Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EastGroup Properties Inc | ||
Entity Central Index Key | 49,600 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,188,222,000 | ||
Entity Common Stock, Shares Outstanding | 33,314,596 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | |||
Real estate properties | $ 2,113,073,000 | $ 2,049,007,000 | |
Development | 293,908,000 | 170,441,000 | |
Real estate and development properties | 2,406,981,000 | 2,219,448,000 | |
Less accumulated depreciation | 694,250,000 | 657,454,000 | |
Real estate, net | 1,712,731,000 | 1,561,994,000 | |
Unconsolidated investment | 7,681,000 | 8,004,000 | |
Cash | 522,000 | 48,000 | |
Other assets | 104,830,000 | 91,858,000 | |
TOTAL ASSETS | 1,825,764,000 | 1,661,904,000 | |
LIABILITIES | |||
Unsecured bank credit facilities | 190,990,000 | 149,414,000 | |
Unsecured debt | 652,838,000 | 528,210,000 | |
Secured debt | 257,505,000 | 350,285,000 | |
Accounts payable and accrued expenses | 52,701,000 | 44,181,000 | |
Other liabilities | 29,864,000 | 30,613,000 | |
Total Liabilities | 1,183,898,000 | 1,102,703,000 | |
Stockholders’ Equity: | |||
Common shares; $.0001 par value; 70,000,000 shares authorized; 33,332,213 shares issued and outstanding at December 31, 2016 and 32,421,460 at December 31, 2015 | 3,000 | 3,000 | |
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued | 0 | 0 | |
Additional paid-in capital on common shares | 949,318,000 | 887,207,000 | |
Distributions in excess of earnings | (313,655,000) | (328,892,000) | |
Accumulated Other Comprehensive Income (Loss) | 1,995,000 | (3,456,000) | $ (2,357,000) |
Total Stockholders’ Equity | 637,661,000 | 554,862,000 | |
Noncontrolling interest in joint ventures | 4,205,000 | 4,339,000 | |
Total Equity | 641,866,000 | 559,201,000 | $ 575,615,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,825,764,000 | $ 1,661,904,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized | 70,000,000 | 70,000,000 |
Common shares, issued | 33,332,213 | 32,421,460 |
Common shares, outstanding | 33,332,213 | 32,421,460 |
Excess shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Excess shares, authorized | 30,000,000 | 30,000,000 |
Excess shares, issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Income from real estate operations | $ 252,961 | $ 234,918 | $ 219,706 |
Other income | 86 | 90 | 123 |
Revenues | 253,047 | 235,008 | 219,829 |
EXPENSES | |||
Expenses from real estate operations | 74,347 | 67,402 | 62,797 |
Depreciation and amortization | 77,935 | 73,290 | 70,314 |
General and administrative | 13,232 | 15,091 | 12,726 |
Acquisition costs | 161 | 164 | 210 |
Expenses | 165,675 | 155,947 | 146,047 |
OPERATING INCOME | 87,372 | 79,061 | 73,782 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (35,213) | (34,666) | (35,486) |
Gain, net of loss, on Sales of Real Estate Investments | 42,170 | 2,903 | 9,188 |
Other | 1,765 | 1,101 | 989 |
NET INCOME | 96,094 | 48,399 | 48,473 |
Net income attributable to noncontrolling interest in joint ventures | (585) | (533) | (532) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 95,509 | 47,866 | 47,941 |
Other comprehensive income (loss) - cash flow hedges | 5,451 | (1,099) | (3,986) |
TOTAL COMPREHENSIVE INCOME | $ 100,960 | $ 46,767 | $ 43,955 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.93 | $ 1.49 | $ 1.53 |
Weighted average shares outstanding | 32,563 | 32,091 | 31,341 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 2.93 | $ 1.49 | $ 1.52 |
Weighted average shares outstanding | 32,628 | 32,196 | 31,452 |
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||
Net income attributable to common stockholders | $ 95,509 | $ 47,866 | $ 47,941 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Common Stock | Additional Paid-in Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Joint Ventures |
BALANCE at Dec. 31, 2013 | $ 518,705,000 | $ 3,000 | $ 790,535,000 | $ (278,169,000) | $ 1,629,000 | $ 4,707,000 |
Comprehensive income | ||||||
Net income | 48,473,000 | 0 | 0 | 47,941,000 | 0 | 532,000 |
Net unrealized change in fair value of interest rate swaps | (3,986,000) | 0 | 0 | 0 | (3,986,000) | 0 |
Common dividends declared - $2.22, $2.34 and $2.44 per share in 2014, 2015 and 2016, respectively | (70,624,000) | 0 | 0 | (70,624,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 6,567,000 | 0 | 6,567,000 | 0 | 0 | 0 |
Issuance of 1,246,400, 106,751 and 875,052 shares of common stock, common stock offering, net of expenses in 2014, 2015 and 2016, respectively | 78,868,000 | 0 | 78,868,000 | 0 | 0 | 0 |
Issuance of 3,626, 4,536 and 3,326 shares of common stock, dividend reinvestment plan in 2014, 2015 and 2016, respectively | 227,000 | 0 | 227,000 | 0 | 0 | 0 |
Withheld 31,673, 32,409 and 57,316 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2014, 2015 and 2016, respectively | (1,862,000) | 0 | (1,862,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (753,000) | 0 | 0 | 0 | 0 | (753,000) |
BALANCE at Dec. 31, 2014 | 575,615,000 | 3,000 | 874,335,000 | (300,852,000) | (2,357,000) | 4,486,000 |
Comprehensive income | ||||||
Net income | 48,399,000 | 0 | 0 | 47,866,000 | 0 | 533,000 |
Net unrealized change in fair value of interest rate swaps | (1,099,000) | 0 | 0 | 0 | (1,099,000) | 0 |
Common dividends declared - $2.22, $2.34 and $2.44 per share in 2014, 2015 and 2016, respectively | (75,906,000) | 0 | 0 | (75,906,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 8,423,000 | 0 | 8,423,000 | 0 | 0 | 0 |
Issuance of 1,246,400, 106,751 and 875,052 shares of common stock, common stock offering, net of expenses in 2014, 2015 and 2016, respectively | 6,233,000 | 0 | 6,233,000 | 0 | 0 | 0 |
Issuance of 3,626, 4,536 and 3,326 shares of common stock, dividend reinvestment plan in 2014, 2015 and 2016, respectively | 257,000 | 0 | 257,000 | 0 | 0 | 0 |
Withheld 31,673, 32,409 and 57,316 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2014, 2015 and 2016, respectively | (2,041,000) | 0 | (2,041,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (680,000) | 0 | 0 | 0 | 0 | (680,000) |
BALANCE at Dec. 31, 2015 | 559,201,000 | 3,000 | 887,207,000 | (328,892,000) | (3,456,000) | 4,339,000 |
Comprehensive income | ||||||
Net income | 96,094,000 | 0 | 0 | 95,509,000 | 0 | 585,000 |
Net unrealized change in fair value of interest rate swaps | 5,451,000 | 0 | 0 | 0 | 5,451,000 | 0 |
Common dividends declared - $2.22, $2.34 and $2.44 per share in 2014, 2015 and 2016, respectively | (80,272,000) | 0 | 0 | (80,272,000) | 0 | 0 |
Stock-based compensation, net of forfeitures | 5,831,000 | 0 | 5,831,000 | 0 | 0 | 0 |
Issuance of 1,246,400, 106,751 and 875,052 shares of common stock, common stock offering, net of expenses in 2014, 2015 and 2016, respectively | 59,283,000 | 0 | 59,283,000 | 0 | 0 | 0 |
Issuance of 3,626, 4,536 and 3,326 shares of common stock, dividend reinvestment plan in 2014, 2015 and 2016, respectively | 228,000 | 0 | 228,000 | 0 | 0 | 0 |
Withheld 31,673, 32,409 and 57,316 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock in 2014, 2015 and 2016, respectively | (3,231,000) | 0 | (3,231,000) | 0 | 0 | 0 |
Distributions to noncontrolling interest | (719,000) | 0 | 0 | 0 | 0 | (719,000) |
BALANCE at Dec. 31, 2016 | $ 641,866,000 | $ 3,000 | $ 949,318,000 | $ (313,655,000) | $ 1,995,000 | $ 4,205,000 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Attributable to Parent | |||
Common dividends declared - per share (in dollars per share) | $ 2.44 | $ 2.34 | $ 2.22 |
Issuance of shares of common stock, common stock offering, net of expenses (in shares) | 875,052 | 106,751 | 1,246,400 |
Issuance of shares of common stock, options exercised (in shares) | 0 | 0 | 0 |
Issuance of shares of common stock, dividend reinvestment plan (in shares) | 3,326 | 4,536 | 3,626 |
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock (in shares) | 57,316 | 32,409 | 31,673 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income | $ 96,094,000 | $ 48,399,000 | $ 48,473,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 77,935,000 | 73,290,000 | 70,314,000 |
Stock-based compensation expense | 4,590,000 | 6,733,000 | 5,146,000 |
Gain, net of loss, on sales of real estate investments and non-operating real estate | (42,903,000) | (3,026,000) | (9,286,000) |
Changes in operating assets and liabilities: | |||
Accrued income and other assets | (2,883,000) | (2,118,000) | (713,000) |
Accounts payable, accrued expenses and prepaid rent | 5,736,000 | 6,928,000 | 2,315,000 |
Other | 295,000 | (157,000) | (28,000) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 138,864,000 | 130,049,000 | 116,221,000 |
INVESTING ACTIVITIES | |||
Real estate development | (203,765,000) | (95,032,000) | (97,696,000) |
Purchases of real estate | (27,668,000) | (31,574,000) | (48,805,000) |
Real estate improvements | (23,671,000) | (24,514,000) | (20,524,000) |
Net proceeds from sales of real estate investments and non-operating real estate | 78,780,000 | 5,156,000 | 20,625,000 |
Capital contributions to unconsolidated investment | 0 | 0 | (5,132,000) |
Repayments on mortgage loans receivable | 123,000 | 116,000 | 3,902,000 |
Changes in accrued development costs | 3,629,000 | (1,705,000) | 241,000 |
Changes in other assets and other liabilities | (13,900,000) | (8,865,000) | (12,181,000) |
NET CASH USED IN INVESTING ACTIVITIES | (186,472,000) | (156,418,000) | (159,570,000) |
FINANCING ACTIVITIES | |||
Proceeds from unsecured bank credit facilities | 608,349,000 | 420,104,000 | 350,214,000 |
Repayments on unsecured bank credit facilities | (567,165,000) | (368,669,000) | (339,765,000) |
Proceeds from Issuance of Unsecured Debt | 205,000,000 | 150,000,000 | 75,000,000 |
Repayments of Unsecured Debt | (80,000,000) | 0 | 0 |
Repayments on secured debt | (92,773,000) | (102,337,000) | (48,846,000) |
Debt issuance costs | (1,487,000) | (1,952,000) | (499,000) |
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) | (80,899,000) | (75,845,000) | (70,456,000) |
Proceeds from common stock offerings | 59,283,000 | 6,233,000 | 78,868,000 |
Proceeds from dividend reinvestment plan | 236,000 | 256,000 | 216,000 |
Other | (2,462,000) | (1,384,000) | (1,380,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 48,082,000 | 26,406,000 | 43,352,000 |
INCREASE IN CASH AND CASH EQUIVALENTS | 474,000 | 37,000 | 3,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 48,000 | 11,000 | 8,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 522,000 | 48,000 | 11,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for interest, net of amount capitalized of $5,340, $5,257, and $4,942 for 2016, 2015 and 2014, respectively | 33,595,000 | 33,164,000 | 34,426,000 |
Fair value of debt assumed by the Company in the purchase of real estate | $ 0 | $ 0 | $ 2,847,000 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest, net of amount capitalized | $ 5,340 | $ 5,257 | $ 4,942 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2016, EastGroup had a controlling interest in one joint venture, the 80% owned University Business Center. At December 31, 2015 and 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. During the second quarter of 2016, Castilian Research Center was sold, and the joint venture was subsequently terminated. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. (b) Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2016 , 2015 and 2014 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2016 , 2015 and 2014 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2016 2015 2014 Common Share Distributions: Ordinary dividends $ 2.10494 2.24258 2.02398 Nondividend distributions 0.05202 0.02774 0.08974 Unrecaptured Section 1250 capital gain 0.12872 0.06968 0.09470 Other capital gain 0.15432 — 0.01158 Total Common Share Distributions $ 2.44000 2.34000 2.22000 EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2012 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2016 and 2015 . The Company’s income may differ for tax and financial reporting purposes principally because of (1) the timing of the deduction for the provision for possible losses and losses on investments, (2) the timing of the recognition of gains or losses from the sale of investments, (3) different depreciation methods and lives, (4) real estate properties having a different basis for tax and financial reporting purposes, (5) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (6) differences in book and tax allowances and timing for stock-based compensation expense. (c) Income Recognition Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in ASC 360, Property, Plant and Equipment . Upon closing of real estate transactions, the provisions of ASC 360 require consideration for the transfer of rights of ownership to the purchaser, receipt of an adequate cash down payment from the purchaser, adequate continuing investment by the purchaser and no substantial continuing involvement by the Company. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized by a method other than the full accrual method. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. As of December 31, 2016 and 2015 , there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2016 and 2015 , the Company determined that no allowance for collectibility of the mortgage loans receivable was necessary. (d) Real Estate Properties EastGroup has one reportable segment–industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2016 and 2015 , the Company did not identify any significant impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $63,793,000 , $59,882,000 and $ 57,303,000 for 2016 , 2015 and 2014 , respectively. (e) Development During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development properties based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land). (f) Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In accordance with FASB Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. (g) Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 13 for a discussion of the Company's derivative instruments and hedging activities. (h) Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. (i) Amortization Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. Amortization of debt issuance costs was $1,534,000 , $1,336,000 and $1,236,000 for 2016 , 2015 and 2014 , respectively. Amortization of facility fees was $670,000 , $608,000 and $563,000 for 2016 , 2015 and 2014 , respectively. Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. Leasing costs amortization expense was $9,932,000 , $9,038,000 and $8,284,000 for 2016 , 2015 and 2014 , respectively. Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles . (j) Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. As discussed in Note 1(o), beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup has determined that its real estate property acquisitions in the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its fourth quarter 2016 acquisitions. The FASB Codification provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill for business combinations is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $488,000 , $448,000 and $421,000 in 2016 , 2015 and 2014 , respectively. Amortization expense for in-place lease intangibles was $4,210,000 , $4,370,000 and $4,727,000 for 2016 , 2015 and 2014 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2016 is as follows: Years Ending December 31, (In thousands) 2017 $ 3,572 2018 2,545 2019 2,042 2020 1,551 2021 1,150 During 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three -building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000 , of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development. EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $5,941,000 to in-place lease intangibles, $393,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $894,000 to below market leases (included in Other liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2015, the Company acquired Southpark Corporate Center and Springdale Business Center, both in Austin, Texas, for a total cost of $31,574,000 , of which $28,648,000 was allocated to Real estate properties . The Company allocated $5,494,000 of the total purchase price to land using third party land valuations for the Austin market. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles and $527,000 to below market leases. During 2014, EastGroup acquired the following operating properties: Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases and $903,000 to below market leases. The Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill and other intangibles existed at December 31, 2016 and 2015 . (k) Stock-Based Compensation In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards (the Company did not have any such awards in 2016, 2015 or 2014). During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. (l) Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. (m) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. (n) Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations. (o) Recent Accounting Pronouncements EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method, and the Company is evaluating which transition method it will elect. The Company is also in the process of evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2018. EastGroup has performed an initial impact assessment; because most of the Company's revenues are from leases (which are governed by other FASB accounting standards) and sales of real estate assets (for which the accounting is largely unchanged by the new revenue recognition standard), the impact of adopting ASU 2014-09 is not expected to be material to the Company. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to Consolidation Analysis, under which all legal entities are subject to reevaluation under the revised consolidation model. The ASU modifies whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. EastGroup adopted ASU 2015-02 effective January 1, 2016, and the adoption of ASU 2015-02 had an immaterial impact on the Company's financial condition and results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU was effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities are to apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. EastGroup adopted ASU 2015-03 effective January 1, 2016. Prior to adoption, the Company included debt issuance costs in Other assets on the Consolidated Balance Sheets. Beginning with the Form 10-Q for the period ended March 31, 2016, EastGroup changed its presentation of debt issuance costs for all periods presented; the Company now presents debt issuance costs as direct deductions from the carrying amounts of its debt liabilities both on the Balance Sheet and in the Notes to Consolidated Financial Statements. As a result of the adoption of ASU 2015-03, the Company adjusted its December 31, 2015 Balance Sheet as follows: Balance Sheet Items as of December 31, 2015: As Presented in the Company’s 2015 Form 10-K As Presented in the Company’s Form 10-Q Beginning With the Period Ended March 31, 2016 (In thousands) Other assets $ 96,186 91,858 Total assets 1,666,232 1,661,904 Secured debt 351,401 350,285 Unsecured debt 530,000 528,210 Unsecured bank credit facilities 150,836 149,414 Total liabilities 1,107,031 1,102,703 Total liabilities and equity 1,666,232 1,661,904 In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup plans to adopt ASU 2016-01 effective January 1, 2018. The Company does not anticipate the adoption of ASU 2016-01 will have a material impact on the Company's financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which 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, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and the Company anticipates the related impact of ASU 2016-02 will not be material to its overall financial condition and results of operations. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to evaluate the potential impacts of the ASU and believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting relates to the new standard's narrow definition of initial direct costs for leases; the new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup plans to adopt ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU is intended to improve the accounting for share-based payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment awards are simplified with the ASU, including income tax consequences, classification of awards as equity or liabilities and classification on the Con |
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES The Company’s Real estate properties and Development at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (In thousands) Real estate properties: Land $ 308,931 301,435 Buildings and building improvements 1,435,309 1,393,688 Tenant and other improvements 368,833 353,884 Development 293,908 170,441 2,406,981 2,219,448 Less accumulated depreciation (694,250 ) (657,454 ) $ 1,712,731 1,561,994 EastGroup acquired operating properties during 2016 , 2015 and 2014 as discussed in Note 1(j). In 2016, the Company sold the following operating properties: Northwest Point Distribution and Service Centers, North Stemmons II and III, America Plaza, Lockwood Distribution Center, West Loop Distribution Center 1 & 2, two of its four Interstate Commons Distribution Center buildings, Castilian Research Center and Memphis I. In 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses. In 2014, the Company sold the following operating properties: Northpoint Commerce Center, Tampa West Distribution Center VI, Clay Campbell Distribution Center, Kirby Business Center and two of its three Ambassador Row Warehouses. The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain, net of loss, on sales of real estate investments. The Company did not classify any properties as held for sale as of December 31, 2016 and 2015 . Sales of Real Estate A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2016 , 2015 and 2014 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2016 Northwest Point Distribution Houston, TX 232,000 02/12/2016 $ 15,189 5,080 10,109 North Stemmons III Dallas, TX 60,000 03/04/2016 3,131 1,908 1,223 North Stemmons II Dallas, TX 26,000 04/12/2016 1,203 765 438 Lockwood Distribution Center Houston, TX 392,000 04/18/2016 14,024 4,154 9,870 West Loop Distribution Center 1 & 2 Houston, TX 161,000 04/19/2016 13,154 3,564 9,590 America Plaza Houston, TX 121,000 04/28/2016 7,938 3,378 4,560 Interstate Commons Distribution Phoenix, AZ 142,000 05/31/2016 9,906 3,568 6,338 Castilian Research Center (1) Santa Barbara, CA 30,000 06/28/2016 7,698 7,513 185 Memphis I Memphis, TN 92,000 12/16/2016 1,482 1,625 (143 ) Total for 2016 $ 73,725 31,555 42,170 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 2014 Northpoint Commerce Center Oklahoma City, OK 58,000 03/28/2014 $ 3,471 3,376 95 Tampa West Distribution Center VI Tampa, FL 9,000 07/08/2014 682 446 236 Clay Campbell Distribution Center Houston, TX 118,000 09/30/2014 7,690 2,826 4,864 Kirby Business Center Houston, TX 125,000 09/30/2014 5,306 2,989 2,317 Ambassador Row Warehouses Dallas, TX 132,000 12/30/2014 3,358 1,682 1,676 Total for 2014 $ 20,507 11,319 9,188 (1) EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. The table above includes sales of operating properties; the Company also sold parcels of land during the years presented. During the year ended December 31, 2016, EastGroup sold parcels of land in Houston, Dallas and Orlando for $5,400,000 and recognized a gain of $733,000 . During the year ended December 31, 2015, EastGroup sold a small parcel of land in New Orleans for $170,000 and recognized a gain of $123,000 . During 2014, the Company sold a small parcel of land in Orlando for $118,000 and recognized a gain of $98,000 . The gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. The Company’s development program as of December 31, 2016 , was comprised of the properties detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development properties for 2016 were $5,340,000 compared to $5,257,000 for 2015 and $4,942,000 for 2014 . In addition, EastGroup capitalized internal development costs of $3,789,000 during the year ended December 31, 2016 , compared to $4,467,000 during 2015 and $4,040,000 in 2014 . Total capital invested for development during 2016 was $203,765,000 , which primarily consisted of costs of $186,305,000 and $5,272,000 as detailed in the development activity table below and costs of $7,871,000 on development projects subsequent to transfer to Real estate properties . The capitalized costs incurred on development projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs). DEVELOPMENT Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2016 (1) For the Year Ended 12/31/16 Cumulative as of 12/31/16 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Eisenhauer Point 1 & 2, San Antonio, TX 201,000 $ — 9,016 15,776 17,000 01/17 South 35th Avenue, Phoenix, AZ (3) 124,000 — 493 1,664 1,900 01/17 Parc North 1-4, Dallas, TX (4) 446,000 — 32,120 32,120 35,500 02/17 Jones Corporate Park, Las Vegas, NV (5) 416,000 — 39,540 39,540 43,700 04/17 Ten Sky Harbor, Phoenix, AZ 64,000 — 1,613 5,265 6,200 04/17 Steele Creek VI, Charlotte, NC 137,000 — 4,102 7,006 8,200 07/17 Madison IV & V, Tampa, FL 145,000 1,069 6,456 7,525 9,600 10/17 Total Lease-Up 1,533,000 1,069 93,340 108,896 122,100 UNDER CONSTRUCTION Alamo Ridge III, San Antonio, TX 135,000 — 8,179 10,559 12,200 02/17 Horizon V, Orlando, FL 141,000 2,891 1,544 4,435 9,900 07/17 Horizon VII, Orlando, FL 109,000 2,344 4,547 6,891 8,300 01/18 Alamo Ridge IV, San Antonio, TX 97,000 843 4,102 4,945 6,000 02/18 Country Club V, Tucson, AZ 300,000 — 3,295 3,295 24,200 02/18 CreekView 121 1 & 2, Dallas, TX 193,000 3,481 8,374 11,855 16,700 02/18 Eisenhauer Point 3, San Antonio, TX 71,000 808 1,940 2,748 5,400 04/18 Eisenhauer Point 4, San Antonio, TX 85,000 777 1,876 2,653 5,200 04/18 SunCoast 4, Ft. Myers, FL 93,000 4,287 1,968 6,255 8,700 04/18 Weston, Ft. Lauderdale, FL (6) 134,000 — 14,281 14,281 15,900 05/18 Total Under Construction 1,358,000 15,431 50,106 67,917 112,500 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 261,000 — 406 3,893 Tucson, AZ 70,000 — — 417 Ft. Myers, FL 570,000 (4,287 ) 72 13,643 Miami, FL 850,000 — 27,244 27,244 Orlando, FL 662,000 (5,235 ) 993 16,129 Tampa, FL 148,000 (1,069 ) 111 3,681 Jackson, MS 28,000 — — 706 Charlotte, NC 756,000 — 4,882 9,303 Dallas, TX 718,000 (3,481 ) 7,677 12,322 El Paso, TX 251,000 — — 2,444 Houston, TX 1,476,000 — (3,213 ) 21,374 San Antonio, TX 544,000 (2,428 ) 4,687 5,939 Total Prospective Development 6,334,000 (16,500 ) 42,859 117,095 9,225,000 $ — 186,305 293,908 DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2016 Building Size (Square feet) Building Conversion Date Alamo Ridge I, San Antonio, TX 96,000 $ — 26 7,378 02/16 Alamo Ridge II, San Antonio, TX 62,000 — 28 4,167 02/16 Madison II & III, Tampa, FL 127,000 — (14 ) 7,403 02/16 West Road III, Houston, TX 78,000 — 57 4,839 03/16 Ten West Crossing 7, Houston, TX 68,000 — 91 4,163 04/16 West Road IV, Houston, TX 65,000 — 642 5,327 06/16 Horizon III, Orlando, FL 109,000 — 1,217 7,332 07/16 Kyrene 202 VI, Phoenix, AZ 123,000 — 631 7,651 09/16 ParkView 1-3, Dallas, TX 276,000 — 2,594 19,850 10/16 Total Transferred to Real Estate Properties 1,004,000 $ — 5,272 68,110 (7) (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations of $25.5 million and tenant improvement obligations of $6.1 million on properties under development. (3) This property was redeveloped from a manufacturing building to a multi-tenant distribution building. (4) This project, which was recently developed by the seller, was acquired by EastGroup on 7/8/16 and is considered to be in the lease-up phase. (5) This project, which was recently developed by the seller, was acquired by EastGroup on 11/15/16 and is considered to be in the lease-up phase. (6) This project was acquired by EastGroup on 11/1/16 and is being redeveloped. (7) Represents cumulative costs at the date of transfer. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2016 : Future Minimum Rental Receipts Under Non-Cancelable Leases Years Ending December 31, (In thousands) 2017 $ 186,783 2018 159,858 2019 128,487 2020 96,423 2021 62,837 Thereafter 132,642 Total minimum receipts $ 767,030 Ground Leases As of December 31, 2016 , the Company owned two properties in Florida, two properties in Texas and one property in Arizona that are subject to ground leases. These leases have terms of 40 to 50 years, expiration dates of August 2031 to November 2037, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. Total ground lease expenditures for the years ended December 31, 2016 , 2015 and 2014 were $756,000 , $756,000 and $745,000 , respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2016 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2017 $ 756 2018 756 2019 756 2020 756 2021 756 Thereafter 10,430 Total minimum payments $ 14,210 |
UNCONSOLIDATED INVESTMENT
UNCONSOLIDATED INVESTMENT | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED INVESTMENT | UNCONSOLIDATED INVESTMENT The Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California. The building was constructed in 1998 and is 100% leased through December 2018 to a single tenant who owns the other 50% interest in the property. This investment is accounted for under the equity method of accounting and had a carrying value of $7,681,000 at December 31, 2016 , and $8,004,000 at December 31, 2015 . |
MORTGAGE LOANS RECEIVABLE
MORTGAGE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract] | |
MORTGAGE LOANS RECEIVABLE | MORTGAGE LOANS RECEIVABLE As of December 31, 2016 and 2015, the Company had two mortgage loans receivable, both of which are classified as first mortgage loans, have effective interest rates of 5.25% and mature in October 2017 . Mortgage loans receivable are included in Other assets on the Consolidated Balance Sheets. See Note 5 for a summary of Other assets . |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS A summary of the Company’s Other assets follows: December 31, 2016 2015 (In thousands) Leasing costs (principally commissions) $ 65,521 59,043 Accumulated amortization of leasing costs (26,340 ) (23,455 ) Leasing costs (principally commissions), net of accumulated amortization 39,181 35,588 Straight-line rents receivable 28,369 26,482 Allowance for doubtful accounts on straight-line rents receivable (76 ) (167 ) Straight-line rents receivable, net of allowance for doubtful accounts 28,293 26,315 Accounts receivable 6,824 5,615 Allowance for doubtful accounts on accounts receivable (809 ) (394 ) Accounts receivable, net of allowance for doubtful accounts 6,015 5,221 Acquired in-place lease intangibles 21,231 19,061 Accumulated amortization of acquired in-place lease intangibles (8,642 ) (8,205 ) Acquired in-place lease intangibles, net of accumulated amortization 12,589 10,856 Acquired above market lease intangibles 1,594 1,337 Accumulated amortization of acquired above market lease intangibles (736 ) (684 ) Acquired above market lease intangibles, net of accumulated amortization 858 653 Mortgage loans receivable 4,752 4,875 Interest rate swap assets 4,546 400 Goodwill 990 990 Prepaid expenses and other assets 7,606 6,960 Total Other assets $ 104,830 91,858 |
UNSECURED BANK CREDIT FACILITIE
UNSECURED BANK CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Abstract] | |
UNSECURED BANK CREDIT FACILITIES | EastGroup has a $300 million unsecured revolving credit facility with a group of nine banks that matures in July 2019. The credit facility contains options for a one -year extension (at the Company's election) and a $150 million expansion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of December 31, 2016 , was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. The Company has designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixes the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date of August 15, 2018. As of December 31, 2016 , EastGroup had an additional $95,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 1.731% . The Company also has a $35 million unsecured revolving credit facility that matures in July 2019. This credit facility automatically extends for one year if the extension option in the $300 million revolving credit facility is exercised. The interest rate is reset on a daily basis and as of December 31, 2016 , was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. At December 31, 2016 , the interest rate was 1.772% on a balance of $17,020,000 . Average unsecured bank credit facilities borrowings were $106,352,000 in 2016 , $109,777,000 in 2015 and $96,162,000 in 2014 , with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 1.49% in 2016 , 1.29% in 2015 and 1.33% in 2014 . Amortization of facility fees was $670,000 , $608,000 and $563,000 for 2016 , 2015 and 2014 , respectively. Amortization of debt issuance costs for the Company's unsecured bank credit facilities was $450,000 , $493,000 and $413,000 for 2016 , 2015 and 2014 , respectively. The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2016 . See Note 7 for a detail of the outstanding balances of the Company's Unsecured bank credit facilities as of December 31, 2016 and 2015. |
UNSECURED AND SECURED DEBT
UNSECURED AND SECURED DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
SECURED AND UNSECURED DEBT | In connection with the adoption of ASU 2015-03, which is described in further detail in Note 1(o), the Company presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets as detailed below. December 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 112,020 150,836 Unsecured bank credit facilities - fixed rate, carrying amount (1) 80,000 — Unamortized debt issuance costs (1,030 ) (1,422 ) Unsecured bank credit facilities 190,990 149,414 Unsecured debt - fixed rate, carrying amount (1) 655,000 530,000 Unamortized debt issuance costs (2,162 ) (1,790 ) Unsecured debt 652,838 528,210 Secured debt - fixed rate, carrying amount (1) 258,594 351,401 Unamortized debt issuance costs (1,089 ) (1,116 ) Secured debt 257,505 350,285 Total debt $ 1,101,333 1,027,909 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2016 2015 (In thousands) $80 Million Unsecured Term Loan (1) 1.750% 2.770% 08/15/2018 $ — 80,000 $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 50,000 50,000 $75 Million Unsecured Term Loan (1) 1.150% 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (1) 1.400% 3.752% 12/20/2020 75,000 75,000 $40 Million Unsecured Term Loan (1) 1.100% 2.335% 07/30/2021 40,000 — $75 Million Unsecured Term Loan (1) 1.400% 3.031% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.650% 2.863% 04/01/2023 65,000 — $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.800% 08/28/2020 30,000 30,000 $50 Million Notes Not applicable 3.800% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.800% 08/28/2025 20,000 20,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.480% 12/15/2024 60,000 — $40 Million Notes Not applicable 3.750% 12/15/2026 40,000 — $25 Million Senior Unsecured Notes Not applicable 3.970% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.990% 10/07/2025 50,000 50,000 $ 655,000 530,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2016 . The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2016 . A summary of the carrying amount of Secured debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2016 Balance at December 31, Property 2016 2015 (In thousands) Huntwood and Wiegman I 5.68% 265,275 Repaid $ — — 25,567 Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16 5.97% 557,467 Repaid — — 53,563 Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2, 21 & 23 5.57% 518,885 09/05/2017 47,514 47,496 50,971 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1) 7.50% 539,747 05/05/2019 46,755 52,231 54,689 Blue Heron II 5.39% 16,176 02/29/2020 4,208 576 735 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 69,029 58,380 61,312 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9 4.75% 420,045 06/05/2021 59,882 52,752 55,223 Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 4.09% 329,796 01/05/2022 58,425 44,493 46,584 Ramona 3.85% 16,287 11/30/2026 9,185 2,666 2,757 $ 294,998 258,594 351,401 (1) This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. Principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities ), due during the next five years as of December 31, 2016 are as follows: Years Ending December 31, (In thousands) 2017 $ 58,237 2018 61,316 2019 130,569 2020 114,096 2021 129,563 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2016 2015 (In thousands) Property taxes payable $ 14,186 16,055 Development costs payable 9,844 6,215 Property capital expenditures payable 2,304 2,818 Interest payable 3,822 3,704 Dividends payable on unvested restricted stock 1,530 2,157 Book overdraft (1) 14,452 7,215 Other payables and accrued expenses 6,563 6,017 Total Accounts payable and accrued expenses $ 52,701 44,181 (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES A summary of the Company’s Other liabilities follows: December 31, 2016 2015 (In thousands) Security deposits $ 14,782 13,943 Prepaid rent and other deferred income 9,795 10,003 Acquired below-market lease intangibles 4,012 3,485 Accumulated amortization of below-market lease intangibles (1,662 ) (1,353 ) Acquired below-market lease intangibles, net of accumulated amortization 2,350 2,132 Interest rate swap liabilities 2,578 3,960 Prepaid tenant improvement reimbursements 343 493 Other liabilities 16 82 Total Other liabilities $ 29,864 30,613 |
COMMON STOCK ACTIVITY
COMMON STOCK ACTIVITY | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
COMMON STOCK ACTIVITY | COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2016 : Years Ended December 31, 2016 2015 2014 Common Shares Shares outstanding at beginning of year 32,421,460 32,232,587 30,937,225 Common stock offerings 875,052 106,751 1,246,400 Dividend reinvestment plan 3,326 4,536 3,626 Incentive restricted stock granted 80,529 100,622 71,642 Incentive restricted stock forfeited (910 ) — (2,375 ) Director common stock awarded 10,072 9,373 7,742 Restricted stock withheld for tax obligations (57,316 ) (32,409 ) (31,673 ) Shares outstanding at end of year 33,332,213 32,421,460 32,232,587 Common Stock Issuances The following table presents the common stock issuance activity for the three years ended December 31, 2016 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2016 875,052 $ 59,283 2015 106,751 6,233 2014 1,246,400 78,868 Dividend Reinvestment Plan The Company has a dividend reinvestment plan that allows stockholders to reinvest cash distributions in new shares of the Company. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company follows the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. Equity Incentive Plan In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan (the “2004 Plan”) that authorized the issuance of up to 1,900,000 shares of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. The 2004 Plan was further amended by the Board of Directors in September 2005 and December 2006. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. The 2013 Equity Plan permits the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. There were 1,752,345 , 1,802,000 and 1,900,800 total shares available for grant under the 2013 Equity Plan as of December 31, 2016, 2015 and 2014, respectively. Typically, the Company issues new shares to fulfill stock grants. Stock-based compensation cost for employees was $5,184,000 , $7,891,000 and $6,071,000 for 2016 , 2015 and 2014 , respectively, of which $1,183,000 , $1,672,000 and $1,415,000 were capitalized as part of the Company’s development costs for the respective years. Employee Equity Awards The Company's restricted stock program is designed to provide incentives for management to achieve goals established by the Compensation Committee. The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management's interests with the long-term interests of shareholders. The vesting periods of the Company’s restricted stock plans vary, as determined by the Compensation Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Compensation Committee. Restricted stock is granted to non-executive officers subject only to continued service. The cost for market-based awards and awards that only require service is amortized on a straight-line basis over the requisite service periods. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. In March 2016, the Compensation Committee of the Company's Board of Directors (the Committee) evaluated the Company's performance compared to certain annual performance goals (primarily funds from operations (FFO) per share and total shareholder return) for the year ended December 31, 2015. Based on the evaluation, 37,848 shares were awarded to the Company’s executive officers at a grant date fair value of $56.05 per share. These shares vested 20% on both the dates shares were determined and awarded and on January 1, 2017, and will vest 20% per year on January 1 in years 2018, 2019 and 2020. The shares are being expensed on a straight-line basis over the remaining service period. Also in March 2016, the Committee evaluated the Company’s total return, both on an absolute basis for 2015 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index for the five-year period ended December 31, 2015. Based on the evaluation, 27,431 shares were awarded to the Company’s executive officers at a grant date fair value of $56.05 per share. These shares vested 25% on both the dates shares were determined and awarded and on January 1, 2017, and will vest 25% per year on January 1 in years 2018 and 2019. The shares are being expensed on a straight-line basis over the remaining service period. In the second quarter of 2016, the Committee approved an equity compensation plan for its executive officers based upon certain annual performance measures (primarily FFO per share and total shareholder return). Any shares issued pursuant to this compensation plan will be determined by the Committee in its discretion and issued in the first quarter of 2017. The number of shares to be issued on the grant date could range from zero to 44,848 . These shares would generally vest 20% on the date shares are determined and awarded and 20% per year on each January 1 for the subsequent four years. Also in the second quarter of 2016, the Committee approved a long-term equity compensation plan for the Company’s executive officers. The awards will be based on the results of the Company's total shareholder return, both on an absolute basis for 2016 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index over the five-year period ended December 31, 2016. Any shares issued pursuant to this equity compensation plan will be determined by the Committee in its discretion and issued in the first quarter of 2017. The number of shares to be issued on the grant date could range from zero to 47,275 . These shares would generally vest 25% on the date shares are determined and awarded and 25% per year on each January 1 for the subsequent three years. Notwithstanding the foregoing, any shares issued to the Company’s Chief Financial Officer, N. Keith McKey, will become fully vested on the grant date of the awards which is expected to occur in the first quarter of 2017. During the third quarter of 2016, 15,250 shares were granted to certain non-executive officers subject only to continued service as of the vesting date. These shares, which have a grant date fair value of $70.62 per share, vested 20% on January 1, 2017 and will vest 20% per year on January 1 in years 2018, 2019, 2020 and 2021. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. For shares subject to contingencies, dividends are accrued based upon the number of shares expected to be awarded. Share certificates and dividends are delivered to the employee as they vest. As of December 31, 2016 , there was $4,577,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.7 years. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2016 , 2015 and 2014 . Of the shares that vested in 2016 , 2015 and 2014 , 57,316 shares, 32,409 shares and 31,673 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. As of the grant date, the fair value of shares that were granted during 2016 , 2015 and 2014 was $4,736,000 , $6,145,000 and $4,439,000 , respectively. As of the vesting date, the fair value of shares that vested during 2016 , 2015 and 2014 was $10,013,000 , $6,664,000 and $5,712,000 , respectively. Restricted Stock Activity: Years Ended December 31, 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 260,698 $ 52.68 265,911 $ 49.79 293,989 $ 47.17 Granted 80,529 58.81 100,622 61.07 71,642 61.96 Forfeited (910 ) 52.89 — — (2,375 ) 52.72 Vested (178,230 ) 56.09 (105,835 ) 53.40 (97,345 ) 50.76 Unvested at end of year 162,087 51.97 260,698 52.68 265,911 49.79 Following is a vesting schedule of the total unvested shares as of December 31, 2016 : Unvested Shares Vesting Schedule Number of Shares 2017 51,064 2018 41,491 2019 35,062 2020 31,420 2021 3,050 Total Unvested Shares 162,087 Directors Equity Awards The Company has a directors equity plan that was approved by stockholders and adopted in 2013 (the "2013 Equity Plan"). The Board of Directors has adopted a policy under the 2013 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual retainer share award to each non-employee Director who has been elected or reelected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $80,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual retainer share award shall be pro rated. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company's Common Stock on such date. These restricted shares will vest over a four -year period upon the performance of future service as a Director, subject to certain exceptions. Directors were issued 10,072 shares, 9,373 shares and 7,742 shares of common stock as annual retainer awards for 2016 , 2015 and 2014 , respectively. In addition, during 2013, 417 shares were granted to a newly elected non-employee Director subject only to continued service as of the vesting date. The shares, which have a grant date fair value of $59.97 per share, vested 25% on each of December 6, 2014, 2015 and 2016, and will vest 25% on December 6, 2017. As of the vesting date, the fair value of shares that vested during 2016 , 2015 and 2014 was $8,000 , $6,000 and $7,000 , respectively. Stock-based compensation expense for directors was $589,000 , $514,000 and $490,000 for 2016 , 2015 and 2014 , respectively. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated other comprehensive income (loss) for 2016 , 2015 and 2014 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2016 2015 2014 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ (3,456 ) (2,357 ) 1,629 Change in fair value of interest rate swaps 5,451 (1,099 ) (3,986 ) Balance at end of year $ 1,995 (3,456 ) (2,357 ) |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources, and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company's known or expected cash payments principally related to certain of the Company's borrowings. The Company's objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2016 , EastGroup had seven interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company's interest rate swaps convert the related loans' LIBOR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Other comprehensive income (loss) and is subsequently reclassified into earnings through interest expense as interest payments are made in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for the periods reported, is recognized directly in earnings (included in Other on the Consolidated Statements of Income and Comprehensive Income). Amounts reported in Other comprehensive income (loss) related to derivatives will be reclassified to Interest expense as interest payments are made on the Company's variable-rate debt. The Company estimates the swap interest payments will be $2,353,000 over the next twelve months. These payments approximate the expected cash interest payments for the swaps. Since the interest payments on the swaps in combination with the associated debt have been effectively fixed, this estimate is not in addition to the Company's total expected combined interest payments or expense for the next twelve months. The Company's valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on Overnight Index Swap (“OIS”) rates. Uncollateralized or partially-collateralized trades are discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. As of January 1, 2015, the Company began calculating its derivative prices using mid-market prices; prior to that date, the Company used bid-market prices. The change in valuation methodology is considered a change in accounting estimate and resulted from recent developments in the marketplace. Management has assessed the impact of the change for all periods presented and has deemed the impact to be immaterial to the Company's financial statements. As of December 31, 2016 and 2015 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2016 Notional Amount as of December 31, 2015 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $40,000 — Interest Rate Swap $15,000 $15,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2016 and 2015 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2016 Derivatives As of December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 4,546 Other assets $ 400 Interest rate swap liabilities Other liabilities 2,578 Other liabilities 3,960 The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 1,410 (5,374 ) (6,777 ) Amount of loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (4,041 ) (4,275 ) (2,791 ) See Note 12 for additional information on the Company's Accumulated other comprehensive income (loss) resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2016 , the fair value of derivatives in an asset position related to these agreements was $4,546,000 , and the fair value of derivatives in a liability position related to these agreements was $2,578,000 . As of December 31, 2016 , the Company has not posted any collateral related to these arrangements. If the Company had breached any of the contractual provisions of the derivative contract, it could have been required to settle its obligations under the agreements at their termination value. The swap termination value of derivatives in an asset position was an asset in the amount of $4,567,000 , and the swap termination value of derivatives in a liability position was a liability in the amount of $2,642,000 . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted EPS. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2016 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 95,509 47,866 47,941 Denominator – weighted average shares outstanding 32,563 32,091 31,341 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 95,509 47,866 47,941 Denominator: Weighted average shares outstanding 32,563 32,091 31,341 Unvested restricted stock 65 105 111 Total Shares 32,628 32,196 31,452 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS – UNAUDITED 2016 Quarter Ended 2015 Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 (In thousands, except per share data) Revenues $ 73,189 93,279 64,043 66,614 57,959 60,989 58,795 61,269 Expenses (51,359 ) (49,186 ) (49,243 ) (51,243 ) (47,898 ) (46,326 ) (46,698 ) (49,691 ) Net Income 21,830 44,093 14,800 15,371 10,061 14,663 12,097 11,578 Net income attributable to noncontrolling interest in joint ventures (119 ) (180 ) (139 ) (147 ) (131 ) (130 ) (129 ) (143 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 21,711 43,913 14,661 15,224 9,930 14,533 11,968 11,435 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.67 1.36 0.45 0.46 0.31 0.45 0.37 0.36 Weighted average shares outstanding 32,254 32,376 32,741 32,874 32,032 32,045 32,126 32,159 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.67 1.35 0.45 0.46 0.31 0.45 0.37 0.35 Weighted average shares outstanding 32,307 32,440 32,823 32,964 32,109 32,139 32,248 32,314 (1) The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
DEFINED CONTRIBUTION PLAN
DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
DEFINED CONTRIBUTION PLAN | DEFINED CONTRIBUTION PLAN EastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50% of the employee’s contribution (limited to 10% of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $675,000 , $585,000 and $457,000 for 2016 , 2015 and 2014 , respectively. |
LEGAL MATTERS
LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingency [Abstract] | |
LEGAL MATTERS | LEGAL MATTERS The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business and for which the Company is adequately insured. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2016 and 2015 . December 31, 2016 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 522 522 48 48 Mortgage loans receivable 4,752 4,747 4,875 4,896 Interest rate swap assets 4,546 4,546 400 400 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 112,020 111,923 150,836 150,670 Unsecured bank credit facilities - fixed rate (2) 80,000 79,998 — — Unsecured debt (2) 655,000 623,147 530,000 509,326 Secured debt (2) 258,594 266,585 351,401 366,491 Interest rate swap liabilities 2,578 2,578 3,960 3,960 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 1(o), 6 and 7 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs. Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On February 7, 2017, EastGroup closed the acquisition of a three -building business distribution complex along the Georgia 400 in Atlanta, a new market for the Company. The buildings, which contain a total of 238,000 square feet and are currently 100% leased, were acquired for $20 million . |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Real Estate Properties (c): Industrial: FLORIDA Tampa 56th Street Commerce Park $ — 843 3,567 4,475 843 8,042 8,885 5,866 1993 1981/86/97 Jetport Commerce Park — 1,575 6,591 5,885 1,575 12,476 14,051 8,131 1993-99 1974-85 Westport Commerce Center — 980 3,800 2,742 980 6,542 7,522 4,459 1994 1983/87 Benjamin Distribution Center I & II — 843 3,963 1,502 883 5,425 6,308 3,639 1997 1996 Benjamin Distribution Center III — 407 1,503 655 407 2,158 2,565 1,520 1999 1988 Palm River Center — 1,190 4,625 2,507 1,190 7,132 8,322 4,554 1997/98 1990/97/98 Palm River North I & III — 1,005 4,688 2,302 1,005 6,990 7,995 4,073 1998 2000 Palm River North II — 634 4,418 383 634 4,801 5,435 3,341 1997/98 1999 Palm River South I — 655 3,187 649 655 3,836 4,491 1,716 2000 2005 Palm River South II — 655 — 4,411 655 4,411 5,066 2,049 2000 2006 Walden Distribution Center I — 337 3,318 520 337 3,838 4,175 2,013 1997/98 2001 Walden Distribution Center II — 465 3,738 993 465 4,731 5,196 2,653 1998 1998 Oak Creek Distribution Center I — 1,109 6,126 1,366 1,109 7,492 8,601 3,771 1998 1998 Oak Creek Distribution Center II — 647 3,603 1,131 647 4,734 5,381 2,381 2003 2001 Oak Creek Distribution Center III — 439 — 3,202 556 3,085 3,641 1,097 2005 2007 Oak Creek Distribution Center IV — 682 6,472 779 682 7,251 7,933 2,501 2005 2001 Oak Creek Distribution Center V — 724 — 5,856 916 5,664 6,580 2,096 2005 2007 Oak Creek Distribution Center VI — 642 — 5,201 812 5,031 5,843 1,478 2005 2008 Oak Creek Distribution Center VIII — 843 — 6,227 1,051 6,019 7,070 219 2005 2015 Oak Creek Distribution Center IX — 618 — 4,963 781 4,800 5,581 1,210 2005 2009 Oak Creek Distribution Center A — 185 — 1,492 185 1,492 1,677 436 2005 2008 Oak Creek Distribution Center B — 227 — 1,497 227 1,497 1,724 451 2005 2008 Airport Commerce Center — 1,257 4,012 939 1,257 4,951 6,208 2,596 1998 1998 Westlake Distribution Center — 1,333 6,998 2,308 1,333 9,306 10,639 5,136 1998 1998/99 Expressway Commerce Center I — 915 5,346 1,221 915 6,567 7,482 3,175 2002 2004 Expressway Commerce Center II — 1,013 3,247 465 1,013 3,712 4,725 1,843 2003 2001 Silo Bend Distribution Center — 4,131 27,497 1,265 4,132 28,761 32,893 5,186 2011 1987/90 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Tampa East Distribution Center — 791 4,758 493 791 5,251 6,042 1,077 2011 1984 Tampa West Distribution Center — 2,139 8,502 1,147 2,140 9,648 11,788 1,934 2011 1975/93/94 Madison Distribution Center — 495 2,779 428 495 3,207 3,702 660 2012 2007 Madison Distribution Center II & III — 624 — 7,004 624 7,004 7,628 326 2012 2015 Orlando Chancellor Center — 291 1,711 478 291 2,189 2,480 1,198 1996/97 1996/97 Exchange Distribution Center I — 603 2,414 2,285 603 4,699 5,302 3,193 1994 1975 Exchange Distribution Center II — 300 945 445 300 1,390 1,690 743 2002 1976 Exchange Distribution Center III — 320 997 403 320 1,400 1,720 860 2002 1980 Sunbelt Distribution Center — 1,472 5,745 5,799 1,472 11,544 13,016 8,231 1989/97/98 1974/87/97/98 John Young Commerce Center I — 497 2,444 1,200 497 3,644 4,141 1,927 1997/98 1997/98 John Young Commerce Center II — 512 3,613 504 512 4,117 4,629 2,529 1998 1999 Altamonte Commerce Center I — 1,498 2,661 2,649 1,498 5,310 6,808 3,711 1999 1980/82 Altamonte Commerce Center II — 745 2,618 1,216 745 3,834 4,579 2,096 2003 1975 Sunport Center I — 555 1,977 738 555 2,715 3,270 1,434 1999 1999 Sunport Center II — 597 3,271 1,515 597 4,786 5,383 3,260 1999 2001 Sunport Center III — 642 3,121 1,029 642 4,150 4,792 2,075 1999 2002 Sunport Center IV — 642 2,917 1,482 642 4,399 5,041 2,137 1999 2004 Sunport Center V — 750 2,509 2,390 750 4,899 5,649 2,591 1999 2005 Sunport Center VI — 672 — 3,478 672 3,478 4,150 1,279 1999 2006 Southridge Commerce Park I — 373 — 4,833 373 4,833 5,206 2,683 2003 2006 Southridge Commerce Park II — 342 — 4,425 342 4,425 4,767 2,101 2003 2007 Southridge Commerce Park III — 547 — 5,538 547 5,538 6,085 1,967 2003 2007 Southridge Commerce Park IV (h) 2,956 506 — 4,638 506 4,638 5,144 1,724 2003 2006 Southridge Commerce Park V (h) 2,810 382 — 4,508 382 4,508 4,890 1,946 2003 2006 Southridge Commerce Park VI — 571 — 5,272 571 5,272 5,843 1,708 2003 2007 Southridge Commerce Park VII — 520 — 6,729 520 6,729 7,249 2,150 2003 2008 Southridge Commerce Park VIII — 531 — 6,343 531 6,343 6,874 1,751 2003 2008 Southridge Commerce Park IX — 468 — 6,455 468 6,455 6,923 1,140 2003 2012 Southridge Commerce Park X — 414 — 4,867 414 4,867 5,281 603 2003 2012 Southridge Commerce Park XI — 513 — 5,927 513 5,927 6,440 886 2003 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Southridge Commerce Park XII — 2,025 — 16,930 2,025 16,930 18,955 4,258 2005 2008 Horizon Commerce Park I — 991 — 6,501 991 6,501 7,492 597 2008 2014 Horizon Commerce Park II — 1,111 — 7,097 1,111 7,097 8,208 519 2008 2014 Horizon Commerce Park III — 991 — 6,417 991 6,417 7,408 177 2008 2016 Horizon Commerce Park IV — 1,097 — 8,523 1,097 8,523 9,620 328 2008 2015 Jacksonville Deerwood Distribution Center — 1,147 1,799 3,400 1,147 5,199 6,346 2,877 1989 1978 Phillips Distribution Center — 1,375 2,961 4,392 1,375 7,353 8,728 5,155 1994 1984/95 Lake Pointe Business Park — 3,442 6,450 8,110 3,442 14,560 18,002 10,528 1993 1986/87 Ellis Distribution Center — 540 7,513 1,191 540 8,704 9,244 4,509 1997 1977 Westside Distribution Center — 2,011 15,374 7,446 2,011 22,820 24,831 11,389 1997/2008 1984/85 Beach Commerce Center — 476 1,899 644 476 2,543 3,019 1,327 2000 2000 Interstate Distribution Center — 1,879 5,700 1,776 1,879 7,476 9,355 3,724 2005 1990 Flagler Center — 7,317 14,912 — 7,317 14,912 22,229 201 2016 1997 & 2005 Ft. Lauderdale/Palm Beach area Linpro Commerce Center — 613 2,243 1,941 616 4,181 4,797 3,182 1996 1986 Cypress Creek Business Park — — 2,465 1,878 — 4,343 4,343 2,867 1997 1986 Lockhart Distribution Center — — 3,489 2,905 — 6,394 6,394 4,036 1997 1986 Interstate Commerce Center — 485 2,652 817 485 3,469 3,954 2,228 1998 1988 Executive Airport Distribution Center (i) 7,309 1,991 4,857 5,138 1,991 9,995 11,986 4,697 2001 2004/06 Sample 95 Business Park — 2,202 8,785 3,452 2,202 12,237 14,439 7,572 1996/98 1990/99 Blue Heron Distribution Center — 975 3,626 1,939 975 5,565 6,540 3,412 1999 1986 Blue Heron Distribution Center II 576 1,385 4,222 960 1,385 5,182 6,567 2,359 2004 1988 Blue Heron Distribution Center III — 450 — 2,671 450 2,671 3,121 849 2004 2009 Ft. Myers SunCoast Commerce Center I — 911 — 4,768 928 4,751 5,679 1,594 2005 2008 SunCoast Commerce Center II — 911 — 4,952 928 4,935 5,863 1,863 2005 2007 SunCoast Commerce Center III — 1,720 — 6,584 1,763 6,541 8,304 1,978 2006 2008 CALIFORNIA San Francisco area Wiegman Distribution Center I — 2,197 8,788 2,094 2,308 10,771 13,079 5,868 1996 1986/87 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Wiegman Distribution Center II — 2,579 4,316 152 2,579 4,468 7,047 564 2012 1998 Huntwood Distribution Center — 3,842 15,368 3,054 3,842 18,422 22,264 10,214 1996 1988 San Clemente Distribution Center — 893 2,004 932 893 2,936 3,829 1,748 1997 1978 Yosemite Distribution Center — 259 7,058 1,344 259 8,402 8,661 4,441 1999 1974/87 Los Angeles area Kingsview Industrial Center (e) 2,454 643 2,573 628 643 3,201 3,844 1,833 1996 1980 Dominguez Distribution Center (e) 7,152 2,006 8,025 1,170 2,006 9,195 11,201 5,327 1996 1977 Main Street Distribution Center — 1,606 4,103 836 1,606 4,939 6,545 2,636 1999 1999 Walnut Business Center (e) 6,667 2,885 5,274 2,282 2,885 7,556 10,441 3,771 1996 1966/90 Washington Distribution Center (e) 4,593 1,636 4,900 658 1,636 5,558 7,194 2,987 1997 1996/97 Chino Distribution Center (f) 8,113 2,544 10,175 1,623 2,544 11,798 14,342 7,458 1998 1980 Ramona Distribution Center 2,666 3,761 5,751 3 3,761 5,754 9,515 330 2014 1984 Industry Distribution Center I (e) 17,260 10,230 12,373 4,427 10,230 16,800 27,030 8,178 1998 1959 Industry Distribution Center III (e) 1,823 — 3,012 (157 ) — 2,855 2,855 2,855 2007 1992 Chestnut Business Center — 1,674 3,465 250 1,674 3,715 5,389 1,814 1998 1999 Los Angeles Corporate Center — 1,363 5,453 3,056 1,363 8,509 9,872 5,521 1996 1986 Santa Barbara University Business Center — 5,517 22,067 6,679 5,519 28,744 34,263 16,120 1996 1987/88 Fresno Shaw Commerce Center (e) 12,282 2,465 11,627 5,144 2,465 16,771 19,236 10,095 1998 1978/81/87 San Diego Eastlake Distribution Center — 3,046 6,888 1,767 3,046 8,655 11,701 5,099 1997 1989 Ocean View Corporate Center (i) 8,819 6,577 7,105 779 6,577 7,884 14,461 2,393 2010 2005 TEXAS Dallas Interstate Distribution Center I & II (g) 5,544 1,746 4,941 3,518 1,746 8,459 10,205 5,869 1988 1978 Interstate Distribution Center III (g) 2,226 519 2,008 1,570 519 3,578 4,097 1,862 2000 1979 Interstate Distribution Center IV — 416 2,481 518 416 2,999 3,415 1,451 2004 2002 Interstate Distribution Center V, VI & VII (h) 4,627 1,824 4,106 2,121 1,824 6,227 8,051 2,581 2009 1979/80/81 Venture Warehouses (g) 4,235 1,452 3,762 2,583 1,452 6,345 7,797 4,909 1988 1979 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Stemmons Circle (g) 1,667 363 2,014 692 363 2,706 3,069 1,774 1998 1977 ParkView Commerce Center 1-3 — 2,663 — 18,044 2,663 18,044 20,707 306 2014 2015 Shady Trail Distribution Center — 635 3,621 1,200 635 4,821 5,456 2,228 2003 1998 Valwood Distribution Center — 4,361 34,405 2,817 4,361 37,222 41,583 6,396 2012 1986/87/97/98 Northfield Distribution Center — 12,470 50,713 2,101 12,470 52,814 65,284 9,032 2013 1999-2001/03/04/08 Houston World Houston Int'l Business Ctr 1 & 2 (f) 4,831 660 5,893 1,986 660 7,879 8,539 4,460 1998 1996 World Houston Int'l Business Ctr 3, 4 & 5 (g) 4,742 1,025 6,413 1,293 1,025 7,706 8,731 4,389 1998 1998 World Houston Int'l Business Ctr 6 (g) 1,886 425 2,423 624 425 3,047 3,472 1,732 1998 1998 World Houston Int'l Business Ctr 7 & 8 (g) 5,400 680 4,584 4,677 680 9,261 9,941 5,206 1998 1998 World Houston Int'l Business Ctr 9 (g) 3,780 800 4,355 1,805 800 6,160 6,960 2,748 1998 1998 World Houston Int'l Business Ctr 10 — 933 4,779 350 933 5,129 6,062 2,349 2001 1999 World Houston Int'l Business Ctr 11 — 638 3,764 1,282 638 5,046 5,684 2,654 1999 1999 World Houston Int'l Business Ctr 12 — 340 2,419 383 340 2,802 3,142 1,543 2000 2002 World Houston Int'l Business Ctr 13 — 282 2,569 414 282 2,983 3,265 1,851 2000 2002 World Houston Int'l Business Ctr 14 — 722 2,629 556 722 3,185 3,907 1,672 2000 2003 World Houston Int'l Business Ctr 15 — 731 — 6,180 731 6,180 6,911 3,067 2000 2007 World Houston Int'l Business Ctr 16 — 519 4,248 1,481 519 5,729 6,248 3,003 2000 2005 World Houston Int'l Business Ctr 17 — 373 1,945 799 373 2,744 3,117 1,279 2000 2004 World Houston Int'l Business Ctr 18 — 323 1,512 251 323 1,763 2,086 834 2005 1995 World Houston Int'l Business Ctr 19 — 373 2,256 1,126 373 3,382 3,755 1,866 2000 2004 World Houston Int'l Business Ctr 20 — 1,008 1,948 1,307 1,008 3,255 4,263 1,859 2000 2004 World Houston Int'l Business Ctr 21 (f) 2,230 436 — 3,506 436 3,506 3,942 1,375 2000/03 2006 World Houston Int'l Business Ctr 22 — 436 — 4,542 436 4,542 4,978 1,964 2000 2007 World Houston Int'l Business Ctr 23 (f) 4,567 910 — 7,163 910 7,163 8,073 2,782 2000 2007 World Houston Int'l Business Ctr 24 — 837 — 5,516 837 5,516 6,353 2,203 2005 2008 World Houston Int'l Business Ctr 25 — 508 — 3,801 508 3,801 4,309 1,324 2005 2008 World Houston Int'l Business Ctr 26 (i) 2,219 445 — 3,194 445 3,194 3,639 1,052 2005 2008 World Houston Int'l Business Ctr 27 — 837 — 5,004 837 5,004 5,841 1,580 2005 2008 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total World Houston Int'l Business Ctr 28 (i) 3,041 550 — 4,437 550 4,437 4,987 1,328 2005 2009 World Houston Int'l Business Ctr 29 (i) 3,002 782 — 4,141 974 3,949 4,923 1,144 2007 2009 World Houston Int'l Business Ctr 30 (i) 4,121 981 — 5,776 1,222 5,535 6,757 1,926 2007 2009 World Houston Int'l Business Ctr 31A — 684 — 3,921 684 3,921 4,605 1,383 2008 2011 World Houston Int'l Business Ctr 31B — 546 — 3,537 546 3,537 4,083 816 2008 2012 World Houston Int'l Business Ctr 32 (h) 3,959 1,225 — 5,663 1,526 5,362 6,888 1,078 2007 2012 World Houston Int'l Business Ctr 33 — 1,166 — 7,867 1,166 7,867 9,033 1,115 2011 2013 World Houston Int'l Business Ctr 34 — 439 — 3,373 439 3,373 3,812 527 2005 2012 World Houston Int'l Business Ctr 35 — 340 — 2,475 340 2,475 2,815 323 2005 2012 World Houston Int'l Business Ctr 36 — 684 — 4,879 684 4,879 5,563 700 2011 2013 World Houston Int'l Business Ctr 37 — 759 — 6,384 759 6,384 7,143 820 2011 2013 World Houston Int'l Business Ctr 38 — 1,053 — 7,320 1,053 7,320 8,373 1,025 2011 2013 World Houston Int'l Business Ctr 39 — 620 — 5,202 620 5,202 5,822 382 2011 2014 World Houston Int'l Business Ctr 40 — 1,072 — 9,346 1,072 9,346 10,418 712 2011 2014 World Houston Int'l Business Ctr 41 — 649 — 5,950 649 5,950 6,599 326 2011 2014 World Houston Int'l Business Ctr 42 — 571 — 4,813 571 4,813 5,384 243 2011 2015 Central Green Distribution Center — 566 4,031 417 566 4,448 5,014 2,266 1999 1998 Glenmont Business Park — 936 6,161 2,916 936 9,077 10,013 5,133 1998 1999/2000 Techway Southwest I — 729 3,765 2,281 729 6,046 6,775 3,477 2000 2001 Techway Southwest II — 550 3,689 1,283 550 4,972 5,522 2,596 2000 2004 Techway Southwest III — 597 — 5,578 751 5,424 6,175 2,556 1999 2006 Techway Southwest IV — 535 — 5,791 674 5,652 6,326 1,932 1999 2008 Beltway Crossing Business Park I — 458 5,712 2,725 458 8,437 8,895 4,044 2002 2001 Beltway Crossing Business Park II — 415 — 2,907 415 2,907 3,322 1,170 2005 2007 Beltway Crossing Business Park III — 460 — 3,111 460 3,111 3,571 1,289 2005 2008 Beltway Crossing Business Park IV — 460 — 3,035 460 3,035 3,495 1,260 2005 2008 Beltway Crossing Business Park V (i) 3,508 701 — 5,051 701 5,051 5,752 1,873 2005 2008 Beltway Crossing Business Park VI (h) 3,851 618 — 6,082 618 6,082 6,700 1,723 2005 2008 Beltway Crossing Business Park VII (h) 3,864 765 — 5,959 765 5,959 6,724 2,210 2005 2009 Beltway Crossing Business Park VIII — 721 — 4,617 721 4,617 5,338 1,177 2005 2011 Beltway Crossing Business Park IX — 418 — 2,113 418 2,113 2,531 371 2007 2012 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Beltway Crossing Business Park X — 733 — 3,871 733 3,871 4,604 625 2007 2012 Beltway Crossing Business Park XI — 690 — 4,101 690 4,101 4,791 523 2007 2013 West Road Business Park I — 621 — 4,332 621 4,332 4,953 378 2012 2014 West Road Business Park II — 981 — 5,295 981 5,295 6,276 426 2012 2014 West Road Business Park III — 597 — 4,245 597 4,245 4,842 84 2012 2015 West Road Business Park IV — 621 — 4,949 621 4,949 5,570 166 2012 2015 Ten West Crossing 1 — 566 — 2,997 566 2,997 3,563 431 2012 2013 Ten West Crossing 2 — 829 — 4,385 833 4,381 5,214 716 2012 2013 Ten West Crossing 3 — 609 — 4,357 613 4,353 4,966 680 2012 2013 Ten West Crossing 4 — 694 — 4,506 699 4,501 5,200 620 2012 2014 Ten West Crossing 5 — 933 — 5,872 940 5,865 6,805 573 2012 2014 Ten West Crossing 6 — 640 — 4,299 644 4,295 4,939 307 2012 2014 Ten West Crossing 7 — 584 — 5,125 588 5,121 5,709 83 2012 2015 El Paso Butterfield Trail — — 20,725 8,538 — 29,263 29,263 17,672 1997/2000 1987/95 Rojas Commerce Park (g) 4,193 900 3,659 3,161 900 6,820 7,720 4,903 1999 1986 Americas Ten Business Center I — 526 2,778 1,241 526 4,019 4,545 2,211 2001 2003 San Antonio Alamo Downs Distribution Center — 1,342 6,338 1,280 1,342 7,618 8,960 4,133 2004 1986/2002 Arion Business Park 1-13, 15 — 4,143 31,432 6,023 4,143 37,455 41,598 16,760 2005 1988-2000/06 Arion Business Park 14 — 423 — 3,435 423 3,435 3,858 1,306 2005 2006 Arion Business Park 16 (f) 2,309 427 — 3,654 427 3,654 4,081 1,212 2005 2007 Arion Business Park 17 — 616 — 4,096 616 4,096 4,712 2,097 2005 2007 Arion Business Park 18 (h) 1,604 418 — 2,373 418 2,373 2,791 1,002 2005 2008 Wetmore Business Center 1-4 — 1,494 10,804 3,194 1,494 13,998 15,492 6,781 2005 1998/99 Wetmore Business Center 5 (i) 2,347 412 — 3,436 412 3,436 3,848 1,531 2006 2008 Wetmore Business Center 6 (i) 2,568 505 — 3,706 505 3,706 4,211 1,335 2006 2008 Wetmore Business Center 7 (i) 2,674 546 — 3,838 546 3,838 4,384 1,014 2006 2008 Wetmore Business Center 8 (i) 5,303 1,056 — 7,639 1,056 7,639 8,695 2,337 2006 2008 Fairgrounds Business Park — 1,644 8,209 2,176 1,644 10,385 12,029 4,800 2007 1985/86 Rittiman Distribution Center — 1,083 6,649 337 1,083 6,986 8,069 1,187 2011 2000 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Thousand Oaks Distribution Center 1 — 607 — 4,292 607 4,292 4,899 951 2008 2012 Thousand Oaks Distribution Center 2 — 794 — 4,719 794 4,719 5,513 887 2008 2012 Thousand Oaks Distribution Center 3 — 772 — 4,457 772 4,457 5,229 680 2008 2013 Thousand Oaks Distribution Center 4 — 753 — 4,688 753 4,688 5,441 183 2013 2015 Alamo Ridge Business Park I — 623 — 7,970 623 7,970 8,593 445 2007 2015 Alamo Ridge Business Park II — 402 — 5,567 402 5,567 5,969 151 2007 2015 Austin Colorado Crossing Distribution Center (g) 13,265 4,602 19,757 62 4,602 19,819 24,421 2,764 2014 2009 Southpark Corporate Center — 2,670 14,756 497 2,670 15,253 17,923 1,323 2015 1995 Springdale Business Center — 2,824 8,398 254 2,824 8,652 11,476 558 2015 2000 ARIZONA Phoenix area Broadway Industrial Park I — 837 3,349 1,031 837 4,380 5,217 2,663 1996 1971 Broadway Industrial Park II — 455 482 202 455 684 1,139 422 1999 1971 Broadway Industrial Park III — 775 1,742 531 775 2,273 3,048 1,346 2000 1983 Broadway Industrial Park IV — 380 1,652 783 380 2,435 2,815 1,502 2000 1986 Broadway Industrial Park V — 353 1,090 141 353 1,231 1,584 662 2002 1980 Broadway Industrial Park VI (f) 1,801 599 1,855 730 599 2,585 3,184 1,485 2002 1979 Broadway Industrial Park VII — 450 650 232 450 882 1,332 182 2011 1999 Kyrene Distribution Center — 1,490 4,453 1,813 1,490 6,266 7,756 3,677 1999 1981/2001 Southpark Distribution Center — 918 2,738 1,699 918 4,437 5,355 1,565 2001 2000 Santan 10 Distribution Center I — 846 2,647 643 846 3,290 4,136 1,383 2001 2005 Santan 10 Distribution Center II (f) 3,536 1,088 — 5,163 1,088 5,163 6,251 2,123 2004 2007 Chandler Freeways — 1,525 — 7,381 1,525 7,381 8,906 820 2012 2013 Kyrene 202 Business Park I — 653 — 5,777 653 5,777 6,430 368 2011 2014 Kyrene 202 Business Park II — 387 — 3,414 387 3,414 3,801 231 2011 2014 Kyrene 202 Business Park VI — 936 — 6,970 936 6,970 7,906 90 2011 2015 Metro Business Park — 1,927 7,708 7,055 1,927 14,763 16,690 9,663 1996 1977/79 35th Avenue Distribution Center (original building was redeveloped; currently in lease-up phase of development program) — 418 2,381 207 418 2,588 3,006 1,341 1997 1967 51st Avenue Distribution Center — 300 2,029 1,013 300 3,042 3,342 1,863 1998 1987 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total East University Distribution Center I & II (f) 4,093 1,120 4,482 1,633 1,120 6,115 7,235 3,825 1998 1987/89 East University Distribution Center III — 444 698 423 444 1,121 1,565 256 2010 1981 55th Avenue Distribution Center (f) 3,158 912 3,717 953 917 4,665 5,582 3,044 1998 1987 Interstate Commons Distribution Center I — 311 1,416 720 311 2,136 2,447 1,159 1999 1988 Interstate Commons Distribution Center III — 242 — 2,996 242 2,996 3,238 947 2000 2008 Airport Commons Distribution Center — 1,000 1,510 1,356 1,000 2,866 3,866 1,670 2003 1971 40th Avenue Distribution Center (i) 4,124 703 — 6,059 703 6,059 6,762 1,874 2004 2008 Sky Harbor Business Park — 5,839 — 21,411 5,839 21,411 27,250 6,526 2006 2008 Sky Harbor Business Park 6 — 807 — 2,177 807 2,177 2,984 102 2014 2015 Tucson Country Club Commerce Center I — 506 3,564 2,173 693 5,550 6,243 2,499 1997/2003 1994/2003 Country Club Commerce Center II — 442 3,381 37 442 3,418 3,860 1,134 2007 2000 Country Club Commerce Center III & IV — 1,407 — 11,825 1,575 11,657 13,232 3,936 2007 2009 Airport Distribution Center — 1,103 4,672 1,549 1,103 6,221 7,324 3,739 1998 1995 Southpointe Distribution Center — — 3,982 2,950 — 6,932 6,932 4,229 1999 1989 Benan Distribution Center — 707 1,842 649 707 2,491 3,198 1,360 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park (f) 12,858 2,758 15,932 4,039 2,758 19,971 22,729 8,680 2006 1987-89 Lindbergh Business Park — 470 3,401 453 470 3,854 4,324 1,485 2007 2001/03 Commerce Park Center I — 765 4,303 791 765 5,094 5,859 1,842 2007 1983 Commerce Park Center II (h) 1,284 335 1,603 297 335 1,900 2,235 555 2010 1987 Commerce Park Center III (h) 2,135 558 2,225 932 558 3,157 3,715 844 2010 1981 Nations Ford Business Park — 3,924 16,171 3,251 3,924 19,422 23,346 8,304 2007 1989/94 Airport Commerce Center — 1,454 10,136 1,976 1,454 12,112 13,566 3,793 2008 2001/02 Interchange Park I (i) 5,804 986 7,949 583 986 8,532 9,518 2,500 2008 1989 Interchange Park II — 746 1,456 55 746 1,511 2,257 173 2013 2000 Ridge Creek Distribution Center I — 1,284 13,163 951 1,284 14,114 15,398 3,752 2008 2006 Ridge Creek Distribution Center II (h) 9,567 3,033 11,497 2,116 3,033 13,613 16,646 2,194 2011 2003 Ridge Creek Distribution Center III — 2,459 11,147 381 2,459 11,528 13,987 1,115 2014 2013 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Lakeview Business Center (h) 4,237 1,392 5,068 912 1,392 5,980 7,372 1,258 2011 1996 Steele Creek Commerce Park I (g) 2,882 993 — 4,314 1,010 4,297 5,307 571 2013 2014 Steele Creek Commerce Park II (g) 2,932 941 — 4,458 957 4,442 5,399 510 2013 2014 Steele Creek Commerce Park III — 1,464 — 6,411 1,469 6,406 7,875 588 2013 2014 Steele Creek Commerce Park IV — 684 — 3,944 687 3,941 4,628 249 2013 2015 Waterford Distribution Center — 654 3,392 501 654 3,893 4,547 1,102 2008 2000 LOUISIANA New Orleans Elmwood Business Park — 2,861 6,337 4,536 2,861 10,873 13,734 7,492 1997 1979 Riverbend Business Park — 2,557 17,623 6,762 2,557 24,385 26,942 13,630 1997 1984 COLORADO Denver Rampart Distribution Center I — 1,023 3,861 1,973 1,023 5,834 6,857 4,040 1988 1987 Rampart Distribution Center II — 230 2,977 1,164 230 4,141 4,371 2,697 1996/97 1996/97 Rampart Distribution Center III — 1,098 3,884 1,866 1,098 5,750 6,848 2,876 1997/98 1999 Rampart Distribution Center IV — 590 — 8,128 590 8,128 8,718 319 2012 2014 Concord Distribution Center (h) 3,599 1,051 4,773 439 1,051 5,212 6,263 1,879 2007 2000 Centennial Park (i) 3,541 750 3,319 1,738 750 5,057 5,807 1,697 2007 1990 NEVADA Las Vegas Arville Distribution Center — 4,933 5,094 430 4,933 5,524 10,457 1,691 2009 1997 MISSISSIPPI Jackson area Interchange Business Park — 343 5,007 3,246 343 8,253 8,596 5,279 1997 1981 Tower Automotive — — 9,958 1,256 17 11,197 11,214 4,633 2001 2002 Metro Airport Commerce Center I — 303 1,479 1,074 303 2,553 2,856 1,505 2001 2003 258,594 306,373 949,399 857,301 308,931 1,804,142 2,113,073 693,887 SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Industrial Development (d): FLORIDA Oak Creek Distribution Center land — 1,226 — 2,455 1,446 2,235 3,681 — 2005 n/a Madison Distribution Center IV & V — 565 — 6,960 565 6,960 7,525 — 2012 2016 Horizon Commerce Park V — 1,108 — 3,327 1,108 3,327 4,435 — 2008 n/a Horizon Commerce Park VII — 962 — 5,929 962 5,929 6,891 — 2008 n/a Horizon Commerce Park land — 6,701 — 9,428 6,701 9,428 16,129 — 2008/09 n/a SunCoast Commerce Center IV — 1,733 — 4,522 1,762 4,493 6,255 — 2006 n/a SunCoast Commerce Center land — 9,159 — 4,484 9,343 4,300 13,643 — 2006 n/a Weston Commerce Park — 4,163 9,951 167 4,163 10,118 14,281 22 2016 n/a Gateway Commerce Park land — 26,728 — 516 26,728 516 27,244 — 2016 n/a TEXAS North Stemmons land — 537 — 276 537 276 813 — 2001 n/a CreekView 121 1 & 2 — 3,275 — 8,580 3,275 8,580 11,855 — 2015 n/a CreekView 121 land — 7,922 — 874 7,922 874 8,796 — 2015/16 n/a Parc North 1-4 — 4,615 26,358 1,147 4,615 27,505 32,120 147 2016 2016 Parc North land — 2,519 — 194 2,519 194 2,713 — 2016 n/a World Houston Int'l Business Ctr land — 2,989 — 2,119 3,724 1,384 5,108 — 2007 n/a World Houston Int'l Business Ctr land - 2011 expansion — 1,636 — 4,309 2,921 3,024 5,945 — 2011 n/a World Houston Int'l Business Ctr land - 2015 expansion — 6,040 — 1,132 6,041 1,131 7,172 — 2015 n/a Ten West Crossing land — 1,126 — 798 1,135 789 1,924 — 2012 n/a West Road Business Park land — 484 — 741 484 741 1,225 — 2012 n/a Americas Ten Business Center II & III land — 1,365 — 1,079 1,365 1,079 2,444 — 2001 n/a Alamo Ridge Business Park III — 907 — 9,652 907 9,652 10,559 — 2007 n/a Alamo Ridge Business Park IV — 354 — 4,591 354 4,591 4,945 — 2007 n/a Eisenhauer Point Business Park 1 & 2 — 1,881 — 13,895 1,881 13,895 15,776 139 2015 2016 Eisenhauer Point Business Park 3 — 577 — 2,171 577 2,171 2,748 — 2015 n/a Eisenhauer Point Business Park 4 — 555 — 2,098 555 2,098 2,653 — 2015 n/a Eisenhauer Point Business Park land — 1,387 — 648 1,387 648 2,035 — 2015 n/a Eisenhauer Point Business Park land phase 2 — 3,225 — 679 3,225 679 3,904 — 2016 n/a ARIZONA SCHEDULE III REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (In thousands, except footnotes) Description Encumbrances Initial Cost to the Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed Land Buildings and Improvements Land Buildings and Improvements Total Kyrene 202 Business Park land — 1,244 — 1,005 1,244 1,005 2,249 — 2011 n/a 35th Avenue Distribution Center - redevelopment — — — 1,664 — 1,664 1,664 — 1997 2016 Ten Sky Harbor Business Center — 1,568 — 3,697 1,569 3,696 5,265 — 2015 2016 Falcon Field Business Center land — 1,311 — 333 1,311 333 1,644 — 2015 n/a Airport Distribution Center II land — 300 — 117 300 117 417 — 2000 n/a Country Club V — 2,885 — 410 2,885 410 3,295 — 2016 n/a NEVADA Jones Corporate Park — 13,068 26,325 147 13,069 26,471 39,540 55 2016 2016 NORTH CAROLINA Steele Creek Commerce Center VI — 867 — 6,139 870 6,136 7,006 — 2013/14 2016 Steele Creek Commerce Center land — 5,731 — 1,947 5,735 1,943 7,678 — 2013-2016 n/a Airport Commerce Center III land — 855 — 770 855 770 1,625 — 2008 n/a MISSISSIPPI Metro Airport Commerce Center II land — 307 — 399 307 399 706 — 2001 n/a — 121,875 62,634 109,399 124,347 169,561 293,908 363 Total real estate owned (a)(b) $ 258,594 428,248 1,012,033 966,700 433,278 1,973,703 2,406,981 694,250 See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules . (a) Changes in Real Estate Properties follow: Years Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 2,219,448 2,074,946 1,927,326 Purchases of real estate properties 22,228 28,648 47,477 Development of real estate properties 203,765 95,032 97,696 Improvements to real estate properties 23,157 25,778 19,862 Carrying amount of investments sold (61,121 ) (4,750 ) (17,049 ) Write-off of improvements (496 ) (206 ) (366 ) Balance at end of year (1) $ 2,406,981 2,219,448 2,074,946 (1) Includes 20% noncontrolling interests in Castilian Research Center of $0 and $1,795,000 at December 31, 2016 and 2015, respectively, and in University Business Center of $6,853,000 and $6,670,000 at December 31, 2016 and 2015, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 657,454 600,526 550,113 Depreciation expense 63,793 59,882 57,303 Accumulated depreciation on assets sold (26,501 ) (2,748 ) (6,525 ) Other (496 ) (206 ) (365 ) Balance at end of year $ 694,250 657,454 600,526 (b) The estimated aggregate cost of real estate properties at December 31, 2016 for federal income tax purposes was approximately $2,370,650,000 before estimated accumulated tax depreciation of $467,599,000 . The federal income tax return for the year ended December 31, 2016 , has not been filed and accordingly, this estimate is based on preliminary data. (c) The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). (d) The Company transfers development projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. (e) EastGroup has a $52,231,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. (f) EastGroup has a $47,496,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2 and 21 & 23. (g) EastGroup has a $52,752,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9. (h) EastGroup has a $44,493,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. (i) EastGroup has a $58,380,000 non-recourse first mortgage loan with a |
SCHEDULE IV
SCHEDULE IV | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2016 Number of Loans Interest Rate Maturity Date Periodic Payment Terms First mortgage loans: JCB Limited - California 1 5.25 % October 2017 Principal and interest due monthly JCB Limited - California 1 5.25 % October 2017 Principal and interest due monthly Total mortgage loans (a) 2 Face Amount of Mortgages Dec. 31, 2016 Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest (b) (In thousands) First mortgage loans: JCB Limited - California $ 1,927 1,927 — JCB Limited - California 2,825 2,825 — Total mortgage loans $ 4,752 4,752 (c)(d) — (a) Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. (b) Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. (c) Changes in mortgage loans follow: Years Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 4,875 4,991 8,870 Advances on mortgage loans receivable — — — Payments on mortgage loans receivable (123 ) (116 ) (3,902 ) Amortization of discount on mortgage loan receivable — — 23 Balance at end of year $ 4,752 4,875 4,991 (d) The aggregate cost for federal income tax purposes is approximately $4.75 million . The federal income tax return for the year ended December 31, 2016 , has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2016 , is based on preliminary data. See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. ("EastGroup" or "the Company"), its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At December 31, 2016, EastGroup had a controlling interest in one joint venture, the 80% owned University Business Center. At December 31, 2015 and 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. During the second quarter of 2016, Castilian Research Center was sold, and the joint venture was subsequently terminated. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Income Taxes | Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2016 , 2015 and 2014 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2016 , 2015 and 2014 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2016 2015 2014 Common Share Distributions: Ordinary dividends $ 2.10494 2.24258 2.02398 Nondividend distributions 0.05202 0.02774 0.08974 Unrecaptured Section 1250 capital gain 0.12872 0.06968 0.09470 Other capital gain 0.15432 — 0.01158 Total Common Share Distributions $ 2.44000 2.34000 2.22000 EastGroup applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2012 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2016 and 2015 . The Company’s income may differ for tax and financial reporting purposes principally because of (1) the timing of the deduction for the provision for possible losses and losses on investments, (2) the timing of the recognition of gains or losses from the sale of investments, (3) different depreciation methods and lives, (4) real estate properties having a different basis for tax and financial reporting purposes, (5) mortgage loans having a different basis for tax and financial reporting purposes, thereby producing different gains upon collection of these loans, and (6) differences in book and tax allowances and timing for stock-based compensation expense. |
Income Recognition | Income Recognition Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 840, Leases. The Company recognizes gains on sales of real estate in accordance with the principles set forth in ASC 360, Property, Plant and Equipment . Upon closing of real estate transactions, the provisions of ASC 360 require consideration for the transfer of rights of ownership to the purchaser, receipt of an adequate cash down payment from the purchaser, adequate continuing investment by the purchaser and no substantial continuing involvement by the Company. If the requirements for recognizing gains have not been met, the sale and related costs are recorded, but the gain is deferred and recognized by a method other than the full accrual method. The Company recognizes interest income on mortgage loans on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. If applicable, discounts on mortgage loans receivable are amortized over the lives of the loans using a method that does not differ materially from the interest method. The Company evaluates the collectibility of both interest and principal on each of its loans to determine whether the loans are impaired. A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the loan is collateralized) less costs to sell. |
Real Estate Properties | Real Estate Properties EastGroup has one reportable segment–industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of December 31, 2016 and 2015 , the Company did not identify any significant impairment charges which should be recorded. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. |
Development | Development During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development properties based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land). |
Real Estate Held for Sale | Real Estate Held for Sale The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In accordance with FASB Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Debt Origination Costs | Debt origination costs are deferred and amortized over the term of each loan using the effective interest method. |
Leasing Costs | Leasing costs are deferred and amortized using the straight-line method over the term of the lease. Leasing costs paid during the period are included in Changes in other assets and other liabilities in the Investing Activities section on the Consolidated Statements of Cash Flows. |
Real Estate Property Acquisitions and Acquired Intangibles | Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. Prior to the Company's adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective October 1, 2016, acquisition-related costs were recognized as expenses in the periods in which the costs were incurred and the services were received. As discussed in Note 1(o), beginning with acquisitions after October 1, 2016, the Company follows the guidance in ASU 2017-01, which provides a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup has determined that its real estate property acquisitions in the fourth quarter of 2016 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its fourth quarter 2016 acquisitions. The FASB Codification provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill for business combinations is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. Amortization of above and below market leases increased rental income by $488,000 , $448,000 and $421,000 in 2016 , 2015 and 2014 , respectively. Amortization expense for in-place lease intangibles was $4,210,000 , $4,370,000 and $4,727,000 for 2016 , 2015 and 2014 , respectively. Projected amortization of in-place lease intangibles for the next five years as of December 31, 2016 is as follows: Years Ending December 31, (In thousands) 2017 $ 3,572 2018 2,545 2019 2,042 2020 1,551 2021 1,150 During 2016, the Company acquired the following development-stage properties: Parc North in Ft. Worth (Dallas), Weston Commerce Park in Weston (South Florida), and Jones Corporate Park in Las Vegas. At the time of acquisition, the properties were classified as under construction or in the lease-up phase of development. Also in 2016, the Company acquired Flagler Center, a three -building business distribution complex in Jacksonville, Florida. The properties purchased in 2016 were acquired for a total cost of $112,158,000 , of which $22,228,000 was allocated to Real estate properties and $84,490,000 was allocated to Development. EastGroup allocated $29,164,000 of the total purchase price to land using third party land valuations for the Dallas, South Florida, Las Vegas and Jacksonville markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $5,941,000 to in-place lease intangibles, $393,000 to above market leases (included in Other assets on the Consolidated Balance Sheets), and $894,000 to below market leases (included in Other liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. During 2015, the Company acquired Southpark Corporate Center and Springdale Business Center, both in Austin, Texas, for a total cost of $31,574,000 , of which $28,648,000 was allocated to Real estate properties . The Company allocated $5,494,000 of the total purchase price to land using third party land valuations for the Austin market. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $3,453,000 to in-place lease intangibles and $527,000 to below market leases. During 2014, EastGroup acquired the following operating properties: Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820. Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases and $903,000 to below market leases. The Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill and other intangibles existed at December 31, 2016 and 2015 . |
Stock-Based Compensation | Stock-Based Compensation In May 2004, the stockholders of the Company approved the EastGroup Properties, Inc. 2004 Equity Incentive Plan ("the 2004 Plan"), which was further amended by the Board of Directors in September 2005 and December 2006. This plan authorized the issuance of common stock to employees in the form of options, stock appreciation rights, restricted stock, deferred stock units, performance shares, bonus stock or stock in lieu of cash compensation. In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee; the 2013 Equity Plan was approved by the Company's stockholders and became effective May 29, 2013. The 2013 Equity Plan replaced the 2004 Plan and the 2005 Directors Equity Incentive Plan. Typically, the Company issues new shares to fulfill stock grants or upon the exercise of stock options. EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a simulation pricing model developed to specifically accommodate the unique features of the awards (the Company did not have any such awards in 2016, 2015 or 2014). During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. |
Earnings Per Share | Earnings Per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB issued further guidance in ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, that provides clarifying guidance in certain narrow areas and adds some practical expedients. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU 2014-09 was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method, and the Company is evaluating which transition method it will elect. The Company is also in the process of evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2018. EastGroup has performed an initial impact assessment; because most of the Company's revenues are from leases (which are governed by other FASB accounting standards) and sales of real estate assets (for which the accounting is largely unchanged by the new revenue recognition standard), the impact of adopting ASU 2014-09 is not expected to be material to the Company. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to Consolidation Analysis, under which all legal entities are subject to reevaluation under the revised consolidation model. The ASU modifies whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. EastGroup adopted ASU 2015-02 effective January 1, 2016, and the adoption of ASU 2015-02 had an immaterial impact on the Company's financial condition and results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU was effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities are to apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. EastGroup adopted ASU 2015-03 effective January 1, 2016. Prior to adoption, the Company included debt issuance costs in Other assets on the Consolidated Balance Sheets. Beginning with the Form 10-Q for the period ended March 31, 2016, EastGroup changed its presentation of debt issuance costs for all periods presented; the Company now presents debt issuance costs as direct deductions from the carrying amounts of its debt liabilities both on the Balance Sheet and in the Notes to Consolidated Financial Statements. As a result of the adoption of ASU 2015-03, the Company adjusted its December 31, 2015 Balance Sheet as follows: Balance Sheet Items as of December 31, 2015: As Presented in the Company’s 2015 Form 10-K As Presented in the Company’s Form 10-Q Beginning With the Period Ended March 31, 2016 (In thousands) Other assets $ 96,186 91,858 Total assets 1,666,232 1,661,904 Secured debt 351,401 350,285 Unsecured debt 530,000 528,210 Unsecured bank credit facilities 150,836 149,414 Total liabilities 1,107,031 1,102,703 Total liabilities and equity 1,666,232 1,661,904 In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized costs on the balance sheet. EastGroup plans to adopt ASU 2016-01 effective January 1, 2018. The Company does not anticipate the adoption of ASU 2016-01 will have a material impact on the Company's financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which 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, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The Company is a lessee on a limited number of leases, including office and ground leases, and the Company anticipates the related impact of ASU 2016-02 will not be material to its overall financial condition and results of operations. Lessor accounting is largely unchanged under ASU 2016-02. The Company's primary revenue is rental income; as such, the Company is a lessor on a significant number of leases. The Company is continuing to evaluate the potential impacts of the ASU and believes it will continue to account for its leases in substantially the same manner. The most significant change for the Company related to lessor accounting relates to the new standard's narrow definition of initial direct costs for leases; the new definition will result in certain costs (primarily legal costs related to lease negotiations) being expensed rather than capitalized upon adoption of the new standard. Public business entities are required to apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. EastGroup plans to adopt ASU 2016-02 effective January 1, 2019. The Company is continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ending March 31, 2019. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The ASU is intended to improve the accounting for share-based payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment awards are simplified with the ASU, including income tax consequences, classification of awards as equity or liabilities and classification on the Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those fiscal years; early adoption is permitted. EastGroup adopted ASU 2016-09 effective January 1, 2017. As a result, the Company will elect to reverse compensation cost of any forfeited awards when they occur and will continue to classify the cash flows resulting from remitting cash to the tax authorities for the payment of taxes on the vesting of share-based payment awards as a financing activity on the Consolidated Statements of Cash Flows. In addition, upon vesting of share-based payments, the Company will withhold up to the maximum individual statutory tax rate and classify the entire award as equity. The adoption of ASU 2016-09 did not have a material impact on the Company's financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses certain cash flow issues, including how debt prepayments or debt extinguishment costs and distributions received from equity method investees are presented. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, and the Company has adopted ASU 2016-15 effective January 1, 2017 and will provide the necessary disclosures beginning with its Form 10-Q for the period ending March 31, 2017. The Company does not believe the adoption of ASU 2016-15 has a material impact on the Company's financial condition or results of operations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The ASU is intended to provide a new framework for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the new guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. The Company has determined that some of its real estate property acquisitions may be considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. ASU 2017-01 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted and may be applied to transactions that have not been reported in financial statements that have been issued or made available for issuance. EastGroup adopted ASU 2017-01 for transactions beginning on October 1, 2016. As a result, the Company has capitalized acquisition costs related to its fourth quarter 2016 acquisitions as they were determined not to be acquisitions of a business. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Others (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation to measure goodwill impairment. ASU 2017-04 is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, and the Company has adopted ASU 2017-04 effective January 1, 2017, and will apply the new guidance for goodwill impairment tests with measurement dates after January 1, 2017. EastGroup does not believe the adoption of ASU 2017-04 has a material impact on the Company's financial condition or results of operations. |
Classification of Book Overdraft on Consolidated Statements of Cash Flows | Classification of Book Overdraft on Consolidated Statements of Cash Flows The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. |
Reclassifications | Reclassifications Certain reclassifications have been made in the 2015 and 2014 consolidated financial statements to conform to the 2016 presentation. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Federal Income Tax Treatment of Share Distributions | The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2016 , 2015 and 2014 . Federal Income Tax Treatment of Share Distributions Years Ended December 31, 2016 2015 2014 Common Share Distributions: Ordinary dividends $ 2.10494 2.24258 2.02398 Nondividend distributions 0.05202 0.02774 0.08974 Unrecaptured Section 1250 capital gain 0.12872 0.06968 0.09470 Other capital gain 0.15432 — 0.01158 Total Common Share Distributions $ 2.44000 2.34000 2.22000 |
Projected amortization of in-place lease intangibles for the next five years | Projected amortization of in-place lease intangibles for the next five years as of December 31, 2016 is as follows: Years Ending December 31, (In thousands) 2017 $ 3,572 2018 2,545 2019 2,042 2020 1,551 2021 1,150 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As a result of the adoption of ASU 2015-03, the Company adjusted its December 31, 2015 Balance Sheet as follows: Balance Sheet Items as of December 31, 2015: As Presented in the Company’s 2015 Form 10-K As Presented in the Company’s Form 10-Q Beginning With the Period Ended March 31, 2016 (In thousands) Other assets $ 96,186 91,858 Total assets 1,666,232 1,661,904 Secured debt 351,401 350,285 Unsecured debt 530,000 528,210 Unsecured bank credit facilities 150,836 149,414 Total liabilities 1,107,031 1,102,703 Total liabilities and equity 1,666,232 1,661,904 |
REAL ESTATE PROPERTIES (Tables)
REAL ESTATE PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development at December 31, 2016 and 2015 were as follows: December 31, 2016 2015 (In thousands) Real estate properties: Land $ 308,931 301,435 Buildings and building improvements 1,435,309 1,393,688 Tenant and other improvements 368,833 353,884 Development 293,908 170,441 2,406,981 2,219,448 Less accumulated depreciation (694,250 ) (657,454 ) $ 1,712,731 1,561,994 |
Gain, net of loss, on Sales of Real Estate | A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2016 , 2015 and 2014 follows: Real Estate Properties Location Size (in Square Feet) Date Sold Net Sales Price Basis Recognized Gain (In thousands) 2016 Northwest Point Distribution Houston, TX 232,000 02/12/2016 $ 15,189 5,080 10,109 North Stemmons III Dallas, TX 60,000 03/04/2016 3,131 1,908 1,223 North Stemmons II Dallas, TX 26,000 04/12/2016 1,203 765 438 Lockwood Distribution Center Houston, TX 392,000 04/18/2016 14,024 4,154 9,870 West Loop Distribution Center 1 & 2 Houston, TX 161,000 04/19/2016 13,154 3,564 9,590 America Plaza Houston, TX 121,000 04/28/2016 7,938 3,378 4,560 Interstate Commons Distribution Phoenix, AZ 142,000 05/31/2016 9,906 3,568 6,338 Castilian Research Center (1) Santa Barbara, CA 30,000 06/28/2016 7,698 7,513 185 Memphis I Memphis, TN 92,000 12/16/2016 1,482 1,625 (143 ) Total for 2016 $ 73,725 31,555 42,170 2015 Ambassador Row Warehouse Dallas, TX 185,000 04/13/2015 $ 4,998 2,095 2,903 2014 Northpoint Commerce Center Oklahoma City, OK 58,000 03/28/2014 $ 3,471 3,376 95 Tampa West Distribution Center VI Tampa, FL 9,000 07/08/2014 682 446 236 Clay Campbell Distribution Center Houston, TX 118,000 09/30/2014 7,690 2,826 4,864 Kirby Business Center Houston, TX 125,000 09/30/2014 5,306 2,989 2,317 Ambassador Row Warehouses Dallas, TX 132,000 12/30/2014 3,358 1,682 1,676 Total for 2014 $ 20,507 11,319 9,188 (1) EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
Development | DEVELOPMENT Costs Incurred Anticipated Building Conversion Date Costs Transferred in 2016 (1) For the Year Ended 12/31/16 Cumulative as of 12/31/16 Estimated Total Costs (2) (In thousands) (Unaudited) (Unaudited) (Unaudited) LEASE-UP Building Size (Square feet) Eisenhauer Point 1 & 2, San Antonio, TX 201,000 $ — 9,016 15,776 17,000 01/17 South 35th Avenue, Phoenix, AZ (3) 124,000 — 493 1,664 1,900 01/17 Parc North 1-4, Dallas, TX (4) 446,000 — 32,120 32,120 35,500 02/17 Jones Corporate Park, Las Vegas, NV (5) 416,000 — 39,540 39,540 43,700 04/17 Ten Sky Harbor, Phoenix, AZ 64,000 — 1,613 5,265 6,200 04/17 Steele Creek VI, Charlotte, NC 137,000 — 4,102 7,006 8,200 07/17 Madison IV & V, Tampa, FL 145,000 1,069 6,456 7,525 9,600 10/17 Total Lease-Up 1,533,000 1,069 93,340 108,896 122,100 UNDER CONSTRUCTION Alamo Ridge III, San Antonio, TX 135,000 — 8,179 10,559 12,200 02/17 Horizon V, Orlando, FL 141,000 2,891 1,544 4,435 9,900 07/17 Horizon VII, Orlando, FL 109,000 2,344 4,547 6,891 8,300 01/18 Alamo Ridge IV, San Antonio, TX 97,000 843 4,102 4,945 6,000 02/18 Country Club V, Tucson, AZ 300,000 — 3,295 3,295 24,200 02/18 CreekView 121 1 & 2, Dallas, TX 193,000 3,481 8,374 11,855 16,700 02/18 Eisenhauer Point 3, San Antonio, TX 71,000 808 1,940 2,748 5,400 04/18 Eisenhauer Point 4, San Antonio, TX 85,000 777 1,876 2,653 5,200 04/18 SunCoast 4, Ft. Myers, FL 93,000 4,287 1,968 6,255 8,700 04/18 Weston, Ft. Lauderdale, FL (6) 134,000 — 14,281 14,281 15,900 05/18 Total Under Construction 1,358,000 15,431 50,106 67,917 112,500 PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) Estimated Building Size (Square feet) Phoenix, AZ 261,000 — 406 3,893 Tucson, AZ 70,000 — — 417 Ft. Myers, FL 570,000 (4,287 ) 72 13,643 Miami, FL 850,000 — 27,244 27,244 Orlando, FL 662,000 (5,235 ) 993 16,129 Tampa, FL 148,000 (1,069 ) 111 3,681 Jackson, MS 28,000 — — 706 Charlotte, NC 756,000 — 4,882 9,303 Dallas, TX 718,000 (3,481 ) 7,677 12,322 El Paso, TX 251,000 — — 2,444 Houston, TX 1,476,000 — (3,213 ) 21,374 San Antonio, TX 544,000 (2,428 ) 4,687 5,939 Total Prospective Development 6,334,000 (16,500 ) 42,859 117,095 9,225,000 $ — 186,305 293,908 DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2016 Building Size (Square feet) Building Conversion Date Alamo Ridge I, San Antonio, TX 96,000 $ — 26 7,378 02/16 Alamo Ridge II, San Antonio, TX 62,000 — 28 4,167 02/16 Madison II & III, Tampa, FL 127,000 — (14 ) 7,403 02/16 West Road III, Houston, TX 78,000 — 57 4,839 03/16 Ten West Crossing 7, Houston, TX 68,000 — 91 4,163 04/16 West Road IV, Houston, TX 65,000 — 642 5,327 06/16 Horizon III, Orlando, FL 109,000 — 1,217 7,332 07/16 Kyrene 202 VI, Phoenix, AZ 123,000 — 631 7,651 09/16 ParkView 1-3, Dallas, TX 276,000 — 2,594 19,850 10/16 Total Transferred to Real Estate Properties 1,004,000 $ — 5,272 68,110 (7) (1) Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. (2) Included in these costs are development obligations of $25.5 million and tenant improvement obligations of $6.1 million on properties under development. (3) This property was redeveloped from a manufacturing building to a multi-tenant distribution building. (4) This project, which was recently developed by the seller, was acquired by EastGroup on 7/8/16 and is considered to be in the lease-up phase. (5) This project, which was recently developed by the seller, was acquired by EastGroup on 11/15/16 and is considered to be in the lease-up phase. (6) This project was acquired by EastGroup on 11/1/16 and is being redeveloped. (7) Represents cumulative costs at the date of transfer. |
Future Minimum Rental Receipts Under Non-cancelable Leases | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2016 : Future Minimum Rental Receipts Under Non-Cancelable Leases Years Ending December 31, (In thousands) 2017 $ 186,783 2018 159,858 2019 128,487 2020 96,423 2021 62,837 Thereafter 132,642 Total minimum receipts $ 767,030 |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2016 : Future Minimum Ground Lease Payments Years Ending December 31, (In thousands) 2017 $ 756 2018 756 2019 756 2020 756 2021 756 Thereafter 10,430 Total minimum payments $ 14,210 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | A summary of the Company’s Other assets follows: December 31, 2016 2015 (In thousands) Leasing costs (principally commissions) $ 65,521 59,043 Accumulated amortization of leasing costs (26,340 ) (23,455 ) Leasing costs (principally commissions), net of accumulated amortization 39,181 35,588 Straight-line rents receivable 28,369 26,482 Allowance for doubtful accounts on straight-line rents receivable (76 ) (167 ) Straight-line rents receivable, net of allowance for doubtful accounts 28,293 26,315 Accounts receivable 6,824 5,615 Allowance for doubtful accounts on accounts receivable (809 ) (394 ) Accounts receivable, net of allowance for doubtful accounts 6,015 5,221 Acquired in-place lease intangibles 21,231 19,061 Accumulated amortization of acquired in-place lease intangibles (8,642 ) (8,205 ) Acquired in-place lease intangibles, net of accumulated amortization 12,589 10,856 Acquired above market lease intangibles 1,594 1,337 Accumulated amortization of acquired above market lease intangibles (736 ) (684 ) Acquired above market lease intangibles, net of accumulated amortization 858 653 Mortgage loans receivable 4,752 4,875 Interest rate swap assets 4,546 400 Goodwill 990 990 Prepaid expenses and other assets 7,606 6,960 Total Other assets $ 104,830 91,858 |
UNSECURED AND SECURED DEBT (Tab
UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule of long-term debt instruments | December 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 112,020 150,836 Unsecured bank credit facilities - fixed rate, carrying amount (1) 80,000 — Unamortized debt issuance costs (1,030 ) (1,422 ) Unsecured bank credit facilities 190,990 149,414 Unsecured debt - fixed rate, carrying amount (1) 655,000 530,000 Unamortized debt issuance costs (2,162 ) (1,790 ) Unsecured debt 652,838 528,210 Secured debt - fixed rate, carrying amount (1) 258,594 351,401 Unamortized debt issuance costs (1,089 ) (1,116 ) Secured debt 257,505 350,285 Total debt $ 1,101,333 1,027,909 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
Schedule of unsecured debt [Table Text Block] | A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Above LIBOR Interest Rate Maturity Date 2016 2015 (In thousands) $80 Million Unsecured Term Loan (1) 1.750% 2.770% 08/15/2018 $ — 80,000 $50 Million Unsecured Term Loan Not applicable 3.910% 12/21/2018 50,000 50,000 $75 Million Unsecured Term Loan (1) 1.150% 2.846% 07/31/2019 75,000 75,000 $75 Million Unsecured Term Loan (1) 1.400% 3.752% 12/20/2020 75,000 75,000 $40 Million Unsecured Term Loan (1) 1.100% 2.335% 07/30/2021 40,000 — $75 Million Unsecured Term Loan (1) 1.400% 3.031% 02/28/2022 75,000 75,000 $65 Million Unsecured Term Loan (1) 1.650% 2.863% 04/01/2023 65,000 — $100 Million Senior Unsecured Notes: $30 Million Notes Not applicable 3.800% 08/28/2020 30,000 30,000 $50 Million Notes Not applicable 3.800% 08/28/2023 50,000 50,000 $20 Million Notes Not applicable 3.800% 08/28/2025 20,000 20,000 $100 Million Senior Unsecured Notes: $60 Million Notes Not applicable 3.480% 12/15/2024 60,000 — $40 Million Notes Not applicable 3.750% 12/15/2026 40,000 — $25 Million Senior Unsecured Notes Not applicable 3.970% 10/01/2025 25,000 25,000 $50 Million Senior Unsecured Notes Not applicable 3.990% 10/07/2025 50,000 50,000 $ 655,000 530,000 (1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2016 . |
Secured debt | A summary of the carrying amount of Secured debt follows: Interest Rate Monthly P&I Payment Maturity Date Carrying Amount of Securing Real Estate at December 31, 2016 Balance at December 31, Property 2016 2015 (In thousands) Huntwood and Wiegman I 5.68% 265,275 Repaid $ — — 25,567 Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16 5.97% 557,467 Repaid — — 53,563 Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55 th Avenue and World Houston 1 & 2, 21 & 23 5.57% 518,885 09/05/2017 47,514 47,496 50,971 Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1) 7.50% 539,747 05/05/2019 46,755 52,231 54,689 Blue Heron II 5.39% 16,176 02/29/2020 4,208 576 735 40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 4.39% 463,778 01/05/2021 69,029 58,380 61,312 Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9 4.75% 420,045 06/05/2021 59,882 52,752 55,223 Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 4.09% 329,796 01/05/2022 58,425 44,493 46,584 Ramona 3.85% 16,287 11/30/2026 9,185 2,666 2,757 $ 294,998 258,594 351,401 (1) This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. |
Principal payments due during the next five years | Principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities ), due during the next five years as of December 31, 2016 are as follows: Years Ending December 31, (In thousands) 2017 $ 58,237 2018 61,316 2019 130,569 2020 114,096 2021 129,563 |
ACCOUNTS PAYABLE AND ACCRUED 35
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2016 2015 (In thousands) Property taxes payable $ 14,186 16,055 Development costs payable 9,844 6,215 Property capital expenditures payable 2,304 2,818 Interest payable 3,822 3,704 Dividends payable on unvested restricted stock 1,530 2,157 Book overdraft (1) 14,452 7,215 Other payables and accrued expenses 6,563 6,017 Total Accounts payable and accrued expenses $ 52,701 44,181 (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Summary of other liabilities | A summary of the Company’s Other liabilities follows: December 31, 2016 2015 (In thousands) Security deposits $ 14,782 13,943 Prepaid rent and other deferred income 9,795 10,003 Acquired below-market lease intangibles 4,012 3,485 Accumulated amortization of below-market lease intangibles (1,662 ) (1,353 ) Acquired below-market lease intangibles, net of accumulated amortization 2,350 2,132 Interest rate swap liabilities 2,578 3,960 Prepaid tenant improvement reimbursements 343 493 Other liabilities 16 82 Total Other liabilities $ 29,864 30,613 |
COMMON STOCK ACTIVITY (Tables)
COMMON STOCK ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Common Stock Activity | The following table presents the common stock activity for the three years ended December 31, 2016 : Years Ended December 31, 2016 2015 2014 Common Shares Shares outstanding at beginning of year 32,421,460 32,232,587 30,937,225 Common stock offerings 875,052 106,751 1,246,400 Dividend reinvestment plan 3,326 4,536 3,626 Incentive restricted stock granted 80,529 100,622 71,642 Incentive restricted stock forfeited (910 ) — (2,375 ) Director common stock awarded 10,072 9,373 7,742 Restricted stock withheld for tax obligations (57,316 ) (32,409 ) (31,673 ) Shares outstanding at end of year 33,332,213 32,421,460 32,232,587 |
Common Stock Issuances Table [Table Text Block] | The following table presents the common stock issuance activity for the three years ended December 31, 2016 : Years Ended December 31, Number of Common Shares Issued Net Proceeds (In thousands) 2016 875,052 $ 59,283 2015 106,751 6,233 2014 1,246,400 78,868 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | Restricted Stock Activity: Years Ended December 31, 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 260,698 $ 52.68 265,911 $ 49.79 293,989 $ 47.17 Granted 80,529 58.81 100,622 61.07 71,642 61.96 Forfeited (910 ) 52.89 — — (2,375 ) 52.72 Vested (178,230 ) 56.09 (105,835 ) 53.40 (97,345 ) 50.76 Unvested at end of year 162,087 51.97 260,698 52.68 265,911 49.79 |
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares as of December 31, 2016 : Unvested Shares Vesting Schedule Number of Shares 2017 51,064 2018 41,491 2019 35,062 2020 31,420 2021 3,050 Total Unvested Shares 162,087 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The components of Accumulated other comprehensive income (loss) for 2016 , 2015 and 2014 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 13 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2016 2015 2014 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): (In thousands) Balance at beginning of year $ (3,456 ) (2,357 ) 1,629 Change in fair value of interest rate swaps 5,451 (1,099 ) (3,986 ) Balance at end of year $ 1,995 (3,456 ) (2,357 ) |
DERIVATIVE INSTRUMENTS AND HE40
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | As of December 31, 2016 and 2015 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of December 31, 2016 Notional Amount as of December 31, 2015 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $65,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $40,000 — Interest Rate Swap $15,000 $15,000 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2016 and 2015 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of December 31, 2016 Derivatives As of December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 4,546 Other assets $ 400 Interest rate swap liabilities Other liabilities 2,578 Other liabilities 3,960 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 : Years Ended December 31, 2016 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives $ 1,410 (5,374 ) (6,777 ) Amount of loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (4,041 ) (4,275 ) (2,791 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: 2016 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 95,509 47,866 47,941 Denominator – weighted average shares outstanding 32,563 32,091 31,341 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 95,509 47,866 47,941 Denominator: Weighted average shares outstanding 32,563 32,091 31,341 Unvested restricted stock 65 105 111 Total Shares 32,628 32,196 31,452 |
QUARTERLY RESULTS OF OPERATIO42
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly results of operations | 2016 Quarter Ended 2015 Quarter Ended Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 (In thousands, except per share data) Revenues $ 73,189 93,279 64,043 66,614 57,959 60,989 58,795 61,269 Expenses (51,359 ) (49,186 ) (49,243 ) (51,243 ) (47,898 ) (46,326 ) (46,698 ) (49,691 ) Net Income 21,830 44,093 14,800 15,371 10,061 14,663 12,097 11,578 Net income attributable to noncontrolling interest in joint ventures (119 ) (180 ) (139 ) (147 ) (131 ) (130 ) (129 ) (143 ) Net income attributable to EastGroup Properties, Inc. common stockholders $ 21,711 43,913 14,661 15,224 9,930 14,533 11,968 11,435 BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.67 1.36 0.45 0.46 0.31 0.45 0.37 0.36 Weighted average shares outstanding 32,254 32,376 32,741 32,874 32,032 32,045 32,126 32,159 DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) Net income attributable to common stockholders $ 0.67 1.35 0.45 0.46 0.31 0.45 0.37 0.35 Weighted average shares outstanding 32,307 32,440 32,823 32,964 32,109 32,139 32,248 32,314 (1) The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
FAIR VALUE OF FINANCIAL INSTR43
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2016 and 2015 . December 31, 2016 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 522 522 48 48 Mortgage loans receivable 4,752 4,747 4,875 4,896 Interest rate swap assets 4,546 4,546 400 400 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 112,020 111,923 150,836 150,670 Unsecured bank credit facilities - fixed rate (2) 80,000 79,998 — — Unsecured debt (2) 655,000 623,147 530,000 509,326 Secured debt (2) 258,594 266,585 351,401 366,491 Interest rate swap liabilities 2,578 2,578 3,960 3,960 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 1(o), 6 and 7 for additional information). |
SIGNIFICANT ACCOUNTING POLICI44
SIGNIFICANT ACCOUNTING POLICIES (Details) - joint_ventures | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Controlling interest Joint ventures [Abstract] | ||
Joint Ventures | 1 | 2 |
University Business Center [Member] | ||
Controlling interest Joint ventures [Abstract] | ||
Controlling interest in joint ventures (in hundredths) | 80.00% | 80.00% |
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% | 100.00% |
Castilian Research Center [Member] | ||
Controlling interest Joint ventures [Abstract] | ||
Controlling interest in joint ventures (in hundredths) | 80.00% | |
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests (in hundredths) | 100.00% | 100.00% |
Industry Distribution Center II - undivided tenant [Member] | ||
Tenant-in-common interest [Abstract] | ||
Equity method of accounting is used for undivided tenant-in-common interest in Industry Distribution Center II (in hundredths) | 50.00% | 50.00% |
SIGNIFICANT ACCOUNTING POLICI45
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
Document Fiscal Year Focus | 2,016 | ||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary taxable income distribution requirement | 90.00% | ||
Common Stock | |||
Federal Income Tax Treatment of Share Distributions [Abstract] | |||
Ordinary dividends (in dollars per share) | $ 2.10494 | $ 2.24258 | $ 2.02398 |
Nondividend distributions (in dollars per share) | 0.05202 | 0.02774 | 0.08974 |
Unrecaptured Section 1250 capital gain (in dollars per share) | 0.12872 | 0.06968 | 0.09470 |
Other capital gain (in dollars per share) | 0.15432 | 0 | 0.01158 |
Total Common Share Distributions | $ 2.44000 | $ 2.34000 | $ 2.22000 |
SIGNIFICANT ACCOUNTING POLICI46
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Cost of Services, Depreciation | $ 63,793,000 | $ 59,882,000 | $ 57,303,000 |
Percentage of Occupation When Development Cost Ceased Being Capitalized | 80.00% | ||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life (in years) | 15 years |
SIGNIFICANT ACCOUNTING POLICI47
SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Amortization of loan costs | $ 1,534,000 | $ 1,336,000 | $ 1,236,000 |
Amortization of facility fees | 670,000 | 608,000 | 563,000 |
Leasing costs amortization expense | $ 9,932,000 | $ 9,038,000 | $ 8,284,000 |
SIGNIFICANT ACCOUNTING POLICI48
SIGNIFICANT ACCOUNTING POLICIES (Details 4) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Above and below market leases Increase (decrease) rental Income | $ 488,000 | $ 448,000 | $ 421,000 | |
Amortization expense for in-place lease intangibles | 4,210,000 | 4,370,000 | 4,727,000 | |
Projected amortization of in-place lease intangibles for the next five years [Abstract] | ||||
2,017 | 3,572,000 | |||
2,018 | 2,545,000 | |||
2,019 | 2,042,000 | |||
2,020 | 1,551,000 | |||
2,021 | 1,150,000 | |||
Flagler Center [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Number of buildings | Integer | 3 | |||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | ||||
Acquired operating properties [Abstract] | ||||
Total cost of properties purchased | 112,158,000 | |||
Total purchase price to land | 29,164,000 | |||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Above Market Leases [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 393,000 | |||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Leases, Acquired-in-Place [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 5,941,000 | |||
2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | Below market lease [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 894,000 | |||
Southpark Corporate Center and Springdale Business Center [Member] | ||||
Acquired operating properties [Abstract] | ||||
Total cost of properties purchased | 31,574,000 | |||
Total purchase price to land | 5,494,000 | |||
Southpark Corporate Center and Springdale Business Center [Member] | Leases, Acquired-in-Place [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 3,453,000 | |||
Southpark Corporate Center and Springdale Business Center [Member] | Below market lease [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 527,000 | |||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | ||||
Acquired operating properties [Abstract] | ||||
Total cost of properties purchased | 51,652,000 | |||
Total amount allocated to real estate properties | 47,477,000 | |||
Total purchase price to land | 10,822,000 | |||
Cash paid for acquired properties | 48,805,000 | |||
Mortgages assumed in connection with purchase of real estate, face amount | 2,617,000 | |||
Premium on mortgage loan, amount recognized at assumption of loan | 230,000 | |||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Above Market Leases [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 4,000 | |||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Leases, Acquired-in-Place [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | 5,074,000 | |||
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center [Domain] | Below market lease [Member] | ||||
Acquired operating properties [Abstract] | ||||
Intangibles acquired associated with purchase of Real Estate | $ 903,000 | |||
Real Estate Properties [Domain] | 2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | ||||
Acquired operating properties [Abstract] | ||||
Total amount allocated to real estate properties | 22,228,000 | |||
Real Estate Properties [Domain] | Southpark Corporate Center and Springdale Business Center [Member] | ||||
Acquired operating properties [Abstract] | ||||
Total amount allocated to real estate properties | $ 28,648,000 | |||
Industrial Development [Member] | 2016 Acquisitions (Parc North, Flagler, Weston and Jones) [Member] | ||||
Acquired operating properties [Abstract] | ||||
Total amount allocated to real estate properties | $ 84,490,000 |
SIGNIFICANT ACCOUNTING POLICI49
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Details 5) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | $ 104,830 | $ 91,858 |
Assets | 1,825,764 | 1,661,904 |
Secured debt | 257,505 | 350,285 |
Unsecured debt | 652,838 | 528,210 |
Unsecured bank credit facilities | 190,990 | 149,414 |
Liabilities | 1,183,898 | 1,102,703 |
Liabilities and Equity | $ 1,825,764 | 1,661,904 |
Accounting Standards Update 2015-03 SImplifying the Presentation of Debt Issuance Costs [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | 91,858 | |
Assets | 1,661,904 | |
Secured debt | 350,285 | |
Unsecured debt | 528,210 | |
Unsecured bank credit facilities | 149,414 | |
Liabilities | 1,102,703 | |
Liabilities and Equity | 1,661,904 | |
Accounting Standards Update 2015-03 SImplifying the Presentation of Debt Issuance Costs [Member] | Balance prior to change in accounting principle [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other assets | 96,186 | |
Assets | 1,666,232 | |
Secured debt | 351,401 | |
Unsecured debt | 530,000 | |
Unsecured bank credit facilities | 150,836 | |
Liabilities | 1,107,031 | |
Liabilities and Equity | $ 1,666,232 |
REAL ESTATE PROPERTIES REAL EST
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||
Land | $ 308,931 | $ 301,435 |
Investment Building and Building Improvements | 1,435,309 | 1,393,688 |
Tenant Improvements | 368,833 | 353,884 |
Development | 293,908 | 170,441 |
Real Estate Investment Property, at Cost | 2,406,981 | 2,219,448 |
Real Estate Investment Property, Accumulated Depreciation | (694,250) | (657,454) |
Real Estate Investment Property, Net | $ 1,712,731 | $ 1,561,994 |
REAL ESTATE PROPERTIES REAL E51
REAL ESTATE PROPERTIES REAL ESTATE PROPERTIES 2 (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | ||
Sales of real estate properties [Line Items] | ||||
Net Sales Price of Real Estate Sold | $ 73,725,000 | $ 20,507,000 | ||
Basis | 31,555,000 | 11,319,000 | ||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 9,188,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 42,170,000 | $ 2,903,000 | $ 9,188,000 | |
Northwest Point Distribution and Service Centers [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 232,000 | |||
Date Of Property Sale | 2/12/16 | |||
Net Sales Price of Real Estate Sold | $ 15,189,000 | |||
Basis | 5,080,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 10,109,000 | |||
North Stemmons III [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 60,000 | |||
Date Of Property Sale | 3/4/16 | |||
Net Sales Price of Real Estate Sold | $ 3,131,000 | |||
Basis | 1,908,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 1,223,000 | |||
North Stemmons II [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 26,000 | |||
Date Of Property Sale | 4/12/16 | |||
Net Sales Price of Real Estate Sold | $ 1,203,000 | |||
Basis | 765,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 438,000 | |||
Lockwood Distribution Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 392,000 | |||
Date Of Property Sale | 4/18/16 | |||
Net Sales Price of Real Estate Sold | $ 14,024,000 | |||
Basis | 4,154,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 9,870,000 | |||
West Loop Distribution Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 161,000 | |||
Date Of Property Sale | 4/19/16 | |||
Net Sales Price of Real Estate Sold | $ 13,154,000 | |||
Basis | 3,564,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 9,590,000 | |||
America Plaza [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 121,000 | |||
Date Of Property Sale | 4/28/16 | |||
Net Sales Price of Real Estate Sold | $ 7,938,000 | |||
Basis | 3,378,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 4,560,000 | |||
Interstate Commons Distribution Center I and II [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 142,000 | |||
Date Of Property Sale | 5/31/16 | |||
Net Sales Price of Real Estate Sold | $ 9,906,000 | |||
Basis | 3,568,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | $ 6,338,000 | |||
Castilian Research Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | [1] | 30,000 | ||
Date Of Property Sale | [1] | 6/28/16 | ||
Net Sales Price of Real Estate Sold | [1] | $ 7,698,000 | ||
Basis | [1] | 7,513,000 | ||
Gain, net of loss, on Sales of Real Estate Investments | [1] | $ 185,000 | ||
Memphis I [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 92,000 | |||
Date Of Property Sale | 12/16/16 | |||
Net Sales Price of Real Estate Sold | $ 1,482,000 | |||
Basis | 1,625,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | (143,000) | |||
Ambassador Row Warehouse (one building sold in 2015) [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 185,000 | |||
Date Of Property Sale | 4/13/15 | |||
Net Sales Price of Real Estate Sold | $ 4,998,000 | |||
Basis | 2,095,000 | |||
Gain, net of loss, on Sales of Real Estate Investments | 2,903,000 | |||
Northpoint Commerce Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 58,000 | |||
Date Of Property Sale | 3/28/2014 | |||
Net Sales Price of Real Estate Sold | $ 3,471,000 | |||
Basis | 3,376,000 | |||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 95,000 | |||
Tampa West Distribution Center VI [Domain] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 9,000 | |||
Date Of Property Sale | 7/8/2014 | |||
Net Sales Price of Real Estate Sold | $ 682,000 | |||
Basis | 446,000 | |||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 236,000 | |||
Clay Campbell Distribution Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 118,000 | |||
Date Of Property Sale | 9/30/2014 | |||
Net Sales Price of Real Estate Sold | $ 7,690,000 | |||
Basis | 2,826,000 | |||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 4,864,000 | |||
Kirby Business Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 125,000 | |||
Date Of Property Sale | 9/30/2014 | |||
Net Sales Price of Real Estate Sold | $ 5,306,000 | |||
Basis | (2,989,000) | |||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | $ 2,317,000 | |||
Ambassador Row Warehouses (two buildings sold in 2014) [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Size (in square feet) of property sold | ft² | 132,000 | |||
Date Of Property Sale | 12/30/2014 | |||
Net Sales Price of Real Estate Sold | $ 3,358,000 | |||
Basis | 1,682,000 | |||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 1,676,000 | |||
Land [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Proceeds from Sale of Property, Plant, and Equipment | 5,400,000 | 170,000 | 118,000 | |
Gain on sales of land | $ 733,000 | $ 123,000 | $ 98,000 | |
Castilian Research Center [Member] | ||||
Sales of real estate properties [Line Items] | ||||
Less Than Wholly Owned Joint Venture Investment Ownership Percentage | 80.00% | |||
[1] | EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner. |
REAL ESTATE PROPERTIES 3 (Detai
REAL ESTATE PROPERTIES 3 (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
DEVELOPMENT [Abstract] | ||||
Interest costs capitalized on development properties | $ 5,340,000 | $ 5,257,000 | $ 4,942,000 | |
Internal Development Costs Capitalized During Period | 3,789,000 | 4,467,000 | 4,040,000 | |
Improvements on developments transferred to real estate properties | 7,871,000 | |||
Development costs incurred, for the period | 203,765,000 | 95,032,000 | $ 97,696,000 | |
Development | 293,908,000 | $ 170,441,000 | ||
Future Minimum payments receivable [Abstract] | ||||
2,017 | 186,783,000 | |||
2,018 | 159,858,000 | |||
2,019 | 128,487,000 | |||
2,020 | 96,423,000 | |||
2,021 | 62,837,000 | |||
Thereafter | 132,642,000 | |||
Total minimum receipts | $ 767,030,000 | |||
Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,533,000 | |||
Development Costs Transferred | [1] | $ 1,069,000 | ||
Development costs incurred, for the period | 93,340,000 | |||
Development | 108,896,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 122,100,000 | ||
Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,358,000 | |||
Development Costs Transferred | [1] | $ 15,431,000 | ||
Development costs incurred, for the period | 50,106,000 | |||
Development | 67,917,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 112,500,000 | ||
Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 6,334,000 | |||
Development Costs Transferred | [1] | $ (16,500,000) | ||
Development costs incurred, for the period | 42,859,000 | |||
Development | $ 117,095,000 | |||
Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,004,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 5,272,000 | |||
Development | [3] | $ 68,110,000 | ||
Lease Up Construction And Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 9,225,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 186,305,000 | |||
Development | 293,908,000 | |||
Development obligations | 25,500,000 | |||
Tenant improvement obligations | $ 6,100,000 | |||
Phoenix Area [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 261,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 406,000 | |||
Development | $ 3,893,000 | |||
Tucson [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 70,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 417,000 | |||
Fort Myers [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 570,000 | |||
Development Costs Transferred | [1] | $ (4,287,000) | ||
Development costs incurred, for the period | 72,000 | |||
Development | $ 13,643,000 | |||
Miami [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 850,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 27,244,000 | |||
Development | $ 27,244,000 | |||
Orlando [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 662,000 | |||
Development Costs Transferred | [1] | $ (5,235,000) | ||
Development costs incurred, for the period | 993,000 | |||
Development | $ 16,129,000 | |||
Tampa [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 148,000 | |||
Development Costs Transferred | [1] | $ (1,069,000) | ||
Development costs incurred, for the period | 111,000 | |||
Development | $ 3,681,000 | |||
Jackson area [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 28,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 706,000 | |||
Charlotte [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 756,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,882,000 | |||
Development | $ 9,303,000 | |||
Dallas [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 718,000 | |||
Development Costs Transferred | [1] | $ (3,481,000) | ||
Development costs incurred, for the period | 7,677,000 | |||
Development | $ 12,322,000 | |||
El Paso [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 251,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 0 | |||
Development | $ 2,444,000 | |||
Houston [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 1,476,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | (3,213,000) | |||
Development | $ 21,374,000 | |||
San Antonio [Member] | Prospective Development [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 544,000 | |||
Development Costs Transferred | [1] | $ (2,428,000) | ||
Development costs incurred, for the period | 4,687,000 | |||
Development | $ 5,939,000 | |||
Alamo Ridge I [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 96,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 26,000 | |||
Development | [3] | $ 7,378,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
Alamo Ridge II [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 62,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 28,000 | |||
Development | [3] | $ 4,167,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
Madison II & III [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 127,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | (14,000) | |||
Development | [3] | $ 7,403,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/16 | |||
West Road III [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 78,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 57,000 | |||
Development | [3] | $ 4,839,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 03/16 | |||
Ten West Crossing 7 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 68,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 91,000 | |||
Development | [3] | $ 4,163,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/16 | |||
West Road IV [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 65,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 642,000 | |||
Development | [3] | $ 5,327,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 06/16 | |||
Horizon III [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 109,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,217,000 | |||
Development | [3] | $ 7,332,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/16 | |||
Kyrene 202 VI [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 123,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 631,000 | |||
Development | [3] | $ 7,651,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 09/16 | |||
ParkView 1-3 [Member] | Development completed and transferred to Real estate properties [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 276,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 2,594,000 | |||
Development | [3] | $ 19,850,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/16 | |||
Eisenhauer Point 1 & 2 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 201,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 9,016,000 | |||
Development | 15,776,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 17,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/17 | |||
35th Avenue Distribution Center [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [4] | 124,000 | ||
Development Costs Transferred | [1],[4] | $ 0 | ||
Development costs incurred, for the period | [4] | 493,000 | ||
Development | [4] | 1,664,000 | ||
Estimated Total Cumulative Development Costs | [2],[4] | $ 1,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [4] | 01/17 | ||
ParcNorth 1-4 [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [5] | 446,000 | ||
Development Costs Transferred | [1],[5] | $ 0 | ||
Development costs incurred, for the period | [5] | 32,120,000 | ||
Development | [5] | 32,120,000 | ||
Estimated Total Cumulative Development Costs | [2],[5] | $ 35,500,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [5] | 02/17 | ||
Jones Corporate Park [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [6] | 416,000 | ||
Development Costs Transferred | [1],[6] | $ 0 | ||
Development costs incurred, for the period | [6] | 39,540,000 | ||
Development | [6] | 39,540,000 | ||
Estimated Total Cumulative Development Costs | [2],[6] | $ 43,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [6] | 04/17 | ||
Ten Sky Harbor [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 64,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 1,613,000 | |||
Development | 5,265,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 6,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/17 | |||
Steele Creek VI [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 137,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 4,102,000 | |||
Development | 7,006,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/17 | |||
Madison IV & V [Member] | Lease Up [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 145,000 | |||
Development Costs Transferred | [1] | $ 1,069,000 | ||
Development costs incurred, for the period | 6,456,000 | |||
Development | 7,525,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,600,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 10/17 | |||
Alamo Ridge III [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 135,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 8,179,000 | |||
Development | 10,559,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 12,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/17 | |||
Horizon V [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 141,000 | |||
Development Costs Transferred | [1] | $ 2,891,000 | ||
Development costs incurred, for the period | 1,544,000 | |||
Development | 4,435,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 9,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 07/17 | |||
Horizon VII [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 109,000 | |||
Development Costs Transferred | [1] | $ 2,344,000 | ||
Development costs incurred, for the period | 4,547,000 | |||
Development | 6,891,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,300,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 01/18 | |||
Alamo Ridge IV [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 97,000 | |||
Development Costs Transferred | [1] | $ 843,000 | ||
Development costs incurred, for the period | 4,102,000 | |||
Development | 4,945,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 6,000,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/18 | |||
Country Club V [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 300,000 | |||
Development Costs Transferred | [1] | $ 0 | ||
Development costs incurred, for the period | 3,295,000 | |||
Development | 3,295,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 24,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/18 | |||
CreekView 121 1&2 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 193,000 | |||
Development Costs Transferred | [1] | $ 3,481,000 | ||
Development costs incurred, for the period | 8,374,000 | |||
Development | 11,855,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 16,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 02/18 | |||
Eisenhauer Point 3 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 71,000 | |||
Development Costs Transferred | [1] | $ 808,000 | ||
Development costs incurred, for the period | 1,940,000 | |||
Development | 2,748,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,400,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
Eisenhauer Point 4 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 85,000 | |||
Development Costs Transferred | [1] | $ 777,000 | ||
Development costs incurred, for the period | 1,876,000 | |||
Development | 2,653,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 5,200,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
SunCoast 4 [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | 93,000 | |||
Development Costs Transferred | [1] | $ 4,287,000 | ||
Development costs incurred, for the period | 1,968,000 | |||
Development | 6,255,000 | |||
Estimated Total Cumulative Development Costs | [2] | $ 8,700,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | 04/18 | |||
Weston [Member] | Under construction [Member] | ||||
DEVELOPMENT [Abstract] | ||||
Size (Unaudited) (Square feet) | ft² | [7] | 134,000 | ||
Development Costs Transferred | [1],[7] | $ 0 | ||
Development costs incurred, for the period | [7] | 14,281,000 | ||
Development | [7] | 14,281,000 | ||
Estimated Total Cumulative Development Costs | [2],[7] | $ 15,900,000 | ||
Conversion date (or anticipated conversion date, if property is in lease-up or under construction) | [7] | 05/18 | ||
[1] | Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction. | |||
[2] | Included in these costs are development obligations of $25.5 million and tenant improvement obligations of $6.1 million on properties under development. | |||
[3] | Represents cumulative costs at the date of transfer. | |||
[4] | This property was redeveloped from a manufacturing building to a multi-tenant distribution building. | |||
[5] | This project, which was recently developed by the seller, was acquired by EastGroup on 7/8/16 and is considered to be in the lease-up phase. | |||
[6] | This project, which was recently developed by the seller, was acquired by EastGroup on 11/15/16 and is considered to be in the lease-up phase. | |||
[7] | This project was acquired by EastGroup on 11/1/16 and is being redeveloped. |
REAL ESTATE PROPERTIES 4 (Detai
REAL ESTATE PROPERTIES 4 (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
State or Province [Line Items] | |||
Leases terms minimum (in years) | 40 years | ||
Leases terms maximum (in years) | 50 years | ||
Renewal period option minimum (in years) | 15 years | ||
Renewal period option maximum (in years) | 35 years | ||
Total ground lease expenditures for continuing and discontinued operations | $ 756,000 | $ 756,000 | $ 745,000 |
Payment increase interval minimum (in years) | 3 years | ||
Payment increase interval maximum (in years) | 10 years | ||
Future Total Minimum Ground Lease Payments [Abstract] | |||
2,017 | $ 756,000 | ||
2,018 | 756,000 | ||
2,019 | 756,000 | ||
2,020 | 756,000 | ||
2,021 | 756,000 | ||
Thereafter | 10,430,000 | ||
Total minimum payments | $ 14,210,000 | ||
ARIZONA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 1 | ||
TEXAS | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 | ||
FLORIDA | |||
State or Province [Line Items] | |||
Number of properties subject to ground leases | 2 |
UNCONSOLIDATED INVESTMENT (Deta
UNCONSOLIDATED INVESTMENT (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Year Constructed | 1,998 | |
Investment's carrying value under the equity method of accounting | $ 7,681,000 | $ 8,004,000 |
Industry Distribution Center II - undivided tenant [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage (in hundredths) | 50.00% | 50.00% |
Real estate properties (in square feet) | ft² | 309,000 | |
Building lease percentage | 100.00% | |
Investment's carrying value under the equity method of accounting | $ 7,681,000 | $ 8,004,000 |
Industry Distribution Center II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Single tenant joint partner ownership (in hundredths) | 50.00% |
MORTGAGE LOANS RECEIVABLE (Deta
MORTGAGE LOANS RECEIVABLE (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | [1],[2] | $ 4,752,000 | ||
Mortgage recourse loan | 4,752,000 | |||
First Mortgage [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 0 | $ 0 | $ 0 | |
Number of mortgage loans receivable | 2 | 2 | ||
Effective interest rate (in hundredths) | 5.25% | |||
[1] | Changes in mortgage loans follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year$4,875 4,991 8,870Advances on mortgage loans receivable— — —Payments on mortgage loans receivable(123) (116) (3,902)Amortization of discount on mortgage loan receivable— — 23Balance at end of year$4,752 4,875 4,991 | |||
[2] | The aggregate cost for federal income tax purposes is approximately $4.75 million. The federal income tax return for the year ended December 31, 2016, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2016, is based on preliminary data. |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets Components [Abstract] | ||
Leasing costs (principally commissions) | $ 65,521 | $ 59,043 |
Accumulated amortization of leasing costs | (26,340) | (23,455) |
Leasing costs (principally commissions), net of accumulated amortization | 39,181 | 35,588 |
Straight-line rents receivable | 28,369 | 26,482 |
Allowance for doubtful accounts on straight-line rents receivable | (76) | (167) |
Straight-line rents receivable, net of allowance for doubtful accounts | 28,293 | 26,315 |
Accounts receivable | 6,824 | 5,615 |
Allowance for doubtful accounts on accounts receivable | (809) | (394) |
Accounts receivable, net of allowance for doubtful accounts | 6,015 | 5,221 |
Acquired in-place lease intangibles | 21,231 | 19,061 |
Accumulated amortization of acquired in-place lease intangibles | (8,642) | (8,205) |
Acquired in-place lease intangibles, net of accumulated amortization | 12,589 | 10,856 |
Acquired above market lease intangibles | 1,594 | 1,337 |
Accumulated amortization of acquired above market lease intangibles | (736) | (684) |
Acquired above market lease intangibles, net of accumulated amortization | 858 | 653 |
Mortgage loans receivable | 4,752 | 4,875 |
Interest rate swap assets | 4,546 | 400 |
Goodwill | 990 | 990 |
Prepaid expenses and other assets | 7,606 | 6,960 |
Other Assets Total | $ 104,830 | $ 91,858 |
UNSECURED BANK CREDIT FACILIT57
UNSECURED BANK CREDIT FACILITIES (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Average bank borrowings | $ 106,352,000 | $ 109,777,000 | $ 96,162,000 |
Weighted average interest rates (in hundredths) | 1.49% | 1.29% | 1.33% |
Amortization of facility fees | $ 670,000 | $ 608,000 | $ 563,000 |
Amortization of bank loan costs | 450,000 | 493,000 | $ 413,000 |
Unsecured bank credit facilities | 190,990,000 | $ 149,414,000 | |
Pnc Na Unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Line of Credit Facility, Interest Rate at Period End | 1.772% | ||
Unsecured bank credit facilities | $ 17,020,000 | ||
Extension option on credit facility | 1 year | ||
Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 300,000,000 | ||
Debt instrument, spread above LIBOR variable rate (in basis points) | 100 | ||
Line of credit, facility fee (in basis points) | 20 | ||
Banks included in the unsecured revolving credit facility group | Integer | 9 | ||
Extension option on credit facility | 1 year | ||
Expansion option on credit facility | $ 150,000,000 | ||
Debt with effectively fixed interest rate [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 2.02% | ||
Unsecured bank credit facilities | $ 80,000,000 | ||
Debt with variable interest rate [Member] | Nine bank group unsecured revolving credit facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.731% | ||
Unsecured bank credit facilities | $ 95,000,000 |
UNSECURED AND SECURED DEBT (Det
UNSECURED AND SECURED DEBT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Secured and Unsecured Debt [Line Items] | |||
Carrying Amount of Securing Real Estate | $ 294,998,000 | ||
Recourse liability | 5,000,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | 655,000,000 | $ 530,000,000 | |
Secured debt, carrying amount | 258,594,000 | 351,401,000 | |
Unsecured bank credit facilities | 190,990,000 | 149,414,000 | |
Unsecured debt | 652,838,000 | 528,210,000 | |
Secured debt | 257,505,000 | 350,285,000 | |
Total debt | 1,101,333,000 | 1,027,909,000 | |
Secured and unsecured debt [Member] | |||
Payments of principal over the next five years [Abstract] | |||
2,017 | 58,237,000 | ||
2,018 | 61,316,000 | ||
2,019 | 130,569,000 | ||
2,020 | 114,096,000 | ||
2,021 | $ 129,563,000 | ||
$80 million Unsecured Term Loan [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.75% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.77% | |
Debt Instrument, Maturity Date | Aug. 15, 2018 | ||
Unsecured debt, carrying amount | $ 0 | 80,000,000 | |
$50 Million Unsecured Term Loan [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.91% | ||
Debt Instrument, Maturity Date | Dec. 21, 2018 | ||
Unsecured debt, carrying amount | $ 50,000,000 | 50,000,000 | |
Seventy-Five Million Unsecured Term Loan (closed in 2014) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.15% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.846% | |
Debt Instrument, Maturity Date | Jul. 31, 2019 | ||
Unsecured debt, carrying amount | $ 75,000,000 | 75,000,000 | |
$75 Million Unsecured Term Loan [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.40% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 3.752% | |
Debt Instrument, Maturity Date | Dec. 20, 2020 | ||
Unsecured debt, carrying amount | $ 75,000,000 | 75,000,000 | |
$40 million term loan (2016) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.10% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.335% | |
Debt Instrument, Maturity Date | Jul. 30, 2021 | ||
Unsecured debt, carrying amount | $ 40,000,000 | 0 | |
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.40% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 3.031% | |
Debt Instrument, Maturity Date | Feb. 28, 2022 | ||
Unsecured debt, carrying amount | $ 75,000,000 | 75,000,000 | |
Sixty-five million term loan (2016) [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Debt instrument, spread above LIBOR variable rate | [1] | 1.65% | |
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | [1] | 2.863% | |
Debt Instrument, Maturity Date | Apr. 1, 2023 | ||
Unsecured debt, carrying amount | $ 65,000,000 | 0 | |
Thirty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2020 | ||
Unsecured debt, carrying amount | $ 30,000,000 | 30,000,000 | |
Fifty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2023 | ||
Unsecured debt, carrying amount | $ 50,000,000 | 50,000,000 | |
Twenty million senior unsecured notes [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.80% | ||
Debt Instrument, Maturity Date | Aug. 28, 2025 | ||
Unsecured debt, carrying amount | $ 20,000,000 | 20,000,000 | |
Sixty million senior unsecured notes (executed in 2016) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.48% | ||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||
Unsecured debt, carrying amount | $ 60,000,000 | 0 | |
Forty million senior unsecured notes (executed in 2016) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.75% | ||
Debt Instrument, Maturity Date | Dec. 15, 2026 | ||
Unsecured debt, carrying amount | $ 40,000,000 | 0 | |
Twenty-five million senior unsecured notes (executed in 2015) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.97% | ||
Debt Instrument, Maturity Date | Oct. 1, 2025 | ||
Unsecured debt, carrying amount | $ 25,000,000 | 25,000,000 | |
Fifty million senior unsecured notes (executed in 2015) [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Effective interest rate (in hundredths) | 3.99% | ||
Debt Instrument, Maturity Date | Oct. 7, 2025 | ||
Unsecured debt, carrying amount | $ 50,000,000 | 50,000,000 | |
Huntwood and Wiegman I Distribution Centers [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.68% | ||
Monthly P & I Payment | $ 265,275 | ||
Maturity Date | Repaid | ||
Carrying Amount of Securing Real Estate | $ 0 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 0 | 25,567,000 | |
Alamo Downs, Arion 1-15 and 17, Rampart I-IV, Santan 10 I and World Houston 16 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.97% | ||
Monthly P & I Payment | $ 557,467 | ||
Maturity Date | Repaid | ||
Carrying Amount of Securing Real Estate | $ 0 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 0 | 53,563,000 | |
Arion 16, Broadway VI, Chino, East University I and II, Northpark, Santan 10 II, 55th Avenue and World Houston 1 and 2, 21 and 23 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.57% | ||
Monthly P & I Payment | $ 518,885 | ||
Maturity Date | 9/5/2017 | ||
Carrying Amount of Securing Real Estate | $ 47,514,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 47,496,000 | 50,971,000 | |
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | [2] | 7.50% | |
Monthly P & I Payment | [2] | $ 539,747 | |
Maturity Date | [2] | 5/5/2019 | |
Carrying Amount of Securing Real Estate | [2] | $ 46,755,000 | |
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | [2] | $ 52,231,000 | 54,689,000 |
Blue Heron Distribution Center II [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 5.39% | ||
Monthly P & I Payment | $ 16,176 | ||
Maturity Date | 2/29/2020 | ||
Carrying Amount of Securing Real Estate | $ 4,208,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 576,000 | 735,000 | |
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 and 30 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.39% | ||
Monthly P & I Payment | $ 463,778 | ||
Maturity Date | 1/5/2021 | ||
Carrying Amount of Securing Real Estate | $ 69,029,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 58,380,000 | 61,312,000 | |
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9 | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.75% | ||
Monthly P & I Payment | $ 420,045 | ||
Maturity Date | 6/5/2021 | ||
Carrying Amount of Securing Real Estate | $ 59,882,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 52,752,000 | 55,223,000 | |
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Distribution Center, Interstate Distribution Center V, VI & VII, Lakeview Business Center, Ridge Creek Distribution Center II, Southridge IV & V and World Houston 32 [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 4.09% | ||
Monthly P & I Payment | $ 329,796 | ||
Maturity Date | 1/5/2022 | ||
Carrying Amount of Securing Real Estate | $ 58,425,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | $ 44,493,000 | 46,584,000 | |
Ramona Distribution Center [Member] | |||
Secured and Unsecured Debt [Line Items] | |||
Interest Rate (in hundredths) | 3.85% | ||
Monthly P & I Payment | $ 16,287 | ||
Maturity Date | 11/30/2026 | ||
Carrying Amount of Securing Real Estate | $ 9,185,000 | ||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt | 2,666,000 | 2,757,000 | |
Notes Payable to Banks [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured bank credit facilities - variable rate, carrying amount | 112,020,000 | 150,836,000 | |
Unsecured bank credit facilities - fixed rate, carrying amount | [3] | 80,000,000 | 0 |
Unamortized debt issuance costs | (1,030,000) | (1,422,000) | |
Unsecured bank credit facilities | 190,990,000 | 149,414,000 | |
Unsecured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Unsecured debt, carrying amount | [3] | 655,000,000 | 530,000,000 |
Unamortized debt issuance costs | (2,162,000) | (1,790,000) | |
Unsecured debt | 652,838,000 | 528,210,000 | |
Secured Debt [Member] | |||
Loans Payable, Noncurrent [Abstract] | |||
Secured debt, carrying amount | [3] | 258,594,000 | 351,401,000 |
Unamortized debt issuance costs | (1,089,000) | (1,116,000) | |
Secured debt | $ 257,505,000 | $ 350,285,000 | |
[1] | The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2016. | ||
[2] | This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. | ||
[3] | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. |
ACCOUNTS PAYABLE AND ACCRUED 59
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Property taxes payable | $ 14,186 | $ 16,055 | |
Development costs payable | 9,844 | 6,215 | |
Property capital expenditures payable | 2,304 | 2,818 | |
Interest payable | 3,822 | 3,704 | |
Dividends payable on unvested restricted stock | 1,530 | 2,157 | |
Bank Overdrafts | [1] | 14,452 | 7,215 |
Other payables and accrued expenses | 6,563 | 6,017 | |
Accounts payable and accrued expenses | $ 52,701 | $ 44,181 | |
[1] | (1) Represents unfunded outstanding checks for which the bank has not advanced cash to the Company. See Note 1(p). |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities, Unclassified [Abstract] | ||
Security deposits | $ 14,782 | $ 13,943 |
Prepaid rent and other deferred income | 9,795 | 10,003 |
Acquired below market lease intangibles | 4,012 | 3,485 |
Accumulated Amortization, Acquired Below Market Lease Intangibles | (1,662) | (1,353) |
Acquired below market lease intangibles, net of accumulated amortization | 2,350 | 2,132 |
Interest rate swap liabilities | 2,578 | 3,960 |
Prepaid tenant improvement reimbursements | 343 | 493 |
Other liabilities | 16 | 82 |
Total Other Liabilities | $ 29,864 | $ 30,613 |
COMMON STOCK ACTIVITY (Details)
COMMON STOCK ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 32,421,460 | ||
Common stock offerings (in shares) | 875,052 | 106,751 | 1,246,400 |
Stock Issued During Period, Value, New Issues | $ 59,283 | $ 6,233 | $ 78,868 |
Dividend reinvestment plan (in shares) | 3,326 | 4,536 | 3,626 |
Shares outstanding at end of year (in shares) | 33,332,213 | 32,421,460 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at beginning of year (in shares) | 32,421,460 | 32,232,587 | 30,937,225 |
Common stock offerings (in shares) | 875,052 | 106,751 | 1,246,400 |
Dividend reinvestment plan (in shares) | 3,326 | 4,536 | 3,626 |
Incentive restricted stock granted (in shares) | 80,529 | 100,622 | 71,642 |
Incentive restricted stock forfeited (in shares) | (910) | 0 | (2,375) |
Director common stock awarded (in shares) | 10,072 | 9,373 | 7,742 |
Restricted stock withheld for tax obligations (in shares) | (57,316) | (32,409) | (31,673) |
Shares outstanding at end of year (in shares) | 33,332,213 | 32,421,460 | 32,232,587 |
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 59,283 | $ 6,233 | $ 78,868 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | $ 5,831,000 | $ 8,423,000 | $ 6,567,000 | |||
Award Recipient Type Employee [Member] | Restricted Stock [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | 5,184,000 | 7,891,000 | 6,071,000 | |||
Stock based compensation cost capitalized as development costs | $ 1,183,000 | $ 1,672,000 | $ 1,415,000 | |||
Share awards granted (in shares) | 80,529 | 100,622 | 71,642 | |||
Grant date fair value of shares issued (in dollars per share) | $ 58.81 | $ 61.07 | $ 61.96 | |||
Compensation is recognized over a weighted average period (in years) | 2 years 8 months 12 days | |||||
Share based compensation, share based payment arrangements other than stock options, unrecognized cost associated with awards not yet vested | $ 4,577,000 | |||||
Shares withheld to satisfy the tax obligations (in shares) | 57,316 | 32,409 | 31,673 | |||
Fair value of shares granted | $ 4,736,000 | $ 6,145,000 | $ 4,439,000 | |||
Fair value of shares vested as of the vesting date | $ 10,013,000 | $ 6,664,000 | $ 5,712,000 | |||
Restricted Stock Activity [Roll Forward] | ||||||
Unvested at beginning of year (in shares) | 260,698 | 265,911 | 293,989 | |||
Granted (in shares) | 80,529 | 100,622 | 71,642 | |||
Forfeited (in shares) | (910) | 0 | (2,375) | |||
Vested (in shares) | (178,230) | (105,835) | (97,345) | |||
Unvested at end of year (in shares) | 162,087 | 260,698 | 265,911 | |||
Restricted stock activity weighted average price [Abstract] | ||||||
Unvested at beginning of year (in dollars per share) | $ 52.68 | $ 49.79 | $ 47.17 | |||
Granted (in dollars per share) | 58.81 | 61.07 | 61.96 | |||
Forfeited (in dollars per share) | 52.89 | 0 | 52.72 | |||
Vested (in dollars per share) | 56.09 | 53.40 | 50.76 | |||
Unvested at end of year (in dollars per share) | $ 51.97 | $ 52.68 | $ 49.79 | |||
Nonvested Shares Vesting Schedule [Abstract] | ||||||
2017 (in shares) | 51,064 | |||||
2018 (in shares) | 41,491 | |||||
2019 (in shares) | 35,062 | |||||
2020 (in shares) | 31,420 | |||||
2021 (in shares) | 3,050 | |||||
Total Nonvested Shares (in shares) | 260,698 | 265,911 | 293,989 | 162,087 | 260,698 | 265,911 |
Award Recipient Type Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual Director Retainer Stock Award Amount | $ 80,000 | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Stock-based compensation cost | $ 589,000 | $ 514,000 | $ 490,000 | |||
Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Fair value of shares vested as of the vesting date | $ 8,000 | $ 6,000 | $ 7,000 | |||
Management Incentive Plan 2004 [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Authorized shares of common stock (in shares) | 1,900,000 | |||||
Equity Incentive Plan 2013 [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Authorized shares of common stock (in shares) | 2,000,000 | |||||
Shares available for grant (in shares) | 1,752,345 | 1,802,000 | 1,900,800 | |||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 20.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 37,848 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 56.05 | |||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 20.00% | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 37,848 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 56.05 | |||||
Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of vesting that occurred on grant date | 25.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 27,431 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 56.05 | |||||
Percentage of shares granted vesting annually in future periods (in hundredths) | 25.00% | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 27,431 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 56.05 | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by Share-based payment award, % vesting after grant date and before date report was filed | 20.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 15,250 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 70.62 | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 15,250 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 70.62 | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 44,848 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 20.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 20.00% | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Employee [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum) | 47,275 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum) | 0 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date | 25.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights | 25.00% | |||||
Equity Incentive Plan 2013 [Member] | Award Recipient Type Director [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangements by share-based payment award, equity instruments other than options, percent of vesting that occurred during period | 25.00% | |||||
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years) | 25.00% | |||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Share awards granted (in shares) | 417 | |||||
Grant date fair value of shares issued (in dollars per share) | $ 59.97 | |||||
Restricted Stock Activity [Roll Forward] | ||||||
Granted (in shares) | 417 | |||||
Restricted stock activity weighted average price [Abstract] | ||||||
Granted (in dollars per share) | $ 59.97 | |||||
Award Recipient Type Director [Member] | ||||||
Stock Compensation Plan disclosure [Abstract] | ||||||
Shares issued to directors (in shares) | 10,072 | 9,373 | 7,742 | |||
New Director Stock Awards to be Issued in Future Periods [Member] | Award Recipient Type Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
New Director Restricted Stock Award Amount to be Awarded in Future Periods | $ 25,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
COMPREHENSIVE INCOME (Details)
COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss) - beginning balance | $ (3,456) | $ (2,357) | $ 1,629 |
Change in fair value of interest rate swaps | 5,451 | (1,099) | (3,986) |
Accumulated other comprehensive income (loss) - ending balance | $ 1,995 | $ (3,456) | $ (2,357) |
DERIVATIVE INSTRUMENTS AND HE64
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Integer | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | |||
Document Fiscal Year Focus | 2,016 | ||
Interest Rate Cash Flow Hedge Assets at Fair Value | $ 4,546,000 | $ 400,000 | |
Interest Rate Cash Flow Hedge Liabilities at Fair Value | $ 2,578,000 | 3,960,000 | |
Number of interest rate swaps | Integer | 7 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items] | $ 2,353,000 | ||
Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivative | 1,410,000 | (5,374,000) | $ (6,777,000) |
Amount of loss reclassified from accumulated other comprehensive income (loss) to interest expense | (4,041,000) | (4,275,000) | $ (2,791,000) |
Interest Rate Swap [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Liabilities at Fair Value | 2,578,000 | ||
Interest rate swap cash flow hedge termination value | 2,642,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Interest Rate Cash Flow Hedge Assets at Fair Value | 4,546,000 | ||
Interest rate swap cash flow hedge termination value | 4,567,000 | ||
$80 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 80,000,000 | 80,000,000 | |
$75 million interest rate swap executed in 2014 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 75,000,000 | |
$75 million interest rate swap executed in 2015 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 75,000,000 | 75,000,000 | |
$65 million interest rate swap executed in 2016 [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 65,000,000 | 0 | |
$60 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 60,000,000 | 60,000,000 | |
$40 million interest rate swap (2016) [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 40,000,000 | 0 | |
$15 million interest rate swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 15,000,000 | $ 15,000,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 95,509 | $ 47,866 | $ 47,941 | ||||||||
Denominator - weighted average shares outstanding (in shares) | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 32,563 | 32,091 | 31,341 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Numerator - net income available to common stockholders | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 95,509 | $ 47,866 | $ 47,941 | ||||||||
Denominator: [Abstract] | |||||||||||||||||||
Weighted average shares outstanding | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 32,563 | 32,091 | 31,341 |
Unvested restricted stock (in shares) | 65 | 105 | 111 | ||||||||||||||||
Total Shares (in shares) | 32,964 | [1] | 32,823 | [1] | 32,440 | [1] | 32,307 | [1] | 32,314 | [1] | 32,248 | [1] | 32,139 | [1] | 32,109 | [1] | 32,628 | 32,196 | 31,452 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
QUARTERLY RESULTS OF OPERATIO66
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 66,614 | $ 64,043 | $ 93,279 | $ 73,189 | $ 61,269 | $ 58,795 | $ 60,989 | $ 57,959 | |||||||||||
Expenses | (51,243) | (49,243) | (49,186) | (51,359) | (49,691) | (46,698) | (46,326) | (47,898) | |||||||||||
NET INCOME | 15,371 | 14,800 | 44,093 | 21,830 | 11,578 | 12,097 | 14,663 | 10,061 | $ 96,094 | $ 48,399 | $ 48,473 | ||||||||
Net income attributable to noncontrolling interest in joint ventures | (147) | (139) | (180) | (119) | (143) | (129) | (130) | (131) | (585) | (533) | (532) | ||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ 15,224 | $ 14,661 | $ 43,913 | $ 21,711 | $ 11,435 | $ 11,968 | $ 14,533 | $ 9,930 | $ 95,509 | $ 47,866 | $ 47,941 | ||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.46 | [1] | $ 0.45 | [1] | $ 1.36 | [1] | $ 0.67 | [1] | $ 0.36 | [1] | $ 0.37 | [1] | $ 0.45 | [1] | $ 0.31 | [1] | $ 2.93 | $ 1.49 | $ 1.53 |
Weighted average shares outstanding | 32,874 | [1] | 32,741 | [1] | 32,376 | [1] | 32,254 | [1] | 32,159 | [1] | 32,126 | [1] | 32,045 | [1] | 32,032 | [1] | 32,563 | 32,091 | 31,341 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract] | |||||||||||||||||||
Net income attributable to common stockholders (in dollars per share) | $ 0.46 | [1] | $ 0.45 | [1] | $ 1.35 | [1] | $ 0.67 | [1] | $ 0.35 | [1] | $ 0.37 | [1] | $ 0.45 | [1] | $ 0.31 | [1] | $ 2.93 | $ 1.49 | $ 1.52 |
Weighted average shares outstanding | 32,964 | [1] | 32,823 | [1] | 32,440 | [1] | 32,307 | [1] | 32,314 | [1] | 32,248 | [1] | 32,139 | [1] | 32,109 | [1] | 32,628 | 32,196 | 31,452 |
[1] | The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share. The annual earnings per share calculations in the Consolidated Statements of Income and Comprehensive Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share. The sum of quarterly financial data may vary from the annual data due to rounding. |
DEFINED CONTRIBUTION PLAN (Deta
DEFINED CONTRIBUTION PLAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Eligible for Matching Contribution (maximum) | 10.00% | ||
Defined contribution expense | $ 675,000 | $ 585,000 | $ 457,000 |
FAIR VALUE OF FINANCIAL INSTR68
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | $ 522 | $ 48 | $ 11 | $ 8 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and Cash Equivalents | [1] | 522 | 48 | ||
Mortgage loans receivable | [1] | 4,752 | 4,875 | ||
Interest Rate Swap Assets | [1] | 4,546 | 400 | ||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [1],[2] | 655,000 | 530,000 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [2] | 258,594 | 351,401 | ||
Unsecured debt | [1],[2] | 80,000 | 0 | ||
Secured debt | [1],[2] | 112,020 | 150,836 | ||
Interest rate swap liabilities | [1] | 2,578 | 3,960 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Financial Assets [Abstract] | |||||
Cash and cash equivalents | 522 | 48 | |||
Mortgage loans receivable | 4,747 | 4,896 | |||
Interest Rate Swap Assets | 4,546 | 400 | |||
Financial Liabilities [Abstract] | |||||
Unsecured bank credit facilities - variable rate - Fair Value Disclosure | [2] | 623,147 | 509,326 | ||
Unsecured bank credit facilities - fixed rate - Fair Value Disclosure | [2] | 266,585 | 366,491 | ||
Unsecured debt | [2] | 79,998 | 0 | ||
Secured debt | [2] | 111,923 | 150,670 | ||
Interest rate swap liabilities | $ 2,578 | $ 3,960 | |||
[1] | Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below.(2)Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 1(o), 6 and 7 for additional information).The following methods and assumptions were used to estimate the fair value of each class of financial instruments:Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments.Mortgage loans receivable (included in Other assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input).Interest rate swap assets (included in Other assets on the Consolidated Balances Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps.Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs.Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs.Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs.Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. | ||||
[2] | Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 1(o), 6 and 7 for additional information). |
SUBSEQUENT EVENTS Subsequent Ev
SUBSEQUENT EVENTS Subsequent Events (Details) - Subsequent Event $ in Millions | 2 Months Ended |
Feb. 15, 2017USD ($)ft²Integer | |
Subsequent Event [Line Items] | |
Number of buildings | Integer | 3 |
Size (in square feet) of buildings acquired | ft² | 238,000 |
Percent leased of real estate property | 100.00% |
Real estate property acquistion, purchase price | $ | $ 20 |
SCHEDULE III (Details)
SCHEDULE III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1],[2] | $ 258,594 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [1],[2] | 428,248 | ||||
Buildings and Improvements | [1],[2] | 1,012,033 | ||||
Costs Capitalized Subsequent to Acquisition | [1],[2] | 966,700 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [1],[2] | 433,278 | ||||
Buildings and Improvements | [1],[2] | 1,973,703 | ||||
Total | [3] | 2,406,981 | [1],[2] | $ 2,219,448 | $ 2,074,946 | $ 1,927,326 |
Accumulated Depreciation | $ 694,250 | [1],[2] | $ 657,454 | $ 600,526 | $ 550,113 | |
Year Constructed | 1,998 | |||||
Industrial [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 258,594 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 306,373 | ||||
Buildings and Improvements | [4] | 949,399 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 857,301 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 308,931 | ||||
Buildings and Improvements | [4] | 1,804,142 | ||||
Total | [4] | 2,113,073 | ||||
Accumulated Depreciation | [4] | 693,887 | ||||
Industrial [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | 3,599 | ||||
Industrial Development [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 121,875 | ||||
Buildings and Improvements | [6] | 62,634 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 109,399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 124,347 | ||||
Buildings and Improvements | [6] | 169,561 | ||||
Total | [6] | 293,908 | ||||
Accumulated Depreciation | [6] | 363 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 3,861 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,973 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,023 | ||||
Buildings and Improvements | [4] | 5,834 | ||||
Total | [4] | 6,857 | ||||
Accumulated Depreciation | [4] | $ 4,040 | ||||
Year Acquired | [4] | 1,988 | ||||
Year Constructed | [4] | 1,987 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 2,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,164 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 230 | ||||
Buildings and Improvements | [4] | 4,141 | ||||
Total | [4] | 4,371 | ||||
Accumulated Depreciation | [4] | $ 2,697 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1996/97 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 3,884 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,866 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,098 | ||||
Buildings and Improvements | [4] | 5,750 | ||||
Total | [4] | 6,848 | ||||
Accumulated Depreciation | [4] | $ 2,876 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1,999 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Rampart Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,128 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 590 | ||||
Buildings and Improvements | [4] | 8,128 | ||||
Total | [4] | 8,718 | ||||
Accumulated Depreciation | [4] | $ 319 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Concord Distribution Center [Member] | ||||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | $ 1,051 | ||||
Buildings and Improvements | [4],[5] | 4,773 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 439 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,051 | ||||
Buildings and Improvements | [4],[5] | 5,212 | ||||
Total | [4],[5] | 6,263 | ||||
Accumulated Depreciation | [4],[5] | $ 1,879 | ||||
Year Acquired | [4],[5] | 2,007 | ||||
Year Constructed | [4],[5] | 2,000 | ||||
COLORADO | Industrial [Member] | Denver [Member] | Centennial Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,541 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 750 | ||||
Buildings and Improvements | [4],[7] | 3,319 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 1,738 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 750 | ||||
Buildings and Improvements | [4],[7] | 5,057 | ||||
Total | [4],[7] | 5,807 | ||||
Accumulated Depreciation | [4],[7] | $ 1,697 | ||||
Year Acquired | [4],[7] | 2,007 | ||||
Year Constructed | [4],[7] | 1,990 | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Elmwood Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 6,337 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,536 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,861 | ||||
Buildings and Improvements | [4] | 10,873 | ||||
Total | [4] | 13,734 | ||||
Accumulated Depreciation | [4] | $ 7,492 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,979 | ||||
LOUISIANA | Industrial [Member] | New Orleans [Member] | Riverbend Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 17,623 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,762 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,557 | ||||
Buildings and Improvements | [4] | 24,385 | ||||
Total | [4] | 26,942 | ||||
Accumulated Depreciation | [4] | $ 13,630 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,984 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,197 | ||||
Buildings and Improvements | [4] | 8,788 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,094 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,308 | ||||
Buildings and Improvements | [4] | 10,771 | ||||
Total | [4] | 13,079 | ||||
Accumulated Depreciation | [4] | $ 5,868 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1986/87 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Wiegman Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,316 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 152 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,579 | ||||
Buildings and Improvements | [4] | 4,468 | ||||
Total | [4] | 7,047 | ||||
Accumulated Depreciation | [4] | $ 564 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 1,998 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Huntwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 15,368 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,054 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,842 | ||||
Buildings and Improvements | [4] | 18,422 | ||||
Total | [4] | 22,264 | ||||
Accumulated Depreciation | [4] | $ 10,214 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,988 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | San Clemente Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,004 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 932 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 893 | ||||
Buildings and Improvements | [4] | 2,936 | ||||
Total | [4] | 3,829 | ||||
Accumulated Depreciation | [4] | $ 1,748 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,978 | ||||
CALIFORNIA | Industrial [Member] | San Francisco area [Member] | Yosemite Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 7,058 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,344 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 259 | ||||
Buildings and Improvements | [4] | 8,402 | ||||
Total | [4] | 8,661 | ||||
Accumulated Depreciation | [4] | $ 4,441 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1974/87 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Kingsview Industrial Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 2,454 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 643 | ||||
Buildings and Improvements | [4],[8] | 2,573 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 628 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 643 | ||||
Buildings and Improvements | [4],[8] | 3,201 | ||||
Total | [4],[8] | 3,844 | ||||
Accumulated Depreciation | [4],[8] | $ 1,833 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1,980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Dominguez Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 7,152 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,006 | ||||
Buildings and Improvements | [4],[8] | 8,025 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 1,170 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,006 | ||||
Buildings and Improvements | [4],[8] | 9,195 | ||||
Total | [4],[8] | 11,201 | ||||
Accumulated Depreciation | [4],[8] | $ 5,327 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1,977 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Main Street Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,103 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 836 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,606 | ||||
Buildings and Improvements | [4] | 4,939 | ||||
Total | [4] | 6,545 | ||||
Accumulated Depreciation | [4] | $ 2,636 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Walnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 6,667 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,885 | ||||
Buildings and Improvements | [4],[8] | 5,274 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 2,282 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,885 | ||||
Buildings and Improvements | [4],[8] | 7,556 | ||||
Total | [4],[8] | 10,441 | ||||
Accumulated Depreciation | [4],[8] | $ 3,771 | ||||
Year Acquired | [4],[8] | 1,996 | ||||
Year Constructed | [4],[8] | 1966/90 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Washington Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 4,593 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 1,636 | ||||
Buildings and Improvements | [4],[8] | 4,900 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 658 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 1,636 | ||||
Buildings and Improvements | [4],[8] | 5,558 | ||||
Total | [4],[8] | 7,194 | ||||
Accumulated Depreciation | [4],[8] | $ 2,987 | ||||
Year Acquired | [4],[8] | 1,997 | ||||
Year Constructed | [4],[8] | 1996/97 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chino Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 8,113 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 2,544 | ||||
Buildings and Improvements | [4],[9] | 10,175 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,623 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 2,544 | ||||
Buildings and Improvements | [4],[9] | 11,798 | ||||
Total | [4],[9] | 14,342 | ||||
Accumulated Depreciation | [4],[9] | $ 7,458 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,980 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Ramona Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 2,666 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,751 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,761 | ||||
Buildings and Improvements | [4] | 5,754 | ||||
Total | [4] | 9,515 | ||||
Accumulated Depreciation | [4] | $ 330 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 1,984 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 17,260 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 10,230 | ||||
Buildings and Improvements | [4],[8] | 12,373 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 4,427 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 10,230 | ||||
Buildings and Improvements | [4],[8] | 16,800 | ||||
Total | [4],[8] | 27,030 | ||||
Accumulated Depreciation | [4],[8] | $ 8,178 | ||||
Year Acquired | [4],[8] | 1,998 | ||||
Year Constructed | [4],[8] | 1,959 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Industry Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 1,823 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 0 | ||||
Buildings and Improvements | [4],[8] | 3,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | (157) | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 0 | ||||
Buildings and Improvements | [4],[8] | 2,855 | ||||
Total | [4],[8] | 2,855 | ||||
Accumulated Depreciation | [4],[8] | $ 2,855 | ||||
Year Acquired | [4],[8] | 2,007 | ||||
Year Constructed | [4],[8] | 1,992 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Chestnut Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 250 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,674 | ||||
Buildings and Improvements | [4] | 3,715 | ||||
Total | [4] | 5,389 | ||||
Accumulated Depreciation | [4] | $ 1,814 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,999 | ||||
CALIFORNIA | Industrial [Member] | Los Angeles area [Member] | Los Angeles Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 5,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,056 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,363 | ||||
Buildings and Improvements | [4] | 8,509 | ||||
Total | [4] | 9,872 | ||||
Accumulated Depreciation | [4] | $ 5,521 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,986 | ||||
CALIFORNIA | Industrial [Member] | Santa Barbara [Member] | University Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,517 | ||||
Buildings and Improvements | [4] | 22,067 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,679 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,519 | ||||
Buildings and Improvements | [4] | 28,744 | ||||
Total | [4] | 34,263 | ||||
Accumulated Depreciation | [4] | $ 16,120 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1987/88 | ||||
CALIFORNIA | Industrial [Member] | Fresno [Member] | Shaw Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[8] | $ 12,282 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[8] | 2,465 | ||||
Buildings and Improvements | [4],[8] | 11,627 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[8] | 5,144 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[8] | 2,465 | ||||
Buildings and Improvements | [4],[8] | 16,771 | ||||
Total | [4],[8] | 19,236 | ||||
Accumulated Depreciation | [4],[8] | $ 10,095 | ||||
Year Acquired | [4],[8] | 1,998 | ||||
Year Constructed | [4],[8] | 1978/81/87 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Eastlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 6,888 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,767 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,046 | ||||
Buildings and Improvements | [4] | 8,655 | ||||
Total | [4] | 11,701 | ||||
Accumulated Depreciation | [4] | $ 5,099 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,989 | ||||
CALIFORNIA | Industrial [Member] | San Diego [Member] | Ocean View Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 8,819 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 6,577 | ||||
Buildings and Improvements | [4],[7] | 7,105 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 779 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 6,577 | ||||
Buildings and Improvements | [4],[7] | 7,884 | ||||
Total | [4],[7] | 14,461 | ||||
Accumulated Depreciation | [4],[7] | $ 2,393 | ||||
Year Acquired | [4],[7] | 2,010 | ||||
Year Constructed | [4],[7] | 2,005 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Interchange Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 5,007 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,246 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 343 | ||||
Buildings and Improvements | [4] | 8,253 | ||||
Total | [4] | 8,596 | ||||
Accumulated Depreciation | [4] | $ 5,279 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,981 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Tower Automotive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 9,958 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,256 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 17 | ||||
Buildings and Improvements | [4] | 11,197 | ||||
Total | [4] | 11,214 | ||||
Accumulated Depreciation | [4] | $ 4,633 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,002 | ||||
MISSISSIPPI | Industrial [Member] | Jackson area [Member] | Metro Airport Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 1,479 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,074 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 303 | ||||
Buildings and Improvements | [4] | 2,553 | ||||
Total | [4] | 2,856 | ||||
Accumulated Depreciation | [4] | $ 1,505 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,003 | ||||
MISSISSIPPI | Industrial Development [Member] | Metro Airport Commerce Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 307 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 399 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 307 | ||||
Buildings and Improvements | [6] | 399 | ||||
Total | [6] | 706 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,001 | ||||
Year Constructed | [6] | n/a | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | NorthPark Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 12,858 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 2,758 | ||||
Buildings and Improvements | [4],[9] | 15,932 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 4,039 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 2,758 | ||||
Buildings and Improvements | [4],[9] | 19,971 | ||||
Total | [4],[9] | 22,729 | ||||
Accumulated Depreciation | [4],[9] | $ 8,680 | ||||
Year Acquired | [4],[9] | 2,006 | ||||
Year Constructed | [4],[9] | 1987-89 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lindbergh Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,401 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 453 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 470 | ||||
Buildings and Improvements | [4] | 3,854 | ||||
Total | [4] | 4,324 | ||||
Accumulated Depreciation | [4] | $ 1,485 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2001/03 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 4,303 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 791 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 765 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Total | [4] | 5,859 | ||||
Accumulated Depreciation | [4] | $ 1,842 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1,983 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,284 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 1,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 297 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 335 | ||||
Buildings and Improvements | [4],[5] | 1,900 | ||||
Total | [4],[5] | 2,235 | ||||
Accumulated Depreciation | [4],[5] | $ 555 | ||||
Year Acquired | [4],[5] | 2,010 | ||||
Year Constructed | [4],[5] | 1,987 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,135 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 2,225 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 932 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 558 | ||||
Buildings and Improvements | [4],[5] | 3,157 | ||||
Total | [4],[5] | 3,715 | ||||
Accumulated Depreciation | [4],[5] | $ 844 | ||||
Year Acquired | [4],[5] | 2,010 | ||||
Year Constructed | [4],[5] | 1,981 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Nations Ford Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 16,171 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,251 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,924 | ||||
Buildings and Improvements | [4] | 19,422 | ||||
Total | [4] | 23,346 | ||||
Accumulated Depreciation | [4] | $ 8,304 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1989/94 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 10,136 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,976 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,454 | ||||
Buildings and Improvements | [4] | 12,112 | ||||
Total | [4] | 13,566 | ||||
Accumulated Depreciation | [4] | $ 3,793 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2001/02 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 5,804 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 986 | ||||
Buildings and Improvements | [4],[7] | 7,949 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 583 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 986 | ||||
Buildings and Improvements | [4],[7] | 8,532 | ||||
Total | [4],[7] | 9,518 | ||||
Accumulated Depreciation | [4],[7] | $ 2,500 | ||||
Year Acquired | [4],[7] | 2,008 | ||||
Year Constructed | [4],[7] | 1,989 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Interchange Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,456 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 55 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 746 | ||||
Buildings and Improvements | [4] | 1,511 | ||||
Total | [4] | 2,257 | ||||
Accumulated Depreciation | [4] | $ 173 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,000 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 13,163 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 951 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,284 | ||||
Buildings and Improvements | [4] | 14,114 | ||||
Total | [4] | 15,398 | ||||
Accumulated Depreciation | [4] | $ 3,752 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,006 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 9,567 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 11,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,116 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 3,033 | ||||
Buildings and Improvements | [4],[5] | 13,613 | ||||
Total | [4],[5] | 16,646 | ||||
Accumulated Depreciation | [4],[5] | $ 2,194 | ||||
Year Acquired | [4],[5] | 2,011 | ||||
Year Constructed | [4],[5] | 2,003 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Ridge Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,147 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,459 | ||||
Buildings and Improvements | [4] | 11,528 | ||||
Total | [4] | 13,987 | ||||
Accumulated Depreciation | [4] | $ 1,115 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,013 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Lakeview Business [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,237 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,068 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 912 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,392 | ||||
Buildings and Improvements | [4],[5] | 5,980 | ||||
Total | [4],[5] | 7,372 | ||||
Accumulated Depreciation | [4],[5] | $ 1,258 | ||||
Year Acquired | [4],[5] | 2,011 | ||||
Year Constructed | [4],[5] | 1,996 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,882 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 993 | ||||
Buildings and Improvements | [4],[10] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 4,314 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,010 | ||||
Buildings and Improvements | [4],[10] | 4,297 | ||||
Total | [4],[10] | 5,307 | ||||
Accumulated Depreciation | [4],[10] | $ 571 | ||||
Year Acquired | [4],[10] | 2,013 | ||||
Year Constructed | [4],[10] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,932 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 941 | ||||
Buildings and Improvements | [4],[10] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 4,458 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 957 | ||||
Buildings and Improvements | [4],[10] | 4,442 | ||||
Total | [4],[10] | 5,399 | ||||
Accumulated Depreciation | [4],[10] | $ 510 | ||||
Year Acquired | [4],[10] | 2,013 | ||||
Year Constructed | [4],[10] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,464 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,411 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,469 | ||||
Buildings and Improvements | [4] | 6,406 | ||||
Total | [4] | 7,875 | ||||
Accumulated Depreciation | [4] | $ 588 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,014 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Steele Creek IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,944 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 687 | ||||
Buildings and Improvements | [4] | 3,941 | ||||
Total | [4] | 4,628 | ||||
Accumulated Depreciation | [4] | $ 249 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,015 | ||||
NORTH CAROLINA | Industrial [Member] | Charlotte [Member] | Waterford Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,392 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 501 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 654 | ||||
Buildings and Improvements | [4] | 3,893 | ||||
Total | [4] | 4,547 | ||||
Accumulated Depreciation | [4] | $ 1,102 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,000 | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 867 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 6,139 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 870 | ||||
Buildings and Improvements | [6] | 6,136 | ||||
Total | [6] | 7,006 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2013/14 | ||||
Year Constructed | [6] | 2,016 | ||||
NORTH CAROLINA | Industrial Development [Member] | Steele Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 5,731 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,947 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 5,735 | ||||
Buildings and Improvements | [6] | 1,943 | ||||
Total | [6] | 7,678 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2013-2016 | ||||
Year Constructed | [6] | n/a | ||||
NORTH CAROLINA | Industrial Development [Member] | Airport Commerce Center III land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 855 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 770 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 855 | ||||
Buildings and Improvements | [6] | 770 | ||||
Total | [6] | 1,625 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,008 | ||||
Year Constructed | [6] | n/a | ||||
NEVADA | Industrial [Member] | Las Vegas [Member] | Arville Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,094 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 430 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,933 | ||||
Buildings and Improvements | [4] | 5,524 | ||||
Total | [4] | 10,457 | ||||
Accumulated Depreciation | [4] | $ 1,691 | ||||
Year Acquired | [4] | 2,009 | ||||
Year Constructed | [4] | 1,997 | ||||
NEVADA | Industrial Development [Member] | Jones Corporate Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 13,068 | ||||
Buildings and Improvements | [6] | 26,325 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 147 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 13,069 | ||||
Buildings and Improvements | [6] | 26,471 | ||||
Total | [6] | 39,540 | ||||
Accumulated Depreciation | [6] | $ 55 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | 2,016 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 3,349 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,031 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 4,380 | ||||
Total | [4] | 5,217 | ||||
Accumulated Depreciation | [4] | $ 2,663 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 482 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 455 | ||||
Buildings and Improvements | [4] | 684 | ||||
Total | [4] | 1,139 | ||||
Accumulated Depreciation | [4] | $ 422 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 1,742 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 531 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 775 | ||||
Buildings and Improvements | [4] | 2,273 | ||||
Total | [4] | 3,048 | ||||
Accumulated Depreciation | [4] | $ 1,346 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 1,983 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 1,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 783 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 380 | ||||
Buildings and Improvements | [4] | 2,435 | ||||
Total | [4] | 2,815 | ||||
Accumulated Depreciation | [4] | $ 1,502 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 1,986 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,090 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 353 | ||||
Buildings and Improvements | [4] | 1,231 | ||||
Total | [4] | 1,584 | ||||
Accumulated Depreciation | [4] | $ 662 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,980 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 1,801 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 599 | ||||
Buildings and Improvements | [4],[9] | 1,855 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 730 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 599 | ||||
Buildings and Improvements | [4],[9] | 2,585 | ||||
Total | [4],[9] | 3,184 | ||||
Accumulated Depreciation | [4],[9] | $ 1,485 | ||||
Year Acquired | [4],[9] | 2,002 | ||||
Year Constructed | [4],[9] | 1,979 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Broadway Industrial Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 650 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 232 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 882 | ||||
Total | [4] | 1,332 | ||||
Accumulated Depreciation | [4] | $ 182 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1,999 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 4,453 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,813 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,490 | ||||
Buildings and Improvements | [4] | 6,266 | ||||
Total | [4] | 7,756 | ||||
Accumulated Depreciation | [4] | $ 3,677 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1981/2001 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Southpark Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 2,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,699 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 918 | ||||
Buildings and Improvements | [4] | 4,437 | ||||
Total | [4] | 5,355 | ||||
Accumulated Depreciation | [4] | $ 1,565 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,000 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 2,647 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 643 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 846 | ||||
Buildings and Improvements | [4] | 3,290 | ||||
Total | [4] | 4,136 | ||||
Accumulated Depreciation | [4] | $ 1,383 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,005 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Santan 10 Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 3,536 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 1,088 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 5,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 1,088 | ||||
Buildings and Improvements | [4],[9] | 5,163 | ||||
Total | [4],[9] | 6,251 | ||||
Accumulated Depreciation | [4],[9] | $ 2,123 | ||||
Year Acquired | [4],[9] | 2,004 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Chandler Freeways [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,381 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,525 | ||||
Buildings and Improvements | [4] | 7,381 | ||||
Total | [4] | 8,906 | ||||
Accumulated Depreciation | [4] | $ 820 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,777 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 653 | ||||
Buildings and Improvements | [4] | 5,777 | ||||
Total | [4] | 6,430 | ||||
Accumulated Depreciation | [4] | $ 368 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 387 | ||||
Buildings and Improvements | [4] | 3,414 | ||||
Total | [4] | 3,801 | ||||
Accumulated Depreciation | [4] | $ 231 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Metro Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 7,708 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,055 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,927 | ||||
Buildings and Improvements | [4] | 14,763 | ||||
Total | [4] | 16,690 | ||||
Accumulated Depreciation | [4] | $ 9,663 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1977/79 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 35th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 207 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,588 | ||||
Total | [4] | 3,006 | ||||
Accumulated Depreciation | [4] | $ 1,341 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,967 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 51st Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 2,029 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,013 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 3,042 | ||||
Total | [4] | 3,342 | ||||
Accumulated Depreciation | [4] | $ 1,863 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,987 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 4,093 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 1,120 | ||||
Buildings and Improvements | [4],[9] | 4,482 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,633 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 1,120 | ||||
Buildings and Improvements | [4],[9] | 6,115 | ||||
Total | [4],[9] | 7,235 | ||||
Accumulated Depreciation | [4],[9] | $ 3,825 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1987/89 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | East University Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 698 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 423 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 444 | ||||
Buildings and Improvements | [4] | 1,121 | ||||
Total | [4] | 1,565 | ||||
Accumulated Depreciation | [4] | $ 256 | ||||
Year Acquired | [4] | 2,010 | ||||
Year Constructed | [4] | 1,981 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 55th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 3,158 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 912 | ||||
Buildings and Improvements | [4],[9] | 3,717 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 953 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 917 | ||||
Buildings and Improvements | [4],[9] | 4,665 | ||||
Total | [4],[9] | 5,582 | ||||
Accumulated Depreciation | [4],[9] | $ 3,044 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,987 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 1,416 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 720 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 311 | ||||
Buildings and Improvements | [4] | 2,136 | ||||
Total | [4] | 2,447 | ||||
Accumulated Depreciation | [4] | $ 1,159 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,988 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Interstate Commons Dist Ctr III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,996 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 242 | ||||
Buildings and Improvements | [4] | 2,996 | ||||
Total | [4] | 3,238 | ||||
Accumulated Depreciation | [4] | $ 947 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Airport Commons [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 1,510 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,356 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,000 | ||||
Buildings and Improvements | [4] | 2,866 | ||||
Total | [4] | 3,866 | ||||
Accumulated Depreciation | [4] | $ 1,670 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,971 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | 40th Avenue Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 4,124 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 703 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 6,059 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 703 | ||||
Buildings and Improvements | [4],[7] | 6,059 | ||||
Total | [4],[7] | 6,762 | ||||
Accumulated Depreciation | [4],[7] | $ 1,874 | ||||
Year Acquired | [4],[7] | 2,004 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 21,411 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 5,839 | ||||
Buildings and Improvements | [4] | 21,411 | ||||
Total | [4] | 27,250 | ||||
Accumulated Depreciation | [4] | $ 6,526 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | 2,008 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Sky Harbor 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,177 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 807 | ||||
Buildings and Improvements | [4] | 2,177 | ||||
Total | [4] | 2,984 | ||||
Accumulated Depreciation | [4] | $ 102 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,015 | ||||
ARIZONA | Industrial [Member] | Phoenix Area [Member] | Kyrene 202 VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,970 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 6,970 | ||||
Total | [4] | 7,906 | ||||
Accumulated Depreciation | [4] | $ 90 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,015 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 506 | ||||
Buildings and Improvements | [4] | 3,564 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,173 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 693 | ||||
Buildings and Improvements | [4] | 5,550 | ||||
Total | [4] | 6,243 | ||||
Accumulated Depreciation | [4] | $ 2,499 | ||||
Year Acquired | [4] | 1997/2003 | ||||
Year Constructed | [4] | 1994/2003 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,381 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 37 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 442 | ||||
Buildings and Improvements | [4] | 3,418 | ||||
Total | [4] | 3,860 | ||||
Accumulated Depreciation | [4] | $ 1,134 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,000 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Country Club III and IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,407 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 11,825 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 11,657 | ||||
Total | [4] | 13,232 | ||||
Accumulated Depreciation | [4] | $ 3,936 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,009 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,103 | ||||
Buildings and Improvements | [4] | 4,672 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,549 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,103 | ||||
Buildings and Improvements | [4] | 6,221 | ||||
Total | [4] | 7,324 | ||||
Accumulated Depreciation | [4] | $ 3,739 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,995 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Southpointe Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,982 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,950 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,932 | ||||
Total | [4] | 6,932 | ||||
Accumulated Depreciation | [4] | $ 4,229 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,989 | ||||
ARIZONA | Industrial [Member] | Tucson [Member] | Benan Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 1,842 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 649 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 707 | ||||
Buildings and Improvements | [4] | 2,491 | ||||
Total | [4] | 3,198 | ||||
Accumulated Depreciation | [4] | $ 1,360 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,001 | ||||
ARIZONA | Industrial Development [Member] | Kyrene 202 Business Park Land Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,244 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,005 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,244 | ||||
Buildings and Improvements | [6] | 1,005 | ||||
Total | [6] | 2,249 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,011 | ||||
Year Constructed | [6] | n/a | ||||
ARIZONA | Industrial Development [Member] | 35th Avenue Distribution Center - redevelopment [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 0 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,664 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 0 | ||||
Buildings and Improvements | [6] | 1,664 | ||||
Total | [6] | 1,664 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 1,997 | ||||
Year Constructed | [6] | 2,016 | ||||
ARIZONA | Industrial Development [Member] | Ten Sky Harbor [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,568 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 3,697 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,569 | ||||
Buildings and Improvements | [6] | 3,696 | ||||
Total | [6] | 5,265 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | 2,016 | ||||
ARIZONA | Industrial Development [Member] | Falcon Field Business Center land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,311 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 333 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,311 | ||||
Buildings and Improvements | [6] | 333 | ||||
Total | [6] | 1,644 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
ARIZONA | Industrial Development [Member] | Airport Distribution Center II land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 300 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 117 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 300 | ||||
Buildings and Improvements | [6] | 117 | ||||
Total | [6] | 417 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,000 | ||||
Year Constructed | [6] | n/a | ||||
ARIZONA | Industrial Development [Member] | Country Club V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,885 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 410 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,885 | ||||
Buildings and Improvements | [6] | 410 | ||||
Total | [6] | 3,295 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Commons Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 5,544 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,746 | ||||
Buildings and Improvements | [4],[10] | 4,941 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 3,518 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,746 | ||||
Buildings and Improvements | [4],[10] | 8,459 | ||||
Total | [4],[10] | 10,205 | ||||
Accumulated Depreciation | [4],[10] | $ 5,869 | ||||
Year Acquired | [4],[10] | 1,988 | ||||
Year Constructed | [4],[10] | 1,978 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 2,226 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 519 | ||||
Buildings and Improvements | [4],[10] | 2,008 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,570 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 519 | ||||
Buildings and Improvements | [4],[10] | 3,578 | ||||
Total | [4],[10] | 4,097 | ||||
Accumulated Depreciation | [4],[10] | $ 1,862 | ||||
Year Acquired | [4],[10] | 2,000 | ||||
Year Constructed | [4],[10] | 1,979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,481 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 518 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 416 | ||||
Buildings and Improvements | [4] | 2,999 | ||||
Total | [4] | 3,415 | ||||
Accumulated Depreciation | [4] | $ 1,451 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 2,002 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Interstate Distribution Center V, VI, VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 4,627 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 4,106 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,121 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,824 | ||||
Buildings and Improvements | [4],[5] | 6,227 | ||||
Total | [4],[5] | 8,051 | ||||
Accumulated Depreciation | [4],[5] | $ 2,581 | ||||
Year Acquired | [4],[5] | 2,009 | ||||
Year Constructed | [4],[5] | 1979/80/81 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Venture Warehouses [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,235 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,452 | ||||
Buildings and Improvements | [4],[10] | 3,762 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 2,583 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,452 | ||||
Buildings and Improvements | [4],[10] | 6,345 | ||||
Total | [4],[10] | 7,797 | ||||
Accumulated Depreciation | [4],[10] | $ 4,909 | ||||
Year Acquired | [4],[10] | 1,988 | ||||
Year Constructed | [4],[10] | 1,979 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Stemmons Circle [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 1,667 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 363 | ||||
Buildings and Improvements | [4],[10] | 2,014 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 692 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 363 | ||||
Buildings and Improvements | [4],[10] | 2,706 | ||||
Total | [4],[10] | 3,069 | ||||
Accumulated Depreciation | [4],[10] | $ 1,774 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,977 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Shady Trail Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 3,621 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 635 | ||||
Buildings and Improvements | [4] | 4,821 | ||||
Total | [4] | 5,456 | ||||
Accumulated Depreciation | [4] | $ 2,228 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,998 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Valwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 34,405 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,817 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,361 | ||||
Buildings and Improvements | [4] | 37,222 | ||||
Total | [4] | 41,583 | ||||
Accumulated Depreciation | [4] | $ 6,396 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 1986/87/97/98 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | Northfield Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 12,470 | ||||
Buildings and Improvements | [4] | 50,713 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 12,470 | ||||
Buildings and Improvements | [4] | 52,814 | ||||
Total | [4] | 65,284 | ||||
Accumulated Depreciation | [4] | $ 9,032 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 1999-2001/03/04/08 | ||||
TEXAS | Industrial [Member] | Dallas [Member] | ParkView 1-3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 18,044 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,663 | ||||
Buildings and Improvements | [4] | 18,044 | ||||
Total | [4] | 20,707 | ||||
Accumulated Depreciation | [4] | $ 306 | ||||
Year Acquired | [4] | 2,014 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 1 and 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 4,831 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 660 | ||||
Buildings and Improvements | [4],[9] | 5,893 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 1,986 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 660 | ||||
Buildings and Improvements | [4],[9] | 7,879 | ||||
Total | [4],[9] | 8,539 | ||||
Accumulated Depreciation | [4],[9] | $ 4,460 | ||||
Year Acquired | [4],[9] | 1,998 | ||||
Year Constructed | [4],[9] | 1,996 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 3, 4 and 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,742 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 1,025 | ||||
Buildings and Improvements | [4],[10] | 6,413 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,293 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 1,025 | ||||
Buildings and Improvements | [4],[10] | 7,706 | ||||
Total | [4],[10] | 8,731 | ||||
Accumulated Depreciation | [4],[10] | $ 4,389 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 1,886 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 425 | ||||
Buildings and Improvements | [4],[10] | 2,423 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 624 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 425 | ||||
Buildings and Improvements | [4],[10] | 3,047 | ||||
Total | [4],[10] | 3,472 | ||||
Accumulated Depreciation | [4],[10] | $ 1,732 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 7 and 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 5,400 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 680 | ||||
Buildings and Improvements | [4],[10] | 4,584 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 4,677 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 680 | ||||
Buildings and Improvements | [4],[10] | 9,261 | ||||
Total | [4],[10] | 9,941 | ||||
Accumulated Depreciation | [4],[10] | $ 5,206 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 9 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 3,780 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 800 | ||||
Buildings and Improvements | [4],[10] | 4,355 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 1,805 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 800 | ||||
Buildings and Improvements | [4],[10] | 6,160 | ||||
Total | [4],[10] | 6,960 | ||||
Accumulated Depreciation | [4],[10] | $ 2,748 | ||||
Year Acquired | [4],[10] | 1,998 | ||||
Year Constructed | [4],[10] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 10 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 4,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 350 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 5,129 | ||||
Total | [4] | 6,062 | ||||
Accumulated Depreciation | [4] | $ 2,349 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 1,999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 11 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 3,764 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,282 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 638 | ||||
Buildings and Improvements | [4] | 5,046 | ||||
Total | [4] | 5,684 | ||||
Accumulated Depreciation | [4] | $ 2,654 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 12 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,419 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,802 | ||||
Total | [4] | 3,142 | ||||
Accumulated Depreciation | [4] | $ 1,543 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 13 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,569 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 414 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 282 | ||||
Buildings and Improvements | [4] | 2,983 | ||||
Total | [4] | 3,265 | ||||
Accumulated Depreciation | [4] | $ 1,851 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,002 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 2,629 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 556 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 722 | ||||
Buildings and Improvements | [4] | 3,185 | ||||
Total | [4] | 3,907 | ||||
Accumulated Depreciation | [4] | $ 1,672 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,003 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,180 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 731 | ||||
Buildings and Improvements | [4] | 6,180 | ||||
Total | [4] | 6,911 | ||||
Accumulated Depreciation | [4] | $ 3,067 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 4,248 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,481 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 519 | ||||
Buildings and Improvements | [4] | 5,729 | ||||
Total | [4] | 6,248 | ||||
Accumulated Depreciation | [4] | $ 3,003 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,005 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 1,945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,744 | ||||
Total | [4] | 3,117 | ||||
Accumulated Depreciation | [4] | $ 1,279 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 323 | ||||
Buildings and Improvements | [4] | 1,512 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 251 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 323 | ||||
Buildings and Improvements | [4] | 1,763 | ||||
Total | [4] | 2,086 | ||||
Accumulated Depreciation | [4] | $ 834 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1,995 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 19 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 2,256 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,126 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 3,382 | ||||
Total | [4] | 3,755 | ||||
Accumulated Depreciation | [4] | $ 1,866 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 20 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,307 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,008 | ||||
Buildings and Improvements | [4] | 3,255 | ||||
Total | [4] | 4,263 | ||||
Accumulated Depreciation | [4] | $ 1,859 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 21 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 2,230 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 436 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 3,506 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 436 | ||||
Buildings and Improvements | [4],[9] | 3,506 | ||||
Total | [4],[9] | 3,942 | ||||
Accumulated Depreciation | [4],[9] | $ 1,375 | ||||
Year Acquired | [4],[9] | 2000/03 | ||||
Year Constructed | [4],[9] | 2,006 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 22 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,542 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 436 | ||||
Buildings and Improvements | [4] | 4,542 | ||||
Total | [4] | 4,978 | ||||
Accumulated Depreciation | [4] | $ 1,964 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 23 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 4,567 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 910 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 7,163 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 910 | ||||
Buildings and Improvements | [4],[9] | 7,163 | ||||
Total | [4],[9] | 8,073 | ||||
Accumulated Depreciation | [4],[9] | $ 2,782 | ||||
Year Acquired | [4],[9] | 2,000 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 24 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,516 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 5,516 | ||||
Total | [4] | 6,353 | ||||
Accumulated Depreciation | [4] | $ 2,203 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 25 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,801 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 508 | ||||
Buildings and Improvements | [4] | 3,801 | ||||
Total | [4] | 4,309 | ||||
Accumulated Depreciation | [4] | $ 1,324 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 26 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,219 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 445 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 445 | ||||
Buildings and Improvements | [4],[7] | 3,194 | ||||
Total | [4],[7] | 3,639 | ||||
Accumulated Depreciation | [4],[7] | $ 1,052 | ||||
Year Acquired | [4],[7] | 2,005 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 27 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,004 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 837 | ||||
Buildings and Improvements | [4] | 5,004 | ||||
Total | [4] | 5,841 | ||||
Accumulated Depreciation | [4] | $ 1,580 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 28 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,041 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 550 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 4,437 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 550 | ||||
Buildings and Improvements | [4],[7] | 4,437 | ||||
Total | [4],[7] | 4,987 | ||||
Accumulated Depreciation | [4],[7] | $ 1,328 | ||||
Year Acquired | [4],[7] | 2,005 | ||||
Year Constructed | [4],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 29 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,002 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 782 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 4,141 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 974 | ||||
Buildings and Improvements | [4],[7] | 3,949 | ||||
Total | [4],[7] | 4,923 | ||||
Accumulated Depreciation | [4],[7] | $ 1,144 | ||||
Year Acquired | [4],[7] | 2,007 | ||||
Year Constructed | [4],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 30 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 4,121 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 981 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 5,776 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,222 | ||||
Buildings and Improvements | [4],[7] | 5,535 | ||||
Total | [4],[7] | 6,757 | ||||
Accumulated Depreciation | [4],[7] | $ 1,926 | ||||
Year Acquired | [4],[7] | 2,007 | ||||
Year Constructed | [4],[7] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr31a Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,921 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 3,921 | ||||
Total | [4] | 4,605 | ||||
Accumulated Depreciation | [4] | $ 1,383 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 31B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,537 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 546 | ||||
Buildings and Improvements | [4] | 3,537 | ||||
Total | [4] | 4,083 | ||||
Accumulated Depreciation | [4] | $ 816 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston Intl Business Ctr 32 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,959 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 1,225 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 5,663 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 1,526 | ||||
Buildings and Improvements | [4],[5] | 5,362 | ||||
Total | [4],[5] | 6,888 | ||||
Accumulated Depreciation | [4],[5] | $ 1,078 | ||||
Year Acquired | [4],[5] | 2,007 | ||||
Year Constructed | [4],[5] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 33 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,867 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,166 | ||||
Buildings and Improvements | [4] | 7,867 | ||||
Total | [4] | 9,033 | ||||
Accumulated Depreciation | [4] | $ 1,115 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,373 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 3,373 | ||||
Total | [4] | 3,812 | ||||
Accumulated Depreciation | [4] | $ 527 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 35 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,475 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 340 | ||||
Buildings and Improvements | [4] | 2,475 | ||||
Total | [4] | 2,815 | ||||
Accumulated Depreciation | [4] | $ 323 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 36 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,879 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 684 | ||||
Buildings and Improvements | [4] | 4,879 | ||||
Total | [4] | 5,563 | ||||
Accumulated Depreciation | [4] | $ 700 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 37 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,384 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 759 | ||||
Buildings and Improvements | [4] | 6,384 | ||||
Total | [4] | 7,143 | ||||
Accumulated Depreciation | [4] | $ 820 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 38 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,320 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,053 | ||||
Buildings and Improvements | [4] | 7,320 | ||||
Total | [4] | 8,373 | ||||
Accumulated Depreciation | [4] | $ 1,025 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 39 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 620 | ||||
Buildings and Improvements | [4] | 5,202 | ||||
Total | [4] | 5,822 | ||||
Accumulated Depreciation | [4] | $ 382 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 40 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 9,346 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,072 | ||||
Buildings and Improvements | [4] | 9,346 | ||||
Total | [4] | 10,418 | ||||
Accumulated Depreciation | [4] | $ 712 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 41 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,950 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 649 | ||||
Buildings and Improvements | [4] | 5,950 | ||||
Total | [4] | 6,599 | ||||
Accumulated Depreciation | [4] | $ 326 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | World Houston 42 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,813 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 4,813 | ||||
Total | [4] | 5,384 | ||||
Accumulated Depreciation | [4] | $ 243 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Central Green Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 4,031 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 417 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 4,448 | ||||
Total | [4] | 5,014 | ||||
Accumulated Depreciation | [4] | $ 2,266 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,998 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Glenmont Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 6,161 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,916 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 936 | ||||
Buildings and Improvements | [4] | 9,077 | ||||
Total | [4] | 10,013 | ||||
Accumulated Depreciation | [4] | $ 5,133 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1999/2000 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Techway Southwest I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 729 | ||||
Buildings and Improvements | [4] | 3,765 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,281 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 729 | ||||
Buildings and Improvements | [4] | 6,046 | ||||
Total | [4] | 6,775 | ||||
Accumulated Depreciation | [4] | $ 3,477 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,001 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Techway Southwest II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 3,689 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,283 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 550 | ||||
Buildings and Improvements | [4] | 4,972 | ||||
Total | [4] | 5,522 | ||||
Accumulated Depreciation | [4] | $ 2,596 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,004 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Techway Southwest III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,578 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 751 | ||||
Buildings and Improvements | [4] | 5,424 | ||||
Total | [4] | 6,175 | ||||
Accumulated Depreciation | [4] | $ 2,556 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,006 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Techway Southwest IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 535 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,791 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 674 | ||||
Buildings and Improvements | [4] | 5,652 | ||||
Total | [4] | 6,326 | ||||
Accumulated Depreciation | [4] | $ 1,932 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 5,712 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,725 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 458 | ||||
Buildings and Improvements | [4] | 8,437 | ||||
Total | [4] | 8,895 | ||||
Accumulated Depreciation | [4] | $ 4,044 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 2,001 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,907 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 415 | ||||
Buildings and Improvements | [4] | 2,907 | ||||
Total | [4] | 3,322 | ||||
Accumulated Depreciation | [4] | $ 1,170 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,111 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,111 | ||||
Total | [4] | 3,571 | ||||
Accumulated Depreciation | [4] | $ 1,289 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,035 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 460 | ||||
Buildings and Improvements | [4] | 3,035 | ||||
Total | [4] | 3,495 | ||||
Accumulated Depreciation | [4] | $ 1,260 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 3,508 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 701 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 5,051 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 701 | ||||
Buildings and Improvements | [4],[7] | 5,051 | ||||
Total | [4],[7] | 5,752 | ||||
Accumulated Depreciation | [4],[7] | $ 1,873 | ||||
Year Acquired | [4],[7] | 2,005 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,851 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 6,082 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 618 | ||||
Buildings and Improvements | [4],[5] | 6,082 | ||||
Total | [4],[5] | 6,700 | ||||
Accumulated Depreciation | [4],[5] | $ 1,723 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,008 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 3,864 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 5,959 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 765 | ||||
Buildings and Improvements | [4],[5] | 5,959 | ||||
Total | [4],[5] | 6,724 | ||||
Accumulated Depreciation | [4],[5] | $ 2,210 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,009 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,617 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 721 | ||||
Buildings and Improvements | [4] | 4,617 | ||||
Total | [4] | 5,338 | ||||
Accumulated Depreciation | [4] | $ 1,177 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,011 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,113 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 418 | ||||
Buildings and Improvements | [4] | 2,113 | ||||
Total | [4] | 2,531 | ||||
Accumulated Depreciation | [4] | $ 371 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,871 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 733 | ||||
Buildings and Improvements | [4] | 3,871 | ||||
Total | [4] | 4,604 | ||||
Accumulated Depreciation | [4] | $ 625 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Beltway Crossing XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,101 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 690 | ||||
Buildings and Improvements | [4] | 4,101 | ||||
Total | [4] | 4,791 | ||||
Accumulated Depreciation | [4] | $ 523 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,332 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 4,332 | ||||
Total | [4] | 4,953 | ||||
Accumulated Depreciation | [4] | $ 378 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,295 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 981 | ||||
Buildings and Improvements | [4] | 5,295 | ||||
Total | [4] | 6,276 | ||||
Accumulated Depreciation | [4] | $ 426 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 1 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,997 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 566 | ||||
Buildings and Improvements | [4] | 2,997 | ||||
Total | [4] | 3,563 | ||||
Accumulated Depreciation | [4] | $ 431 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 829 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,385 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 833 | ||||
Buildings and Improvements | [4] | 4,381 | ||||
Total | [4] | 5,214 | ||||
Accumulated Depreciation | [4] | $ 716 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 609 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,357 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 4,353 | ||||
Total | [4] | 4,966 | ||||
Accumulated Depreciation | [4] | $ 680 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 694 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,506 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 699 | ||||
Buildings and Improvements | [4] | 4,501 | ||||
Total | [4] | 5,200 | ||||
Accumulated Depreciation | [4] | $ 620 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 933 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,872 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 940 | ||||
Buildings and Improvements | [4] | 5,865 | ||||
Total | [4] | 6,805 | ||||
Accumulated Depreciation | [4] | $ 573 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 640 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,299 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 644 | ||||
Buildings and Improvements | [4] | 4,295 | ||||
Total | [4] | 4,939 | ||||
Accumulated Depreciation | [4] | $ 307 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,014 | ||||
TEXAS | Industrial [Member] | Houston [Member] | Ten West Crossing 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 584 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,125 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 588 | ||||
Buildings and Improvements | [4] | 5,121 | ||||
Total | [4] | 5,709 | ||||
Accumulated Depreciation | [4] | $ 83 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,245 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 4,245 | ||||
Total | [4] | 4,842 | ||||
Accumulated Depreciation | [4] | $ 84 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | Houston [Member] | West Road IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,949 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 621 | ||||
Buildings and Improvements | [4] | 4,949 | ||||
Total | [4] | 5,570 | ||||
Accumulated Depreciation | [4] | $ 166 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Butterfield Trail [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 20,725 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,538 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 29,263 | ||||
Total | [4] | 29,263 | ||||
Accumulated Depreciation | [4] | $ 17,672 | ||||
Year Acquired | [4] | 1997/2000 | ||||
Year Constructed | [4] | 1987/95 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Rojas Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 4,193 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 900 | ||||
Buildings and Improvements | [4],[10] | 3,659 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 3,161 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 900 | ||||
Buildings and Improvements | [4],[10] | 6,820 | ||||
Total | [4],[10] | 7,720 | ||||
Accumulated Depreciation | [4],[10] | $ 4,903 | ||||
Year Acquired | [4],[10] | 1,999 | ||||
Year Constructed | [4],[10] | 1,986 | ||||
TEXAS | Industrial [Member] | El Paso [Member] | Americas Ten Business Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 2,778 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,241 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 526 | ||||
Buildings and Improvements | [4] | 4,019 | ||||
Total | [4] | 4,545 | ||||
Accumulated Depreciation | [4] | $ 2,211 | ||||
Year Acquired | [4] | 2,001 | ||||
Year Constructed | [4] | 2,003 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Downs Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 6,338 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,280 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,342 | ||||
Buildings and Improvements | [4] | 7,618 | ||||
Total | [4] | 8,960 | ||||
Accumulated Depreciation | [4] | $ 4,133 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 1986/2002 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion Business Park 1-13, 15 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 31,432 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,023 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,143 | ||||
Buildings and Improvements | [4] | 37,455 | ||||
Total | [4] | 41,598 | ||||
Accumulated Depreciation | [4] | $ 16,760 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1988-2000/06 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 14 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,435 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 423 | ||||
Buildings and Improvements | [4] | 3,435 | ||||
Total | [4] | 3,858 | ||||
Accumulated Depreciation | [4] | $ 1,306 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,006 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 16 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[9] | $ 2,309 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[9] | 427 | ||||
Buildings and Improvements | [4],[9] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[9] | 3,654 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[9] | 427 | ||||
Buildings and Improvements | [4],[9] | 3,654 | ||||
Total | [4],[9] | 4,081 | ||||
Accumulated Depreciation | [4],[9] | $ 1,212 | ||||
Year Acquired | [4],[9] | 2,005 | ||||
Year Constructed | [4],[9] | 2,007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,096 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 4,096 | ||||
Total | [4] | 4,712 | ||||
Accumulated Depreciation | [4] | $ 2,097 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Arion 18 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 1,604 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 2,373 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 418 | ||||
Buildings and Improvements | [4],[5] | 2,373 | ||||
Total | [4],[5] | 2,791 | ||||
Accumulated Depreciation | [4],[5] | $ 1,002 | ||||
Year Acquired | [4],[5] | 2,005 | ||||
Year Constructed | [4],[5] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 10,804 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,494 | ||||
Buildings and Improvements | [4] | 13,998 | ||||
Total | [4] | 15,492 | ||||
Accumulated Depreciation | [4] | $ 6,781 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1998/99 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 5 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,347 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 412 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,436 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 412 | ||||
Buildings and Improvements | [4],[7] | 3,436 | ||||
Total | [4],[7] | 3,848 | ||||
Accumulated Depreciation | [4],[7] | $ 1,531 | ||||
Year Acquired | [4],[7] | 2,006 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 6 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,568 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 505 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,706 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 505 | ||||
Buildings and Improvements | [4],[7] | 3,706 | ||||
Total | [4],[7] | 4,211 | ||||
Accumulated Depreciation | [4],[7] | $ 1,335 | ||||
Year Acquired | [4],[7] | 2,006 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 7 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 2,674 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 546 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 3,838 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 546 | ||||
Buildings and Improvements | [4],[7] | 3,838 | ||||
Total | [4],[7] | 4,384 | ||||
Accumulated Depreciation | [4],[7] | $ 1,014 | ||||
Year Acquired | [4],[7] | 2,006 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Wetmore Business Center 8 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 5,303 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 1,056 | ||||
Buildings and Improvements | [4],[7] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 7,639 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,056 | ||||
Buildings and Improvements | [4],[7] | 7,639 | ||||
Total | [4],[7] | 8,695 | ||||
Accumulated Depreciation | [4],[7] | $ 2,337 | ||||
Year Acquired | [4],[7] | 2,006 | ||||
Year Constructed | [4],[7] | 2,008 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Fairgrounds Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 8,209 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,176 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,644 | ||||
Buildings and Improvements | [4] | 10,385 | ||||
Total | [4] | 12,029 | ||||
Accumulated Depreciation | [4] | $ 4,800 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 1985/86 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Rittiman Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,649 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 337 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,083 | ||||
Buildings and Improvements | [4] | 6,986 | ||||
Total | [4] | 8,069 | ||||
Accumulated Depreciation | [4] | $ 1,187 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 2,000 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,292 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 607 | ||||
Buildings and Improvements | [4] | 4,292 | ||||
Total | [4] | 4,899 | ||||
Accumulated Depreciation | [4] | $ 951 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,719 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 794 | ||||
Buildings and Improvements | [4] | 4,719 | ||||
Total | [4] | 5,513 | ||||
Accumulated Depreciation | [4] | $ 887 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,012 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,457 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 772 | ||||
Buildings and Improvements | [4] | 4,457 | ||||
Total | [4] | 5,229 | ||||
Accumulated Depreciation | [4] | $ 680 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,013 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Thousand Oaks 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,688 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 753 | ||||
Buildings and Improvements | [4] | 4,688 | ||||
Total | [4] | 5,441 | ||||
Accumulated Depreciation | [4] | $ 183 | ||||
Year Acquired | [4] | 2,013 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,970 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 623 | ||||
Buildings and Improvements | [4] | 7,970 | ||||
Total | [4] | 8,593 | ||||
Accumulated Depreciation | [4] | $ 445 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | San Antonio [Member] | Alamo Ridge II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,567 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 402 | ||||
Buildings and Improvements | [4] | 5,567 | ||||
Total | [4] | 5,969 | ||||
Accumulated Depreciation | [4] | $ 151 | ||||
Year Acquired | [4] | 2,007 | ||||
Year Constructed | [4] | 2,015 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Colorado Crossing Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[10] | $ 13,265 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[10] | 4,602 | ||||
Buildings and Improvements | [4],[10] | 19,757 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[10] | 62 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[10] | 4,602 | ||||
Buildings and Improvements | [4],[10] | 19,819 | ||||
Total | [4],[10] | 24,421 | ||||
Accumulated Depreciation | [4],[10] | $ 2,764 | ||||
Year Acquired | [4],[10] | 2,014 | ||||
Year Constructed | [4],[10] | 2,009 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Southpark Corporate Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 14,756 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 497 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,670 | ||||
Buildings and Improvements | [4] | 15,253 | ||||
Total | [4] | 17,923 | ||||
Accumulated Depreciation | [4] | $ 1,323 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 1,995 | ||||
TEXAS | Industrial [Member] | Austin [Member] | Springdale Business Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,398 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 254 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,824 | ||||
Buildings and Improvements | [4] | 8,652 | ||||
Total | [4] | 11,476 | ||||
Accumulated Depreciation | [4] | $ 558 | ||||
Year Acquired | [4] | 2,015 | ||||
Year Constructed | [4] | 2,000 | ||||
TEXAS | Industrial Development [Member] | North Stemmons land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 537 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 276 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 537 | ||||
Buildings and Improvements | [6] | 276 | ||||
Total | [6] | 813 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,001 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | CreekView 121 1&2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 3,275 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 8,580 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 3,275 | ||||
Buildings and Improvements | [6] | 8,580 | ||||
Total | [6] | 11,855 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | CreekView 121 land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 7,922 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 874 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 7,922 | ||||
Buildings and Improvements | [6] | 874 | ||||
Total | [6] | 8,796 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2015/16 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Parc North 1-4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 4,615 | ||||
Buildings and Improvements | [6] | 26,358 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,147 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 4,615 | ||||
Buildings and Improvements | [6] | 27,505 | ||||
Total | [6] | 32,120 | ||||
Accumulated Depreciation | [6] | $ 147 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | 2,016 | ||||
TEXAS | Industrial Development [Member] | Parc North land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,519 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 194 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,519 | ||||
Buildings and Improvements | [6] | 194 | ||||
Total | [6] | 2,713 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 2,989 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 2,119 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 3,724 | ||||
Buildings and Improvements | [6] | 1,384 | ||||
Total | [6] | 5,108 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,007 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Intl Business Ctr land-2011 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,636 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 4,309 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 2,921 | ||||
Buildings and Improvements | [6] | 3,024 | ||||
Total | [6] | 5,945 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,011 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | World Houston Int'l Business Center land - 2015 expansion [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 6,040 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,132 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 6,041 | ||||
Buildings and Improvements | [6] | 1,131 | ||||
Total | [6] | 7,172 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Ten West Crossing land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,126 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 798 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,135 | ||||
Buildings and Improvements | [6] | 789 | ||||
Total | [6] | 1,924 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,012 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | West Road land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 484 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 741 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 484 | ||||
Buildings and Improvements | [6] | 741 | ||||
Total | [6] | 1,225 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,012 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Americas Ten Business Center II and III land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,365 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 1,079 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,365 | ||||
Buildings and Improvements | [6] | 1,079 | ||||
Total | [6] | 2,444 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,001 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Alamo Ridge III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 907 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 9,652 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 907 | ||||
Buildings and Improvements | [6] | 9,652 | ||||
Total | [6] | 10,559 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,007 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Alamo Ridge IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 354 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 4,591 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 354 | ||||
Buildings and Improvements | [6] | 4,591 | ||||
Total | [6] | 4,945 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,007 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 1 & 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,881 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 13,895 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,881 | ||||
Buildings and Improvements | [6] | 13,895 | ||||
Total | [6] | 15,776 | ||||
Accumulated Depreciation | [6] | $ 139 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | 2,016 | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 3 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 577 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 2,171 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 577 | ||||
Buildings and Improvements | [6] | 2,171 | ||||
Total | [6] | 2,748 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 555 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 2,098 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 555 | ||||
Buildings and Improvements | [6] | 2,098 | ||||
Total | [6] | 2,653 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point Business Park land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,387 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 648 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,387 | ||||
Buildings and Improvements | [6] | 648 | ||||
Total | [6] | 2,035 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,015 | ||||
Year Constructed | [6] | n/a | ||||
TEXAS | Industrial Development [Member] | Eisenhauer Point Business Park land phase 2 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 3,225 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 679 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 3,225 | ||||
Buildings and Improvements | [6] | 679 | ||||
Total | [6] | 3,904 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | 56th Street Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,567 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,475 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 8,042 | ||||
Total | [4] | 8,885 | ||||
Accumulated Depreciation | [4] | $ 5,866 | ||||
Year Acquired | [4] | 1,993 | ||||
Year Constructed | [4] | 1981/86/97 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Jetport Commerce Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 6,591 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,885 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,575 | ||||
Buildings and Improvements | [4] | 12,476 | ||||
Total | [4] | 14,051 | ||||
Accumulated Depreciation | [4] | $ 8,131 | ||||
Year Acquired | [4] | 1993-99 | ||||
Year Constructed | [4] | 1974-85 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 3,800 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,742 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 980 | ||||
Buildings and Improvements | [4] | 6,542 | ||||
Total | [4] | 7,522 | ||||
Accumulated Depreciation | [4] | $ 4,459 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1983/87 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center I and II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 3,963 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,502 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 883 | ||||
Buildings and Improvements | [4] | 5,425 | ||||
Total | [4] | 6,308 | ||||
Accumulated Depreciation | [4] | $ 3,639 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,996 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Benjamin Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 1,503 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 655 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 407 | ||||
Buildings and Improvements | [4] | 2,158 | ||||
Total | [4] | 2,565 | ||||
Accumulated Depreciation | [4] | $ 1,520 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,988 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 4,625 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,507 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,190 | ||||
Buildings and Improvements | [4] | 7,132 | ||||
Total | [4] | 8,322 | ||||
Accumulated Depreciation | [4] | $ 4,554 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1990/97/98 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North I and III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 4,688 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,302 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,005 | ||||
Buildings and Improvements | [4] | 6,990 | ||||
Total | [4] | 7,995 | ||||
Accumulated Depreciation | [4] | $ 4,073 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 2,000 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River North II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,418 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 383 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 634 | ||||
Buildings and Improvements | [4] | 4,801 | ||||
Total | [4] | 5,435 | ||||
Accumulated Depreciation | [4] | $ 3,341 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1,999 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,187 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 649 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 3,836 | ||||
Total | [4] | 4,491 | ||||
Accumulated Depreciation | [4] | $ 1,716 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,005 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Palm River South II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,411 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 655 | ||||
Buildings and Improvements | [4] | 4,411 | ||||
Total | [4] | 5,066 | ||||
Accumulated Depreciation | [4] | $ 2,049 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,006 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,318 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 520 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 337 | ||||
Buildings and Improvements | [4] | 3,838 | ||||
Total | [4] | 4,175 | ||||
Accumulated Depreciation | [4] | $ 2,013 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Walden Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 3,738 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 993 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 465 | ||||
Buildings and Improvements | [4] | 4,731 | ||||
Total | [4] | 5,196 | ||||
Accumulated Depreciation | [4] | $ 2,653 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 6,126 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,366 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,109 | ||||
Buildings and Improvements | [4] | 7,492 | ||||
Total | [4] | 8,601 | ||||
Accumulated Depreciation | [4] | $ 3,771 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 3,603 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,131 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 647 | ||||
Buildings and Improvements | [4] | 4,734 | ||||
Total | [4] | 5,381 | ||||
Accumulated Depreciation | [4] | $ 2,381 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 439 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,202 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 556 | ||||
Buildings and Improvements | [4] | 3,085 | ||||
Total | [4] | 3,641 | ||||
Accumulated Depreciation | [4] | $ 1,097 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 6,472 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 779 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 682 | ||||
Buildings and Improvements | [4] | 7,251 | ||||
Total | [4] | 7,933 | ||||
Accumulated Depreciation | [4] | $ 2,501 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 724 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,856 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 916 | ||||
Buildings and Improvements | [4] | 5,664 | ||||
Total | [4] | 6,580 | ||||
Accumulated Depreciation | [4] | $ 2,096 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,201 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 812 | ||||
Buildings and Improvements | [4] | 5,031 | ||||
Total | [4] | 5,843 | ||||
Accumulated Depreciation | [4] | $ 1,478 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 843 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,227 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,051 | ||||
Buildings and Improvements | [4] | 6,019 | ||||
Total | [4] | 7,070 | ||||
Accumulated Depreciation | [4] | $ 219 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,015 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 618 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,963 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 781 | ||||
Buildings and Improvements | [4] | 4,800 | ||||
Total | [4] | 5,581 | ||||
Accumulated Depreciation | [4] | $ 1,210 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,009 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center A [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,492 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 185 | ||||
Buildings and Improvements | [4] | 1,492 | ||||
Total | [4] | 1,677 | ||||
Accumulated Depreciation | [4] | $ 436 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Oak Creek Distribution Center B [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,497 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 227 | ||||
Buildings and Improvements | [4] | 1,497 | ||||
Total | [4] | 1,724 | ||||
Accumulated Depreciation | [4] | $ 451 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Airport Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,012 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 939 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,257 | ||||
Buildings and Improvements | [4] | 4,951 | ||||
Total | [4] | 6,208 | ||||
Accumulated Depreciation | [4] | $ 2,596 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,998 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Westlake Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 6,998 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,308 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,333 | ||||
Buildings and Improvements | [4] | 9,306 | ||||
Total | [4] | 10,639 | ||||
Accumulated Depreciation | [4] | $ 5,136 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1998/99 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 5,346 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,221 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 915 | ||||
Buildings and Improvements | [4] | 6,567 | ||||
Total | [4] | 7,482 | ||||
Accumulated Depreciation | [4] | $ 3,175 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 2,004 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Expressway Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,247 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 465 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,013 | ||||
Buildings and Improvements | [4] | 3,712 | ||||
Total | [4] | 4,725 | ||||
Accumulated Depreciation | [4] | $ 1,843 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,001 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Silo Bend Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 4,131 | ||||
Buildings and Improvements | [4] | 27,497 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,265 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 4,132 | ||||
Buildings and Improvements | [4] | 28,761 | ||||
Total | [4] | 32,893 | ||||
Accumulated Depreciation | [4] | $ 5,186 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1987/90 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa East Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 4,758 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 493 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 791 | ||||
Buildings and Improvements | [4] | 5,251 | ||||
Total | [4] | 6,042 | ||||
Accumulated Depreciation | [4] | $ 1,077 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1,984 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Tampa West Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,139 | ||||
Buildings and Improvements | [4] | 8,502 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,147 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,140 | ||||
Buildings and Improvements | [4] | 9,648 | ||||
Total | [4] | 11,788 | ||||
Accumulated Depreciation | [4] | $ 1,934 | ||||
Year Acquired | [4] | 2,011 | ||||
Year Constructed | [4] | 1975/93/94 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 2,779 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 428 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 495 | ||||
Buildings and Improvements | [4] | 3,207 | ||||
Total | [4] | 3,702 | ||||
Accumulated Depreciation | [4] | $ 660 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Tampa [Member] | Madison II & III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,004 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 624 | ||||
Buildings and Improvements | [4] | 7,004 | ||||
Total | [4] | 7,628 | ||||
Accumulated Depreciation | [4] | $ 326 | ||||
Year Acquired | [4] | 2,012 | ||||
Year Constructed | [4] | 2,015 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Chancellor Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 1,711 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 478 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 291 | ||||
Buildings and Improvements | [4] | 2,189 | ||||
Total | [4] | 2,480 | ||||
Accumulated Depreciation | [4] | $ 1,198 | ||||
Year Acquired | [4] | 1996/97 | ||||
Year Constructed | [4] | 1996/97 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 2,414 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,285 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 603 | ||||
Buildings and Improvements | [4] | 4,699 | ||||
Total | [4] | 5,302 | ||||
Accumulated Depreciation | [4] | $ 3,193 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1,975 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 945 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 445 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 300 | ||||
Buildings and Improvements | [4] | 1,390 | ||||
Total | [4] | 1,690 | ||||
Accumulated Depreciation | [4] | $ 743 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,976 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Exchange Distribution Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 997 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 403 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 320 | ||||
Buildings and Improvements | [4] | 1,400 | ||||
Total | [4] | 1,720 | ||||
Accumulated Depreciation | [4] | $ 860 | ||||
Year Acquired | [4] | 2,002 | ||||
Year Constructed | [4] | 1,980 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunbelt Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 5,745 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,799 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,472 | ||||
Buildings and Improvements | [4] | 11,544 | ||||
Total | [4] | 13,016 | ||||
Accumulated Depreciation | [4] | $ 8,231 | ||||
Year Acquired | [4] | 1989/97/98 | ||||
Year Constructed | [4] | 1974/87/97/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 2,444 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,200 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 497 | ||||
Buildings and Improvements | [4] | 3,644 | ||||
Total | [4] | 4,141 | ||||
Accumulated Depreciation | [4] | $ 1,927 | ||||
Year Acquired | [4] | 1997/98 | ||||
Year Constructed | [4] | 1997/98 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | John Young Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 3,613 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 504 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 512 | ||||
Buildings and Improvements | [4] | 4,117 | ||||
Total | [4] | 4,629 | ||||
Accumulated Depreciation | [4] | $ 2,529 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,498 | ||||
Buildings and Improvements | [4] | 2,661 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,649 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,498 | ||||
Buildings and Improvements | [4] | 5,310 | ||||
Total | [4] | 6,808 | ||||
Accumulated Depreciation | [4] | $ 3,711 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1980/82 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Altamonte Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 745 | ||||
Buildings and Improvements | [4] | 2,618 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,216 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 745 | ||||
Buildings and Improvements | [4] | 3,834 | ||||
Total | [4] | 4,579 | ||||
Accumulated Depreciation | [4] | $ 2,096 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 1,975 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 1,977 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 738 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 555 | ||||
Buildings and Improvements | [4] | 2,715 | ||||
Total | [4] | 3,270 | ||||
Accumulated Depreciation | [4] | $ 1,434 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,999 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 3,271 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,515 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 597 | ||||
Buildings and Improvements | [4] | 4,786 | ||||
Total | [4] | 5,383 | ||||
Accumulated Depreciation | [4] | $ 3,260 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,001 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 3,121 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,029 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,150 | ||||
Total | [4] | 4,792 | ||||
Accumulated Depreciation | [4] | $ 2,075 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,002 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 2,917 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,482 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 642 | ||||
Buildings and Improvements | [4] | 4,399 | ||||
Total | [4] | 5,041 | ||||
Accumulated Depreciation | [4] | $ 2,137 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,004 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 2,509 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,390 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 750 | ||||
Buildings and Improvements | [4] | 4,899 | ||||
Total | [4] | 5,649 | ||||
Accumulated Depreciation | [4] | $ 2,591 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,005 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Sunport Center VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,478 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 672 | ||||
Buildings and Improvements | [4] | 3,478 | ||||
Total | [4] | 4,150 | ||||
Accumulated Depreciation | [4] | $ 1,279 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,833 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 373 | ||||
Buildings and Improvements | [4] | 4,833 | ||||
Total | [4] | 5,206 | ||||
Accumulated Depreciation | [4] | $ 2,683 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,425 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 342 | ||||
Buildings and Improvements | [4] | 4,425 | ||||
Total | [4] | 4,767 | ||||
Accumulated Depreciation | [4] | $ 2,101 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,538 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 547 | ||||
Buildings and Improvements | [4] | 5,538 | ||||
Total | [4] | 6,085 | ||||
Accumulated Depreciation | [4] | $ 1,967 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,956 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,638 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 506 | ||||
Buildings and Improvements | [4],[5] | 4,638 | ||||
Total | [4],[5] | 5,144 | ||||
Accumulated Depreciation | [4],[5] | $ 1,724 | ||||
Year Acquired | [4],[5] | 2,003 | ||||
Year Constructed | [4],[5] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[5] | $ 2,810 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[5] | 4,508 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[5] | 382 | ||||
Buildings and Improvements | [4],[5] | 4,508 | ||||
Total | [4],[5] | 4,890 | ||||
Accumulated Depreciation | [4],[5] | $ 1,946 | ||||
Year Acquired | [4],[5] | 2,003 | ||||
Year Constructed | [4],[5] | 2,006 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,272 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 571 | ||||
Buildings and Improvements | [4] | 5,272 | ||||
Total | [4] | 5,843 | ||||
Accumulated Depreciation | [4] | $ 1,708 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,729 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 520 | ||||
Buildings and Improvements | [4] | 6,729 | ||||
Total | [4] | 7,249 | ||||
Accumulated Depreciation | [4] | $ 2,150 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park VIII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,343 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 531 | ||||
Buildings and Improvements | [4] | 6,343 | ||||
Total | [4] | 6,874 | ||||
Accumulated Depreciation | [4] | $ 1,751 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park IX [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,455 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 468 | ||||
Buildings and Improvements | [4] | 6,455 | ||||
Total | [4] | 6,923 | ||||
Accumulated Depreciation | [4] | $ 1,140 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park X [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,867 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 414 | ||||
Buildings and Improvements | [4] | 4,867 | ||||
Total | [4] | 5,281 | ||||
Accumulated Depreciation | [4] | $ 603 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XI [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 5,927 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 513 | ||||
Buildings and Improvements | [4] | 5,927 | ||||
Total | [4] | 6,440 | ||||
Accumulated Depreciation | [4] | $ 886 | ||||
Year Acquired | [4] | 2,003 | ||||
Year Constructed | [4] | 2,012 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Southridge Commerce Park XII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 16,930 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,025 | ||||
Buildings and Improvements | [4] | 16,930 | ||||
Total | [4] | 18,955 | ||||
Accumulated Depreciation | [4] | $ 4,258 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,501 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,501 | ||||
Total | [4] | 7,492 | ||||
Accumulated Depreciation | [4] | $ 597 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,097 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,111 | ||||
Buildings and Improvements | [4] | 7,097 | ||||
Total | [4] | 8,208 | ||||
Accumulated Depreciation | [4] | $ 519 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,014 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,417 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 991 | ||||
Buildings and Improvements | [4] | 6,417 | ||||
Total | [4] | 7,408 | ||||
Accumulated Depreciation | [4] | $ 177 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,016 | ||||
FLORIDA | Industrial [Member] | Orlando [Member] | Horizon IV [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,523 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,097 | ||||
Buildings and Improvements | [4] | 8,523 | ||||
Total | [4] | 9,620 | ||||
Accumulated Depreciation | [4] | $ 328 | ||||
Year Acquired | [4] | 2,008 | ||||
Year Constructed | [4] | 2,015 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Deerwood Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 1,799 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,400 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,147 | ||||
Buildings and Improvements | [4] | 5,199 | ||||
Total | [4] | 6,346 | ||||
Accumulated Depreciation | [4] | $ 2,877 | ||||
Year Acquired | [4] | 1,989 | ||||
Year Constructed | [4] | 1,978 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Phillips Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 2,961 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,392 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,375 | ||||
Buildings and Improvements | [4] | 7,353 | ||||
Total | [4] | 8,728 | ||||
Accumulated Depreciation | [4] | $ 5,155 | ||||
Year Acquired | [4] | 1,994 | ||||
Year Constructed | [4] | 1984/95 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Lake Pointe Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 6,450 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 8,110 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 3,442 | ||||
Buildings and Improvements | [4] | 14,560 | ||||
Total | [4] | 18,002 | ||||
Accumulated Depreciation | [4] | $ 10,528 | ||||
Year Acquired | [4] | 1,993 | ||||
Year Constructed | [4] | 1986/87 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Ellis Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 7,513 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,191 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 540 | ||||
Buildings and Improvements | [4] | 8,704 | ||||
Total | [4] | 9,244 | ||||
Accumulated Depreciation | [4] | $ 4,509 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,977 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Westside Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 15,374 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 7,446 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,011 | ||||
Buildings and Improvements | [4] | 22,820 | ||||
Total | [4] | 24,831 | ||||
Accumulated Depreciation | [4] | $ 11,389 | ||||
Year Acquired | [4] | 1997/2008 | ||||
Year Constructed | [4] | 1984/85 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Beach Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 1,899 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 644 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 476 | ||||
Buildings and Improvements | [4] | 2,543 | ||||
Total | [4] | 3,019 | ||||
Accumulated Depreciation | [4] | $ 1,327 | ||||
Year Acquired | [4] | 2,000 | ||||
Year Constructed | [4] | 2,000 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Interstate Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 5,700 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,776 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,879 | ||||
Buildings and Improvements | [4] | 7,476 | ||||
Total | [4] | 9,355 | ||||
Accumulated Depreciation | [4] | $ 3,724 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 1,990 | ||||
FLORIDA | Industrial [Member] | Jacksonville [Member] | Flagler Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 14,912 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 7,317 | ||||
Buildings and Improvements | [4] | 14,912 | ||||
Total | [4] | 22,229 | ||||
Accumulated Depreciation | [4] | $ 201 | ||||
Year Acquired | [4] | 2,016 | ||||
Year Constructed | [4] | 1997 & 2005 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Linpro Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 613 | ||||
Buildings and Improvements | [4] | 2,243 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,941 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 616 | ||||
Buildings and Improvements | [4] | 4,181 | ||||
Total | [4] | 4,797 | ||||
Accumulated Depreciation | [4] | $ 3,182 | ||||
Year Acquired | [4] | 1,996 | ||||
Year Constructed | [4] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Cypress Creek Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 2,465 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,878 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 4,343 | ||||
Total | [4] | 4,343 | ||||
Accumulated Depreciation | [4] | $ 2,867 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Lockhart Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 3,489 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,905 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 0 | ||||
Buildings and Improvements | [4] | 6,394 | ||||
Total | [4] | 6,394 | ||||
Accumulated Depreciation | [4] | $ 4,036 | ||||
Year Acquired | [4] | 1,997 | ||||
Year Constructed | [4] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Interstate Commerce Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 2,652 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 817 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 485 | ||||
Buildings and Improvements | [4] | 3,469 | ||||
Total | [4] | 3,954 | ||||
Accumulated Depreciation | [4] | $ 2,228 | ||||
Year Acquired | [4] | 1,998 | ||||
Year Constructed | [4] | 1,988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Executive Airport Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4],[7] | $ 7,309 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4],[7] | 1,991 | ||||
Buildings and Improvements | [4],[7] | 4,857 | ||||
Costs Capitalized Subsequent to Acquisition | [4],[7] | 5,138 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4],[7] | 1,991 | ||||
Buildings and Improvements | [4],[7] | 9,995 | ||||
Total | [4],[7] | 11,986 | ||||
Accumulated Depreciation | [4],[7] | $ 4,697 | ||||
Year Acquired | [4],[7] | 2,001 | ||||
Year Constructed | [4],[7] | 2004/06 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Sample 95 Business Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 8,785 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,452 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 2,202 | ||||
Buildings and Improvements | [4] | 12,237 | ||||
Total | [4] | 14,439 | ||||
Accumulated Depreciation | [4] | $ 7,572 | ||||
Year Acquired | [4] | 1996/98 | ||||
Year Constructed | [4] | 1990/99 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 3,626 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,939 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 975 | ||||
Buildings and Improvements | [4] | 5,565 | ||||
Total | [4] | 6,540 | ||||
Accumulated Depreciation | [4] | $ 3,412 | ||||
Year Acquired | [4] | 1,999 | ||||
Year Constructed | [4] | 1,986 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 576 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 4,222 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 960 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,385 | ||||
Buildings and Improvements | [4] | 5,182 | ||||
Total | [4] | 6,567 | ||||
Accumulated Depreciation | [4] | $ 2,359 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 1,988 | ||||
FLORIDA | Industrial [Member] | Fort Lauderdale/Palm Beach area [Member] | Blue Heron Distribution Center III | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,671 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 450 | ||||
Buildings and Improvements | [4] | 2,671 | ||||
Total | [4] | 3,121 | ||||
Accumulated Depreciation | [4] | $ 849 | ||||
Year Acquired | [4] | 2,004 | ||||
Year Constructed | [4] | 2,009 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,768 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,751 | ||||
Total | [4] | 5,679 | ||||
Accumulated Depreciation | [4] | $ 1,594 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 911 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,952 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 928 | ||||
Buildings and Improvements | [4] | 4,935 | ||||
Total | [4] | 5,863 | ||||
Accumulated Depreciation | [4] | $ 1,863 | ||||
Year Acquired | [4] | 2,005 | ||||
Year Constructed | [4] | 2,007 | ||||
FLORIDA | Industrial [Member] | Fort Myers [Member] | SunCoast Commerce Center III [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [4] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [4] | 1,720 | ||||
Buildings and Improvements | [4] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 6,584 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [4] | 1,763 | ||||
Buildings and Improvements | [4] | 6,541 | ||||
Total | [4] | 8,304 | ||||
Accumulated Depreciation | [4] | $ 1,978 | ||||
Year Acquired | [4] | 2,006 | ||||
Year Constructed | [4] | 2,008 | ||||
FLORIDA | Industrial Development [Member] | Oak Creek land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,226 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 2,455 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,446 | ||||
Buildings and Improvements | [6] | 2,235 | ||||
Total | [6] | 3,681 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,005 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Madison IV & V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 565 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 6,960 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 565 | ||||
Buildings and Improvements | [6] | 6,960 | ||||
Total | [6] | 7,525 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,012 | ||||
Year Constructed | [6] | 2,016 | ||||
FLORIDA | Industrial Development [Member] | Horizon V [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,108 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 3,327 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,108 | ||||
Buildings and Improvements | [6] | 3,327 | ||||
Total | [6] | 4,435 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,008 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon VII [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 962 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 5,929 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 962 | ||||
Buildings and Improvements | [6] | 5,929 | ||||
Total | [6] | 6,891 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,008 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Horizon land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 6,701 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 9,428 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 6,701 | ||||
Buildings and Improvements | [6] | 9,428 | ||||
Total | [6] | 16,129 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2008/09 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | SunCoast 4 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 1,733 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 4,522 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 1,762 | ||||
Buildings and Improvements | [6] | 4,493 | ||||
Total | [6] | 6,255 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,006 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | SunCoast land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 9,159 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 4,484 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 9,343 | ||||
Buildings and Improvements | [6] | 4,300 | ||||
Total | [6] | 13,643 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,006 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Weston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 4,163 | ||||
Buildings and Improvements | [6] | 9,951 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 167 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 4,163 | ||||
Buildings and Improvements | [6] | 10,118 | ||||
Total | [6] | 14,281 | ||||
Accumulated Depreciation | [6] | $ 22 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | n/a | ||||
FLORIDA | Industrial Development [Member] | Gateway Commerce Park land [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [6] | $ 0 | ||||
Initial Cost to the Company [Abstract] | ||||||
Land | [6] | 26,728 | ||||
Buildings and Improvements | [6] | 0 | ||||
Costs Capitalized Subsequent to Acquisition | [6] | 516 | ||||
Gross Amount at which Carried at Close of Period [Abstract] | ||||||
Land | [6] | 26,728 | ||||
Buildings and Improvements | [6] | 516 | ||||
Total | [6] | 27,244 | ||||
Accumulated Depreciation | [6] | $ 0 | ||||
Year Acquired | [6] | 2,016 | ||||
Year Constructed | [6] | n/a | ||||
[1] | Changes in Real Estate Properties follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year $2,219,448 2,074,946 1,927,326Purchases of real estate properties 22,228 28,648 47,477Development of real estate properties203,765 95,032 97,696Improvements to real estate properties23,157 25,778 19,862Carrying amount of investments sold (61,121) (4,750) (17,049)Write-off of improvements (496) (206) (366)Balance at end of year (1) $2,406,981 2,219,448 2,074,946(1)Includes 20% noncontrolling interests in Castilian Research Center of $0 and $1,795,000 at December 31, 2016 and 2015, respectively, and in University Business Center of $6,853,000 and $6,670,000 at December 31, 2016 and 2015, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year $657,454 600,526 550,113Depreciation expense 63,793 59,882 57,303Accumulated depreciation on assets sold (26,501) (2,748) (6,525)Other (496) (206) (365)Balance at end of year $694,250 657,454 600,526 | |||||
[2] | The estimated aggregate cost of real estate properties at December 31, 2016 for federal income tax purposes was approximately $2,370,650,000 before estimated accumulated tax depreciation of $467,599,000. The federal income tax return for the year ended December 31, 2016, has not been filed and accordingly, this estimate is based on preliminary data. | |||||
[3] | Includes 20% noncontrolling interests in Castilian Research Center of $0 and $1,795,000 at December 31, 2016 and 2015, respectively, and in University Business Center of $6,853,000 and $6,670,000 at December 31, 2016 and 2015, respectively. | |||||
[4] | The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). | |||||
[5] | EastGroup has a $44,493,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32. | |||||
[6] | The Company transfers development projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. | |||||
[7] | EastGroup has a $58,380,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30. | |||||
[8] | EastGroup has a $52,231,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington. The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. | |||||
[9] | EastGroup has a $47,496,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55th Avenue and World Houston 1 & 2 and 21 & 23. | |||||
[10] | EastGroup has a $52,752,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9. |
SCHEDULE III SCHEDULE III (Deta
SCHEDULE III SCHEDULE III (Details2) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at beginning of year | [1] | $ 2,219,448,000 | $ 2,074,946,000 | $ 1,927,326,000 | |
Purchases of real estate properties | 22,228,000 | 28,648,000 | 47,477,000 | ||
Development of real estate properties | 203,765,000 | 95,032,000 | 97,696,000 | ||
Improvements to real estate properties | 23,157,000 | 25,778,000 | 19,862,000 | ||
Carrying amount of investments sold | (61,121,000) | (4,750,000) | (17,049,000) | ||
Write-off of improvements | (496,000) | (206,000) | (366,000) | ||
Balance at end of year | [1] | 2,406,981,000 | [2],[3] | 2,219,448,000 | 2,074,946,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of year | 657,454,000 | 600,526,000 | 550,113,000 | ||
Depreciation expense | 63,793,000 | 59,882,000 | 57,303,000 | ||
Accumulated depreciation on assets sold | (26,501,000) | (2,748,000) | (6,525,000) | ||
Other | (496,000) | (206,000) | (365,000) | ||
Balance at end of year | 694,250,000 | [2],[3] | 657,454,000 | $ 600,526,000 | |
Estimated aggregate cost of real estate properties for federal income tax purposes | 2,370,650,000 | ||||
Estimated accumulated tax depreciation | $ 467,599,000 | ||||
Percentage of Occupation When Development Cost Ceased Being Capitalized | 80.00% | ||||
Length of Time After Project Completion When Development Cost Ceased Being Capitalized | 1 year | ||||
Secured debt | $ 257,505,000 | 350,285,000 | |||
Recourse liability | $ 5,000,000 | ||||
Castilian Research Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | ||||
Noncontrolling Interests | $ 0 | 1,795,000 | |||
University Business Center [Member] | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Noncontrolling Interests (in hundreths) | 20.00% | ||||
Noncontrolling Interests | $ 6,853,000 | 6,670,000 | |||
Buildings [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 40 years | ||||
Minimum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 3 years | ||||
Maximum [Member] | Improvements and Personal Property [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful life (in years) | 15 years | ||||
Dominguez, Industry I and III, Kingsview, Shaw, Walnut and Washington [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | [4] | $ 52,231,000 | 54,689,000 | ||
Arion 16, Broadway VI, Chino, East University I and II, Northpark, Santan 10 II, 55th Avenue and World Houston 1 and 2, 21 and 23 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 47,496,000 | 50,971,000 | |||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9 | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 52,752,000 | 55,223,000 | |||
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Dist Ctr, Interstate Dist Ctr V, VI & VII, Lakeview Business Ctr, Ridge Creek Distribution Ctr II, Southridge IV & V and World Houston 32 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 44,493,000 | 46,584,000 | |||
Huntwood and Wiegman I Distribution Centers [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 0 | 25,567,000 | |||
Alamo Downs, Arion 1-15 and 17, Rampart I-IV, Santan 10 I and World Houston 16 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | 0 | 53,563,000 | |||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 and 30 [Member] | |||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Secured debt | $ 58,380,000 | $ 61,312,000 | |||
[1] | Includes 20% noncontrolling interests in Castilian Research Center of $0 and $1,795,000 at December 31, 2016 and 2015, respectively, and in University Business Center of $6,853,000 and $6,670,000 at December 31, 2016 and 2015, respectively. | ||||
[2] | Changes in Real Estate Properties follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year $2,219,448 2,074,946 1,927,326Purchases of real estate properties 22,228 28,648 47,477Development of real estate properties203,765 95,032 97,696Improvements to real estate properties23,157 25,778 19,862Carrying amount of investments sold (61,121) (4,750) (17,049)Write-off of improvements (496) (206) (366)Balance at end of year (1) $2,406,981 2,219,448 2,074,946(1)Includes 20% noncontrolling interests in Castilian Research Center of $0 and $1,795,000 at December 31, 2016 and 2015, respectively, and in University Business Center of $6,853,000 and $6,670,000 at December 31, 2016 and 2015, respectively.Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year $657,454 600,526 550,113Depreciation expense 63,793 59,882 57,303Accumulated depreciation on assets sold (26,501) (2,748) (6,525)Other (496) (206) (365)Balance at end of year $694,250 657,454 600,526 | ||||
[3] | The estimated aggregate cost of real estate properties at December 31, 2016 for federal income tax purposes was approximately $2,370,650,000 before estimated accumulated tax depreciation of $467,599,000. The federal income tax return for the year ended December 31, 2016, has not been filed and accordingly, this estimate is based on preliminary data. | ||||
[4] | This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts. |
SCHEDULE IV (Details)
SCHEDULE IV (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | [1] | 2 | ||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 4,752,000 | |||
Carrying Amount of Mortgages | [2],[3] | 4,752,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | 0 | ||
Changes in the mortgage loans [Roll Forward] | ||||
Income Tax Basis of Mortgage Loans on Real Estate | $ 4,750,000 | |||
First Mortgage [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Effective interest rate (in hundredths) | 5.25% | |||
Changes in the mortgage loans [Roll Forward] | ||||
Balance at beginning of year | $ 4,875,000 | $ 4,991,000 | $ 8,870,000 | |
Advances on mortgage loans receivable | 0 | 0 | 0 | |
Payments on mortgage loans receivable | (123,000) | (116,000) | (3,902,000) | |
Amortization of discount on mortgage loan receivable | 0 | 0 | 23,000 | |
Balance at end of year | $ 4,752,000 | $ 4,875,000 | $ 4,991,000 | |
JCB Limited - California - A [Member] | First Mortgage [Member] | Buildings [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | 1 | |||
Stated interest rate (in hundredths) | 5.25% | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 1,927,000 | |||
Carrying Amount of Mortgages | 1,927,000 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | ||
JCB Limited - California - B [Member] | First Mortgage [Member] | Buildings [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Number of Loans | 1 | |||
Stated interest rate (in hundredths) | 5.25% | |||
Periodic Payment Terms | Principal and interest due monthly | |||
Non-recourse first mortgage loan Face Amount, Total mortgage | $ 2,825,000 | |||
Carrying Amount of Mortgages | 2,825,000 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | [4] | $ 0 | ||
[1] | Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. | |||
[2] | Changes in mortgage loans follow: Years Ended December 31,2016 2015 2014(In thousands)Balance at beginning of year$4,875 4,991 8,870Advances on mortgage loans receivable— — —Payments on mortgage loans receivable(123) (116) (3,902)Amortization of discount on mortgage loan receivable— — 23Balance at end of year$4,752 4,875 4,991 | |||
[3] | The aggregate cost for federal income tax purposes is approximately $4.75 million. The federal income tax return for the year ended December 31, 2016, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2016, is based on preliminary data. | |||
[4] | Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. |