointe Corporate Center II) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,109 | |||
Building and Improvements | 6,066 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 4,576 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,109 | |||
Building and Improvements | 10,642 | |||
Total | 11,751 | |||
Accumulated Depreciation and Amortization | 3,831 | |||
Operating Properties | Comcast (Northpointe Corporate Center I) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 39,650 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,292 | |||
Building and Improvements | 16,930 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,324 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,292 | |||
Building and Improvements | 19,254 | |||
Total | 21,546 | |||
Accumulated Depreciation and Amortization | 5,486 | |||
Operating Properties | Farmers | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,750 | |||
Building and Improvements | 17,106 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 816 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,750 | |||
Building and Improvements | 17,923 | |||
Total | 20,673 | |||
Accumulated Depreciation and Amortization | 6,400 | |||
Operating Properties | 2200 Channahon Road | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,000 | |||
Building and Improvements | 46,511 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | (24,957) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,066 | |||
Building and Improvements | 25,488 | |||
Total | 27,554 | |||
Accumulated Depreciation and Amortization | 14,718 | |||
Operating Properties | Digital Globe | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,600 | |||
Building and Improvements | 83,400 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,600 | |||
Building and Improvements | 83,400 | |||
Total | 92,000 | |||
Accumulated Depreciation and Amortization | 22,299 | |||
Operating Properties | Waste Management | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 16,515 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 82 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 16,597 | |||
Total | 16,597 | |||
Accumulated Depreciation and Amortization | 5,390 | |||
Operating Properties | Wyndham Worldwide | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,200 | |||
Building and Improvements | 91,153 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,494 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,200 | |||
Building and Improvements | 93,647 | |||
Total | 99,847 | |||
Accumulated Depreciation and Amortization | 19,388 | |||
Operating Properties | ACE Hardware Corporation HQ | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 22,750 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,900 | |||
Building and Improvements | 33,945 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,900 | |||
Building and Improvements | 33,945 | |||
Total | 40,845 | |||
Accumulated Depreciation and Amortization | 8,693 | |||
Operating Properties | Equifax | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,850 | |||
Building and Improvements | 12,709 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 578 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,850 | |||
Building and Improvements | 13,287 | |||
Total | 15,137 | |||
Accumulated Depreciation and Amortization | 4,624 | |||
Operating Properties | American Express | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 15,000 | |||
Building and Improvements | 45,893 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 5,408 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 15,000 | |||
Building and Improvements | 51,300 | |||
Total | 66,300 | |||
Accumulated Depreciation and Amortization | 19,104 | |||
Operating Properties | SoftBank | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 22,789 | |||
Building and Improvements | 68,950 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 4,704 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 22,789 | |||
Building and Improvements | 73,654 | |||
Total | 96,443 | |||
Accumulated Depreciation and Amortization | 24,810 | |||
Operating Properties | Vanguard | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,230 | |||
Building and Improvements | 31,062 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 819 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,230 | |||
Building and Improvements | 31,881 | |||
Total | 34,111 | |||
Accumulated Depreciation and Amortization | 8,614 | |||
Operating Properties | Parallon | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 6,971 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,000 | |||
Building and Improvements | 16,772 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,000 | |||
Building and Improvements | 16,772 | |||
Total | 17,772 | |||
Accumulated Depreciation and Amortization | 4,519 | |||
Operating Properties | TW Telecom | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 10,554 | |||
Building and Improvements | 35,817 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,474 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 10,554 | |||
Building and Improvements | 37,292 | |||
Total | 47,846 | |||
Accumulated Depreciation and Amortization | 10,947 | |||
Operating Properties | Equifax II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,200 | |||
Building and Improvements | 12,755 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 266 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,200 | |||
Building and Improvements | 13,022 | |||
Total | 15,222 | |||
Accumulated Depreciation and Amortization | 3,920 | |||
Operating Properties | Mason I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,777 | |||
Building and Improvements | 18,489 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 746 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,777 | |||
Building and Improvements | 19,235 | |||
Total | 24,012 | |||
Accumulated Depreciation and Amortization | 2,928 | |||
Operating Properties | Wells Fargo (Charlotte) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 26,975 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,150 | |||
Building and Improvements | 40,806 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 46 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,150 | |||
Building and Improvements | 40,852 | |||
Total | 43,002 | |||
Accumulated Depreciation and Amortization | 9,743 | |||
Operating Properties | GE Aviation | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,400 | |||
Building and Improvements | 61,681 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,400 | |||
Building and Improvements | 61,681 | |||
Total | 66,081 | |||
Accumulated Depreciation and Amortization | 15,656 | |||
Operating Properties | Westgate III | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,209 | |||
Building and Improvements | 75,937 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,209 | |||
Building and Improvements | 75,937 | |||
Total | 79,146 | |||
Accumulated Depreciation and Amortization | 16,145 | |||
Operating Properties | 2275 Cabot Drive | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,788 | |||
Building and Improvements | 16,200 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | (10,796) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 373 | |||
Building and Improvements | 7,818 | |||
Total | 8,191 | |||
Accumulated Depreciation and Amortization | 6,504 | |||
Operating Properties | Franklin Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,989 | |||
Building and Improvements | 46,875 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,436 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,989 | |||
Building and Improvements | 48,311 | |||
Total | 55,300 | |||
Accumulated Depreciation and Amortization | 9,780 | |||
Operating Properties | 4650 Lakehurst Court | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,943 | |||
Building and Improvements | 22,651 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 808 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,943 | |||
Building and Improvements | 23,459 | |||
Total | 26,402 | |||
Accumulated Depreciation and Amortization | 8,308 | |||
Operating Properties | Miramar | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,488 | |||
Building and Improvements | 19,979 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,233 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,488 | |||
Building and Improvements | 22,212 | |||
Total | 26,700 | |||
Accumulated Depreciation and Amortization | 5,145 | |||
Operating Properties | Royal Ridge V | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 21,385 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,842 | |||
Building and Improvements | 22,052 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 3,667 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,842 | |||
Building and Improvements | 25,719 | |||
Total | 27,561 | |||
Accumulated Depreciation and Amortization | 5,507 | |||
Operating Properties | Duke Bridges | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 27,475 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,239 | |||
Building and Improvements | 51,395 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 7,867 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,239 | |||
Building and Improvements | 59,263 | |||
Total | 67,502 | |||
Accumulated Depreciation and Amortization | 11,167 | |||
Operating Properties | Houston Westway II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,961 | |||
Building and Improvements | 78,668 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,461 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,961 | |||
Building and Improvements | 80,129 | |||
Total | 84,090 | |||
Accumulated Depreciation and Amortization | 19,740 | |||
Operating Properties | Houston Westway I | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,540 | |||
Building and Improvements | 30,703 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | (2,647) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,668 | |||
Building and Improvements | 16,175 | |||
Total | 18,843 | |||
Accumulated Depreciation and Amortization | 6,425 | |||
Operating Properties | Atlanta Perimeter | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 69,461 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,382 | |||
Building and Improvements | 96,718 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 957 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,382 | |||
Building and Improvements | 97,675 | |||
Total | 106,057 | |||
Accumulated Depreciation and Amortization | 31,017 | |||
Operating Properties | South Lake at Dulles | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 9,666 | |||
Building and Improvements | 74,098 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 26,501 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 9,666 | |||
Building and Improvements | 100,599 | |||
Total | 110,265 | |||
Accumulated Depreciation and Amortization | 18,592 | |||
Operating Properties | Four Parkway | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,339 | |||
Building and Improvements | 37,298 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 4,228 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,339 | |||
Building and Improvements | 41,526 | |||
Total | 45,865 | |||
Accumulated Depreciation and Amortization | 11,510 | |||
Operating Properties | Highway 94 | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 14,689 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,637 | |||
Building and Improvements | 25,280 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,637 | |||
Building and Improvements | 25,280 | |||
Total | 30,917 | |||
Accumulated Depreciation and Amortization | 6,306 | |||
Operating Properties | Heritage IV | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,330 | |||
Building and Improvements | 26,376 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 4,744 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,330 | |||
Building and Improvements | 31,120 | |||
Total | 33,450 | |||
Accumulated Depreciation and Amortization | 6,209 | |||
Operating Properties | Samsonite | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 20,165 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,040 | |||
Building and Improvements | 42,490 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 11 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,040 | |||
Building and Improvements | 42,501 | |||
Total | 47,541 | |||
Accumulated Depreciation and Amortization | 7,711 | |||
Operating Properties | Restoration Hardware | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 78,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 15,463 | |||
Building and Improvements | 36,613 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 37,693 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 15,463 | |||
Building and Improvements | 74,305 | |||
Total | 89,768 | |||
Accumulated Depreciation and Amortization | 18,432 | |||
Operating Properties | HealthSpring | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 20,208 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,126 | |||
Building and Improvements | 31,447 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 43 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,126 | |||
Building and Improvements | 31,490 | |||
Total | 39,616 | |||
Accumulated Depreciation and Amortization | 6,971 | |||
Operating Properties | LPL | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,612 | |||
Building and Improvements | 86,352 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,612 | |||
Building and Improvements | 86,352 | |||
Total | 90,964 | |||
Accumulated Depreciation and Amortization | 7,821 | |||
Operating Properties | LPL | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,274 | |||
Building and Improvements | 41,509 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,273 | |||
Building and Improvements | 41,509 | |||
Total | 42,782 | |||
Accumulated Depreciation and Amortization | 3,760 | |||
Operating Properties | Quaker | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,433 | |||
Building and Improvements | 55,341 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,433 | |||
Building and Improvements | 55,341 | |||
Total | 60,774 | |||
Accumulated Depreciation and Amortization | 4,760 | |||
Operating Properties | McKesson | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 312 | |||
Building and Improvements | 69,760 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 312 | |||
Building and Improvements | 69,760 | |||
Total | 70,072 | |||
Accumulated Depreciation and Amortization | $ 9,879 | |||
Operating Properties | McKesson | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | McKesson | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Shaw Industries | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,465 | |||
Building and Improvements | 57,116 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,465 | |||
Building and Improvements | 57,116 | |||
Total | 62,581 | |||
Accumulated Depreciation and Amortization | $ 4,737 | |||
Operating Properties | Shaw Industries | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Shaw Industries | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | GEAR Entities | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,584 | |||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,584 | |||
Building and Improvements | 0 | |||
Total | 1,584 | |||
Accumulated Depreciation and Amortization | 0 | |||
Operating Properties | Owens Corning | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 3,295 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 867 | |||
Building and Improvements | 4,418 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 901 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 867 | |||
Building and Improvements | 5,319 | |||
Total | 6,186 | |||
Accumulated Depreciation and Amortization | $ 500 | |||
Operating Properties | Owens Corning | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Owens Corning | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Westgate II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 34,152 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 7,716 | |||
Building and Improvements | 48,422 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 870 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 7,716 | |||
Building and Improvements | 49,292 | |||
Total | 57,008 | |||
Accumulated Depreciation and Amortization | $ 5,047 | |||
Operating Properties | Westgate II | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Westgate II | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Administrative Office of Pennsylvania Courts | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 6,061 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,246 | |||
Building and Improvements | 9,626 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 498 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,246 | |||
Building and Improvements | 10,125 | |||
Total | 11,371 | |||
Accumulated Depreciation and Amortization | $ 972 | |||
Operating Properties | Administrative Office of Pennsylvania Courts | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Administrative Office of Pennsylvania Courts | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | American Express Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 54,823 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 10,595 | |||
Building and Improvements | 82,098 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 3,109 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 10,595 | |||
Building and Improvements | 85,207 | |||
Total | 95,802 | |||
Accumulated Depreciation and Amortization | $ 9,882 | |||
Operating Properties | American Express Center | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | American Express Center | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | MGM Corporate Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 18,154 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,546 | |||
Building and Improvements | 25,825 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,223 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,546 | |||
Building and Improvements | 27,049 | |||
Total | 31,595 | |||
Accumulated Depreciation and Amortization | $ 2,823 | |||
Operating Properties | MGM Corporate Center | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | MGM Corporate Center | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | American Showa | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 10,306 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,214 | |||
Building and Improvements | 16,538 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,427 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,214 | |||
Building and Improvements | 18,965 | |||
Total | 20,179 | |||
Accumulated Depreciation and Amortization | $ 1,588 | |||
Operating Properties | American Showa | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | American Showa | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Huntington Ingalls | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 6,213 | |||
Building and Improvements | 29,219 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,670 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,213 | |||
Building and Improvements | 31,889 | |||
Total | 38,102 | |||
Accumulated Depreciation and Amortization | $ 2,712 | |||
Operating Properties | Huntington Ingalls | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Huntington Ingalls | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Wyndham | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 9,677 | |||
Building and Improvements | 71,316 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,742 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 9,677 | |||
Building and Improvements | 73,058 | |||
Total | 82,735 | |||
Accumulated Depreciation and Amortization | $ 5,678 | |||
Operating Properties | Wyndham | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Wyndham | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Exel | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 978 | |||
Building and Improvements | 14,137 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,568 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 978 | |||
Building and Improvements | 16,705 | |||
Total | 17,683 | |||
Accumulated Depreciation and Amortization | $ 1,941 | |||
Operating Properties | Exel | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Exel | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Rapiscan Systems | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,006 | |||
Building and Improvements | 10,270 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 484 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,006 | |||
Building and Improvements | 10,755 | |||
Total | 12,761 | |||
Accumulated Depreciation and Amortization | $ 1,013 | |||
Operating Properties | Rapiscan Systems | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Rapiscan Systems | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Aetna | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,332 | |||
Building and Improvements | 18,486 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,598 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,332 | |||
Building and Improvements | 20,084 | |||
Total | 22,416 | |||
Accumulated Depreciation and Amortization | $ 2,003 | |||
Operating Properties | Aetna | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Aetna | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Atlas Copco | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,156 | |||
Building and Improvements | 18,297 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,505 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,156 | |||
Building and Improvements | 19,802 | |||
Total | 20,958 | |||
Accumulated Depreciation and Amortization | $ 1,729 | |||
Operating Properties | Atlas Copco | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Atlas Copco | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Toshiba TEC | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,916 | |||
Building and Improvements | 36,374 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,423 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,916 | |||
Building and Improvements | 38,796 | |||
Total | 40,712 | |||
Accumulated Depreciation and Amortization | $ 3,246 | |||
Operating Properties | Toshiba TEC | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Toshiba TEC | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | NETGEAR | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 22,600 | |||
Building and Improvements | 28,859 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,700 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 22,600 | |||
Building and Improvements | 30,559 | |||
Total | 53,159 | |||
Accumulated Depreciation and Amortization | $ 3,799 | |||
Operating Properties | NETGEAR | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | NETGEAR | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Nike | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 8,186 | |||
Building and Improvements | 41,184 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,164 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 8,187 | |||
Building and Improvements | 43,347 | |||
Total | 51,534 | |||
Accumulated Depreciation and Amortization | $ 5,512 | |||
Operating Properties | Nike | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Nike | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Zebra Technologies | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,927 | |||
Building and Improvements | 58,688 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,255 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,927 | |||
Building and Improvements | 59,943 | |||
Total | 65,870 | |||
Accumulated Depreciation and Amortization | $ 6,168 | |||
Operating Properties | Zebra Technologies | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Zebra Technologies | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | WABCO | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,226 | |||
Building and Improvements | 13,902 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 839 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,226 | |||
Building and Improvements | 14,741 | |||
Total | 15,967 | |||
Accumulated Depreciation and Amortization | $ 860 | |||
Operating Properties | WABCO | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | WABCO | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | IGT | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 45,300 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,673 | |||
Building and Improvements | 67,610 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,021 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,673 | |||
Building and Improvements | 69,631 | |||
Total | 75,304 | |||
Accumulated Depreciation and Amortization | $ 4,501 | |||
Operating Properties | IGT | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | IGT | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | 3M | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 43,600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 5,802 | |||
Building and Improvements | 75,758 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 6,391 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,802 | |||
Building and Improvements | 82,148 | |||
Total | 87,950 | |||
Accumulated Depreciation and Amortization | $ 4,388 | |||
Operating Properties | 3M | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | 3M | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Amazon - Etna | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 61,500 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,773 | |||
Building and Improvements | 95,475 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 11,546 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,773 | |||
Building and Improvements | 107,021 | |||
Total | 111,794 | |||
Accumulated Depreciation and Amortization | $ 6,799 | |||
Operating Properties | Amazon - Etna | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Amazon - Etna | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Zoetis | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,718 | |||
Building and Improvements | 44,082 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 735 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,718 | |||
Building and Improvements | 44,817 | |||
Total | 48,535 | |||
Accumulated Depreciation and Amortization | $ 3,268 | |||
Operating Properties | Zoetis | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Zoetis | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Southern Company | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 99,600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 7,794 | |||
Building and Improvements | 157,724 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,457 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 7,794 | |||
Building and Improvements | 159,181 | |||
Total | 166,975 | |||
Accumulated Depreciation and Amortization | $ 7,615 | |||
Life on which depreciation in latest income statement is computed | 38 years | |||
Operating Properties | Allstate | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,109 | |||
Building and Improvements | 13,096 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 553 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,109 | |||
Building and Improvements | 13,649 | |||
Total | 16,758 | |||
Accumulated Depreciation and Amortization | $ 1,214 | |||
Operating Properties | Allstate | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Allstate | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | MISO | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,725 | |||
Building and Improvements | 25,848 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 971 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,725 | |||
Building and Improvements | 26,820 | |||
Total | 30,545 | |||
Accumulated Depreciation and Amortization | $ 2,074 | |||
Operating Properties | MISO | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | MISO | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | McKesson II | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 36,959 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 4,681 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 41,640 | |||
Total | 41,640 | |||
Accumulated Depreciation and Amortization | $ 2,794 | |||
Operating Properties | McKesson II | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | McKesson II | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Pepsi Bottling Ventures | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 18,590 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,407 | |||
Building and Improvements | 31,783 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 954 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,407 | |||
Building and Improvements | 32,734 | |||
Total | 36,141 | |||
Accumulated Depreciation and Amortization | $ 1,033 | |||
Operating Properties | Pepsi Bottling Ventures | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 5 years | |||
Operating Properties | Pepsi Bottling Ventures | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 40 years | |||
Operating Properties | Others | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 95 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 95 | |||
Total | 95 | |||
Accumulated Depreciation and Amortization | $ 26 |
Schedule III Real Estate Asse_3
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate facilities | |||
Balance at beginning of year | $ 4,278,433 | $ 3,073,364 | $ 2,869,328 |
Acquisitions | 36,144 | 1,305,998 | 193,430 |
Construction costs and improvements | 72,306 | 51,440 | 26,883 |
Impairment provision | (23,472) | (30,734) | 0 |
Sale of real estate assets | (53,109) | (121,635) | (16,277) |
Balance at end of year | 4,310,302 | 4,278,433 | 3,073,364 |
Accumulated depreciation | |||
Balance at beginning of year | 668,104 | 538,412 | 426,752 |
Depreciation and amortization expense | 161,056 | 153,425 | 119,168 |
Less: Non-real estate assets depreciation expense | (4,619) | (7,769) | (3,584) |
Less: Sale of real estate assets depreciation expense | (6,768) | (15,964) | (3,924) |
Balance at end of year | 817,773 | 668,104 | 538,412 |
Total real estate, net | $ 3,492,529 | $ 3,610,329 | $ 2,534,952 |
Uncategorized Items - gcnl-2020
Label | Element | Value |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability | $ 25,521,000 |