Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 24, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-55605 | ||
Entity Registrant Name | Peakstone Realty Trust | ||
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 | 606-3200 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Documents Incorporated by Reference | 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 2023 Annual Meeting of Shareholders. | ||
Entity Central Index Key | 0001600626 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Class T | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 62,124 | ||
Class S | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 200 | ||
Class D | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,668 | ||
Class I | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 212,424 | ||
Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,714,120 | ||
Class AA | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,272,834 | ||
Class AAA | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 102,993 | ||
Class E | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 27,629,649 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Los Angeles, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Cash and cash equivalents | $ 233,180 | $ 168,618 | |
Restricted cash | 4,764 | 17,522 | |
Real estate: | |||
Land | 327,408 | 584,291 | |
Building and improvements | 2,631,965 | 4,104,782 | |
Tenant origination and absorption cost | 535,889 | 876,324 | |
Construction in progress | 1,994 | 4,763 | |
Total real estate | 3,497,256 | 5,570,160 | |
Less: accumulated depreciation and amortization | (644,639) | (993,323) | |
Total real estate, net | 2,852,617 | 4,576,837 | |
Investments in unconsolidated entities | 178,647 | 0 | |
Intangible assets, net | 33,861 | 43,100 | |
Deferred rent receivable | 79,572 | 108,896 | |
Deferred leasing costs, net | 26,507 | 44,505 | |
Goodwill | 94,678 | 229,948 | |
Due from affiliates | 0 | 271 | |
Right of use assets | 35,453 | 39,482 | |
Other assets | 31,877 | 40,382 | |
Real estate assets and other assets held for sale, net | 20,816 | 0 | |
Total assets | 3,633,376 | 5,273,017 | |
LIABILITIES AND EQUITY | |||
Debt, net | 1,485,402 | 2,532,377 | |
Restricted reserves | 627 | 8,644 | |
Interest rate swap liability | 0 | 25,108 | |
Distributions payable | 12,402 | 12,396 | |
Due to affiliates | 1,458 | 2,418 | |
Intangible liabilities, net | 20,658 | 30,626 | |
Lease liability | 46,519 | 50,896 | |
Accrued expenses and other liabilities | 80,175 | 109,121 | |
Total liabilities | 1,647,241 | 2,771,586 | |
Commitments and contingencies (Note 13) | |||
Noncontrolling interests subject to redemption; 556,099 and 556,099 units as of December 31, 2022 and December 31, 2021, respectively | 3,812 | 4,768 | |
Shareholders’ equity: | |||
Common stock, $0.001 par value; 800,000,000 shares authorized; 324,638,112 and 324,638,112 shares outstanding in the aggregate as of December 31, 2022 and December 31, 2021, respectively. | [1] | 36 | 36 |
Additional paid-in-capital | 2,948,600 | 2,952,261 | |
Cumulative distributions | (1,036,678) | (922,562) | |
Accumulated earnings | (269,926) | 141,983 | |
Accumulated other comprehensive income (loss) | 40,636 | (18,708) | |
Total shareholders’ equity | 1,682,668 | 2,153,010 | |
Noncontrolling interests | 174,655 | 218,653 | |
Total equity | 1,857,323 | 2,371,663 | |
Total liabilities and equity | 3,633,376 | 5,273,017 | |
Interest Rate Swap | |||
Real estate: | |||
Interest Rate Swap Asset | 41,404 | 3,456 | |
Perpetual Convertible Preferred Shares | |||
LIABILITIES AND EQUITY | |||
Perpetual convertible preferred shares and common stock subject to redemption | $ 125,000 | $ 125,000 | |
[1]See Note 9, Equity , for the number of shares outstanding of each class of common shares as of December 31, 2022. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Noncontrolling interest, units eligible towards redemption (in shares) | 556,099 | 556,099 |
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) | 35,999,898 | 36,070,902 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Rental income | $ 416,485 | $ 459,872 | $ 397,452 |
Expenses: | |||
Property operating expense | 52,451 | 61,259 | 57,461 |
Property tax expense | 37,317 | 41,248 | 37,590 |
Property management fees to non-affiliates | 3,496 | 4,066 | 3,656 |
General and administrative expenses | 39,893 | 40,479 | 38,633 |
Corporate operating expenses to affiliates | 1,349 | 2,520 | 2,500 |
Impairment provision, real estate | 127,577 | 4,242 | 23,472 |
Depreciation and amortization | 190,745 | 209,638 | 161,056 |
Total expenses | 452,828 | 363,452 | 324,368 |
Income before other income (expenses) | (36,343) | 96,420 | 73,084 |
Other income (expenses): | |||
Interest expense | (84,816) | (85,087) | (79,646) |
Debt breakage costs | (13,249) | 0 | 0 |
Other income, net | (45) | 1,521 | 3,228 |
Net loss from investment in unconsolidated entities | (9,993) | 8 | (6,523) |
(Loss) gain from disposition of assets | (139,280) | (326) | 4,083 |
Impairment provision, goodwill | (135,270) | 0 | 0 |
Transaction expenses | (22,386) | (966) | 0 |
Net (loss) income | (441,382) | 11,570 | (5,774) |
Distributions to redeemable preferred shareholders | (10,063) | (9,698) | (8,708) |
Net (income) loss attributable to noncontrolling interests | 39,714 | (66) | 1,732 |
Net income (loss) attributable to controlling interest | (411,731) | 1,806 | (12,750) |
Distributions to redeemable noncontrolling interests attributable to common shareholders | (178) | (177) | (208) |
Net (loss) income attributable to common shareholders | $ (411,909) | $ 1,629 | $ (12,958) |
Net (loss) income attributable to common stockholders per share, basic (in usd per share) | $ (11.41) | $ 0.04 | $ (0.52) |
Net (loss) income attributable to common stockholders per share, diluted (in usd per share) | $ (11.41) | $ 0.04 | $ (0.52) |
Weighted average number of common shares outstanding - basic (in shares) | 36,057,825 | 34,361,208 | 25,560,283 |
Weighted average number of common shares outstanding - diluted (in shares) | 36,057,825 | 34,361,208 | 25,560,283 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (441,382) | $ 11,570 | $ (5,774) |
Other comprehensive income: | |||
Equity in other comprehensive (loss) income of unconsolidated joint venture | 1,880 | 0 | 0 |
Change in fair value of swap agreements | 63,182 | 32,449 | (29,704) |
Total comprehensive income | (376,320) | 44,019 | (35,478) |
Distributions to redeemable preferred shareholders | (10,063) | (9,698) | (8,708) |
Distributions to redeemable noncontrolling interests attributable to common shareholders | (178) | (177) | (208) |
Comprehensive loss (income) attributable to noncontrolling interests | 33,996 | (3,222) | 5,310 |
Comprehensive (loss) income attributable to common shareholders | $ (352,565) | $ 30,922 | $ (39,084) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Shareholders’ Equity | Common Shares | Additional Paid-In Capital | Cumulative Distributions | Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Non-controlling Interests |
Balance (in shares) at Dec. 31, 2019 | 25,317,080 | |||||||
Balance at Dec. 31, 2019 | $ 1,721,517 | $ 1,476,477 | $ 25 | $ 2,060,807 | $ (715,792) | $ 153,312 | $ (21,875) | $ 245,040 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Gross proceeds from issuance of common shares (in shares) | 48,148 | |||||||
Gross proceeds from issuance of common shares | 4,141 | 4,141 | 4,141 | |||||
Deferred equity compensation (in shares) | 48,523 | |||||||
Deferred equity compensation | 4,106 | 4,106 | 4,106 | |||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares (in shares) | (8,761) | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares | (751) | (751) | (751) | |||||
Cash distributions to common shareholders | (69,532) | (69,532) | (69,532) | |||||
Issuance of shares for distribution reinvestment plan (in shares) | 299,285 | |||||||
Issuance of shares for distribution reinvestment plan | 1,677 | 1,677 | $ 1 | 24,496 | (22,820) | |||
Repurchase of common stock (in shares) | (204,654) | |||||||
Repurchase of common shares | (16,518) | (16,518) | $ (1) | (16,517) | ||||
Reclass of noncontrolling interest subject to redemption | 224 | 224 | ||||||
Repurchase of noncontrolling interest | (1,137) | (1,137) | ||||||
Reclass of common shares subject to redemption | 18,528 | 18,528 | 18,528 | |||||
Issuance of share dividend for noncontrolling interest | 1,068 | 1,068 | ||||||
Issuance of share dividends (in shares) | 91,566 | |||||||
Issuance of share dividends | 1,941 | 1,941 | $ 1 | 7,688 | (5,748) | |||
Distributions to noncontrolling interests | (13,306) | (13,306) | ||||||
Distributions to noncontrolling interests subject to redemption | (29) | (29) | ||||||
Offering costs | 737 | 737 | 737 | |||||
Net (loss) income | (14,690) | (12,958) | (12,958) | (1,732) | ||||
Other comprehensive (loss) income | (29,704) | (26,126) | (26,126) | (3,578) | ||||
Balance (in shares) at Dec. 31, 2020 | 25,591,187 | |||||||
Balance at Dec. 31, 2020 | 1,608,272 | 1,381,722 | $ 26 | 2,103,235 | (813,892) | 140,354 | (48,001) | 226,550 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Deferred equity compensation (in shares) | 96,528 | |||||||
Deferred equity compensation | 8,889 | 8,889 | $ 0 | 8,889 | ||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares (in shares) | (35,200) | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares | (2,875) | (2,875) | (2,875) | |||||
Cash distributions to common shareholders | (88,262) | (88,262) | (88,262) | |||||
Issuance of shares for distribution reinvestment plan (in shares) | 282,361 | |||||||
Issuance of shares for distribution reinvestment plan | 2,477 | 2,477 | $ 0 | 22,885 | (20,408) | |||
Repurchase of common stock (in shares) | (248,159) | |||||||
Repurchase of common shares | (20,172) | (20,172) | $ 0 | (20,172) | ||||
Reclass of noncontrolling interest subject to redemption | (159) | (159) | ||||||
Repurchase of noncontrolling interest | 0 | |||||||
Reclass of common shares subject to redemption | 2,037 | 2,037 | 2,037 | |||||
Issuance of share dividend for noncontrolling interest | 0 | |||||||
Issuance of shares related to the CCIT II Merger (in shares) | 10,384,185 | |||||||
Issuance of shares related to the CCIT II Merger | 838,315 | 838,315 | $ 10 | 838,305 | ||||
Distributions to noncontrolling interests | (10,942) | (10,942) | ||||||
Distributions to noncontrolling interests subject to redemption | (18) | (18) | ||||||
Offering costs | (43) | (43) | (43) | |||||
Net (loss) income | 1,695 | 1,629 | 1,629 | 66 | ||||
Other comprehensive (loss) income | $ 32,449 | 29,293 | 29,293 | 3,156 | ||||
Balance (in shares) at Dec. 31, 2021 | 36,070,902 | 36,070,902 | ||||||
Balance at Dec. 31, 2021 | $ 2,371,663 | 2,153,010 | $ 36 | 2,952,261 | (922,562) | 141,983 | (18,708) | 218,653 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Deferred equity compensation (in shares) | 125,176 | |||||||
Deferred equity compensation | 9,573 | 9,573 | $ 0 | 9,573 | ||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares (in shares) | (46,448) | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted shares | (3,189) | (3,189) | (3,189) | |||||
Cash distributions to common shareholders | (114,116) | (114,116) | (114,116) | |||||
Issuance of shares for distribution reinvestment plan (in shares) | 2 | |||||||
Issuance of shares for distribution reinvestment plan | 0 | 0 | $ 0 | 0 | 0 | |||
Repurchase of common stock (in shares) | (149,730) | |||||||
Repurchase of common shares | (9,999) | (9,999) | $ 0 | (9,999) | ||||
Reclass of noncontrolling interest subject to redemption | 957 | 957 | ||||||
Repurchase of noncontrolling interest | 0 | |||||||
Issuance of share dividend for noncontrolling interest | 0 | |||||||
Distributions to noncontrolling interests | (10,942) | (10,942) | ||||||
Distributions to noncontrolling interests subject to redemption | (17) | (17) | ||||||
Offering costs | (46) | (46) | (46) | |||||
Net (loss) income | (451,623) | (411,909) | (411,909) | (39,714) | ||||
Other comprehensive (loss) income | $ 65,062 | 59,344 | 59,344 | 5,718 | ||||
Balance (in shares) at Dec. 31, 2022 | 35,999,898 | 35,999,898 | ||||||
Balance at Dec. 31, 2022 | $ 1,857,323 | $ 1,682,668 | $ 36 | $ 2,948,600 | $ (1,036,678) | $ (269,926) | $ 40,636 | $ 174,655 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | |||
Net (loss) income | $ (441,382) | $ 11,570 | $ (5,774) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation of building and building improvements | 113,191 | 125,388 | 93,980 |
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs | 79,049 | 85,502 | 67,076 |
Amortization of below market leases, net | (2,205) | (1,323) | (2,292) |
Amortization of deferred financing costs and debt premium | 5,724 | 3,593 | 2,607 |
Amortization of swap interest | 126 | 126 | 126 |
Deferred rent | (13,350) | (8,718) | (25,687) |
Deferred rent, ground lease | 0 | 0 | 2,065 |
Write-off reserves | 0 | (1,166) | 0 |
(Gain)/loss from sale of depreciable operating property | 139,280 | 326 | (4,083) |
Gain on fair value of earn-out | 0 | (65) | (2,657) |
Loss (income) from investment in unconsolidated entities | 10,979 | (8) | 2,071 |
Investment in unconsolidated entities valuation adjustment | 0 | 0 | 4,453 |
Loss from investments | 194 | 125 | 31 |
Impairment provision - real estate assets | 127,577 | 4,242 | 23,472 |
Impairment provision - goodwill | 135,270 | 0 | 0 |
Share-based compensation | 9,574 | 7,469 | 4,107 |
Change in operating assets and liabilities: | |||
Deferred leasing costs and other assets | 1,002 | (13,938) | 4,383 |
Restricted reserves | 0 | (490) | 27 |
Accrued expenses and other liabilities | (11,664) | (8,003) | 4,203 |
Due to affiliates, net | (689) | 349 | (3,570) |
Net cash provided by operating activities | 152,676 | 204,979 | 164,538 |
Investing Activities: | |||
Cash acquired in connection with the CCIT II Merger, net of acquisition costs | 0 | (36,746) | 0 |
Acquisition of properties, net | 0 | 0 | (16,584) |
Proceeds from disposition of properties | 1,120,803 | 22,408 | 51,692 |
Restricted reserves | (266) | 1,078 | (1,530) |
Real estate acquisition deposits | 0 | 0 | 1,047 |
Payments for construction in progress | (17,494) | (49,260) | (58,938) |
Investment in unconsolidated joint venture | 0 | 0 | (8,160) |
Distributions of capital from investment in unconsolidated entities | 0 | 42 | 8,531 |
Sale of investment in unconsolidated entities | 31,000 | 0 | 0 |
Purchase of investment in unconsolidated entities | (34,558) | 0 | 0 |
Purchase of investments | (1,142) | (332) | (1,029) |
Net cash provided by (used in) investing activities | 1,098,343 | (62,810) | (24,971) |
Financing Activities: | |||
Proceeds from borrowings - Revolver/KeyBank Loans | 0 | 0 | 215,000 |
Proceeds from borrowings - Term Loan | 0 | 400,000 | 0 |
Principal payoff of indebtedness - CCIT II Credit Facility | 0 | (415,500) | 0 |
Principal payoff of secured indebtedness - Revolver Loan | (373,500) | 0 | (53,000) |
Principal payoff of secured indebtedness - Mortgage Debt | (469,777) | (1,292) | 0 |
Principal payoff of indebtedness - Term Loan | (200,000) | 0 | |
Principal amortization payments on secured indebtedness | (8,736) | (9,786) | (7,362) |
Deferred financing costs | (2,724) | (567) | (4,725) |
Offering costs | (43) | (47) | (594) |
Repurchase of common shares | (5,617) | (25,517) | (107,821) |
Repurchase of noncontrolling interest | 0 | 0 | (1,137) |
Issuance of common shares, net of discounts and underwriting costs | 0 | 0 | 4,698 |
Repurchase of common shares to satisfy employee tax withholding requirements | (3,189) | (2,874) | (751) |
Dividends paid on preferred units subject to redemption | (10,063) | (9,542) | (8,396) |
Distributions to noncontrolling interests | (11,136) | (11,134) | (13,290) |
Distributions to common shareholders | (114,110) | (82,976) | (72,143) |
Financing lease payment | (320) | (100) | 0 |
Net cash used in financing activities | (1,199,215) | (159,335) | (49,521) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 51,804 | (17,166) | 90,046 |
Cash, cash equivalents and restricted cash at the beginning of the period | 186,140 | 203,306 | 113,260 |
Cash, cash equivalents and restricted cash at the end of the period | 237,944 | 186,140 | 203,306 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 75,122 | 80,958 | 80,155 |
Supplemental disclosures of non-cash investing and financing transactions: | |||
Distributions payable to common shareholders | 9,678 | 9,672 | 6,864 |
Distributions payable to noncontrolling interests | 946 | 946 | 943 |
Common shares issued pursuant to the distribution reinvestment plan | 0 | 22,886 | 24,497 |
Common share redemptions funded subsequent to period-end | 4,383 | 0 | 5,345 |
Issuance of share dividends | 0 | 0 | 5,747 |
Mortgage debt assumed in conjunction with the acquisition of real estate assets plus a premium | 0 | 0 | 18,884 |
Accrued for construction in progress | 35 | 1,114 | 472 |
Accrued tenant obligations | 620 | 10,123 | 30,011 |
Change in fair value swap agreement | 63,182 | 32,449 | (29,704) |
Decrease in shareholder servicing fee payable | (92) | 0 | (1,388) |
Net assets acquired in mergers | 0 | 838,315 | 0 |
Capitalized transaction costs paid in prior period | 0 | 2,170 | 0 |
Accounting Standards Update 2016-02 | |||
Supplemental disclosures of non-cash investing and financing transactions: | |||
Operating lease right-of-use assets obtained in exchange for lease liabilities | $ 1,358 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Peakstone Realty Trust (formerly known as Griffin Realty Trust, Griffin Realty Trust, Inc. and Griffin Capital Essential Asset REIT, Inc.) (“PKST” or the “Company”) is an internally managed, publicly registered real estate investment trust (“REIT”) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. The Company’s fiscal year-end is December 31. On December 14, 2018, the Company, Griffin Capital Essential Asset Operating Partnership II, L.P. (the “GCEAR II Operating Partnership”), the Company’s wholly-owned subsidiary Globe Merger Sub, LLC (“EA Merger Sub”), the entity formerly known as Griffin Capital Essential Asset REIT, Inc. (“our Predecessor”), and PKST OP, L.P. (formerly known as GRT OP, L.P. and Griffin Capital Essential Asset Operating Partnership, L.P.) (the “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) our Predecessor merged with and into EA Merger Sub, with EA Merger Sub surviving as the Company’s direct, wholly-owned subsidiary (the “EA Company Merger”) and (ii) the GCEAR II Operating Partnership merged with and into the Operating Partnership (the “EA Partnership Merger” and, together with the EA Company Merger, the “Predecessor Mergers”), with the Operating Partnership surviving the EA Partnership Merger. In addition, on April 30, 2019, following the Predecessor Mergers, EA Merger Sub merged into the Company. On March 1, 2021, the Company completed its acquisition of Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) for approximately $1.3 billion, including transaction costs, in a stock-for-stock transaction (the “CCIT II Merger”). At the effective time of the CCIT II Merger, each issued and outstanding share of CCIT II Class A common shares and each issued and outstanding share of CCIT II Class T common shares were converted into the right to receive 0.155 Class E common shares. On July 1, 2021, the Company changed its name from Griffin Capital Essential Asset REIT, Inc. to Griffin Realty Trust, Inc. and the Operating Partnership changed its name from Griffin Capital Essential Asset Operating Partnership, L.P. to GRT OP, L.P. On November 10, 2022, the Company completed an internal restructuring pursuant to which the Operating Partnership became wholly owned by an operating company, GRT OP LLC (the “Operating Company”). On February 23, 2023, the Company completed an additional restructuring to restore the Company’s operating structure to its condition prior to the internal restructuring. The Operating Partnership owns, directly and indirectly, all of the properties that the Company has acquired. As of December 31, 2022, (i) the Company indirectly owned approximately 91.0% of the outstanding limited liability company units of the Operating Company ("OP Units"), (ii) the former sponsor and certain of its affiliates owned approximately 7.8% of the OP Units, including approximately 2.4 million OP Units owned by the Company’s current Executive Chairman and Chairman of the Company's Board of Trustees (the "Board"), Kevin A. Shields, a result of the contribution of five properties to the Company and the internalization of management of GRT in December 2018 (the "Self-Administration Transaction"), and (iii) the remaining approximately 1.2% of the OP Units are owned by unaffiliated third parties. The Operating Partnership may conduct certain activities through one or more of the Company’s taxable REIT subsidiaries, which are wholly-owned subsidiaries of the Operating Partnership. As of December 31, 2022, the Company ha d issued 31,904,106 common shares (approximately $2.8 billion) of common shares since November 9, 2009 in various private offerings, public offerings, distribution reinvestment plan ("DRP") offerings and mergers (includes our Predecessor’s offerings and our Predecessor’s merger with Signature Office REIT, Inc. and the CCIT II Merger). There were 35,999,898 common shares outstanding as of December 31, 2022, including shares issued pursuant to the DRP, less shares redeemed pursuant to the share redemption program ("SRP") and a self-tender offer. As of December 31, 2022 and 2021, the Company had issued approximately $341.1 million in shares pursuant to the DRP. On March 10, 2023, the Company completed a one-for-nine reverse share split with respect to each class of its common shares, converting every nine shares of the Company’s issued and outstanding common shares of each class into one share of such class, with no changes to the $0.001 par value per share. The reverse share split did not affect the number of the Company’s authorized common shares. The Company has retrospectively adjusted, for all periods presented, all share and per share amounts to reflect the impact of the reverse share split. Also on March 10, 2023, the Company changed its name from Griffin Realty Trust to Peakstone Realty Trust and the Operating Partnership changed its name from GRT OP, L.P. to PKST OP, L.P. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 each of the three years in the period ended December 31, 2022, 2021, and 2020. The consolidated financial statements of the Company include all accounts of the Company and its subsidiaries, including the Operating Partnership. 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 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 . The Company has determined that the Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participation rights. Furthermore, the Company is the primary beneficiary of the Operating Partnership because the Company has the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2022 and 2021, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. 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, 2022 and 2021. 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, 2022. 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 (or when applicable, 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, and 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’s 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, discount and capitalization rates, 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 ASC 840 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. 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. Change in Consolidated Financial Statements Presentation Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. Interest rate swap assets have been reclassified from other assets to interest rate swap assets on the balance sheet for all periods presented. 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 shareholders. 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 shareholders. As of December 31, 2022, 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 taxable REIT subsidiary (“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 arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. The Company recorded goodwill as a result of the transaction that resulted in the internalization of GRT management in December 2018 (“Self-Administration Transaction”). The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis for each reporting unit, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. On October 1st of each period, the Company performs a qualitative analysis to determine whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting units in step one of the impairment test. If a quantitative assessment is deemed necessary, and to the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, the Company recognizes an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit. Due to the Company’s operating segment realignment in the fourth quarter of 2022, the composition of its reporting units for the evaluation of goodwill impairment was changed and resulted in a quantitative assessment of goodwill impairment. Prior to the change, the Company tested the goodwill for impairment at the previous single reporting unit, which did not result in any impairment charge. Goodwill is now allocated across all three of the Company’s Office, Industrial, and Other reporting units on a relative fair value basis, which is determined as the fair value of assets less liabilities for each reporting unit. Given this method, the fair value of real estate assets and mortgage loans included within each reporting unit were the significant components in determining relative fair value. The Company estimated the fair value of real estate assets using a discounted cash flow model, including forecasted future cash flows based on significant assumptions such as market rent, and the determination of appropriate discount and terminal capitalization rates. The Company estimated the fair value of the mortgage loans in each reporting unit 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 amounts within the consolidated financial statements for the remaining assets and liabilities approximated fair value. For any corporate related amounts that were not specifically identifiable to any reporting unit, the Company allocated those amounts on a relative fair value basis using the specifically identified assets and liabilities. As a result of the quantitative assessment as of December 31, 2022, the Company concluded that it was more likely than not that the fair value of the Office reporting unit was less than the carrying amount, especially given the general decline in overall demand for office assets. Thus, the Company recorded a $135.3 million goodwill impairment, which represents the entire amount of goodwill allocated to the Office segment. See Note 8, Fair Value Measurements , for details regarding the inputs used in determining the impairment of goodwill. See Note 14, Segment Reporting , for allocation of goodwill for each of the Company’s segments. 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 shareholders 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 shareholders by the weighted average number of common shares outstanding, including common shares equivalents. Unvested RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The effect of including unvested restricted shares using the treasury stock method was excluded from our calculation of weighted average common shares outstanding – diluted, as the inclusion would have been anti-dilutive for the years ended December 31, 2022, 2021 and 2020. Total excluded shares were 212,152, 150,037, and 50,371 for the years ended December 31, 2022, 2021, and 2020, respectively. Segment Information In the fourth quarter of 2022, the Company evolved the management strategy of its real estate portfolio to focus on three different property types in order to maximize the value of the assets within each group. As a result, the Company changed to three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment includes newer, high-quality, and business-essential office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale. The Company recast its segment results for all prior periods presented to show the three reportable segments. See Note 14, Segment Reporting , for details regarding each of the Company’s segments. 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 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2023. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company has subsequently elected to apply additional expedients related to |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As of December 31, 2022, the Company’s real estate portfolio consisted of 81 properties in 24 states consisting substantially of office, industrial, and manufacturing facilities with a combined acquisition value of approximately $3.4 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, 2022, 2021, and 2020 was $113.2 million, $125.4 million, and $94.0 million, respectively. Amortization expense for intangibles, including but not limited to, tenant origination and absorption costs for the years ended December 31, 2022, 2021, and 2020 was $77.6 million, $84.2 million, and $67.1 million respectively. 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, 2022 and 2021: December 31, 2022 2021 In-place lease valuation (above market) $ 28,619 $ 49,578 In-place lease valuation (above market) - accumulated amortization (19,799) (35,049) In-place lease valuation (above market), net 8,820 14,529 Ground leasehold interest (below market) — 2,254 Ground leasehold interest (below market) - accumulated amortization — (219) Ground leasehold interest (below market), net — 2,035 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (6,987) (5,492) Intangibles - other, net 25,041 26,536 Intangible assets, net $ 33,861 $ 43,100 In-place lease valuation (below market) $ (48,686) $ (77,859) Land leasehold interest (above market) (3,072) (3,072) In-place lease valuation & land leasehold interest - accumulated amortization 31,358 50,634 Intangibles - other (above market) (258) (329) Intangible liabilities, net $ (20,658) $ (30,626) Tenant origination and absorption cost $ 535,889 $ 876,324 Tenant origination and absorption cost - accumulated amortization (282,383) (473,893) Tenant origination and absorption cost, net $ 253,506 $ 402,431 The intangible assets are amortized over the remaining lease term of each property, which on a weighted-average basis, was approximately 7.1 years and 6.25 years as of December 31, 2022 and 2021, 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, 2022 2021 2020 Above and below market leases, net $ (2,205) $ (1,323) $ (2,292) Tenant origination and absorption cost $ 73,172 $ 78,389 $ 62,459 Ground leasehold amortization (below market) $ (372) $ (349) $ (291) Other leasing costs amortization $ 4,754 $ 6,209 $ 4,908 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold interest, and other leasing costs as of December 31, 2022 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other leasing costs 2023 $ (1,166) $ 42,114 $ (317) $ 2,539 2024 $ (1,304) $ 37,380 $ (318) $ 2,812 2025 $ (1,195) $ 31,883 $ (317) $ 3,013 2026 $ (1,090) $ 30,227 $ (317) $ 2,966 2027 $ (892) $ 26,156 $ (317) $ 3,124 Assets Held for Sale As of December 31, 2022, the 16752 Armstrong Avenue property located in Irvine, California met the criteria for classification as held for sale. Subsequent to December 31, 2022, this property was sold. See Note 15, Subsequent Events , for further details. The following summary presents the major components of assets related to the real estate held for sale as of December 31, 2022: As of December 31, 2022 Land $ 3,672 Building and improvements 17,878 Tenant origination and absorption cost 5,352 Total real estate 26,902 Less: accumulated depreciation (7,494) Total real estate, net 19,408 Intangible assets, net 125 Deferred rent 1,265 Other assets, net 18 Total assets held for sale $ 20,816 Sale of Properties On August 26, 2022, the Company sold a 41-property office portfolio (the “Office Portfolio”) located across the continental United States. The sale price for the Office Portfolio was $1.1 billion, less closing costs and other closing credits. Upon the sale of the Office Portfolio, the Company recognized a loss of approximately $105.9 million and entered into the Office Joint Venture. See Note 4, Investment in Unconsolidated Entities , for details. On September 23, 2022, the Company sold one property located in Phoenix, Arizona. The sale price for the property was $93.0 million, less closing costs and other closing credits. The Company recognized a gain of approximately $10.4 million. On December 22, 2022, the Company sold one property located in Birmingham, Alabama. The sale price for the property was $33.3 million, less closing costs and other credits. The Company recognized a loss for approximately $0.8 million. On December 27, 2022, the Company sold a five-property portfolio for approximately $170.4 million, less closing costs and other credits. The Company recognized a loss of approximately $43.0 million and purchased an additional interest in the Office Joint Venture. See Note 4, Investment in Unconsolidated Entities , for details. Real Estate Impairments During the year ended December 31, 2022, in connection with the preparation and review of the financial statements, the Company recorded an impairment provision of approximately $127.6 million as it was determined that the carrying value of the real estate would not be recoverable on eleven properties located in the Northeast, Midwest, Southwest, Southern, and West regions of the United States. This impairment resulted from changes in anticipated hold period and selling price. In determining the fair value of the properties, the Company considered Level 3 inputs. See Note 8, Fair Value Measurements , for details. Additionally, the impairment related to properties included within our Office and Other segments, of which the amounts recognized were $112.4 million and $15.2 million, respectively. 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, 2022 2021 Cash reserves $ 4,262 $ 15,234 Restricted lockbox 502 2,288 Total $ 4,764 $ 17,522 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities Office Joint Venture The Company, through its subsidiary GRT VAO OP, LLC (“GRT VAO Sub”), owns indirectly an approximate 49% interest in the Office Portfolio, equal to approximately $178.6 million, through a joint venture (the “Office Joint Venture”). The Office Joint Venture is managed by RVMC Capital LLC, an affiliate of Workspace Property Trust (the “Managing Member”). The Managing Member of the Office Joint Venture has general authority to manage the operations of the Office Joint Venture. The Managing Member also has day-to-day management authority over the Office Joint Venture, subject to certain major decision rights held by another minority interest holder. The Managing Member may be removed from its management positions upon the occurrence of specified events. GRT VAO Sub has approval rights over certain major decisions regarding actions by the Office Joint Venture, including certain fundamental decisions that the Office Joint Venture may approve. GRT VAO Sub’s obligation is generally limited to its initial contribution. GRT VAO Sub is not obligated to make any additional capital contributions beyond its initial capital contribution. The Office Joint Venture, through various subsidiary borrowers, obtained acquisition financing for the Office Portfolio comprised of (a) a $736.0 million mortgage loan (the “Mortgage Loan”), and (b) a $194.8 million mezzanine loan (the “Mezzanine Loan”, and together with the Mortgage Loan, the “Office JV Loans”). The initial maturity date of the Office JV Loans is September 9, 2023, subject to two, one-year extension options. The interest rates during the initial term of the Mortgage Loan and the Mezzanine Loan are Term SOFR (1-month) (with a 3% interest rate cap on SOFR) + 3.635% (subject to a 0.25% increase during each extension term) and Term SOFR (1-month) with a 3% interest rate cap on SOFR + 6.574% (subject to a 0.25% increase during each extension term), respectively. The Office Joint Venture paid $6.7 million for the interest rate caps. The Office Joint Venture, through various subsidiary borrowers, also obtained acquisition financing for a companion sale of a majority interest in a five property portfolio, comprised of a $142.1 million mortgage loan, having an initial maturity date of January 6, 2024 (subject to two, one-year extension options), and an interest rate during the initial term of Term SOFR (1-month) with a 4% interest rate cap on SOFR + 4.25% (subject to a 0.25% increase during each extension term). The Company has not guaranteed any debt obligations and has not otherwise committed to providing financial support in respect of the debt. In addition, the Company does not anticipate receiving any near-term cash flow distributions. Considering the Company’s limited economic exposure to the Office Joint Venture, the Company excludes interests in the assets in the Office Joint Venture from operating data. In connection with the Office JV Loans, the Operating Partnership and GRT VAO Sub entered into a certain Put Agreement with JPMorgan Chase Bank, National Association (“JPM”), pursuant to which JPM had the right to put to Operating Partnership and GRT VAO Sub a portion of its interest in the Mezzanine Loan in the principal face amount of $39.3 million (the “Mezzanine Interest”). On September 29, 2022, JPM sold to GRT VAO Sub the Mezzanine Interest for approximately $34.4 million, which was initially included in the line item “Investments in unconsolidated entities” in the consolidated balance sheets. On December 23, 2022, we sold the Mezzanine Interest for $31.0 million. We recorded an estimated loss of approximately $3.6 million, which includes accrued interest and is presented in the "Net loss from investment in unconsolidated entities” in the consolidated statement of operations. The interests discussed above are deemed to be variable interests in variable interest entities ("VIE") 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 investment, 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 VIE 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 records the net earnings or losses on investment on a one quarter lag. The Company's maximum exposure to losses associated with its unconsolidated investments is primarily limited to its carrying value in the investments. The table below summarizes the Company’s investment in the unconsolidated Office Joint Venture, which is included in the Company’s Office segment: Office Joint Venture Investment in Office Joint Venture Balance at December 31, 2021 $ — Contributions 218,746 Net loss (1) (10,979) Sale of Mezzanine Loan Interest (31,000) Other Comprehensive Income 1,880 Balance at December 31, 2022 $ 178,647 (1) The net loss includes $3.6 million of loss on the sale of the Mezzanine Loan. The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture (1) : December 31, 2022 Assets Real estate properties, net $ 981,354 Other assets 240,447 Total assets $ 1,221,801 Liabilities Mortgages payable, net $ 856,765 Other liabilities 52,018 Total Liabilities $ 908,783 (1) Amounts are as of September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. The table below presents condensed statements of operations of the unconsolidated Office Joint Venture (1) : December 31, 2022 Total revenues $ 16,500 Total expenses (31,648) Net Income $ (15,148) (1) Amounts represent the period of the Company’s ownership from August 26, 2022 to September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2022 and 2021, the Company’s debt consisted of the following: December 31, Contractual Interest Rate (1) Loan Maturity (4) Effective Interest Rate (2) 2022 2021 HealthSpring Mortgage Loan $ 19,107 $ 19,669 4.18% April 2023 4.64% Midland Mortgage Loan — 95,792 —% (5) — —% Samsonite Loan 17,998 19,114 6.08% September 2023 4.99% Highway 94 Loan 12,740 13,732 3.75% August 2024 4.97% Pepsi Bottling Ventures Loan 17,836 18,218 3.69% October 2024 3.93% AIG Loan II 122,328 124,606 4.15% November 2025 4.98% BOA Loan — 375,000 —% (6) — —% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 99,794 101,884 4.96% February 2029 5.11% Total Mortgage Debt 539,803 1,018,015 Revolving Credit Facility (3) — 373,500 SOF Rate + 1.45% (7) June 2024 5.85% 2023 Term Loan — 200,000 —% (8) — —% 2024 Term Loan 400,000 400,000 SOF Rate + 1.40% April 2024 5.88% 2025 Term Loan 400,000 400,000 SOF Rate + 1.40% December 2025 5.97% 2026 Term Loan 150,000 150,000 SOF Rate + 1.40% April 2026 5.89% Total Debt 1,489,803 2,541,515 Unamortized Deferred Financing Costs and Discounts, net (4,401) (9,138) Total Debt, net $ 1,485,402 $ 2,532,377 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million the weighted average interest rate as of December 31, 2022 was 4.13% for both the Company’s fixed-rate and variable-rate debt combined and 4.02% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of December 31, 2022 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The SOF rate as of December 31, 2022 (effective date) was 4.30%, which excludes a 0.1% per annum index adjustment as required per Fifth Amendment to the Second Amended and Restated Credit Agreement. The Revolving Credit Facility had an initial term of approximately three years, and was initially scheduled to mature on June 28, 2022. Through the Fifth Amendment to the Restated Credit Agreement, the Company elected to extend the maturity until September 30, 2023 and the Company has a series of three three-month extension options (December 30, 2023, March 30, 2024, and June 30, 2024). See discussion below. (4) Reflects the loan maturity as of December 31, 2022. (5) Midland Mortgage Loan was repaid in August 2022 and had a contractual interest rate of 3.94%. (6) BOA Loan was repaid in August 2022 and had a contractual interest rate of 3.77%. (7) Revolving Credit Facility was paid down in August 2022 and has a contractual interest rate of SOFR + 1.45%. (8) 2023 Term Loan was paid down in September 2022 and had a contractual interest rate of LIBOR + 1.40%. 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 (the “First Amendment”), the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of September April 28, 2022 (the “Fourth Amendment”), the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), and the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”, and together with the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the “Second Amended and Restated Credit Agreement”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, we, through the Operating Partnership, as the borrower, have been initially provided with a $1.7 billion credit facility consisting of a $750 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing in September 2023 with (subject to the satisfaction of certain customary conditions) and a series of three-month extension options, a $400 million senior unsecured term loan maturing in April 2024 (the “$400M 5-Year Term Loan”), a $400 million senior unsecured term loan maturing in December 2025 (the $400M 5-Year Term Loan), and a $150 million senior unsecured term loan maturing in April 2026 (the “$150M 7-Year Term Loan”) (collectively, the “KeyBank Loans”). The $200M 5-Year Term Loan was paid-off as noted below. 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, 2022, the remaining capacity under the Revolving Credit Facility was $202.9 million. The Second Amended and Restated Credit Agreement provides that the 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 Operating Partnership's other subsidiaries which owns a direct or indirect equity interest in a SPE that owns a Pool Property. In addition to customary representations, warranties, covenants, and indemnities, the KeyBank Loans require the 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 OP Units), minus 75% of the amount of any payments used to redeem the Company's shares 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 our Predecessor in August 2018 by SHBNPP Global Professional Investment Type Private Real Estate Trust No. 13 (H), and minus 75% of the tangible net worth of certain distributions and/or dividends (defined as “Restricted Payments”) that are otherwise permitted by the Second Amended and Restated Credit Agreement; • 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 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 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. Third Amendment to Second Amended and Restated Credit Agreement On July 14, 2021, the Company, through the Operating Partnership, entered into the Third Amendment. The Third Amendment amended the Second Amended and Restated Credit Agreement to decrease the applicable interest rate margin for the $150M 7-Year Term Loan. After giving effect to the Third Amendment, the $150M 7-Year Term Loan accrues interest, at the Operating Partnership’s election, at a per annum rate equal to either (i) the LIBOR plus an applicable margin ranging from 1.25% to 2.15% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.15%, in each case such applicable margin to be based on the Company's consolidated leverage ratio. Prior to the Third Amendment, the applicable margin for LIBOR based loans was 1.65% to 2.50% and for base rate loans was 0.65% to 1.50%, in each case based on the Company's consolidated leverage ratio. All other terms of the Second Amended and Restated Credit Agreement were unchanged. No new term loan borrowings were incurred under the Third Amendment. The applicable rate for the $150M 7-Year Term Loan decreased 35 basis points from 1.75% to 1.40%. Fourth Amendment to the Second Amended and Restated Credit Agreement Pursuant to the Fourth Amendment, the Company amended the Company’s maturity extension option on the Revolving Credit Facility from a one-year extension option (to June 2023) to a series of three-month extension options (to September 28, 2022, December 28, 2022, March 28, 2023, and June 28, 2023, respectively). The exercise of each extension option requires the payment of a fee of 0.05% on the extended revolving loan commitments and is subject to certain other customary conditions. On May 24, 2022, the Company exercised the first three-month extension option on the Revolving Credit Facility, which extends the maturity date from June 28, 2022 to September 28, 2022. Upon the sale of the Office Portfolio and property in Phoenix, Arizona, the Company repaid approximately $373.5 million of the Revolving Credit Facility and paid off approximately $200.0 million of the 2023 Term Loan. See Note 3, Real Estate , for details of the sale of the Office Portfolio. Fifth Amendment to the Second Amended and Restated Credit Agreement Pursuant to the Fifth Amendment, the Company extended the maturity date on the Revolving Credit Facility from September 28, 2022 to September 30, 2023 and amended the maturity date extension options to a series of three three-month extensions (to December 30, 2023, March 30, 2024 and June 30, 2024, respectively). In addition, the contract interest rate was amended from LIBOR to Secured Overnight Financing Rate (“SOFR”) plus 0.10% per annum (collectively, the “Adjusted SOFR”). See Note 2, Basis of Presentation and Summary of Significant Accounting Policie s, for details on the impact of the Company’s hedge accounting. Based on the terms as of December 31, 2022, the interest rate for the credit facility varies based on the consolidated leverage ratio of the Operating Partnership, us, and our subsidiaries and ranges (a) in the case of the Revolving Credit Facility, from Adjusted SOFR plus 1.30% to Adjusted SOFR plus 2.20%, (b) in the case of each of the $400M 5-Year Term Loan, the $400M 5-Year Term Loan 2025, and the $150M 7-Year Term Loan, from Adjusted SOFR plus 1.25% to Adjusted SOFR plus 2.15%. If the 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 SOFR margin and base rate margin will vary based on such rating and range (i) in the case of the Revolving Credit Facility, from Adjusted SOFR plus 0.825% to Adjusted SOFR plus 1.55%, (ii) in the case of each of the $400M 5-Year Term Loan, the $400M 5-Year Term Loan 2025, and the $150M 7-Year Term Loan, from Adjusted SOFR plus 0.90% to Adjusted SOFR plus 1.75%. As of December 31, 2022, the remaining undrawn capacity under the Revolving Credit Facility was $202.9 million. Sixth Amendment to the Second Amended and Restated Credit Agreement Pursuant to the Sixth Amendment, the Company amended the Second Amended and Restated Credit Agreement by, among other things, amending the covenant regarding Tangible Net Worth (as defined in the Second Amended and Restated Credit Agreement) such that the calculation thereof takes into account certain distributions and/or dividends (defined as “Restricted Payments”) that are otherwise permitted by Second Amended and Restated Credit Agreement. Midland Mortgage Loan and BOA Loan As a result of the sale of the Office Portfolio, the Company repaid approximately $95.7 million and $388.5 million of the Midland Mortgage Loan and BOA Loan, respectively, which included a prepayment premium of approximately $0.9 million for the Midland Mortgage Loan and $12.3 million for the BOA Loan. See Note 3, Real Estate, for details of the sale of the Office Portfolio. Debt Covenant Compliance Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the 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, 2022. The following summarizes the future scheduled principal repayments of all loans as of December 31, 2022 per the loan terms discussed above: As of December 31, 2022 2023 $ 43,101 2024 433,929 2025 519,901 2026 152,546 2027 2,675 Thereafter 337,651 Total principal 1,489,803 Unamortized debt premium/(discount) 240 Unamortized deferred loan costs (4,641) Total $ 1,485,402 |
Interest Rate Contracts
Interest Rate Contracts | 12 Months Ended |
Dec. 31, 2022 | |
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 The Company 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, 2022 and 2021: Fair Value (1) Current Notional Amounts December 31, December 31, Derivative Instrument Effective Date Maturity Date Interest Strike Rate 2022 2021 2022 2021 Assets/(Liabilities) Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 12,391 $ 1,648 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 8,244 1,059 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 6,145 749 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 4,331 (7,342) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,444 (5,909) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 3,441 (5,899) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 3,408 (5,958) 100,000 100,000 Total $ 41,404 $ (21,652) $ 750,000 $ 750,000 (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, 2022, derivatives in a liability position are included in an asset or liability position are included in the line item "Other assets or Interest rate swap liability," respectively, in the consolidated balance sheets at fair value. The LIBO rate as of December 31, 2022 (effective date) was 4.12%. 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, 2022 2021 2020 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ 61,126 $ (18,165) $ (38,319) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ (2,056) $ (14,284) $ 8,165 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 84,816 $ 85,087 $ 79,646 During the twelve months subsequent to December 31, 2022, the Company estimates that an additional $21.5 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, 2022 | |
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, 2022 and 2021: December 31, 2022 2021 Interest payable $ 13,654 $ 9,683 Prepaid tenant rent 12,399 26,477 Deferred compensation 8,913 10,119 Property operating expense payable 7,960 11,126 Real estate taxes payable 6,296 14,751 Redemptions payable 4,383 — Accrued tenant improvements 620 10,123 Other liabilities 25,950 26,842 Total $ 80,175 $ 109,121 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. 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, 2022 and 2021: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2022 Interest Rate Swap Asset $ 41,404 $ — $ 41,404 $ — Mutual Funds Asset $ 6,191 $ 6,191 $ — $ — December 31, 2021 Interest Rate Swap Asset $ 3,456 $ — $ 3,456 $ — Interest Rate Swap Liability $ (25,108) $ — $ (25,108) $ — Mutual Funds Asset $ 5,543 $ 5,543 $ — $ — Real Estate Impairment For the year ended December 31, 2022, in connection with the preparation and review of the Company’s financial statements, the Company determined that eleven of the Company's properties were impaired based on shortened expected hold periods and expected selling prices. 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, 2022: Range of Inputs or Input Unobservable Inputs Midwest Properties Southwest Properties Market rent per square foot $8.50 to $12.75 $18.00- $23.00 Terminal capitalization rate 9.50% to 11.25% 7.23% - 7.75% Discount rate 10.25% to 14.00% 8.60% - 8.81% Range of Inputs or Input Unobservable Inputs Southern Property Northeast Properties Southwest Properties West Properties Expected selling price per square foot $295.96 $187 - $234 $268 $65 - $80 Estimated hold period Less than one year Less than one year Less than one year Less than one year Goodwill Impairment As a result of the updated composition of reporting units to align with the new segments, the Company concluded that it was more likely than not that the fair value of the Office reporting unit was less than the carrying amount, especially given the general decline in overall demand for office assets. Thus, the Company recorded a $135.3 million goodwill impairment. The Company estimated the fair value of real estate assets within the goodwill impairment calculation using a discounted cash flow model, including forecasted future cash flows based on significant assumptions such as market rent, and the determination of appropriate discount and terminal capitalization rates. 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 goodwill as it relates to the assets within the Office reporting unit for the year ended December 31, 2022: Range of Inputs or Input Unobservable Inputs Industrial Office Other Market rent per square foot $3.25- $27.00 $11.50 - $42.00 $4.00 - $27.50 Terminal capitalization rate 4.75% - 8.25% 5.75%- 9.50% 5.50% - 9.41% Discount rate 5.75% - 9.00% 6.25%- 10.50% 6.50%- 9.50% The Company also estimated the fair value of the mortgage loans within the goodwill impairment calculation as described in the Financial Instruments Disclosed at Fair Value section. The Company considered these inputs as Level 2 measurements within the fair value hierarchy. Refer to the table below for further details around the fair value of the mortgage loans. For the remaining assets and liabilities included within the goodwill calculation, the Company determined that amounts within the consolidated financial statements approximated fair value. Financial Instruments Disclosed at Fair Value Financial instruments as of December 31, 2022 and December 31, 2021 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, 2022 and 2021. The fair value of the nine 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, 2022 2021 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ — $ — $ 349,082 $ 375,000 BOA/KeyBank Loan 226,361 250,000 260,378 250,000 AIG Loan II 111,872 122,328 120,141 124,606 AIG Loan 89,526 99,794 99,697 101,884 Midland Mortgage Loan — — 95,720 95,792 Samsonite Loan 17,998 17,998 19,366 19,114 HealthSpring Mortgage Loan 19,107 19,107 19,639 19,669 Pepsi Bottling Ventures Loan 17,014 17,836 18,262 18,218 Highway 94 Loan 11,941 12,740 13,360 13,732 Total $ 493,819 $ 539,803 $ 995,645 $ 1,018,015 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2022 and 2021. See Note 5, Debt , for details. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
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 shareholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common shares, only the holders of such affected class are entitled to vote . The following table sets forth the classes of outstanding common shares as of December 31, 2022 and 2021: As of December 31, 2022 2021 Class A 2,714,120 2,723,286 Class AA 5,272,834 5,288,013 Class AAA 102,993 102,993 Class D 4,668 4,668 Class E 27,630,545 27,676,520 Class I 212,414 212,416 Class S 200 200 Class T 62,124 62,807 Common Equity As of December 31, 2022, 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 our Predecessor offerings and our Predecessor’s merger with Signature Office REIT, Inc., the Predecessor Mergers and the CCIT II Merger) , as discussed in Note 1, Organization . As part of the $2.8 billion from the sale of shares, the Company issued approximately 4,863,623 common shares upon the consummation of the merger of Signature Office REIT, Inc. in June 2015 and 19,442,394 Class E shares (in exchange for all outstanding shares of our Predecessor 's common stock at the time of the Predecessor Mergers) in April 2019 upon the consummation of the Predecessor Mergers and 10,384,185 Class E shares (in exchange for all the outstanding shares of CCIT II's common stock at the time of the CCIT II Merger). As of December 31, 2022, there were 35,999,898 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. Distribution Reinvestment Plan (DRP) The Company has adopted the DRP, which allows shareholders to have dividends and other distributions otherwise distributable to them invested in additional common shares. 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 shareholders, which may be provided through the Company's filings with the SEC. 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 shareholders. On October 1, 2021, the Board approved a suspension of the DRP, effective October 11, 2021. The following table summarizes the DRP o fferings , by share class, as of December 31, 2022: Share Class Amount Shares Class A $ 9,687 116,908 Class AA 19,047 229,819 Class AAA 290 3,502 Class D 21 248 Class E 311,405 3,588,818 Class I 437 5,225 Class S — 1 Class T 177 2,121 Total $ 341,064 3,946,642 As of December 31, 2022 and 2021, the Company had issued approximately $341.1 million in shares pursuant to the DRP offerings, respectively. Share Redemption Program (SRP) Prior to its suspension in February 2023 in anticipation of the proposed listing of the Company’s common shares on the New York Stock Exchange (the “Listing”), the Company had adopted the SRP that enables shareholders to sell their shares to the Company in limited circumstances. The SRP was suspended on October 1, 2021 but resumed on a limited basis on August 5, 2022 (i.e., limited to redemptions in connection with a holder’s death, disability or incompetence) with the cap on quarterly redemptions tied to a dollar amount set by the Board and disclosed by the Company. Quarterly redemptions were capped at $5 million (or some other quarterly or annual amount determined by the Board and announced at least 10 business days before the applicable redemption date). In addition, during any calendar year, with respect to each share class, the Company was permitted to redeem no more than 5% of the weighted-average number of shares of such class outstanding during the prior calendar year. Under the SRP, when the SRP is not suspended, the Company will redeem shares as of the last business day of each quarter. The redemption price is equal to the most recently published NAV per share for the applicable class prior to quarter end. Redemption requests must be received by 3:00 p.m. (Central time) one business day before on the last business day of the applicable quarter. Redemption requests exceeding the quarterly cap are filled on a pro rata basis, except that if pro rata redemption would result in a shareholder owning less than the minimum balance of $2,500 of the Company's common shares, then the Company would redeem all of such shareholder’s shares to the extent that there are funds available. All unsatisfied redemption requests were treated as a request for redemption at the redemption date unless withdrawn by the shareholder. The following table summarizes share redemption (excluding the self-tender offer) activity during the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Common shares redeemed 149,730 248,053 Weighted average price per share $ 66.79 $ 81.29 During the year ended December 31, 2022, the Company received redemption requests of common shares for approximately $15.9 million, which exceeded the limitation of approximately $10.0 million. Since July 31, 2014 and through December 31, 2022, the Company had redeemed 3,294,722 shares (excluding the self-tender offer) of common shares for approximately $275.5 million at a weighted average price per share of $83.61 pursuant to the SRP. Series A Preferred Shares On August 8, 2018, our Predecessor 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 Series A Cumulative Perpetual Convertible Preferred Shares at a price of $25.00 per share (the "Series A Preferred Shares") in two tranches, each comprising 5,000,000 Series A Preferred Shares. On August 8, 2018 (the "First Issuance Date"), our Predecessor issued 5,000,000 Series A Preferred Shares to the Purchaser for a total purchase price of $125.0 million (the "First Issuance"). Our Predecessor 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. Our Predecessor’s former external advisor incurred transaction-related expenses of approximately $0.2 million, which was reimbursed by our Predecessor. Upon consummation of the Predecessor 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 other 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 issuance of the Company's Series A Preferred Shares was 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 year anniversary of the First Issuance Date, or if the Second Issuance occurs, the five year anniversary of the Second Issuance Date (the “Reset Date”), subject to paragraphs (iii) and (iv) below; ii. 6.75% from and after the Reset Date, subject to paragraphs (iii) and (iv) below; iii. if a listing of the Company's Common Shares 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 shareholders, 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 common shares 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 common shares 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 the Company's common shares 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 Share Fair Market Value (as defined in the articles supplementary). Issuance of Restricted Share Units to Executive Officers, Employees and Board of Trustees Restricted share units ("RSUs") are granted pursuant to the Company’s Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Plan”). The Plan provides for the grant of awards to the Company’s trustees, full-time employees and certain consultants that provide services to the Company or affiliated entities. Awards granted under the Plan may consist of stock options, restricted shares, share appreciation rights, distribution equivalent rights and other equity-based awards. The share-based payments are measured at fair value and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the plan is 777,778 shares. As of December 31, 2022, approximately 357,806 shares were available for future issuance under the Plan. As of December 31, 2022, there was $10.8 million of unrecognized compensation expense remaining, which vests between three months and three years. Total compensation expense for the year ended December 31, 2022 and 2021 was approximately $9.6 million and $7.5 million, respectively. The following table summarizes the activity of unvested shares of RSU awards for the period presented: Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2020 104,871 Granted 179,917 $ 80.73 Forfeited (24,707) $ 81.88 Vested (90,235) $ 83.18 Balance at December 31, 2021 169,846 Granted 116,749 $ 66.87 Forfeited (9,404) $ 80.38 Vested (119,056) $ 77.68 Balance at December 31, 2022 158,135 Distributions Earnings and profits, which determine the taxability of distributions to shareholders, 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, 2022, 2021, and 2020 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, 2022 2021 2020 Ordinary income $ — — % $ 0.03 9 % $ 0.13 33 % Capital gain — — % — — % — — % Return of capital 0.35 100 % 0.32 91 % 0.27 67 % Total distributions paid $ 0.35 100 % $ 0.35 100 % $ 0.40 100 % |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent limited liability company interests in the Operating Company in which the Company was the managing member. General partnership units and limited partnership units of the Operating Partnership were issued as part of the initial capitalization of the 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, which were then exchanged for units . As of December 31, 2022, noncontrolling interests were approximately 9.0% of total shares and 8.8% of weighted average shares outstanding (both measures assuming OP Units were converted to common shares). The Company has evaluated the terms of the limited liability company interests in the Operating Company, and as a result, has classified OP Units exchanged for 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, 2022, the members of the Operating Company owned approximately $31.8 million of OP Units, which were issued to affiliated parties and unaffiliated third parties in exchange for the contribution of certain properties to the Company, and in connection with the Self-Administration Transaction and other services In addition, 0.2 million 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 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 OP Units in the respective transaction. The members of the Operating Company (now partners in the 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 Operating Partnership, the Company, to redeem their OP Units for cash equal to the value of an equivalent number of shares, or, at the Company’s option, purchase their OP Units by issuing one share of the Company’s common shares for the original redemption value of each OP 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. The following summarizes the activity for noncontrolling interests recorded as equity for the years ended December 31, 2022 and 2021: December 31, 2022 2021 Beginning balance $ 218,653 $ 226,550 Reclass of noncontrolling interest subject to redemption 957 (159) Repurchase of noncontrolling interest — — Issuance of stock dividend for noncontrolling interest — — Distributions to noncontrolling interests (10,942) (10,942) Allocated distributions to noncontrolling interests subject to redemption (17) (18) Net income (loss) (39,714) 66 Other comprehensive loss 5,718 3,156 Ending balance $ 174,655 $ 218,653 Noncontrolling interests subject to redemption OP Units issued pursuant to the Will Partners property contribution are not included in permanent equity on the consolidated balance sheets. The members holding these units can cause the general partner to redeem the units for the cash value, as defined in the partnership agreement of the Operating Partnership. 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 members are allocated proportionately between common shareholders and other noncontrolling interests that are not considered redeemable. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Summarized below are the related party transaction costs incurred by the Company for the years ended December 31, 2022, 2021 and 2020, respectively, and any related amounts receivable and payable as of December 31, 2022 and 2021: Incurred for the Year Ended December 31, Receivable as of December 31, 2022 2021 2020 2022 2021 Assets Assumed through the Self-Administration Transaction Other fees $ — $ — $ 243 $ — $ — Due from GCC Reimbursable Expense Allocation — 20 15 — 11 Payroll/Expense Allocation 5 19 653 — 260 Total incurred/receivable $ 5 $ 39 $ 911 $ — $ 271 Incurred for the Year Ended December 31, Payable as of December 31, 2022 2021 2020 2022 2021 Expensed Costs advanced by the advisor $ 705 $ 2,275 $ 2,000 $ 67 $ 929 Consulting fee - shared services 1,351 2,520 2,500 522 461 Assumed through Self- Administration Transaction/Predecessor Mergers Earn-out — — — 130 197 Shareholder Servicing Fee — — — — 92 Other Distributions 8,688 8,688 10,537 739 739 Total incurred/payable $ 10,744 $ 13,483 $ 15,037 $ 1,458 $ 2,418 Dealer Manager Agreement The Company 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 the Company'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 required payment to the dealer manager of a distribution fee for ongoing services rendered to shareholders by participating broker-dealers or broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers. The fee accrued daily, is paid monthly in arrears, and is calculated based on the average daily NAV for the applicable month. Conflicts of Interest Affiliated Former Dealer Manager Since Griffin Capital Securities, LLC, the Company's former dealer manager, is an affiliate of the Company's former sponsor, the Company did 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 former 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 Predecessor Mergers, the Company assumed, as the successor of our Predecessor and the Operating Partnership, an Administrative Services Agreement (the “Administrative Services Agreement”), pursuant to which Griffin Capital Company, LLC (“GCC”) and Griffin Capital, LLC (“GC LLC”) continue to provide certain operational and administrative services at cost to the Operating Partnership, Griffin Capital Essential Asset TRS, Inc., and Griffin Capital Real Estate Company, LLC (“GRECO”). Our Executive Chairman is also the Chief Executive Officer of and controls GCC, which is the sole member of GC LLC. The Company pays GCC a monthly amount based on the actual costs anticipated to be incurred by GCC for the provision of services until the Company elects to provide such services for itself or through another provider. Such costs are reconciled periodically 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. On March 30, 2022 and June 30, 2022, we amended the Administrative Services Agreement to, among other things, reduce the scope of services provided, including removing the provision of office space and advisor services. Following such amendments, GCC and GC LLC are obligated to provide us with human resources support and general corporate support on an as-needed basis. Office Sublease On March 25, 2022, the Company executed a sublease agreement with GCC (the “Sublease”) for the building located at 1520 E. Grand Ave, El Segundo, CA (the “Building”) which is the location of the Company’s corporate headquarters. The Building is part of a campus that contains other buildings and parking (the “Campus”). The Sublease also entitles the Company to use certain common areas on the Campus. Prior to the sublease agreement being signed, the rent for the office space was paid to GCC as part of the Administrative Services Agreement. The Campus is owned by GCPI, LLC (“GCPI”), and the Building is master leased by GCPI to GCC. GCC is the sublessor under the Sublease. The Company’s Executive Chairman is the Chief Executive Officer of and controls GCC and is also affiliated with GCPI. The Sublease provides for initial monthly base rent of $0.05 million, subject to annual escalations of 3% as well as additional rent for certain operating expenses for the Building and portions of the Campus. The Company’s Executive Chairman is the Chief Executive Officer of and controls GCC and is also affiliated with GCPI. 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 its affiliates. See the Company's Code of Ethics and Business Conduct available on the “Governance Documents” subpage of the “Investors” section of the Company's website at www.pkst.com for a detailed description of the Company's conflict resolution procedures. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 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 $343.3 million, $378.3 million and $314.1 million of lease income The Company's current leases have expirations ranging from 2023 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, 2022. As of December 31, 2022 2023 $ 230,669 2024 222,596 2025 208,874 2026 204,931 2027 186,630 Thereafter 821,712 Total $ 1,875,412 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 Certain of the Company’s real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of December 31, 2022, the Company had five ground leases classified as operating and two ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and contain no renewal options. The Company's Chicago office space lease has a remaining lease term of approximately two years and no option to renew. The Company incurred operating lease costs of approximately $4.1 million for the years ended December 31, 2022 and $3.7 million for the year ended December 31, 2021 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 $2.1 million for the year ended December 31, 2022 and $1.6 million for the year ended December 31, 2021, respectively. The following table sets forth the weighted-average for the lease term and the discount rate as of December 31, 2022 and 2021: As of December 31, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term in years 72 74 Weighted-average discount rate (1) 4.75 % 4.83 % (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, 2022 were as follows: As of December 31, 2022 Operating Financing 2023 $ 2,151 $ 560 2024 1,906 360 2025 1,567 365 2026 1,501 375 2027 1,524 381 Thereafter 250,233 3,498 Total undiscounted lease payments 258,882 5,539 Less imputed interest (215,796) (2,106) Total lease liabilities $ 43,086 $ 3,433 |
Leases | 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 $343.3 million, $378.3 million and $314.1 million of lease income The Company's current leases have expirations ranging from 2023 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, 2022. As of December 31, 2022 2023 $ 230,669 2024 222,596 2025 208,874 2026 204,931 2027 186,630 Thereafter 821,712 Total $ 1,875,412 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 Certain of the Company’s real estate are subject to ground leases. The Company’s ground leases are classified as either operating leases or financing leases based on the characteristics of each lease. As of December 31, 2022, the Company had five ground leases classified as operating and two ground leases classified as financing. Each of the Company’s ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company’s ground leases are non-cancelable, and contain no renewal options. The Company's Chicago office space lease has a remaining lease term of approximately two years and no option to renew. The Company incurred operating lease costs of approximately $4.1 million for the years ended December 31, 2022 and $3.7 million for the year ended December 31, 2021 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 $2.1 million for the year ended December 31, 2022 and $1.6 million for the year ended December 31, 2021, respectively. The following table sets forth the weighted-average for the lease term and the discount rate as of December 31, 2022 and 2021: As of December 31, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term in years 72 74 Weighted-average discount rate (1) 4.75 % 4.83 % (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, 2022 were as follows: As of December 31, 2022 Operating Financing 2023 $ 2,151 $ 560 2024 1,906 360 2025 1,567 365 2026 1,501 375 2027 1,524 381 Thereafter 250,233 3,498 Total undiscounted lease payments 258,882 5,539 Less imputed interest (215,796) (2,106) Total lease liabilities $ 43,086 $ 3,433 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. Capital Expenditures and Tenant Improvement Commitments As of December 31, 2022, the Company had an aggregate remaining contractual commitment for repositioning, capital expenditure projects, leasing commissions and tenant improvements of approximately $29.7 million. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting In the fourth quarter of 2022, the Company evolved the management strategy of its real estate portfolio to focus on three different property types in order to maximize the value of the assets within each group. As a result, the Company changed to three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment consists of newer, high-quality, and business-essential office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale. The Company recast its segment results for all prior periods presented to show the three reportable segments. The Company evaluates performance of each segment based on segment NOI, which is defined as property revenue less property expenses. Interest expense and general administrative expenses are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment NOI is not a measure of operating income or cash flows from operating activities is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. The Company considers segment profit to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. Additionally, the Company considers its interests in the Office Joint Venture as corporate related activity and excludes such amounts from its segment reporting. A reconciliation of segment NOI for the years ended December 31, 2022, 2021, and 2020 is as follows: Year Ended December 31, 2022 2021 2020 Industrial NOI Total Industrial revenues $ 61,347 $ 59,320 $ 69,047 Industrial operating expenses (7,870) (7,195) (9,210) Industrial NOI 53,477 52,125 59,837 Office NOI Total Office revenues 297,110 340,265 268,928 Office operating expenses (66,143) (80,010) (70,815) Office NOI 230,967 260,255 198,113 Other NOI Total Other revenues 58,029 60,288 59,477 Other operating expenses (19,252) (19,369) (18,682) Other NOI 38,777 40,919 40,795 Total NOI $ 323,221 $ 353,299 $ 298,745 Year Ended December 31, 2022 2021 2020 Reconciliation of Net Income to Total NOI Net (loss) income $ (441,382) $ 11,570 $ (5,774) General and administrative expenses 39,893 40,479 38,633 Corporate operating expenses to affiliates 1,349 2,520 2,500 Impairment provision, real estate 127,577 4,242 23,472 Impairment provision, goodwill 135,270 — — Depreciation and amortization 190,745 209,638 161,056 Interest expense 84,816 85,087 79,646 Debt breakage costs 13,249 — — Other loss (income), net 45 (1,521) (3,228) Loss (income) from investment in unconsolidated entities 9,993 (8) 6,523 Loss (gain) from disposition of assets 139,280 326 (4,083) Transaction expense 22,386 966 — Total NOI $ 323,221 $ 353,299 $ 298,745 The following table presents the Company’s goodwill for each of the segments as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Goodwill Industrial $ 68,373 $ 68,373 Office — 135,270 Other 26,305 26,305 Total Goodwill $ 94,678 $ 229,948 See Note 8, Fair Value Measurements , for details regarding the inputs used in determining the impairment of goodwill. The following table presents the Company’s total real estate assets, net, which includes accumulated depreciation and amortization and excludes intangibles, for each segment as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Industrial Real Estate, net Total real estate $ 761,757 $ 788,339 Accumulated depreciation and amortization (137,738) (118,737) Industrial real estate, net 624,019 669,602 Office Real Estate, net Total real estate 2,020,463 4,045,732 Accumulated depreciation and amortization (305,829) (692,865) Office real estate, net 1,714,634 3,352,867 Other Real Estate, net Total real estate 715,036 736,089 Accumulated depreciation and amortization (201,072) (181,721) Other real estate, net 513,964 554,368 Total Real Estate, net $ 2,852,617 $ 4,576,837 Total asset information by segment is not reported because the Company does not use this measure to assess performance or to make resource allocation decisions. |
Declaration of Distributions
Declaration of Distributions | 12 Months Ended |
Dec. 31, 2022 | |
Declaration of Distributions [Abstract] | |
Declaration of Distributions | Declaration of Distributions On November 2, 2021, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on January 1, 2022 and ending on March 31, 2022. The Company paid such distributions to each shareholder of record on February 1, 2022, March 1, 2022, and April 1, 2022, respectively. On March 29, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on April 1, 2022 and ending on April 30, 2022. The Company paid such distributions to each shareholder of record on May 2, 2022. On April 26, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on May 1, 2022 and ending on May 31, 2022. The Company paid such distributions to each shareholder of record on June 1, 2022. On May 20, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on June 1, 2022 and ending on June 30, 2022. The Company paid such distributions to each shareholder of record on July 1, 2022. On June 1, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common shares, for shareholders of record at the close of each business day for the period commencing on July 1, 2022 and ending on July 31, 2022. The Company paid such distributions to each shareholder of record on August 1, 2022. On June 30, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common shares, for shareholders of record at the close of each business day for the period commencing on August 1, 2022 and ending on August 31, 2022. The Company paid such distributions to each shareholder of record on September 1, 2022. On August 3, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on September 1, 2022 and ending on September 30, 2022. The Company paid such distributions to each shareholder of record on October 3, 2022. On September 20, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common shares, for shareholders of record at the close of each business day for the period commencing on October 1, 2022 and ending on October 31, 2022. The Company paid such distributions to each shareholder of record on November 1, 2022. On October 20, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on November 1, 2022 and ending on November 30, 2022. The Company paid such distributions to each shareholder of record on December 1, 2022. On November 2, 2022, the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share, for shareholders of record at the close of each business day for the period commencing on December 1, 2022 and ending on December 31, 2022. The Company paid such distributions to each shareholder of record on January 3, 2023. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sale of Property On January 6, 2023, the Company sold one held for sale property located in Irvine, California for approximately $40.0 million, less closing costs and other credits. The Company recognized an estimated gain of approximately $18.7 million. On February 16, 2023, the Company sold one property located in Clinton, South Carolina for approximately $19.3 million, less closing costs and other credits. The property met the held for sale criteria subsequent to year-end and the Company recognized an estimated gain of approximately $7.1 million. On March 2, 2023, the Company sold one property located in Herndon, Virginia for approximately $110.3 million, less closing costs and other credits. The property met the held for sale criteria subsequent to year-end and the Company recognized an estimated gain of approximately $4.8 million. Repayment of Mortgage Debt On March 6, 2023, the Company repaid the outstanding balance of $19.1 million related to the HealthSpring mortgage loan maturing in April 2023. Extension of Revolving Credit Facility and Repayment of 2024 Term Loan On March 21, 2023, the Company, through the Operating Partnership, entered into the Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), which, among other things, (i) permits the Operating Partnership to extend the Revolving Commitments (as defined in the Second Amended and Restated Credit Agreement) of each Revolving Lender (as defined in the Second Amended and Restated Credit Agreement) to January 31, 2026 (the “Subsequent Extension”); (ii) amended the covenant regarding Tangible Net Worth (as defined in the Second Amended and Restated Credit Agreement) to reduce the baseline calculation for the required Tangible Net Worth from $2,030,720,237 to $1,000,000,000; and (iii) added a covenant that prohibits any special distributions from extraordinary non-recurring income. Prior to the Seventh Amendment, the final Revolving Credit Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was June 30, 2024. The exercise of the Subsequent Extension by the Operating Partnership is conditioned upon, among other things, (i) prior to June 30, 2024, the Company consummating a listing of its equity interests which results in such equity interests being traded on the New York Stock Exchange and (ii) the payment of an extension fee on the effective date of the Subsequent Extension in an amount equal to 20 basis points of the amount of Revolving Commitments being extended in connection with the Subsequent Extension. In connection with the Seventh Amendment, and as a condition to the effectiveness thereof, the Operating Partnership prepaid the outstanding principal balance ($400,000,000) of the 2024 Term Loan (as defined in the Second Amended and Restated Credit Agreement). The prepayment was funded through a draw on the revolving credit facility portion of the Second Amended and Restated Credit Agreement. Cash Distributions On January 20, 2023 the Board declared an all-cash distribution rate, based on 365 days in the calendar year, of $0.008630136 per day ($3.15 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 for shareholders of such classes as of the close of each business day for the period from commencing January 1, 2023 and ending on January 31, 2023. The Company paid such distributions to each shareholder of record on February 1, 2023. On February 16, 2023, the Board declared an all-cash distribution rate, ($0.90 per share annualized), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share for shareholders of such classes as of the close of each business day for the period commencing on February 1, 2023 and ending on February 28, 2023. The Company paid such distributions to each shareholder of record on February 24, 2023. On March 14, 2023, the Board declared an all-cash monthly distribution (for the month of March in the amount of $0.075 per share), subject to adjustments for class-specific expenses, per Class E common share, Class T common share, Class S common share, Class D common share, Class I common share, Class A common share, Class AA common share and Class AAA common share for shareholders of such classes (or any class into which common shares may be converted). The dividend is payable on or about May 12, 2023 to shareholders of record as of May 2, 2023. Conversion, Name Change and Listing On January 19, 2023, the Company converted its form of organization from a Maryland corporation to a Maryland real estate investment trust and changed its name from Griffin Realty Trust, Inc. to Griffin Realty Trust. On February 21, 2023, the Company announced its intention to list its common shares on the New York Stock Exchange (the “Listing”). On March 10, 2023, the Company changed its name from Griffin Realty Trust to Peakstone Realty Trust and the Operating Partnership changed its name from GRT OP, L.P. to PKST OP, L.P. in anticipation of the Listing. Internal Restructuring On November 10, 2022, the Company completed an internal restructuring pursuant to which the Operating Partnership became wholly owned by the Operating Company. On February 23, 2023, the Company completed an additional restructuring to restore the Company’s operating structure to its condition prior to the internal restructuring. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization | PEAKSTONE REALTY TRUST 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 Industrial Renfro Industrial SC $ — $ 1,400 $ 18,182 $ 2,012 $ 1,400 $ 20,194 $ 21,594 $ 10,368 N/A 6/18/2009 5-40 years Hopkins Industrial KS — 274 7,567 962 274 8,529 8,803 3,516 N/A 8/27/2010 5-40 years TransDigm Industrial NJ — 3,773 9,030 411 3,773 9,441 13,214 3,487 N/A 5/31/2012 5-40 years Berry Global Industrial IL — 2,674 13,229 921 2,674 14,150 16,824 5,173 N/A 11/8/2012 5-40 years Amazon - Arlington Heights Industrial IL — 7,697 21,843 5,879 7,697 27,722 35,419 9,222 N/A 8/13/2013 5-40 years Roush Industries Industrial MI — 875 11,375 2,567 875 13,942 14,817 4,633 N/A 11/5/2013 5-40 years Samsonite Industrial FL 17,998 5,040 42,490 21 5,040 42,511 47,551 10,758 N/A 12/11/2015 5-40 years RH Industrial CA — 15,463 36,613 37,692 15,463 74,305 89,768 25,282 N/A 1/14/2016 5-40 years PepsiCo Industrial FL — 5,433 55,341 88 5,433 55,429 60,862 8,154 N/A 3/13/2018 5-40 years Shaw Industries Industrial GA — 5,465 57,116 — 5,465 57,116 62,581 8,287 N/A 5/3/2018 5-40 years Huntington Ingalls (300 W. Park Lane) Industrial VA — 3,100 14,580 1,323 3,100 15,903 19,003 2,970 N/A 5/1/2019 5-40 years Huntington Ingalls (500 W. Park Lane) Industrial VA — 3,113 14,639 1,351 3,113 15,990 19,103 2,983 N/A 5/1/2019 5-40 years OceanX Industrial OH — 978 14,137 2,568 978 16,705 17,683 4,007 N/A 5/1/2019 5-40 years ZF WABCO Industrial SC — 1,226 13,902 1,038 1,226 14,940 16,166 1,934 N/A 5/1/2019 5-40 years 3M Industrial IL 43,600 '(5) 5,802 75,758 6,391 5,802 82,149 87,951 9,632 N/A 5/1/2019 5-40 years Amazon - Etna Industrial OH 61,500 '(5) 4,773 95,475 11,546 4,773 107,021 111,794 14,924 N/A 5/1/2019 5-40 years Pepsi Bottling Ventures Industrial NC 17,836 3,407 31,783 954 3,407 32,737 36,144 3,332 N/A 2/5/2020 5-40 years Fidelity Building Services Industrial MD — 1,662 10,746 435 1,662 11,181 12,843 775 N/A 3/1/2021 5-40 years Amcor Industrial OH — 4,962 42,377 1,340 4,962 43,717 48,679 4,505 N/A 3/1/2021 5-40 years Atlas Copco Industrial MI — 1,156 18,297 1,505 1,156 19,802 20,958 3,796 N/A 5/1/2019 5-40 years Total Industrial $ 140,934 $ 78,273 $ 604,480 $ 79,004 $ 78,273 $ 683,484 $ 761,757 $ 137,738 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 Office AT&T (14500 NE 87th Street) Office WA — $ 2,434 $ 11,656 $ 954 $ 2,434 $ 12,609 $ 15,043 $ 4,691 N/A 1/31/2012 5-40 years AT&T (14520 NE 87th Street) Office WA — 3,259 15,608 615 3,259 16,223 19,482 6,074 N/A 1/31/2012 5-40 years AT&T (14560 NE 87th Street) Office WA — 1,077 5,157 776 1,077 5,933 7,010 2,129 N/A 1/31/2012 5-40 years PPG Office PA — 2,650 26,745 54 2,650 26,799 29,449 10,654 N/A 3/22/2012 5-40 years York Space Systems (East Village) Office CO — 2,600 13,500 10,877 2,600 24,377 26,977 8,715 N/A 6/29/2012 5-40 years Maxar Office CO — 8,600 83,400 — 8,600 83,400 92,000 28,698 N/A 1/14/2014 5-40 years Parallon Office FL — 1,000 16,772 — 1,000 16,772 17,772 5,900 N/A 6/25/2014 5-40 years Wood Group (Westgate III) Office TX — 3,209 75,937 (10,479) 2,784 65,883 68,667 18,734 N/A 4/1/2015 5-40 years South Lake at Dulles Office VA — 9,666 74,098 26,512 9,666 100,610 110,276 26,075 N/A 6/10/2015 5-40 years Amentum (Heritage III) Office TX — 1,955 15,540 6,941 1,955 22,481 24,436 5,630 N/A 12/11/2015 5-40 years Aegis (530 Great Circle Road) Office TN 11,021 4,687 18,138 — 4,687 18,138 22,825 5,319 N/A 4/27/2016 5-40 years Cigna (500 Great Circle Road) Office TN 8,086 3,439 13,309 404 3,439 13,713 17,152 3,952 N/A 4/27/2016 5-40 years LPL (1055 & 1060 LPL Way) Office SC — 4,612 86,352 — 4,612 86,352 90,964 12,882 N/A 11/30/2017 5-40 years LPL (1040 LPL Way) Office SC — 1,273 41,509 — 1,273 41,509 42,782 6,192 N/A 11/30/2017 5-40 years McKesson (5601 N. Pima Road) Office AZ — 159 35,490 168 159 35,659 35,818 11,923 N/A 4/10/2018 5-40 years On Semi (5701 N. Pima Road) Office AZ — 153 34,270 387 153 34,657 34,810 11,513 N/A 4/10/2018 5-40 years Toshiba TEC Office NC — 1,916 36,374 2,423 1,916 38,797 40,713 7,125 N/A 5/1/2019 5-40 years IGT Office NV 45,300 '(5) 5,673 67,610 2,021 5,673 69,631 75,304 9,881 N/A 5/1/2019 5-40 years Southern Company Office AL 99,600 '(5) 7,794 157,724 1,457 7,794 159,181 166,975 16,718 N/A 5/1/2019 5-40 years Travel & Leisure, Co. Office NJ — 9,677 71,316 1,742 9,677 73,058 82,735 12,462 N/A 5/1/2019 5-40 years Rapiscan Systems Office MA — 2,006 10,270 523 2,006 10,793 12,799 2,225 N/A 5/1/2019 5-40 years Zoetis Office NJ — 3,718 44,082 735 3,718 44,817 48,535 7,173 N/A 5/1/2019 5-40 years MISO Office IN — 3,725 25,848 971 3,725 26,819 30,544 4,553 N/A 5/1/2019 5-40 years McKesson (5801 North Pima Road) Office AZ — — 36,959 4,749 — 41,708 41,708 7,249 N/A 9/20/2019 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 Freeport McMoRan Office AZ — 4,264 120,604 82 4,264 120,686 124,950 11,386 N/A 3/1/2021 5-40 years Avnet (Phoenix) Office AZ — 5,394 31,021 1,862 5,394 32,883 38,277 4,581 N/A 3/1/2021 5-40 years Terraces at Copley Point Office CA — 23,897 87,430 1,250 23,897 88,680 112,577 10,301 N/A 3/1/2021 5-40 years Occidental Petroleum Office CO — 6,841 24,702 1,794 6,841 26,496 33,337 2,318 N/A 3/1/2021 5-40 years Corteva Agriscience Office IA — 6,412 39,299 1,624 6,412 40,923 47,335 4,203 N/A 3/1/2021 5-40 years Mercury Systems Office MA — 6,969 37,739 (9,123) 5,407 30,178 35,585 3,017 N/A 3/1/2021 5-40 years Draeger Medical Systems Office MA — 4,985 30,143 (9,075) 3,539 22,514 26,053 2,458 N/A 3/1/2021 5-40 years Keurig Dr. Pepper (63 South Avenue) Office MA — 5,111 48,464 812 5,111 49,276 54,387 3,690 N/A 3/1/2021 5-40 years Keurig Dr. Pepper (53 South Avenue) Office MA — 3,262 169,233 628 3,262 169,861 173,123 11,325 N/A 3/1/2021 5-40 years 40 Wight Office MD — 2,873 50,619 1,385 2,873 52,004 54,877 3,277 N/A 3/1/2021 5-40 years 136 & 204 Capcom Office NC — 1,802 9,996 523 1,802 10,519 12,321 1,672 N/A 3/1/2021 5-40 years Cigna (Express Scripts) Office PA — 4,725 18,756 2,080 4,725 20,836 25,561 2,265 N/A 3/1/2021 5-40 years International Paper Office TN — 1,376 69,048 8,488 1,376 77,536 78,912 5,411 N/A 3/1/2021 5-40 years Tech Data Corp. Office TX — 3,138 12,987 671 3,138 13,658 16,796 1,421 N/A 3/1/2021 5-40 years Fresenius Medical Care Office TX — 1,380 28,923 1,293 1,380 30,216 31,596 2,037 N/A 3/1/2021 5-40 years Total Office $ 164,007 $ 167,711 $ 1,796,628 $ 56,124 $ 164,278 $ 1,856,185 $ 2,020,463 $ 305,829 Other Avnet (Chandler) Other AZ $ 17,913 $ 1,860 $ 31,481 $ 47 $ 1,860 $ 31,528 $ 33,388 $ 9,517 N/A 5/29/2013 5-40 years Hitachi Energy USA Other MO 12,740 5,637 25,280 — 5,637 25,280 30,917 8,751 N/A 11/6/2015 5-40 years Franklin Center Office MD — 6,989 46,875 1,441 6,989 48,316 55,305 12,534 N/A 6/10/2015 5-40 years Northrop Grumman Other OH 9,741 1,300 16,188 619 1,300 16,807 18,107 7,711 N/A 11/13/2012 5-40 years Gold Pointe Corp Ctr Bld C Other CA — 4,182 18,072 324 4,182 18,396 22,578 10,665 N/A 12/18/2012 5-40 years Quebec Court II Other CO — 3,146 22,826 (7,176) 2,043 16,753 18,796 8,572 N/A 1/11/2013 5-40 years Schlumberger Other TX 27,113 2,800 47,752 (3,909) 2,510 44,133 46,643 15,646 N/A 5/1/2013 5-40 years Raytheon Technologies Other NC 21,431 1,330 37,858 — 1,330 37,858 39,188 14,496 N/A 5/3/2013 5-40 years 30 Independence Other NJ 23,596 5,300 36,768 15,901 5,300 52,669 57,969 21,253 N/A 10/3/2013 5-40 years Wyndham Hotels & Resorts Other NJ 52,893 6,200 91,153 2,494 6,200 93,647 99,847 25,667 N/A 4/23/2014 5-40 years Crosspoint Other AZ — 15,000 45,893 18,443 15,000 64,336 79,336 21,654 N/A 5/22/2014 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 Level 3 (ParkRidge One) Other CO — 10,554 35,817 1,663 10,554 37,480 48,034 14,517 N/A 8/1/2014 5-40 years Owens Corning Other NC 3,179 867 4,418 1,101 867 5,519 6,386 1,152 N/A 5/1/2019 5-40 years Hitachi Astemo Other OH 9,943 1,214 16,538 2,484 1,214 19,022 20,236 3,488 N/A 5/1/2019 5-40 years Wood Group (Westgate II) Other TX 32,950 7,716 48,422 870 7,716 49,292 57,008 11,077 N/A 5/1/2019 5-40 years Administrative Office of Pennsylvania Courts Other PA 5,848 1,246 9,626 781 1,246 10,407 11,653 2,293 N/A 5/1/2019 5-40 years MGM Corporate Center (840 Grier Drive) Other NV 6,297 1,634 9,298 1,009 1,634 10,307 11,941 2,326 N/A 5/1/2019 5-40 years MGM Corporate Center (880 Grier Drive) Other NV 8,432 2,188 12,423 591 2,188 13,014 15,202 2,918 N/A 5/1/2019 5-40 years MGM Corporate Center (950 Grier Drive) Other NV 2,786 723 4,105 226 723 4,331 5,054 1,018 N/A 5/1/2019 5-40 years Park Meadows Corporate Center II Office CO — 3,109 13,096 (8,588) 1,357 6,263 7,620 2,000 N/A 5/1/2019 5-40 years KBR Office AL — 5,007 23,328 1,493 5,007 24,821 29,828 3,817 N/A 3/1/2021 5-40 years Total Other $ 234,862 $ 88,002 $ 597,217 $ 29,814 $ 84,857 $ 630,179 $ 715,036 $ 201,072 Total Portfolio $ 539,803 $ 333,986 $ 2,998,325 $ 164,942 $ 327,408 $ 3,169,848 $ 3,497,256 $ 644,639 Real estate assets held for sale Fox Head Industrial CA $ — $ 3,672 $ 23,230 $ — $ 3,672 $ 23,230 $ 26,902 $ 7,494 N/A 10/29/2013 $ 539,803 $ 337,658 $ 3,021,555 $ 164,942 $ 331,080 $ 3,193,078 $ 3,524,158 $ 652,133 (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 $1.0 million related to the debt assumed in the Highway 94, Samsonite and HealthSpring property acquisitions, as well as Owens Corning, Westgate II, AOPC, MGM, American Showa, BAML and Pepsi Bottling Ventures. (4) As of December 31, 2022, the aggregate cost of real estate the Company and consolidated subsidiaries owned for federal income tax purposes was approximately $3.2 billion (unaudited) (5) 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, 2022 2021 2020 Real estate facilities Balance at beginning of year $ 5,570,160 $ 4,310,302 4,278,433 Acquisitions — 1,289,296 36,144 Construction costs and improvements 8,607 29,042 72,306 Other adjustments (129) (2,976) — Write down of tenant origination and absorption costs — (422) — Impairment provision (178,414) (4,242) (23,472) Sale of real estate assets (1,876,066) (50,840) (53,109) Real estate assets held for sale (26,902) — — Balance at end of year $ 3,497,256 $ 5,570,160 $ 4,310,302 Accumulated depreciation Balance at beginning of year $ 993,323 $ 817,773 $ 668,104 Depreciation and amortization expense 186,350 209,638 161,056 Write down of tenant origination and absorption costs — (422) — Impairment provision (50,838) — — Other adjustments (47) — — Less: Non-real estate assets depreciation expense — (5,860) (4,619) Less: Sale of real estate assets depreciation expense (476,655) (27,806) (6,768) Less: Real estate assets held for sale (7,494) — — Balance at end of year $ 644,639 $ 993,323 $ 817,773 Real estate facilities, net $ 2,852,617 $ 4,576,837 $ 3,492,529 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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, 2022 and 2021. 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. |
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 (or when applicable, 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, and 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’s 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. |
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 ASC 840 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. 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 ASC 840 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. 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. |
Change in Consolidated Financial Statements Presentation | Principles of Consolidation The Company's financial statements, and the financial statements of the 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 . The Company has determined that the Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participation rights. Furthermore, the Company is the primary beneficiary of the Operating Partnership because the Company has the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2022 and 2021, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. |
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 shareholders. 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 shareholders. As of December 31, 2022, the Company satisfied the REIT requirements and distributed all of its taxable income. |
Goodwill | Goodwill Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. The Company recorded goodwill as a result of the transaction that resulted in the internalization of GRT management in December 2018 (“Self-Administration Transaction”). The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis for each reporting unit, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. On October 1st of each period, the Company performs a qualitative analysis to determine whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting units in step one of the impairment test. If a quantitative assessment is deemed necessary, and to the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, the Company recognizes an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit. Due to the Company’s operating segment realignment in the fourth quarter of 2022, the composition of its reporting units for the evaluation of goodwill impairment was changed and resulted in a quantitative assessment of goodwill impairment. Prior to the change, the Company tested the goodwill for impairment at the previous single reporting unit, which did not result in any impairment charge. Goodwill is now allocated across all three of the Company’s Office, Industrial, and Other reporting units on a relative fair value basis, which is determined as the fair value of assets less liabilities for each reporting unit. Given this method, the fair value of real estate assets and mortgage loans included within each reporting unit were the significant components in determining relative fair value. The Company estimated the fair value of real estate assets using a discounted cash flow model, including forecasted future cash flows based on significant assumptions such as market rent, and the determination of appropriate discount and terminal capitalization rates. The Company estimated the fair value of the mortgage loans in each reporting unit 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 amounts within the consolidated financial statements for the remaining assets and liabilities approximated fair value. For any corporate related amounts that were not specifically identifiable to any reporting unit, the Company allocated those amounts on a relative fair value basis using the specifically identified assets and liabilities. As a result of the quantitative assessment as of December 31, 2022, the Company concluded that it was more likely than not that the fair value of the Office reporting unit was less than the carrying amount, especially given the general decline in overall demand for office assets. Thus, the Company recorded a $135.3 million goodwill impairment, which represents the entire amount of goodwill allocated to the Office segment. See Note 8, Fair Value Measurements , for details regarding the inputs used in determining the impairment of goodwill. See Note 14, Segment Reporting , for allocation of goodwill for each of the Company’s segments. |
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 DataThe Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common shareholders 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 shareholders by the weighted average number of common shares outstanding, including common shares equivalents. Unvested RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The effect of including unvested restricted shares using the treasury stock method was excluded from our calculation of weighted average common shares outstanding – diluted, as the inclusion would have been anti-dilutive for the years ended December 31, 2022, 2021 and 2020. |
Segment Information | Segment InformationIn the fourth quarter of 2022, the Company evolved the management strategy of its real estate portfolio to focus on three different property types in order to maximize the value of the assets within each group. As a result, the Company changed to three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment includes newer, high-quality, and business-essential office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale. The Company recast its segment results for all prior periods presented to show the three reportable segments. |
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 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2023. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company has subsequently elected to apply additional expedients related to |
Change in Consolidated Financial Statements Presentation | Change in Consolidated Financial Statements Presentation Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. Interest rate swap assets have been reclassified from other assets to interest rate swap assets on the balance sheet for all periods presented. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
Real Estate [Abstract] | |
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, 2022 and 2021: December 31, 2022 2021 In-place lease valuation (above market) $ 28,619 $ 49,578 In-place lease valuation (above market) - accumulated amortization (19,799) (35,049) In-place lease valuation (above market), net 8,820 14,529 Ground leasehold interest (below market) — 2,254 Ground leasehold interest (below market) - accumulated amortization — (219) Ground leasehold interest (below market), net — 2,035 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (6,987) (5,492) Intangibles - other, net 25,041 26,536 Intangible assets, net $ 33,861 $ 43,100 In-place lease valuation (below market) $ (48,686) $ (77,859) Land leasehold interest (above market) (3,072) (3,072) In-place lease valuation & land leasehold interest - accumulated amortization 31,358 50,634 Intangibles - other (above market) (258) (329) Intangible liabilities, net $ (20,658) $ (30,626) Tenant origination and absorption cost $ 535,889 $ 876,324 Tenant origination and absorption cost - accumulated amortization (282,383) (473,893) Tenant origination and absorption cost, net $ 253,506 $ 402,431 |
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, 2022 2021 2020 Above and below market leases, net $ (2,205) $ (1,323) $ (2,292) Tenant origination and absorption cost $ 73,172 $ 78,389 $ 62,459 Ground leasehold amortization (below market) $ (372) $ (349) $ (291) Other leasing costs amortization $ 4,754 $ 6,209 $ 4,908 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold interest, and other leasing costs as of December 31, 2022 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other leasing costs 2023 $ (1,166) $ 42,114 $ (317) $ 2,539 2024 $ (1,304) $ 37,380 $ (318) $ 2,812 2025 $ (1,195) $ 31,883 $ (317) $ 3,013 2026 $ (1,090) $ 30,227 $ (317) $ 2,966 2027 $ (892) $ 26,156 $ (317) $ 3,124 |
Schedule of Real Estate Properties | The following summary presents the major components of assets related to the real estate held for sale as of December 31, 2022: As of December 31, 2022 Land $ 3,672 Building and improvements 17,878 Tenant origination and absorption cost 5,352 Total real estate 26,902 Less: accumulated depreciation (7,494) Total real estate, net 19,408 Intangible assets, net 125 Deferred rent 1,265 Other assets, net 18 Total assets held for sale $ 20,816 |
Schedule of 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, 2022 2021 Cash reserves $ 4,262 $ 15,234 Restricted lockbox 502 2,288 Total $ 4,764 $ 17,522 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Company's Share of Net Earnings or Losses and Reduced by Distributions | The table below summarizes the Company’s investment in the unconsolidated Office Joint Venture, which is included in the Company’s Office segment: Office Joint Venture Investment in Office Joint Venture Balance at December 31, 2021 $ — Contributions 218,746 Net loss (1) (10,979) Sale of Mezzanine Loan Interest (31,000) Other Comprehensive Income 1,880 Balance at December 31, 2022 $ 178,647 (1) The net loss includes $3.6 million of loss on the sale of the Mezzanine Loan. The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture (1) : December 31, 2022 Assets Real estate properties, net $ 981,354 Other assets 240,447 Total assets $ 1,221,801 Liabilities Mortgages payable, net $ 856,765 Other liabilities 52,018 Total Liabilities $ 908,783 (1) Amounts are as of September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. The table below presents condensed statements of operations of the unconsolidated Office Joint Venture (1) : December 31, 2022 Total revenues $ 16,500 Total expenses (31,648) Net Income $ (15,148) (1) Amounts represent the period of the Company’s ownership from August 26, 2022 to September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | As of December 31, 2022 and 2021, the Company’s debt consisted of the following: December 31, Contractual Interest Rate (1) Loan Maturity (4) Effective Interest Rate (2) 2022 2021 HealthSpring Mortgage Loan $ 19,107 $ 19,669 4.18% April 2023 4.64% Midland Mortgage Loan — 95,792 —% (5) — —% Samsonite Loan 17,998 19,114 6.08% September 2023 4.99% Highway 94 Loan 12,740 13,732 3.75% August 2024 4.97% Pepsi Bottling Ventures Loan 17,836 18,218 3.69% October 2024 3.93% AIG Loan II 122,328 124,606 4.15% November 2025 4.98% BOA Loan — 375,000 —% (6) — —% BOA/KeyBank Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 99,794 101,884 4.96% February 2029 5.11% Total Mortgage Debt 539,803 1,018,015 Revolving Credit Facility (3) — 373,500 SOF Rate + 1.45% (7) June 2024 5.85% 2023 Term Loan — 200,000 —% (8) — —% 2024 Term Loan 400,000 400,000 SOF Rate + 1.40% April 2024 5.88% 2025 Term Loan 400,000 400,000 SOF Rate + 1.40% December 2025 5.97% 2026 Term Loan 150,000 150,000 SOF Rate + 1.40% April 2026 5.89% Total Debt 1,489,803 2,541,515 Unamortized Deferred Financing Costs and Discounts, net (4,401) (9,138) Total Debt, net $ 1,485,402 $ 2,532,377 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million the weighted average interest rate as of December 31, 2022 was 4.13% for both the Company’s fixed-rate and variable-rate debt combined and 4.02% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of December 31, 2022 and includes the effect of amortization of discounts/premiums and deferred financing costs. (3) The SOF rate as of December 31, 2022 (effective date) was 4.30%, which excludes a 0.1% per annum index adjustment as required per Fifth Amendment to the Second Amended and Restated Credit Agreement. The Revolving Credit Facility had an initial term of approximately three years, and was initially scheduled to mature on June 28, 2022. Through the Fifth Amendment to the Restated Credit Agreement, the Company elected to extend the maturity until September 30, 2023 and the Company has a series of three three-month extension options (December 30, 2023, March 30, 2024, and June 30, 2024). See discussion below. (4) Reflects the loan maturity as of December 31, 2022. (5) Midland Mortgage Loan was repaid in August 2022 and had a contractual interest rate of 3.94%. (6) BOA Loan was repaid in August 2022 and had a contractual interest rate of 3.77%. (7) Revolving Credit Facility was paid down in August 2022 and has a contractual interest rate of SOFR + 1.45%. (8) 2023 Term Loan was paid down in September 2022 and had a contractual interest rate of LIBOR + 1.40%. |
Schedule of Future Principal Repayments of all Loans | The following summarizes the future scheduled principal repayments of all loans as of December 31, 2022 per the loan terms discussed above: As of December 31, 2022 2023 $ 43,101 2024 433,929 2025 519,901 2026 152,546 2027 2,675 Thereafter 337,651 Total principal 1,489,803 Unamortized debt premium/(discount) 240 Unamortized deferred loan costs (4,641) Total $ 1,485,402 |
Interest Rate Contracts (Tables
Interest Rate Contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps | The following table sets forth a summary of the interest rate swaps at December 31, 2022 and 2021: Fair Value (1) Current Notional Amounts December 31, December 31, Derivative Instrument Effective Date Maturity Date Interest Strike Rate 2022 2021 2022 2021 Assets/(Liabilities) Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 12,391 $ 1,648 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 8,244 1,059 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 6,145 749 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 4,331 (7,342) 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,444 (5,909) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 3,441 (5,899) 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 3,408 (5,958) 100,000 100,000 Total $ 41,404 $ (21,652) $ 750,000 $ 750,000 (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, 2022, derivatives in a liability position are included in an asset or liability position are included in the line item "Other assets or Interest rate swap liability," respectively, in the consolidated balance sheets at fair value. The LIBO rate as of December 31, 2022 (effective date) was 4.12%. |
Schedule of 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, 2022 2021 2020 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of (loss) gain recognized in AOCI on derivatives $ 61,126 $ (18,165) $ (38,319) Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” $ (2,056) $ (14,284) $ 8,165 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 84,816 $ 85,087 $ 79,646 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2022 and 2021: December 31, 2022 2021 Interest payable $ 13,654 $ 9,683 Prepaid tenant rent 12,399 26,477 Deferred compensation 8,913 10,119 Property operating expense payable 7,960 11,126 Real estate taxes payable 6,296 14,751 Redemptions payable 4,383 — Accrued tenant improvements 620 10,123 Other liabilities 25,950 26,842 Total $ 80,175 $ 109,121 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value on a 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, 2022 and 2021: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2022 Interest Rate Swap Asset $ 41,404 $ — $ 41,404 $ — Mutual Funds Asset $ 6,191 $ 6,191 $ — $ — December 31, 2021 Interest Rate Swap Asset $ 3,456 $ — $ 3,456 $ — Interest Rate Swap Liability $ (25,108) $ — $ (25,108) $ — Mutual Funds Asset $ 5,543 $ 5,543 $ — $ — |
Schedule of 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, 2022: Range of Inputs or Input Unobservable Inputs Midwest Properties Southwest Properties Market rent per square foot $8.50 to $12.75 $18.00- $23.00 Terminal capitalization rate 9.50% to 11.25% 7.23% - 7.75% Discount rate 10.25% to 14.00% 8.60% - 8.81% Range of Inputs or Input Unobservable Inputs Southern Property Northeast Properties Southwest Properties West Properties Expected selling price per square foot $295.96 $187 - $234 $268 $65 - $80 Estimated hold period Less than one year Less than one year Less than one year Less than one year Range of Inputs or Input Unobservable Inputs Industrial Office Other Market rent per square foot $3.25- $27.00 $11.50 - $42.00 $4.00 - $27.50 Terminal capitalization rate 4.75% - 8.25% 5.75%- 9.50% 5.50% - 9.41% Discount rate 5.75% - 9.00% 6.25%- 10.50% 6.50%- 9.50% |
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, 2022 2021 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA Loan $ — $ — $ 349,082 $ 375,000 BOA/KeyBank Loan 226,361 250,000 260,378 250,000 AIG Loan II 111,872 122,328 120,141 124,606 AIG Loan 89,526 99,794 99,697 101,884 Midland Mortgage Loan — — 95,720 95,792 Samsonite Loan 17,998 17,998 19,366 19,114 HealthSpring Mortgage Loan 19,107 19,107 19,639 19,669 Pepsi Bottling Ventures Loan 17,014 17,836 18,262 18,218 Highway 94 Loan 11,941 12,740 13,360 13,732 Total $ 493,819 $ 539,803 $ 995,645 $ 1,018,015 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2022 and 2021. See Note 5, Debt , for details. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table sets forth the classes of outstanding common shares as of December 31, 2022 and 2021: As of December 31, 2022 2021 Class A 2,714,120 2,723,286 Class AA 5,272,834 5,288,013 Class AAA 102,993 102,993 Class D 4,668 4,668 Class E 27,630,545 27,676,520 Class I 212,414 212,416 Class S 200 200 Class T 62,124 62,807 |
Schedule of Stock Issued Under DRP Offering | The following table summarizes the DRP o fferings , by share class, as of December 31, 2022: Share Class Amount Shares Class A $ 9,687 116,908 Class AA 19,047 229,819 Class AAA 290 3,502 Class D 21 248 Class E 311,405 3,588,818 Class I 437 5,225 Class S — 1 Class T 177 2,121 Total $ 341,064 3,946,642 |
Schedule of Stock Redemption Activity | The following table summarizes share redemption (excluding the self-tender offer) activity during the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Common shares redeemed 149,730 248,053 Weighted average price per share $ 66.79 $ 81.29 |
Schedule of Unvested Shares of Restricted Stock Awards Activity | Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2020 104,871 Granted 179,917 $ 80.73 Forfeited (24,707) $ 81.88 Vested (90,235) $ 83.18 Balance at December 31, 2021 169,846 Granted 116,749 $ 66.87 Forfeited (9,404) $ 80.38 Vested (119,056) $ 77.68 Balance at December 31, 2022 158,135 |
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, 2022, 2021, and 2020 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, 2022 2021 2020 Ordinary income $ — — % $ 0.03 9 % $ 0.13 33 % Capital gain — — % — — % — — % Return of capital 0.35 100 % 0.32 91 % 0.27 67 % Total distributions paid $ 0.35 100 % $ 0.35 100 % $ 0.40 100 % |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021: December 31, 2022 2021 Beginning balance $ 218,653 $ 226,550 Reclass of noncontrolling interest subject to redemption 957 (159) Repurchase of noncontrolling interest — — Issuance of stock dividend for noncontrolling interest — — Distributions to noncontrolling interests (10,942) (10,942) Allocated distributions to noncontrolling interests subject to redemption (17) (18) Net income (loss) (39,714) 66 Other comprehensive loss 5,718 3,156 Ending balance $ 174,655 $ 218,653 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Summarized below are the related party transaction costs incurred by the Company for the years ended December 31, 2022, 2021 and 2020, respectively, and any related amounts receivable and payable as of December 31, 2022 and 2021: Incurred for the Year Ended December 31, Receivable as of December 31, 2022 2021 2020 2022 2021 Assets Assumed through the Self-Administration Transaction Other fees $ — $ — $ 243 $ — $ — Due from GCC Reimbursable Expense Allocation — 20 15 — 11 Payroll/Expense Allocation 5 19 653 — 260 Total incurred/receivable $ 5 $ 39 $ 911 $ — $ 271 Incurred for the Year Ended December 31, Payable as of December 31, 2022 2021 2020 2022 2021 Expensed Costs advanced by the advisor $ 705 $ 2,275 $ 2,000 $ 67 $ 929 Consulting fee - shared services 1,351 2,520 2,500 522 461 Assumed through Self- Administration Transaction/Predecessor Mergers Earn-out — — — 130 197 Shareholder Servicing Fee — — — — 92 Other Distributions 8,688 8,688 10,537 739 739 Total incurred/payable $ 10,744 $ 13,483 $ 15,037 $ 1,458 $ 2,418 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Undiscounted Cash Flow | The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2022. As of December 31, 2022 2023 $ 230,669 2024 222,596 2025 208,874 2026 204,931 2027 186,630 Thereafter 821,712 Total $ 1,875,412 |
Schedule of Lease, Cost | The following table sets forth the weighted-average for the lease term and the discount rate as of December 31, 2022 and 2021: As of December 31, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term in years 72 74 Weighted-average discount rate (1) 4.75 % 4.83 % (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. |
Schedule of Operating Lease Liability Maturity | Maturities of lease liabilities as of December 31, 2022 were as follows: As of December 31, 2022 Operating Financing 2023 $ 2,151 $ 560 2024 1,906 360 2025 1,567 365 2026 1,501 375 2027 1,524 381 Thereafter 250,233 3,498 Total undiscounted lease payments 258,882 5,539 Less imputed interest (215,796) (2,106) Total lease liabilities $ 43,086 $ 3,433 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Segment Revenues | A reconciliation of segment NOI for the years ended December 31, 2022, 2021, and 2020 is as follows: Year Ended December 31, 2022 2021 2020 Industrial NOI Total Industrial revenues $ 61,347 $ 59,320 $ 69,047 Industrial operating expenses (7,870) (7,195) (9,210) Industrial NOI 53,477 52,125 59,837 Office NOI Total Office revenues 297,110 340,265 268,928 Office operating expenses (66,143) (80,010) (70,815) Office NOI 230,967 260,255 198,113 Other NOI Total Other revenues 58,029 60,288 59,477 Other operating expenses (19,252) (19,369) (18,682) Other NOI 38,777 40,919 40,795 Total NOI $ 323,221 $ 353,299 $ 298,745 Year Ended December 31, 2022 2021 2020 Reconciliation of Net Income to Total NOI Net (loss) income $ (441,382) $ 11,570 $ (5,774) General and administrative expenses 39,893 40,479 38,633 Corporate operating expenses to affiliates 1,349 2,520 2,500 Impairment provision, real estate 127,577 4,242 23,472 Impairment provision, goodwill 135,270 — — Depreciation and amortization 190,745 209,638 161,056 Interest expense 84,816 85,087 79,646 Debt breakage costs 13,249 — — Other loss (income), net 45 (1,521) (3,228) Loss (income) from investment in unconsolidated entities 9,993 (8) 6,523 Loss (gain) from disposition of assets 139,280 326 (4,083) Transaction expense 22,386 966 — Total NOI $ 323,221 $ 353,299 $ 298,745 The following table presents the Company’s goodwill for each of the segments as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Goodwill Industrial $ 68,373 $ 68,373 Office — 135,270 Other 26,305 26,305 Total Goodwill $ 94,678 $ 229,948 See Note 8, Fair Value Measurements , for details regarding the inputs used in determining the impairment of goodwill. The following table presents the Company’s total real estate assets, net, which includes accumulated depreciation and amortization and excludes intangibles, for each segment as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Industrial Real Estate, net Total real estate $ 761,757 $ 788,339 Accumulated depreciation and amortization (137,738) (118,737) Industrial real estate, net 624,019 669,602 Office Real Estate, net Total real estate 2,020,463 4,045,732 Accumulated depreciation and amortization (305,829) (692,865) Office real estate, net 1,714,634 3,352,867 Other Real Estate, net Total real estate 715,036 736,089 Accumulated depreciation and amortization (201,072) (181,721) Other real estate, net 513,964 554,368 Total Real Estate, net $ 2,852,617 $ 4,576,837 |
Organization (Details)
Organization (Details) $ / shares in Units, $ in Thousands | 63 Months Ended | 146 Months Ended | |||||
Mar. 10, 2023 $ / shares | Mar. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) property $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | ||
Subsidiary, Sale of Stock [Line Items] | |||||||
Limited liability partnership interest held (percent) | 91% | ||||||
Number of properties contributed | property | 5 | ||||||
Proceeds from issuance of equity | $ 2,800,000 | ||||||
Common stock, number of shares outstanding (in shares) | shares | 35,999,898 | 36,070,902 | |||||
Common stock issued | [1] | $ 36 | $ 36 | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Subsequent Event | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Reverse stock split | 0.1111 | ||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.001 | ||||||
Common Shares | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, number of shares outstanding (in shares) | shares | 35,999,898 | 36,070,902 | 25,591,187 | 25,317,080 | |||
Cole Office and Industrial Reit (CCIT II) | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Total consideration | $ 1,300,000 | ||||||
Number of shares to be received for each share converted | 0.155 | ||||||
Sponsor and Affiliates | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Limited liability partnership interest held (percent) | 7.80% | ||||||
Third parties | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Limited liability partnership interest held (percent) | 1.20% | ||||||
Private Offerings, Public Offerings, Dividend Reinvestment Plan ("DRP") Offerings and Mergers | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock issued (in shares) | shares | 31,904,106 | ||||||
Proceeds from issuance of equity | $ 2,800,000 | ||||||
Distribution Reinvestment Plan | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock issued | $ 341,100 | $ 341,100 | |||||
Board of Directors Chairman | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Partnership units owned (in shares) | shares | 2,400,000 | ||||||
[1]See Note 9, Equity , for the number of shares outstanding of each class of common shares as of December 31, 2022. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Accounting Policies [Abstract] | ||
Cash equivalents | $ | $ 0 | $ 0 |
Reportable segments | segment | 3 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2019 USD ($) lease |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of ground leases | lease | 2 | ||
Right of use assets | $ 35,453 | $ 39,482 | |
Lease liability | $ 43,086 | ||
Weighted-average discount rate (percent) | 4.75% | 4.83% | 5.36% |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use assets | $ 25,500 | ||
Lease liability | $ 27,600 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Per Share Data (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 212,152 | 150,037 | 50,371 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) reportableSegment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of reporting units | reportableSegment | 3 | |||
Impairment provision - goodwill | $ | $ 135,300 | $ 135,270 | $ 0 | $ 0 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 27, 2022 USD ($) lease | Dec. 22, 2022 USD ($) property | Sep. 23, 2022 USD ($) property | Aug. 26, 2022 USD ($) property | Dec. 31, 2022 USD ($) property state | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate [Line Items] | |||||||
Number of properties | property | 81 | ||||||
Number of states | state | 24 | ||||||
Purchase price | $ 3,400,000 | ||||||
Depreciation expense | 113,191 | $ 125,388 | $ 93,980 | ||||
Amortization of intangible assets | $ 84,200 | $ 77,600 | 67,100 | ||||
Useful life | 7 years 1 month 6 days | 6 years 3 months | |||||
Number of properties sold | 5 | 1 | 1 | 41 | |||
Proceeds from sale of real estate | $ 170,400 | $ 33,300 | $ 93,000 | $ 1,100,000 | |||
Gain (loss) on sale of real estate | $ 43,000 | $ 800 | $ 10,400 | $ (105,900) | $ (139,280) | $ (326) | 4,083 |
Impairment provision, real estate | $ 127,577 | $ 4,242 | $ 23,472 | ||||
Number of impaired properties | property | 11 | ||||||
Office NOI | |||||||
Real Estate [Line Items] | |||||||
Impairment provision, real estate | $ 112,400 | ||||||
Other NOI | |||||||
Real Estate [Line Items] | |||||||
Impairment provision, real estate | $ 15,200 |
Real Estate -Schedule of Compan
Real Estate -Schedule of Company's Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
In-place lease valuation (above market) | $ 28,619 | $ 49,578 |
In-place lease valuation (above market) - accumulated amortization | (19,799) | (35,049) |
In-place lease valuation (above market), net | 8,820 | 14,529 |
Ground leasehold interest (below market) | 0 | 2,254 |
Ground leasehold interest (below market) - accumulated amortization | 0 | (219) |
Ground leasehold interest (below market), net | 0 | 2,035 |
Intangibles - other | 32,028 | 32,028 |
Intangibles - other - accumulated amortization | (6,987) | (5,492) |
Intangibles - other, net | 25,041 | 26,536 |
Intangible assets, net | 33,861 | 43,100 |
In-place lease valuation (below market) | (48,686) | (77,859) |
Land leasehold interest (above market) | (3,072) | (3,072) |
In-place lease valuation & land leasehold interest - accumulated amortization | 31,358 | 50,634 |
Intangibles - other (above market) | (258) | (329) |
Intangible liabilities, net | (20,658) | (30,626) |
Tenant origination and absorption cost | 535,889 | 876,324 |
Tenant origination and absorption cost - accumulated amortization | (282,383) | (473,893) |
Tenant origination and absorption cost, net | $ 253,506 | $ 402,431 |
Real Estate - Schedule of Amort
Real Estate - Schedule of Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of amortization expense | |||
Above and below market leases, net | $ (2,205) | $ (1,323) | $ (2,292) |
Tenant origination and absorption cost | 73,172 | 78,389 | 62,459 |
Ground leasehold amortization (below market) | (372) | (349) | (291) |
Other leasing costs amortization | $ 4,754 | $ 6,209 | $ 4,908 |
Real Estate - Schedule of Estim
Real Estate - Schedule of Estimated Annual Amortization (Income) Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
In-place lease valuation, net | |
2023 | $ (1,166) |
2024 | (1,304) |
2025 | (1,195) |
2026 | (1,090) |
2027 | (892) |
Tenant origination and absorption costs | |
2023 | 42,114 |
2024 | 37,380 |
2025 | 31,883 |
2026 | 30,227 |
2027 | 26,156 |
Ground leasehold interest | |
2023 | (317) |
2024 | (318) |
2025 | (317) |
2026 | (317) |
2027 | (317) |
Other leasing costs | |
2023 | 2,539 |
2024 | 2,812 |
2025 | 3,013 |
2026 | 2,966 |
2027 | $ 3,124 |
Real Estate - Schedule of Compo
Real Estate - Schedule of Components of Assets Related to Real Estate Held-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Line Items] | |||
Land | $ 327,408 | $ 584,291 | |
Total real estate | 3,497,256 | 5,570,160 | |
Less: accumulated depreciation | (644,639) | (993,323) | |
Total real estate, net | 2,852,617 | 4,576,837 | $ 3,492,529 |
Intangible assets, net | 25,041 | 26,536 | |
Deferred rent | 79,572 | 108,896 | |
Total assets held for sale | 7,494 | $ 0 | $ 0 |
Armstrong Avenue | |||
Real Estate [Line Items] | |||
Land | 3,672 | ||
Building and improvements | 17,878 | ||
Tenant origination and absorption cost | 5,352 | ||
Total real estate | 26,902 | ||
Less: accumulated depreciation | (7,494) | ||
Total real estate, net | 19,408 | ||
Intangible assets, net | 125 | ||
Deferred rent | 1,265 | ||
Other assets, net | 18 | ||
Total assets held for sale | $ 20,816 |
Real Estate - Schedule of Restr
Real Estate - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 4,764 | $ 17,522 |
Real Estate Asset Acquisitions and Contributions | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,764 | 17,522 |
Real Estate Asset Acquisitions and Contributions | Cash reserves | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,262 | 15,234 |
Real Estate Asset Acquisitions and Contributions | Restricted lockbox | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 502 | $ 2,288 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities (Details) | 12 Months Ended | |||
Dec. 23, 2022 USD ($) | Dec. 31, 2022 USD ($) parcel | Sep. 29, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Gain (Loss) on Securities [Line Items] | ||||
Debt principal | $ 178,600,000 | |||
Debt, net | 1,485,402,000 | $ 2,532,377,000 | ||
Investments in unconsolidated entities | 178,647,000 | $ 0 | ||
Equity method investment, interest sold | $ 31,000,000 | |||
Gain (loss) on disposal | $ 3,600,000 | $ (3,600,000) | ||
Mortgage Loan Due 2023 | ||||
Gain (Loss) on Securities [Line Items] | ||||
Spread on LIBOR (percent) | 6.574% | |||
Debt instrument, interest rate, increase | 0.25% | |||
Debt instrument, payments for interest rate caps | $ 6,700,000 | |||
Mortgage Loan Due 2023 | SOF | ||||
Gain (Loss) on Securities [Line Items] | ||||
Interest rate cap | 0.03 | |||
Mortgage Loan Due 2023 | Mortgage Loan | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt, net | $ 736,000,000 | |||
Mortgage Loan Due 2023 | Mezzanine Loan | ||||
Gain (Loss) on Securities [Line Items] | ||||
Term loan | $ 194,800,000 | |||
Debt instrument extension options | parcel | 2 | |||
Term of debt instrument | 1 year | |||
Mortgage Loan Due 2023 | Mezzanine Loan | SOF | ||||
Gain (Loss) on Securities [Line Items] | ||||
Interest rate cap | 0.03 | |||
Spread on LIBOR (percent) | 3.635% | |||
Mortgage Loan Due 2024 | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt instrument, interest rate, increase | 0.25% | |||
Mortgage Loan Due 2024 | Mortgage Loan | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt, net | $ 142,100,000 | |||
Mortgage Loan Due 2024 | Mezzanine Loan | ||||
Gain (Loss) on Securities [Line Items] | ||||
Term loan | $ 39,300,000 | |||
Investments in unconsolidated entities | $ 34,400,000 | |||
Mortgage Loan Due 2024 | Mortgage 1 Loan | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt instrument extension options | parcel | 2 | |||
Term of debt instrument | 1 year | |||
Mortgage Loan Due 2024 | Mortgage 1 Loan | SOF | ||||
Gain (Loss) on Securities [Line Items] | ||||
Interest rate cap | 0.04 | |||
Spread on LIBOR (percent) | 4.25% | |||
GRT VAO OP, LLC | ||||
Gain (Loss) on Securities [Line Items] | ||||
Ownership interest (percent) | 49% |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Schedule of Company's Share of Net Earnings or Losses and Reduced by Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Beginning balance | $ 0 | |||
Purchase of investment in unconsolidated entities | 34,558 | $ 0 | $ 0 | |
Loss (income) from investment in unconsolidated entities | (9,993) | 8 | $ (6,523) | |
Ending balance | 178,647 | 0 | ||
Equity method investment, realized gain (loss) on disposal | $ (3,600) | 3,600 | ||
Office NOI | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Beginning balance | 0 | |||
Purchase of investment in unconsolidated entities | 218,746 | |||
Loss (income) from investment in unconsolidated entities | (10,979) | |||
Sale of Mezzanine Loan Interest | (31,000) | |||
Other Comprehensive Income | 1,880 | |||
Ending balance | $ 178,647 | $ 0 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Schedule of Balance Sheet for the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Real estate properties, net | $ 2,852,617 | $ 4,576,837 | $ 3,492,529 |
Total assets | 3,633,376 | 5,273,017 | |
Liabilities | |||
Total liabilities | 1,647,241 | $ 2,771,586 | |
Office Joint Venture | |||
Assets | |||
Real estate properties, net | 981,354 | ||
Other assets | 240,447 | ||
Total assets | 1,221,801 | ||
Liabilities | |||
Mortgages payable, net | 856,765 | ||
Other liabilities | 52,018 | ||
Total liabilities | $ 908,783 |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities - Schedule of Statements of Operations of the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | $ 416,485 | $ 459,872 | $ 397,452 |
Net (loss) income attributable to common shareholders | (411,909) | $ 1,629 | $ (12,958) |
Office Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenues | 16,500 | ||
Total expenses | (31,648) | ||
Net (loss) income attributable to common shareholders | $ (15,148) |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 28, 2022 | Sep. 28, 2022 | May 24, 2022 | Jul. 14, 2021 | Jul. 13, 2021 | Dec. 18, 2020 | Sep. 30, 2021 | Dec. 31, 2022 | Aug. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 1,489,803 | $ 2,541,515 | ||||||||
Unamortized Deferred Financing Costs and Discounts, net | (4,401) | (9,138) | ||||||||
Total | $ 1,485,402 | 2,532,377 | ||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument extended term | 3 months | 3 months | 3 months | 3 months | ||||||
LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate (percent) | 4.12% | |||||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 0 | 373,500 | ||||||||
Effective interest rate (percent) | 5.85% | |||||||||
Index adjustment percentage | 0.10% | |||||||||
Initial debt instrument term | 3 years | |||||||||
Revolving Credit Facility | SOF | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.45% | |||||||||
2023 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate (percent) | 0% | |||||||||
2023 Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.40% | |||||||||
2024 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate (percent) | 5.88% | |||||||||
2024 Term Loan | SOF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.40% | |||||||||
2026 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate (percent) | 5.89% | |||||||||
2026 Term Loan | SOF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.40% | |||||||||
Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 539,803 | 1,018,015 | ||||||||
Mortgages | HealthSpring Mortgage Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 19,107 | 19,669 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 4.18% | |||||||||
Effective interest rate (percent) | 4.64% | |||||||||
Mortgages | Midland Mortgage Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 0 | 95,792 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 0% | 3.94% | ||||||||
Effective interest rate (percent) | 0% | |||||||||
Mortgages | Samsonite Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 17,998 | 19,114 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 6.08% | |||||||||
Effective interest rate (percent) | 4.99% | |||||||||
Mortgages | Highway 94 Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 12,740 | 13,732 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 3.75% | |||||||||
Effective interest rate (percent) | 4.97% | |||||||||
Mortgages | Pepsi Bottling Ventures Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 17,836 | 18,218 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 3.69% | |||||||||
Effective interest rate (percent) | 3.93% | |||||||||
Mortgages | AIG Loan II | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 122,328 | 124,606 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 4.15% | |||||||||
Effective interest rate (percent) | 4.98% | |||||||||
Mortgages | BOA Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 0 | 375,000 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 0% | 3.77% | ||||||||
Effective interest rate (percent) | 0% | |||||||||
Mortgages | BOA/KeyBank Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 250,000 | 250,000 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 4.32% | |||||||||
Effective interest rate (percent) | 4.14% | |||||||||
Mortgages | AIG Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 99,794 | 101,884 | ||||||||
Contractual interest rate on fixed rate debt (percent) | 4.96% | |||||||||
Effective interest rate (percent) | 5.11% | |||||||||
Loans Payable | 2023 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 0 | 200,000 | ||||||||
Loans Payable | 2024 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 400,000 | 400,000 | ||||||||
Initial debt instrument term | 5 years | |||||||||
Loans Payable | 2024 Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Initial debt instrument term | 5 years | |||||||||
Loans Payable | 2025 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 400,000 | 400,000 | ||||||||
Effective interest rate (percent) | 5.97% | |||||||||
Initial debt instrument term | 5 years | 5 years | ||||||||
Loans Payable | 2025 Term Loan | SOF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.40% | |||||||||
Loans Payable | 2026 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Debt | $ 150,000 | $ 150,000 | ||||||||
Initial debt instrument term | 7 years | 7 years | 7 years | |||||||
Loans Payable | 2026 Term Loan | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on LIBOR (percent) | 1.75% | 1.40% | ||||||||
Fixed and Variable Rate Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate of the fixed-rate debt (percent) | 4.13% | |||||||||
Fixed Rate Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate of the fixed-rate debt (percent) | 4.02% | |||||||||
Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, notional amount | $ 750,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 28, 2023 | Mar. 28, 2023 | Dec. 28, 2022 | Sep. 28, 2022 | May 24, 2022 | Apr. 28, 2022 | Jul. 14, 2021 USD ($) | Jul. 13, 2021 | Dec. 18, 2020 USD ($) | Jun. 30, 2023 | Sep. 30, 2021 | Dec. 31, 2022 USD ($) property quarter renewal | Jul. 13, 2021 | |
2023 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.40% | ||||||||||||
Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument extended term | 3 months | 3 months | 3 months | 3 months | |||||||||
Extended revolving loan commitments, percentage | 0.05% | ||||||||||||
Revolving Credit Facility | Forecast | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument extended term | 3 months | 3 months | 1 year | ||||||||||
Revolving Credit Facility | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Debt instrument extension options | renewal | 3 | ||||||||||||
Revolving Credit Facility | 2023 Term Loan | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Minimum consolidated tangible net worth | $ 200,000,000 | ||||||||||||
Revolving Credit Facility | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Term of debt instrument | 3 years | ||||||||||||
Repayments of long-term debt | $ 373,500,000 | ||||||||||||
Index adjustment percentage | 0.10% | ||||||||||||
Line of Credit | Line of Credit | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 1,700,000,000 | ||||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Minimum number of pool properties under credit agreement | property | 15 | ||||||||||||
Maximum aggregated pool value that may be contributed by a single pool property or tenant (percent) | 15% | ||||||||||||
Maximum of aggregate pool value that may be contributed by pool properties subject to ground leases (percent) | 15% | ||||||||||||
Maximum aggregate pool value that may be contributed by pool properties under development or assets under renovation (percent) | 20% | ||||||||||||
Minimum aggregate leasing percentage of all Pool Properties (percent) | 90% | ||||||||||||
Maximum unsecured leverage ratio (percent) | 60% | ||||||||||||
Minimum unsecured interest coverage ratio | 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 | 3 months | ||||||||||||
Increase limit on borrowing capacity | $ 600,000,000 | ||||||||||||
Remaining borrowing capacity | $ 202,900,000 | ||||||||||||
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 | ||||||||||||
Loans Payable | 2024 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 400,000,000 | ||||||||||||
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 | $ 400,000,000 | |||||||||||
Term of debt instrument | 5 years | 5 years | |||||||||||
Loans Payable | 2026 Term Loan | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||
Term of debt instrument | 7 years | 7 years | 7 years | ||||||||||
Aggregate borrowings | $ 0 | ||||||||||||
Loans Payable | 2026 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.75% | 1.40% | |||||||||||
Debt instrument, basis spread on variable rate, rate increase (decrease) | 0.35% | ||||||||||||
Loans Payable | Keybank Loans | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maximum consolidated leverage ratio (percent) | 60% | ||||||||||||
Maximum consolidated leverage ratio after material acquisition (percent) | 65% | ||||||||||||
Number of consecutive quarters subject to higher ratio | quarter | 4 | ||||||||||||
Minimum consolidated tangible net worth (percent) | 75% | ||||||||||||
Minimum consolidated tangible net worth | $ 2,000,000,000 | ||||||||||||
Tangible net worth, additional percentage of net future equity issuances (percent) | 75% | ||||||||||||
Tangible net worth, reduction for any payments used to redeem company's or borrower's stock (percent) | 75% | ||||||||||||
Minimum consolidated fixed charge coverage ratio | 1.50 | ||||||||||||
Maximum total secured debt ratio (percent) | 40% | ||||||||||||
Increase to maximum total secured debt ratio (percent) | 5% | ||||||||||||
Number of consecutive quarters subject to higher total secured debt ratio | quarter | 4 | ||||||||||||
Minimum unsecured interest coverage ratio | 2 | ||||||||||||
Maximum total secured recourse debt ratio (percent) | 10% | ||||||||||||
Aggregate maximum unhedged variable rate debt (percent) | 30% | ||||||||||||
Mortgages | Midland Mortgage Loan | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Repayments of long-term debt | $ 95,700,000 | ||||||||||||
Interest and prepayment premium | 900,000 | ||||||||||||
Mortgages | BOA Loan | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Repayments of long-term debt | 388,500,000 | ||||||||||||
Interest and prepayment premium | $ 12,300,000 | ||||||||||||
Minimum | Unsecured Debt | Revolving Credit Facility | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.30% | ||||||||||||
Minimum | Unsecured Debt | Revolving Credit Facility | LIBOR | External investment grade rating | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 0.825% | ||||||||||||
Minimum | Loans Payable | 2023 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.25% | ||||||||||||
Minimum | Loans Payable | 2024 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.25% | ||||||||||||
Minimum | Loans Payable | 2025 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.25% | ||||||||||||
Minimum | Loans Payable | 2026 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.25% | 1.65% | 0.90% | ||||||||||
Minimum | Loans Payable | 2026 Term Loan | Base Rate | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 0.25% | 0.65% | |||||||||||
Maximum | Unsecured Debt | Revolving Credit Facility | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 2.20% | ||||||||||||
Maximum | Unsecured Debt | Revolving Credit Facility | LIBOR | External investment grade rating | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.55% | ||||||||||||
Maximum | Loans Payable | 2023 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 2.15% | ||||||||||||
Maximum | Loans Payable | 2024 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 2.15% | ||||||||||||
Maximum | Loans Payable | 2025 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 2.15% | ||||||||||||
Maximum | Loans Payable | 2026 Term Loan | LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 2.15% | 2.50% | 1.75% | ||||||||||
Maximum | Loans Payable | 2026 Term Loan | Base Rate | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Spread on LIBOR (percent) | 1.15% | 1.50% |
Debt - Schedule of Future Princ
Debt - Schedule of Future Principal Repayments of all Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of future principal repayments of all loans | ||
2023 | $ 43,101 | |
2024 | 433,929 | |
2025 | 519,901 | |
2026 | 152,546 | |
2027 | 2,675 | |
Thereafter | 337,651 | |
Total principal | 1,489,803 | $ 2,541,515 |
Unamortized debt premium/(discount) | 240 | |
Unamortized deferred loan costs | (4,641) | |
Total | $ 1,485,402 | $ 2,532,377 |
Interest Rate Contracts - Sched
Interest Rate Contracts - Schedule of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Fair value, net | $ 0 | $ (25,100) |
LIBOR | ||
Derivative [Line Items] | ||
Effective interest rate (percent) | 4.12% | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Fair value, net | $ 41,404 | (21,652) |
Derivative, notional amount | $ 750,000 | 750,000 |
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83% | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 0.83% | |
Fair value, net | $ 12,391 | 1,648 |
Derivative, notional amount | $ 150,000 | 150,000 |
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84% | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 0.84% | |
Fair value, net | $ 8,244 | 1,059 |
Derivative, notional amount | $ 100,000 | 100,000 |
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 | $ 6,145 | 749 |
Derivative, notional amount | $ 75,000 | 75,000 |
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 2.82% | |
Fair value, net | $ 4,331 | (7,342) |
Derivative, notional amount | $ 125,000 | 125,000 |
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 2.82% | |
Fair value, net | $ 3,444 | (5,909) |
Derivative, notional amount | $ 100,000 | 100,000 |
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 2.83% | |
Fair value, net | $ 3,441 | (5,899) |
Derivative, notional amount | $ 100,000 | 100,000 |
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount | ||
Derivative [Line Items] | ||
Interest strike rate (percent) | 2.84% | |
Fair value, net | $ 3,408 | (5,958) |
Derivative, notional amount | $ 100,000 | $ 100,000 |
Interest Rate Contracts - Sch_2
Interest Rate Contracts - Schedule of Derivative Instruments, Gain (Loss) (Details) - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Amount of (loss) gain recognized in AOCI on derivatives | $ 61,126 | $ (18,165) | $ (38,319) |
Amount of (gain) loss reclassified from AOCI into earnings under “Interest expense” | (2,056) | (14,284) | 8,165 |
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded | $ 84,816 | $ 85,087 | $ 79,646 |
Interest Rate Contracts - Narra
Interest Rate Contracts - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount expected to be reclassified next 12 months | $ 21.5 | |
Fair value assets (liabilities) | $ 0 | $ (25.1) |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities-Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | |||
Interest payable | $ 13,654 | $ 9,683 | |
Prepaid tenant rent | 12,399 | 26,477 | |
Deferred compensation | 8,913 | 10,119 | |
Property operating expense payable | 7,960 | 11,126 | |
Real estate taxes payable | 6,296 | 14,751 | |
Redemptions payable | 4,383 | 0 | |
Accrued tenant improvements | 620 | 10,123 | $ 30,011 |
Other liabilities | 25,950 | 26,842 | |
Total | $ 80,175 | $ 109,121 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Liability | $ 0 | $ (25,108) |
Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Asset | 41,404 | 3,456 |
Recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual Funds Asset | 6,191 | 5,543 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual Funds Asset | 6,191 | 5,543 |
Recurring basis | Significant Other Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual Funds Asset | 0 | 0 |
Recurring basis | Significant Unobservable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mutual Funds Asset | 0 | 0 |
Recurring basis | Interest Rate Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Asset | 41,404 | 3,456 |
Interest Rate Swap Liability | (25,108) | |
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 Asset | 0 | 0 |
Interest Rate Swap Liability | 0 | |
Recurring basis | Interest Rate Swap | Significant Other Observable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Asset | 41,404 | 3,456 |
Interest Rate Swap Liability | (25,108) | |
Recurring basis | Interest Rate Swap | Significant Unobservable Inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest Rate Swap Asset | $ 0 | 0 |
Interest Rate Swap Liability | $ 0 |
Fair Value Measurements - Non-r
Fair Value Measurements - Non-recurring Fair Value Measurements for Impairment (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) property | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of impaired properties | property | 11 |
Market rent per square foot | Minimum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 3.25 |
Market rent per square foot | Minimum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 11.50 |
Market rent per square foot | Minimum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 4 |
Market rent per square foot | Maximum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 27 |
Market rent per square foot | Maximum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 42 |
Market rent per square foot | Maximum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 27.50 |
Market rent per square foot | Midwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 8.5 |
Market rent per square foot | Midwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 12.75 |
Market rent per square foot | Southwest Properties | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | $ 295.96 |
Market rent per square foot | Southwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 18 |
Market rent per square foot | Southwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (in usd per share) | 23 |
Market rent per square foot | Northeast Properties | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | $ 268 |
Market rent per square foot | Northeast Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | 187 |
Market rent per square foot | Northeast Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | 234 |
Market rent per square foot | West Property | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | 65 |
Market rent per square foot | West Property | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Expected selling price per square foot | $ 80 |
Terminal capitalization rate | Minimum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0475 |
Terminal capitalization rate | Minimum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0575 |
Terminal capitalization rate | Minimum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0550 |
Terminal capitalization rate | Maximum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0825 |
Terminal capitalization rate | Maximum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0950 |
Terminal capitalization rate | Maximum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0941 |
Terminal capitalization rate | Midwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0950 |
Terminal capitalization rate | Midwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.1125 |
Terminal capitalization rate | Southwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0723 |
Terminal capitalization rate | Southwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0775 |
Discount rate | Minimum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0575 |
Discount rate | Minimum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0625 |
Discount rate | Minimum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0650 |
Discount rate | Maximum | Industrial | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0900 |
Discount rate | Maximum | Office | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.1050 |
Discount rate | Maximum | Other | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0950 |
Discount rate | Midwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.1025 |
Discount rate | Midwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.1400 |
Discount rate | Southwest Properties | Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0860 |
Discount rate | Southwest Properties | Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Range of inputs (percent) | 0.0881 |
Estimated hold period | Southwest Properties | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated hold period | 1 year |
Estimated hold period | Northeast Properties | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated hold period | 1 year |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value Disclosures [Abstract] | ||||
Impairment provision - goodwill | $ | $ 135,300 | $ 135,270 | $ 0 | $ 0 |
Number of mortgage loans (in loan) | loan | 9 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - Mortgages - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 493,819 | $ 995,645 |
Fair Value | BOA Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | 349,082 |
Fair Value | BOA/KeyBank Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 226,361 | 260,378 |
Fair Value | AIG Loan II | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 111,872 | 120,141 |
Fair Value | AIG Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 89,526 | 99,697 |
Fair Value | Midland Mortgage Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | 95,720 |
Fair Value | Samsonite Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 17,998 | 19,366 |
Fair Value | HealthSpring Mortgage Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 19,107 | 19,639 |
Fair Value | Pepsi Bottling Ventures Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 17,014 | 18,262 |
Fair Value | Highway 94 Loan | Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 11,941 | 13,360 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 539,803 | 1,018,015 |
Carrying Value | BOA Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | 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 | 122,328 | 124,606 |
Carrying Value | AIG Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 99,794 | 101,884 |
Carrying Value | Midland Mortgage Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 0 | 95,792 |
Carrying Value | Samsonite Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 17,998 | 19,114 |
Carrying Value | HealthSpring Mortgage Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 19,107 | 19,669 |
Carrying Value | Pepsi Bottling Ventures Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 17,836 | 18,218 |
Carrying Value | Highway 94 Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 12,740 | $ 13,732 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 12 Months Ended | 63 Months Ended | 101 Months Ended | |||||||||||||
Aug. 02, 2021 | Aug. 01, 2021 | Aug. 02, 2020 | Aug. 01, 2020 | Jul. 17, 2020 USD ($) | Aug. 08, 2018 USD ($) tranche $ / shares shares | Dec. 31, 2022 USD ($) vote $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) vote shares | Dec. 31, 2022 USD ($) vote $ / shares shares | Mar. 01, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | Apr. 30, 2019 shares | Jun. 30, 2015 shares | ||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from issuance of equity | $ | $ 2,800,000,000 | |||||||||||||||
Common stock, number of shares outstanding (in shares) | 35,999,898 | 36,070,902 | 35,999,898 | 35,999,898 | ||||||||||||
Common stock issued | $ | [1] | $ 36,000 | $ 36,000 | $ 36,000 | $ 36,000 | |||||||||||
Common stock redemption amount | $ | 15,900,000 | 15,900,000 | 15,900,000 | |||||||||||||
Excess of quarterly cap limitation | $ | 10,000,000 | |||||||||||||||
Share Redemption Program | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, quarterly authorized amount | $ | $ 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||
Share redemption program, settlement due, period | 10 days | |||||||||||||||
Stock repurchase program, annual authorized amount, percentage of weighted average shares outstanding | 5% | |||||||||||||||
Minimum balance of common stock | $ | $ 2,500 | $ 2,500 | $ 2,500 | |||||||||||||
Common Shares | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, number of shares outstanding (in shares) | 35,999,898 | 36,070,902 | 35,999,898 | 35,999,898 | 25,591,187 | 25,317,080 | ||||||||||
Common Shares | Share Redemption Program | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock redeemed during period (in shares) | 149,730 | 248,053 | 3,294,722 | |||||||||||||
Stock redeemed, value | $ | $ 275,500,000 | |||||||||||||||
Weighted average price per share (in usd per share) | $ / shares | $ 66.79 | $ 81.29 | $ 83.61 | |||||||||||||
Primary offering | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock issued (in shares) | 4,863,623 | |||||||||||||||
Distribution Reinvestment Plan | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of stock, offering termination, prior written notice period | 10 days | |||||||||||||||
Authorized issuances under Company's follow-on offering that have been suspended | $ | $ 100,000,000 | |||||||||||||||
Common stock issued | $ | $ 341,100,000 | $ 341,100,000 | $ 341,100,000 | $ 341,100,000 | ||||||||||||
Class T | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 62,124 | 62,807 | 62,124 | 62,124 | ||||||||||||
Class S | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 200 | 200 | 200 | 200 | ||||||||||||
Class D | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 4,668 | 4,668 | 4,668 | 4,668 | ||||||||||||
Class I | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 212,414 | 212,416 | 212,414 | 212,414 | ||||||||||||
Class A | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 2,714,120 | 2,723,286 | 2,714,120 | 2,714,120 | ||||||||||||
Class AA | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 5,272,834 | 5,288,013 | 5,272,834 | 5,272,834 | ||||||||||||
Class AAA | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 102,993 | 102,993 | 102,993 | 102,993 | ||||||||||||
Class E | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 | 1 | 1 | |||||||||||||
Common stock, number of shares outstanding (in shares) | 27,630,545 | 27,676,520 | 27,630,545 | 27,630,545 | ||||||||||||
Class E | Primary offering | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock issued (in shares) | 10,384,185 | 19,442,394 | ||||||||||||||
Series A Preferred Shares | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Initial annual distribution rate (percent) | 825% | 805% | 675% | |||||||||||||
Series A Preferred Shares | After First Triggering Event but Before Reset Date | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Initial annual distribution rate (percent) | 755% | |||||||||||||||
Series A Preferred Shares | After First Triggering Event and Also After Reset Date | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Initial annual distribution rate (percent) | 775% | |||||||||||||||
Series A Preferred Shares | Series A Purchase Agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Aggregate number of shares purchased (in shares) | 10,000,000 | |||||||||||||||
Stock price (in usd per share) | $ / shares | $ 25 | |||||||||||||||
Number of tranches | tranche | 2 | |||||||||||||||
Shares issued (in 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 | |||||||||||||||
Quarterly distribution as a percentage of applicable varying rate (percent) | 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 | Preferred Stock First Issuance | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Aggregate number of shares purchased (in shares) | 5,000,000 | |||||||||||||||
Shares issued (in shares) | 5,000,000 | |||||||||||||||
Initial annual distribution rate (percent) | 655% | |||||||||||||||
Conversion period from issuance | 5 years | |||||||||||||||
Series A Preferred Shares | Preferred Stock Secondary Issuance | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Aggregate number of shares purchased (in shares) | 5,000,000 | |||||||||||||||
Total purchase price | $ | $ 125,000,000 | |||||||||||||||
Initial annual distribution rate (percent) | 655% | |||||||||||||||
Conversion period from issuance | 5 years | |||||||||||||||
Perpetual Convertible Preferred Shares | Series A Purchase Agreement | After First Triggering Event but Before Reset Date | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption fee (percent) | 1.50% | |||||||||||||||
Perpetual Convertible Preferred Shares | Preferred Stock First Issuance | After First Triggering Event but Before Reset Date | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption period | 5 years | |||||||||||||||
Restricted Stock Units (RSUs) | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Total compensation expense | $ | $ 9,600,000 | $ 7,500,000 | ||||||||||||||
Restricted Stock Units (RSUs) | 2019 Restricted Stock Units | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Costs not yet recognized | $ | $ 10,800,000 | $ 10,800,000 | $ 10,800,000 | |||||||||||||
Restricted Stock Units (RSUs) | Amended and Restated Plan | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares authorized (in shares) | 777,778 | 777,778 | 777,778 | |||||||||||||
Number of remaining shares authorized (in shares) | 357,806 | 357,806 | 357,806 | |||||||||||||
Restricted Stock | Maximum | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Recognition period for unrecognized expense | 3 years | |||||||||||||||
Restricted Stock | Minimum | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Recognition period for unrecognized expense | 3 months | |||||||||||||||
[1]See Note 9, Equity , for the number of shares outstanding of each class of common shares as of December 31, 2022. |
Equity - Schedule of Stock by C
Equity - Schedule of Stock by Class (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 35,999,898 | 36,070,902 |
Class A | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 2,714,120 | 2,723,286 |
Class AA | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 5,272,834 | 5,288,013 |
Class AAA | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 102,993 | 102,993 |
Class D | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 4,668 | 4,668 |
Class E | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 27,630,545 | 27,676,520 |
Class I | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 212,414 | 212,416 |
Class S | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 200 | 200 |
Class T | ||
Class of Stock [Line Items] | ||
Common stock, number of shares outstanding (in shares) | 62,124 | 62,807 |
Equity - Schedule of Stock Issu
Equity - Schedule of Stock Issued Under DRP Offering (Details) - Distribution Reinvestment Plan $ in Thousands | 29 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 341,064 |
Gross proceeds from issuance of common shares (in shares) | shares | 3,946,642 |
Class A | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 9,687 |
Gross proceeds from issuance of common shares (in shares) | shares | 116,908 |
Class AA | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 19,047 |
Gross proceeds from issuance of common shares (in shares) | shares | 229,819 |
Class AAA | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 290 |
Gross proceeds from issuance of common shares (in shares) | shares | 3,502 |
Class D | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 21 |
Gross proceeds from issuance of common shares (in shares) | shares | 248 |
Class E | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 311,405 |
Gross proceeds from issuance of common shares (in shares) | shares | 3,588,818 |
Class I | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 437 |
Gross proceeds from issuance of common shares (in shares) | shares | 5,225 |
Class S | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 0 |
Gross proceeds from issuance of common shares (in shares) | shares | 1 |
Class T | |
Class of Stock [Line Items] | |
Proceeds from issuance of private placement | $ | $ 177 |
Gross proceeds from issuance of common shares (in shares) | shares | 2,121 |
Equity - Schedule of Redemption
Equity - Schedule of Redemption Activity (Details) - Common Shares - Share Redemption Program - $ / shares | 12 Months Ended | 101 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||
Shares of common stock redeemed (in shares) | 149,730 | 248,053 | 3,294,722 |
Weighted average price per share (in usd per share) | $ 66.79 | $ 81.29 | $ 83.61 |
Equity - Schedule of Unvested S
Equity - Schedule of Unvested Shares of Restricted Stock Awards Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Unvested Shares of RSU Awards | ||
Balance at beginning of period (in shares) | 169,846 | 104,871 |
Granted (in shares) | 116,749 | 179,917 |
Forfeited (in shares) | (9,404) | (24,707) |
Vested (in shares) | (119,056) | (90,235) |
Balance at end of period (in shares) | 158,135 | 169,846 |
Weighted-Average Grant Date Fair Value per Share | ||
Granted (in usd per share) | $ 66.87 | $ 80.73 |
Forfeited (in usd per share) | 80.38 | 81.88 |
Vested (in usd per share) | $ 77.68 | $ 83.18 |
Equity - Schedule of Distributi
Equity - Schedule of Distributions Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Ordinary income (in usd per share) | $ 0 | $ 0.03 | $ 0.13 |
Ordinary income (percent) | 0% | 9% | 33% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain (percent) | 0% | 0% | 0% |
Return of capital (in usd per share) | $ 0.35 | $ 0.32 | $ 0.27 |
Return of capital (percent) | 100% | 91% | 67% |
Total distributions paid (in usd per share) | $ 0.35 | $ 0.35 | $ 0.40 |
Total distributions paid (percent) | 100% | 100% | 100% |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Noncontrolling Interest [Line Items] | |
Percentage of noncontrolling interest based on weighted average shares (percent) | 8.80% |
Units issued related to property contributions (in shares) | 31,800,000 |
Units issued to unaffiliated third parties (in shares) | 200,000 |
Partnership unite exchange (in shares) | 1 |
Griffin Capital Essential Asset Operating Partnership, L.P. | |
Noncontrolling Interest [Line Items] | |
Percentage of noncontrolling interests based on total shares (percent) | 9% |
Noncontrolling Interests - Sche
Noncontrolling Interests - Schedule of Activity for Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Repurchase of noncontrolling interest | $ (1,137) | ||
Issuance of share dividend for noncontrolling interest | 1,068 | ||
Distributions to noncontrolling interests | $ (10,942) | $ (10,942) | (13,306) |
Net income (loss) | (451,623) | 1,695 | (14,690) |
Other comprehensive loss | 65,062 | 32,449 | (29,704) |
Non-controlling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 218,653 | 226,550 | |
Reclass of noncontrolling interest subject to redemption | (159) | ||
Repurchase of noncontrolling interest | 0 | 0 | (1,137) |
Issuance of share dividend for noncontrolling interest | 0 | 0 | 1,068 |
Distributions to noncontrolling interests | (10,942) | (10,942) | (13,306) |
Allocated distributions to noncontrolling interests subject to redemption | (17) | (18) | |
Net income (loss) | (39,714) | 66 | (1,732) |
Other comprehensive loss | 5,718 | 3,156 | (3,578) |
Ending balance | $ 174,655 | $ 218,653 | $ 226,550 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Incurred fees | $ 5 | $ 39 | $ 911 |
Receivable | 0 | 271 | |
Incurred costs | 10,744 | 13,483 | 15,037 |
Payable | 1,458 | 2,418 | |
Other fees | |||
Related Party Transaction [Line Items] | |||
Incurred fees | 0 | 0 | 243 |
Receivable | 0 | 0 | |
Costs advanced by the advisor | |||
Related Party Transaction [Line Items] | |||
Incurred costs | 705 | 2,275 | 2,000 |
Payable | 67 | 929 | |
Consulting fee - shared services | |||
Related Party Transaction [Line Items] | |||
Incurred costs | 1,351 | 2,520 | 2,500 |
Payable | 522 | 461 | |
Earn-out | |||
Related Party Transaction [Line Items] | |||
Incurred costs | 0 | 0 | 0 |
Payable | 130 | 197 | |
Shareholder Servicing Fee | |||
Related Party Transaction [Line Items] | |||
Incurred costs | 0 | 0 | 0 |
Payable | 0 | 92 | |
Distributions | |||
Related Party Transaction [Line Items] | |||
Incurred costs | 8,688 | 8,688 | 10,537 |
Payable | 739 | 739 | |
Griffin Capital Corporation | Reimbursable Expense Allocation | |||
Related Party Transaction [Line Items] | |||
Incurred fees | 0 | 20 | 15 |
Receivable | 0 | 11 | |
Griffin Capital Corporation | Payroll/Expense Allocation | |||
Related Party Transaction [Line Items] | |||
Incurred fees | 5 | 19 | $ 653 |
Receivable | $ 0 | $ 260 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ in Thousands | Mar. 25, 2022 USD ($) |
Related Party Transaction [Line Items] | |
Operating sublease monthly base rent | $ 50 |
Sublease rent annual escalations percentage | 3% |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) lease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Lease income | $ | $ 343.3 | $ 378.3 | $ 314.1 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Costs and Expenses | Operating Costs and Expenses | Operating Costs and Expenses |
Number of ground leases classified as operating | 5 | ||
Number of ground leases classified as financing | 2 | ||
Options to renew | 0 | ||
Weighted-average remaining lease term in years | 72 years | 74 years | |
Operating lease cost | $ | $ 4.1 | $ 3.7 | |
Operating lease payments | $ | $ 2.1 | $ 1.6 | |
Chicago Illinois Office | |||
Lessee, Lease, Description [Line Items] | |||
Options to renew | 0 | ||
Weighted-average remaining lease term in years | 2 years |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flow (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 230,669 |
2024 | 222,596 |
2025 | 208,874 |
2026 | 204,931 |
2027 | 186,630 |
Thereafter | 821,712 |
Total | $ 1,875,412 |
Leases - Schedule of Lease, Cos
Leases - Schedule of Lease, Cost (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
Leases [Abstract] | |||
Weighted-average remaining lease term in years | 72 years | 74 years | |
Weighted-average discount rate (percent) | 4.75% | 4.83% | 5.36% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liability Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating | |
2023 | $ 2,151 |
2024 | 1,906 |
2025 | 1,567 |
2026 | 1,501 |
2027 | 1,524 |
Thereafter | 250,233 |
Total undiscounted lease payments | 258,882 |
Less imputed interest | (215,796) |
Total lease liabilities | 43,086 |
Financing | |
2023 | 560 |
2024 | 360 |
2025 | 365 |
2026 | 375 |
2027 | 381 |
Thereafter | 3,498 |
Total undiscounted lease payments | 5,539 |
Less imputed interest | (2,106) |
Total lease liabilities | $ 3,433 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liability |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liability |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Capital Expenditures, Leasing Commissions and Tenant Improvement Commitment | |
Other Commitments [Line Items] | |
Other commitment | $ 29.7 |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Reportable segments | 3 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment NOI (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Reportable segments | segment | 3 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 416,485 | $ 459,872 | $ 397,452 |
Operating expenses | (452,828) | (363,452) | (324,368) |
Income before other income (expenses) | 323,221 | 353,299 | 298,745 |
Industrial NOI | |||
Segment Reporting Information [Line Items] | |||
Revenues | 61,347 | 59,320 | 69,047 |
Operating expenses | (7,870) | (7,195) | (9,210) |
Income before other income (expenses) | 53,477 | 52,125 | 59,837 |
Office NOI | |||
Segment Reporting Information [Line Items] | |||
Revenues | 297,110 | 340,265 | 268,928 |
Operating expenses | (66,143) | (80,010) | (70,815) |
Income before other income (expenses) | 230,967 | 260,255 | 198,113 |
Other NOI | |||
Segment Reporting Information [Line Items] | |||
Revenues | 58,029 | 60,288 | 59,477 |
Operating expenses | (19,252) | (19,369) | (18,682) |
Income before other income (expenses) | $ 38,777 | $ 40,919 | $ 40,795 |
Segment Reporting - Reconcili_2
Segment Reporting - Reconciliation of Net Income to Total NOI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||||
Net (loss) income | $ (441,382) | $ 11,570 | $ (5,774) | |
General and administrative expenses | 39,893 | 40,479 | 38,633 | |
Corporate operating expenses to affiliates | 1,349 | 2,520 | 2,500 | |
Impairment provision, real estate | 127,577 | 4,242 | 23,472 | |
Impairment provision, goodwill | $ 135,300 | 135,270 | 0 | 0 |
Depreciation and amortization | 190,745 | 209,638 | 161,056 | |
Interest expense | 84,816 | 85,087 | 79,646 | |
Debt breakage costs | 13,249 | 0 | 0 | |
Other loss (income), net | 45 | (1,521) | (3,228) | |
Loss (income) from investment in unconsolidated entities | 9,993 | (8) | 6,523 | |
Loss (gain) from disposition of assets | 139,280 | 326 | (4,083) | |
Transaction expenses | 22,386 | 966 | 0 | |
Total NOI | $ 323,221 | $ 353,299 | $ 298,745 |
Segment Reporting - Allocation
Segment Reporting - Allocation for Each Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue, Major Customer [Line Items] | |||
Total Goodwill | $ 94,678 | $ 229,948 | |
Total real estate | 3,497,256 | 5,570,160 | |
Less: accumulated depreciation | (644,639) | (993,323) | |
Total real estate, net | 2,852,617 | 4,576,837 | $ 3,492,529 |
Industrial | |||
Revenue, Major Customer [Line Items] | |||
Total Goodwill | 68,373 | 68,373 | |
Total real estate | 761,757 | 788,339 | |
Less: accumulated depreciation | (137,738) | (118,737) | |
Total real estate, net | 624,019 | 669,602 | |
Office | |||
Revenue, Major Customer [Line Items] | |||
Total Goodwill | 0 | 135,270 | |
Total real estate | 2,020,463 | 4,045,732 | |
Less: accumulated depreciation | (305,829) | (692,865) | |
Total real estate, net | 1,714,634 | 3,352,867 | |
Other | |||
Revenue, Major Customer [Line Items] | |||
Total Goodwill | 26,305 | 26,305 | |
Total real estate | 715,036 | 736,089 | |
Less: accumulated depreciation | (201,072) | (181,721) | |
Total real estate, net | $ 513,964 | $ 554,368 |
Declaration of Distributions (D
Declaration of Distributions (Details) - $ / shares | Nov. 02, 2022 | Oct. 20, 2022 | Sep. 20, 2022 | Aug. 03, 2022 | Jun. 30, 2022 | Jun. 01, 2022 | May 20, 2022 | Apr. 26, 2022 | Mar. 29, 2022 | Nov. 02, 2021 |
Declaration of Distributions [Abstract] | ||||||||||
Cash distributions declared per common share per day (in usd per share) | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 | $ 0.008630136 |
Dividends per share declared (in usd per share) | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 14, 2023 $ / shares | Mar. 02, 2023 USD ($) lease | Feb. 16, 2023 USD ($) lease $ / shares | Jan. 20, 2023 $ / shares | Jan. 06, 2023 USD ($) property | Dec. 27, 2022 USD ($) lease | Dec. 22, 2022 USD ($) property | Nov. 02, 2022 $ / shares | Oct. 20, 2022 $ / shares | Sep. 23, 2022 USD ($) property | Sep. 20, 2022 $ / shares | Aug. 26, 2022 USD ($) property | Aug. 03, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 01, 2022 $ / shares | May 20, 2022 $ / shares | Apr. 26, 2022 $ / shares | Mar. 29, 2022 $ / shares | Nov. 02, 2021 $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 21, 2023 USD ($) | Mar. 20, 2023 USD ($) | Mar. 06, 2023 USD ($) | |
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of properties sold | 5 | 1 | 1 | 41 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 170,400,000 | $ 33,300,000 | $ 93,000,000 | $ 1,100,000,000 | |||||||||||||||||||||
Gain (loss) on sale of real estate | $ 43,000,000 | $ 800,000 | $ 10,400,000 | $ (105,900,000) | $ (139,280,000) | $ (326,000) | $ 4,083,000 | ||||||||||||||||||
Debt outstanding | 1,489,803,000 | 2,541,515,000 | |||||||||||||||||||||||
Dividends per share declared (in usd per share) | $ / shares | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | |||||||||||||||
Mortgages | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Debt outstanding | 539,803,000 | 1,018,015,000 | |||||||||||||||||||||||
HealthSpring Mortgage Loan | Mortgages | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Debt outstanding | 19,107,000 | $ 19,669,000 | |||||||||||||||||||||||
Keybank Loans | Loans Payable | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Minimum consolidated tangible net worth | $ 2,000,000,000 | ||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of properties sold | 1 | 1 | 1 | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 110,300,000 | $ 19,300,000 | $ 40,000,000 | ||||||||||||||||||||||
Gain (loss) on sale of real estate | $ 4,800,000 | $ 7,100,000 | $ 18,700,000 | ||||||||||||||||||||||
Dividends per share declared (in usd per share) | $ / shares | $ 0.008630136 | ||||||||||||||||||||||||
Annualized dividends declared per share (in usd per share) | $ / shares | $ 0.075 | $ 0.90 | $ 3.15 | ||||||||||||||||||||||
Subsequent Event | HealthSpring Mortgage Loan | Mortgages | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Debt outstanding | $ 19,100,000 | ||||||||||||||||||||||||
Subsequent Event | Keybank Loans | Loans Payable | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Minimum consolidated tangible net worth | $ 1,000,000,000 | $ 2,030,720,237 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 539,803 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 333,986 | |||
Building and Improvements | 2,998,325 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 164,942 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 327,408 | |||
Building and Improvements | 3,169,848 | |||
Total | 3,497,256 | $ 5,570,160 | $ 4,310,302 | $ 4,278,433 |
Accumulated Depreciation and Amortization | 644,639 | $ 993,323 | $ 817,773 | $ 668,104 |
Loan valuation discount | 1,000 | |||
Aggregate cost of real estate owned for income tax purposes | 3,200,000 | |||
Discontinued Operations, Held-for-sale | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 539,803 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Total all properties, Land | 337,658 | |||
Total all properties, buildings and improvements | 3,021,555 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Total all properties, Buildings and improvements | 164,942 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Total all properties, Land | 331,080 | |||
Total all properties, Buildings and improvements | 3,193,078 | |||
Total all properties, Total | 3,524,158 | |||
Total all properties, Accumulated Depreciation and Amortization | $ 652,133 | |||
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 | |||
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 | |||
Industrial | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 140,934 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 78,273 | |||
Building and Improvements | 604,480 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 79,004 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 78,273 | |||
Building and Improvements | 683,484 | |||
Total | 761,757 | |||
Accumulated Depreciation and Amortization | 137,738 | |||
Industrial | Renfro | ||||
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 | 1,400 | |||
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 | $ 10,368 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Hopkins | ||||
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 | 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 | 8,529 | |||
Total | 8,803 | |||
Accumulated Depreciation and Amortization | $ 3,516 | |||
Industrial | Hopkins | 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 | |||
Industrial | Hopkins | 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 | |||
Industrial | TransDigm | ||||
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 | 3,773 | |||
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 | $ 3,487 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Berry Global | ||||
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 | 2,674 | |||
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 | 921 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,674 | |||
Building and Improvements | 14,150 | |||
Total | 16,824 | |||
Accumulated Depreciation and Amortization | $ 5,173 | |||
Industrial | Berry Global | 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 | |||
Industrial | Berry Global | 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 | |||
Industrial | 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 | $ 9,222 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | 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 | 2,567 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 875 | |||
Building and Improvements | 13,942 | |||
Total | 14,817 | |||
Accumulated Depreciation and Amortization | $ 4,633 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Samsonite | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 17,998 | |||
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 | 21 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,040 | |||
Building and Improvements | 42,511 | |||
Total | 47,551 | |||
Accumulated Depreciation and Amortization | $ 10,758 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | RH | ||||
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 | 15,463 | |||
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 | 37,692 | |||
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 | $ 25,282 | |||
Industrial | RH | 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 | |||
Industrial | RH | 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 | |||
Industrial | PepsiCo | ||||
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 | 88 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,433 | |||
Building and Improvements | 55,429 | |||
Total | 60,862 | |||
Accumulated Depreciation and Amortization | $ 8,154 | |||
Industrial | PepsiCo | 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 | |||
Industrial | PepsiCo | 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 | |||
Industrial | 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 | $ 8,287 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Huntington Ingalls (300 W. Park Lane) | ||||
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 | 14,580 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,323 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,100 | |||
Building and Improvements | 15,903 | |||
Total | 19,003 | |||
Accumulated Depreciation and Amortization | $ 2,970 | |||
Industrial | Huntington Ingalls (300 W. Park Lane) | 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 | |||
Industrial | Huntington Ingalls (300 W. Park Lane) | 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 | |||
Industrial | Huntington Ingalls (500 W. Park Lane) | ||||
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 | 3,113 | |||
Building and Improvements | 14,639 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,351 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,113 | |||
Building and Improvements | 15,990 | |||
Total | 19,103 | |||
Accumulated Depreciation and Amortization | $ 2,983 | |||
Industrial | Huntington Ingalls (500 W. Park Lane) | 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 | |||
Industrial | Huntington Ingalls (500 W. Park Lane) | 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 | |||
Industrial | OceanX | ||||
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 | $ 4,007 | |||
Industrial | OceanX | 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 | |||
Industrial | OceanX | 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 | |||
Industrial | ZF 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 | 1,038 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,226 | |||
Building and Improvements | 14,940 | |||
Total | 16,166 | |||
Accumulated Depreciation and Amortization | $ 1,934 | |||
Industrial | ZF 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 | |||
Industrial | ZF 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 | |||
Industrial | 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 | 82,149 | |||
Total | 87,951 | |||
Accumulated Depreciation and Amortization | $ 9,632 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | 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 | $ 14,924 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Pepsi Bottling Ventures | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 17,836 | |||
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 | 32,737 | |||
Total | 36,144 | |||
Accumulated Depreciation and Amortization | 3,332 | |||
Industrial | Fidelity Building Services | ||||
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 | 1,662 | |||
Building and Improvements | 10,746 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 435 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,662 | |||
Building and Improvements | 11,181 | |||
Total | 12,843 | |||
Accumulated Depreciation and Amortization | $ 775 | |||
Industrial | Fidelity Building Services | 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 | |||
Industrial | Fidelity Building Services | 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 | |||
Industrial | Amcor | ||||
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 | 4,962 | |||
Building and Improvements | 42,377 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,340 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,962 | |||
Building and Improvements | 43,717 | |||
Total | 48,679 | |||
Accumulated Depreciation and Amortization | $ 4,505 | |||
Industrial | Amcor | 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 | |||
Industrial | Amcor | 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 | |||
Industrial | 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 | $ 3,796 | |||
Industrial | 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 | |||
Industrial | 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 | |||
Industrial | Fox Head | Discontinued Operations, Held-for-sale | ||||
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 | 7,494 | |||
Office | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 164,007 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 167,711 | |||
Building and Improvements | 1,796,628 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 56,124 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 164,278 | |||
Building and Improvements | 1,856,185 | |||
Total | 2,020,463 | |||
Accumulated Depreciation and Amortization | 305,829 | |||
Office | AT&T (14500 NE 87th Street) | ||||
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 | 2,434 | |||
Building and Improvements | 11,656 | |||
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 | 2,434 | |||
Building and Improvements | 12,609 | |||
Total | 15,043 | |||
Accumulated Depreciation and Amortization | $ 4,691 | |||
Office | AT&T (14500 NE 87th Street) | 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 | |||
Office | AT&T (14500 NE 87th Street) | 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 | |||
Office | AT&T (14520 NE 87th Street) | ||||
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 | 3,259 | |||
Building and Improvements | 15,608 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 615 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,259 | |||
Building and Improvements | 16,223 | |||
Total | 19,482 | |||
Accumulated Depreciation and Amortization | $ 6,074 | |||
Office | AT&T (14520 NE 87th Street) | 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 | |||
Office | AT&T (14520 NE 87th Street) | 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 | |||
Office | AT&T (14560 NE 87th Street) | ||||
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 | 1,077 | |||
Building and Improvements | 5,157 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 776 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,077 | |||
Building and Improvements | 5,933 | |||
Total | 7,010 | |||
Accumulated Depreciation and Amortization | $ 2,129 | |||
Office | AT&T (14560 NE 87th Street) | 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 | |||
Office | AT&T (14560 NE 87th Street) | 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 | |||
Office | PPG | ||||
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 | 2,650 | |||
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 | $ 10,654 | |||
Office | PPG | 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 | |||
Office | PPG | 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 | |||
Office | York Space Systems (East Village) | ||||
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 | 2,600 | |||
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 | 10,877 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,600 | |||
Building and Improvements | 24,377 | |||
Total | 26,977 | |||
Accumulated Depreciation and Amortization | $ 8,715 | |||
Office | York Space Systems (East Village) | 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 | |||
Office | York Space Systems (East Village) | 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 | |||
Office | Maxar | ||||
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 | $ 28,698 | |||
Office | Maxar | 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 | |||
Office | Maxar | 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 | |||
Office | Parallon | ||||
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 | 1,000 | |||
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 | $ 5,900 | |||
Office | 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 | |||
Office | 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 | |||
Office | Wood Group (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 | (10,479) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,784 | |||
Building and Improvements | 65,883 | |||
Total | 68,667 | |||
Accumulated Depreciation and Amortization | $ 18,734 | |||
Office | Wood Group (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 | |||
Office | Wood Group (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 | |||
Office | 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 | 26,512 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 9,666 | |||
Building and Improvements | 100,610 | |||
Total | 110,276 | |||
Accumulated Depreciation and Amortization | $ 26,075 | |||
Office | 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 | |||
Office | 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 | |||
Office | Amentum (Heritage 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 | 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 | 6,941 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,955 | |||
Building and Improvements | 22,481 | |||
Total | 24,436 | |||
Accumulated Depreciation and Amortization | $ 5,630 | |||
Office | Amentum (Heritage 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 | |||
Office | Amentum (Heritage 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 | |||
Office | Aegis (530 Great Circle Road) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 11,021 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 4,687 | |||
Building and Improvements | 18,138 | |||
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 | 4,687 | |||
Building and Improvements | 18,138 | |||
Total | 22,825 | |||
Accumulated Depreciation and Amortization | $ 5,319 | |||
Office | Aegis (530 Great Circle 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 | |||
Office | Aegis (530 Great Circle 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 | |||
Office | Cigna (500 Great Circle Road) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 8,086 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 3,439 | |||
Building and Improvements | 13,309 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 404 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,439 | |||
Building and Improvements | 13,713 | |||
Total | 17,152 | |||
Accumulated Depreciation and Amortization | $ 3,952 | |||
Office | Cigna (500 Great Circle 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 | |||
Office | Cigna (500 Great Circle 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 | |||
Office | LPL (1055 & 1060 LPL Way) | ||||
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 | $ 12,882 | |||
Office | LPL (1055 & 1060 LPL Way) | 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 | |||
Office | LPL (1055 & 1060 LPL Way) | 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 | |||
Office | LPL (1040 LPL Way) | ||||
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 | 1,273 | |||
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 | $ 6,192 | |||
Office | LPL (1040 LPL Way) | 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 | |||
Office | LPL (1040 LPL Way) | 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 | |||
Office | McKesson (5601 N. Pima 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 | 159 | |||
Building and Improvements | 35,490 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 168 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 159 | |||
Building and Improvements | 35,659 | |||
Total | 35,818 | |||
Accumulated Depreciation and Amortization | $ 11,923 | |||
Office | McKesson (5601 N. Pima 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 | |||
Office | McKesson (5601 N. Pima 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 | |||
Office | On Semi (5701 N. Pima 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 | 153 | |||
Building and Improvements | 34,270 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 387 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 153 | |||
Building and Improvements | 34,657 | |||
Total | 34,810 | |||
Accumulated Depreciation and Amortization | $ 11,513 | |||
Office | On Semi (5701 N. Pima 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 | |||
Office | On Semi (5701 N. Pima 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 | |||
Office | 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 | 38,797 | |||
Total | 40,713 | |||
Accumulated Depreciation and Amortization | $ 7,125 | |||
Office | 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 | |||
Office | 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 | |||
Office | 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 | $ 9,881 | |||
Office | 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 | |||
Office | 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 | |||
Office | 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 | $ 16,718 | |||
Office | Southern Company | 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 | |||
Office | Southern Company | 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 | |||
Office | Travel & Leisure, Co. | ||||
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 | 12,462 | |||
Office | 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 | 523 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,006 | |||
Building and Improvements | 10,793 | |||
Total | 12,799 | |||
Accumulated Depreciation and Amortization | $ 2,225 | |||
Office | 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 | |||
Office | 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 | |||
Office | 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 | $ 7,173 | |||
Office | 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 | |||
Office | 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 | |||
Office | 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 | 26,819 | |||
Total | 30,544 | |||
Accumulated Depreciation and Amortization | $ 4,553 | |||
Office | 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 | |||
Office | 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 | |||
Office | McKesson (5801 North Pima 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 | 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 | 4,749 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 0 | |||
Building and Improvements | 41,708 | |||
Total | 41,708 | |||
Accumulated Depreciation and Amortization | $ 7,249 | |||
Office | McKesson (5801 North Pima 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 | |||
Office | McKesson (5801 North Pima 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 | |||
Office | Freeport McMoRan | ||||
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 | 4,264 | |||
Building and Improvements | 120,604 | |||
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 | 4,264 | |||
Building and Improvements | 120,686 | |||
Total | 124,950 | |||
Accumulated Depreciation and Amortization | $ 11,386 | |||
Office | Freeport McMoRan | 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 | |||
Office | Freeport McMoRan | 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 | |||
Office | Avnet (Phoenix) | ||||
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 | 5,394 | |||
Building and Improvements | 31,021 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,862 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,394 | |||
Building and Improvements | 32,883 | |||
Total | 38,277 | |||
Accumulated Depreciation and Amortization | $ 4,581 | |||
Office | Avnet (Phoenix) | 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 | |||
Office | Avnet (Phoenix) | 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 | |||
Office | Terraces at Copley Point | ||||
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 | 23,897 | |||
Building and Improvements | 87,430 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,250 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 23,897 | |||
Building and Improvements | 88,680 | |||
Total | 112,577 | |||
Accumulated Depreciation and Amortization | $ 10,301 | |||
Office | Terraces at Copley Point | 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 | |||
Office | Terraces at Copley Point | 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 | |||
Office | Occidental Petroleum | ||||
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 | 6,841 | |||
Building and Improvements | 24,702 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,794 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,841 | |||
Building and Improvements | 26,496 | |||
Total | 33,337 | |||
Accumulated Depreciation and Amortization | $ 2,318 | |||
Office | Occidental Petroleum | 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 | |||
Office | Occidental Petroleum | 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 | |||
Office | Corteva Agriscience | ||||
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 | 6,412 | |||
Building and Improvements | 39,299 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,624 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,412 | |||
Building and Improvements | 40,923 | |||
Total | 47,335 | |||
Accumulated Depreciation and Amortization | $ 4,203 | |||
Office | Corteva Agriscience | 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 | |||
Office | Corteva Agriscience | 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 | |||
Office | Mercury 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 | 6,969 | |||
Building and Improvements | 37,739 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | (9,123) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,407 | |||
Building and Improvements | 30,178 | |||
Total | 35,585 | |||
Accumulated Depreciation and Amortization | $ 3,017 | |||
Office | Mercury 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 | |||
Office | Mercury 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 | |||
Office | Draeger Medical 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 | 4,985 | |||
Building and Improvements | 30,143 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | (9,075) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,539 | |||
Building and Improvements | 22,514 | |||
Total | 26,053 | |||
Accumulated Depreciation and Amortization | $ 2,458 | |||
Office | Draeger Medical 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 | |||
Office | Draeger Medical 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 | |||
Office | Keurig Dr. Pepper (63 South Avenue) | ||||
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 | 5,111 | |||
Building and Improvements | 48,464 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 812 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,111 | |||
Building and Improvements | 49,276 | |||
Total | 54,387 | |||
Accumulated Depreciation and Amortization | $ 3,690 | |||
Office | Keurig Dr. Pepper (63 South Avenue) | 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 | |||
Office | Keurig Dr. Pepper (63 South Avenue) | 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 | |||
Office | Keurig Dr. Pepper (53 South Avenue) | ||||
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 | 3,262 | |||
Building and Improvements | 169,233 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 628 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,262 | |||
Building and Improvements | 169,861 | |||
Total | 173,123 | |||
Accumulated Depreciation and Amortization | $ 11,325 | |||
Office | Keurig Dr. Pepper (53 South Avenue) | 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 | |||
Office | Keurig Dr. Pepper (53 South Avenue) | 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 | |||
Office | 40 Wight | ||||
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 | 2,873 | |||
Building and Improvements | 50,619 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,385 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,873 | |||
Building and Improvements | 52,004 | |||
Total | 54,877 | |||
Accumulated Depreciation and Amortization | $ 3,277 | |||
Office | 40 Wight | 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 | |||
Office | 40 Wight | 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 | |||
Office | 136 & 204 Capcom | ||||
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 | 1,802 | |||
Building and Improvements | 9,996 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 523 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,802 | |||
Building and Improvements | 10,519 | |||
Total | 12,321 | |||
Accumulated Depreciation and Amortization | $ 1,672 | |||
Office | 136 & 204 Capcom | 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 | |||
Office | 136 & 204 Capcom | 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 | |||
Office | Cigna (Express Scripts) | ||||
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 | 4,725 | |||
Building and Improvements | 18,756 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 2,080 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 4,725 | |||
Building and Improvements | 20,836 | |||
Total | 25,561 | |||
Accumulated Depreciation and Amortization | $ 2,265 | |||
Office | Cigna (Express Scripts) | 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 | |||
Office | Cigna (Express Scripts) | 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 | |||
Office | International Paper | ||||
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 | 1,376 | |||
Building and Improvements | 69,048 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 8,488 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,376 | |||
Building and Improvements | 77,536 | |||
Total | 78,912 | |||
Accumulated Depreciation and Amortization | $ 5,411 | |||
Office | International Paper | 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 | |||
Office | International Paper | 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 | |||
Office | Tech Data Corp. | ||||
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 | 3,138 | |||
Building and Improvements | 12,987 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 671 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 3,138 | |||
Building and Improvements | 13,658 | |||
Total | 16,796 | |||
Accumulated Depreciation and Amortization | $ 1,421 | |||
Office | Tech Data Corp. | 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 | |||
Office | Tech Data Corp. | 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 | |||
Office | Fresenius Medical Care | ||||
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 | 1,380 | |||
Building and Improvements | 28,923 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,293 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,380 | |||
Building and Improvements | 30,216 | |||
Total | 31,596 | |||
Accumulated Depreciation and Amortization | $ 2,037 | |||
Office | Fresenius Medical Care | 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 | |||
Office | Fresenius Medical Care | 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 | |||
Office | 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 | 1,441 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 6,989 | |||
Building and Improvements | 48,316 | |||
Total | 55,305 | |||
Accumulated Depreciation and Amortization | $ 12,534 | |||
Office | 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 | |||
Office | 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 | |||
Office | Park Meadows 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 | 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 | (8,588) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,357 | |||
Building and Improvements | 6,263 | |||
Total | 7,620 | |||
Accumulated Depreciation and Amortization | $ 2,000 | |||
Office | Park Meadows 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 | |||
Office | Park Meadows 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 | |||
Office | KBR | ||||
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 | 5,007 | |||
Building and Improvements | 23,328 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,493 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,007 | |||
Building and Improvements | 24,821 | |||
Total | 29,828 | |||
Accumulated Depreciation and Amortization | $ 3,817 | |||
Office | KBR | 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 | |||
Office | KBR | 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 | |||
Other | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 234,862 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 88,002 | |||
Building and Improvements | 597,217 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 29,814 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 84,857 | |||
Building and Improvements | 630,179 | |||
Total | 715,036 | |||
Accumulated Depreciation and Amortization | 201,072 | |||
Other | Avnet (Chandler) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 17,913 | |||
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 | $ 9,517 | |||
Other | Avnet (Chandler) | 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 | |||
Other | Avnet (Chandler) | 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 | |||
Other | Hitachi Energy USA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 12,740 | |||
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 | $ 8,751 | |||
Other | Hitachi Energy USA | 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 | |||
Other | Hitachi Energy USA | 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 | |||
Other | Northrop Grumman | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 9,741 | |||
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 | 619 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,300 | |||
Building and Improvements | 16,807 | |||
Total | 18,107 | |||
Accumulated Depreciation and Amortization | $ 7,711 | |||
Other | 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 | |||
Other | 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 | |||
Other | Gold Pointe Corp Ctr Bld C | ||||
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 | 4,182 | |||
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 | $ 10,665 | |||
Other | Gold Pointe Corp Ctr Bld C | 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 | |||
Other | Gold Pointe Corp Ctr Bld C | 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 | |||
Other | Quebec Court 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 | 3,146 | |||
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 | (7,176) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,043 | |||
Building and Improvements | 16,753 | |||
Total | 18,796 | |||
Accumulated Depreciation and Amortization | $ 8,572 | |||
Other | Quebec Court 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 | |||
Other | Quebec Court 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 | |||
Other | Schlumberger | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 27,113 | |||
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 | (3,909) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,510 | |||
Building and Improvements | 44,133 | |||
Total | 46,643 | |||
Accumulated Depreciation and Amortization | $ 15,646 | |||
Other | 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 | |||
Other | 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 | |||
Other | Raytheon Technologies | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 21,431 | |||
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 | $ 14,496 | |||
Other | Raytheon 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 | |||
Other | Raytheon 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 | |||
Other | 30 Independence | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 23,596 | |||
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 | 15,901 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 5,300 | |||
Building and Improvements | 52,669 | |||
Total | 57,969 | |||
Accumulated Depreciation and Amortization | $ 21,253 | |||
Other | 30 Independence | 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 | |||
Other | 30 Independence | 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 | |||
Other | Wyndham Hotels & Resorts | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 52,893 | |||
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 | $ 25,667 | |||
Other | Wyndham Hotels & Resorts | 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 | |||
Other | Wyndham Hotels & Resorts | 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 | |||
Other | Crosspoint | ||||
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 | 18,443 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 15,000 | |||
Building and Improvements | 64,336 | |||
Total | 79,336 | |||
Accumulated Depreciation and Amortization | $ 21,654 | |||
Other | Crosspoint | 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 | |||
Other | Crosspoint | 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 | |||
Other | Level 3 (ParkRidge One) | ||||
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 | 1,663 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 10,554 | |||
Building and Improvements | 37,480 | |||
Total | 48,034 | |||
Accumulated Depreciation and Amortization | $ 14,517 | |||
Other | Level 3 (ParkRidge One) | 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 | |||
Other | Level 3 (ParkRidge One) | 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 | |||
Other | Owens Corning | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 3,179 | |||
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 | 1,101 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 867 | |||
Building and Improvements | 5,519 | |||
Total | 6,386 | |||
Accumulated Depreciation and Amortization | $ 1,152 | |||
Other | 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 | |||
Other | 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 | |||
Other | Hitachi Astemo | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 9,943 | |||
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 | 2,484 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,214 | |||
Building and Improvements | 19,022 | |||
Total | 20,236 | |||
Accumulated Depreciation and Amortization | $ 3,488 | |||
Other | Hitachi Astemo | 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 | |||
Other | Hitachi Astemo | 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 | |||
Other | Wood Group (Westgate II) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 32,950 | |||
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 | $ 11,077 | |||
Other | Wood Group (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 | |||
Other | Wood Group (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 | |||
Other | Administrative Office of Pennsylvania Courts | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 5,848 | |||
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 | 781 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,246 | |||
Building and Improvements | 10,407 | |||
Total | 11,653 | |||
Accumulated Depreciation and Amortization | $ 2,293 | |||
Other | 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 | |||
Other | 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 | |||
Other | MGM Corporate Center (840 Grier Drive) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 6,297 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 1,634 | |||
Building and Improvements | 9,298 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 1,009 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 1,634 | |||
Building and Improvements | 10,307 | |||
Total | 11,941 | |||
Accumulated Depreciation and Amortization | $ 2,326 | |||
Other | MGM Corporate Center (840 Grier 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 | |||
Other | MGM Corporate Center (840 Grier 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 | |||
Other | MGM Corporate Center (880 Grier Drive) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 8,432 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 2,188 | |||
Building and Improvements | 12,423 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 591 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 2,188 | |||
Building and Improvements | 13,014 | |||
Total | 15,202 | |||
Accumulated Depreciation and Amortization | $ 2,918 | |||
Other | MGM Corporate Center (880 Grier 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 | |||
Other | MGM Corporate Center (880 Grier 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 | |||
Other | MGM Corporate Center (950 Grier Drive) | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 2,786 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||
Land | 723 | |||
Building and Improvements | 4,105 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition [Abstract] | ||||
Building and Improvements | 226 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net [Abstract] | ||||
Land | 723 | |||
Building and Improvements | 4,331 | |||
Total | 5,054 | |||
Accumulated Depreciation and Amortization | $ 1,018 | |||
Other | MGM Corporate Center (950 Grier 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 | |||
Other | MGM Corporate Center (950 Grier 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 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate facilities | |||
Balance at beginning of year | $ 5,570,160 | $ 4,310,302 | $ 4,278,433 |
Acquisitions | 0 | 1,289,296 | 36,144 |
Construction costs and improvements | 8,607 | 29,042 | 72,306 |
Other adjustments | (129) | (2,976) | 0 |
Write down of tenant origination and absorption costs | 0 | (422) | 0 |
Impairment provision | (178,414) | (4,242) | (23,472) |
Sale of real estate assets | (1,876,066) | (50,840) | (53,109) |
Real estate assets held for sale | (26,902) | 0 | 0 |
Balance at end of year | 3,497,256 | 5,570,160 | 4,310,302 |
Accumulated depreciation | |||
Balance at beginning of year | 993,323 | 817,773 | 668,104 |
Depreciation and amortization expense | 186,350 | 209,638 | 161,056 |
Write down of tenant origination and absorption costs | 0 | (422) | 0 |
Impairment provision | (50,838) | 0 | 0 |
Other adjustments | (47) | 0 | 0 |
Less: Non-real estate assets depreciation expense | 0 | (5,860) | (4,619) |
Less: Sale of real estate assets depreciation expense | (476,655) | (27,806) | (6,768) |
Less: Real estate assets held for sale | (7,494) | 0 | 0 |
Balance at end of year | 644,639 | 993,323 | 817,773 |
Total real estate, net | $ 2,852,617 | $ 4,576,837 | $ 3,492,529 |