Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 17, 2020 | Jun. 30, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-10709 | ||
Entity Registrant Name | PS BUSINESS PARKS INC/CA | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-4300881 | ||
Entity Address, Address Line One | 701 Western Avenue | ||
Entity Address, City or Town | Glendale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91201-2349 | ||
City Area Code | 818 | ||
Local Phone Number | 244-8080 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,365,181,255 | ||
Entity Common Stock, Shares Outstanding | 27,441,071 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000866368 | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | PSB | ||
Security Exchange Name | NYSE | ||
Series W Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Stock, Series W, $0.01 par value | ||
Trading Symbol | PSBPrW | ||
Security Exchange Name | NYSE | ||
Series X Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.250% Cum Pref Stock, Series X, $0.01 par value | ||
Trading Symbol | PSBPrX | ||
Security Exchange Name | NYSE | ||
Series Y Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Stock, Series Y, $0.01 par value | ||
Trading Symbol | PSBPrY | ||
Security Exchange Name | NYSE | ||
Series Z Preferred Stock [Member] | |||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Stock, Series Z, $0.01 par value | ||
Trading Symbol | PSBPrZ | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 62,786 | $ 37,379 |
Real estate facilities, at cost | ||
Land | 846,635 | 758,542 |
Buildings and improvements | 2,206,134 | 2,138,659 |
Gross real estate investment property | 3,052,769 | 2,897,201 |
Accumulated depreciation | (1,159,769) | (1,087,102) |
Net real estate investment property | 1,893,000 | 1,810,099 |
Properties held for sale, net | 11,502 | 140,384 |
Land and building held for development, net | 28,110 | 30,848 |
Total real estate investments | 1,932,612 | 1,981,331 |
Rent receivable | 1,392 | 1,403 |
Deferred rent receivable | 32,993 | 33,308 |
Other assets | 16,660 | 15,173 |
Total assets | 2,046,443 | 2,068,594 |
LIABILITIES AND EQUITY | ||
Accrued and other liabilities | 84,632 | 85,141 |
Total liabilities | 84,632 | 85,141 |
Commitments and contingencies | ||
PS Business Parks, Inc.'s shareholders' equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 37,790 and 38,390 shares issued and outstanding at December 31, 2019 and 2018, respectively, at liquidation preference | 944,750 | 959,750 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,440,953 and 27,362,101 shares issued and outstanding at December 31, 2019 and 2018, respectively | 274 | 274 |
Paid-in capital | 736,986 | 736,131 |
Accumulated earnings (deficit) | 63,666 | 69,207 |
Total PS Business Parks, Inc.'s shareholders' equity | 1,745,676 | 1,765,362 |
Noncontrolling interests | 216,135 | 218,091 |
Total equity | 1,961,811 | 1,983,453 |
Total liabilities and equity | $ 2,046,443 | $ 2,068,594 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 37,790 | 38,390 |
Preferred stock, shares outstanding | 37,790 | 38,390 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,440,953 | 27,362,101 |
Common Stock, Shares, Outstanding | 27,440,953 | 27,362,101 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Income [Abstract] | |||
Rental income | $ 429,846 | $ 413,516 | $ 402,179 |
Expenses | |||
Cost of operations | 128,343 | 124,630 | 122,348 |
Depreciation and amortization | 104,249 | 99,242 | 94,270 |
General and administrative | 13,761 | 12,072 | 12,671 |
Total operating expenses | 246,353 | 235,944 | 229,289 |
Interest and other income | 4,492 | 1,510 | 942 |
Interest and other expense | (657) | (665) | (1,285) |
Equity in loss of unconsolidated joint venture | (805) | ||
Gain on sale of real estate facilities | 16,644 | 93,484 | 1,209 |
Gain on sale of development rights | 6,365 | ||
Net income | 203,972 | 271,901 | 179,316 |
Allocation to noncontrolling interests | (29,006) | (45,199) | (24,279) |
Net income allocable to PS Business Parks, Inc. | 174,966 | 226,702 | 155,037 |
Allocation to preferred shareholders based upon Distributions | (54,346) | (51,880) | (52,873) |
Allocation to preferred shareholders based upon Redemptions (Note 9) | (11,007) | (10,978) | |
Allocation to restricted stock unit holders | (910) | (1,923) | (761) |
Net income allocable to common shareholders | $ 108,703 | $ 172,899 | $ 90,425 |
Net income per common share | |||
Basic | $ 3.96 | $ 6.33 | $ 3.32 |
Diluted | $ 3.95 | $ 6.31 | $ 3.30 |
Weighted average common shares outstanding | |||
Basic | 27,418 | 27,321 | 27,207 |
Diluted | 27,526 | 27,422 | 27,412 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Earnings (Deficit) [Member] | Total PS Business Parks, Inc.'s Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balances at Dec. 31, 2016 | $ 879,750 | $ 271 | $ 733,671 | $ (433) | $ 1,613,259 | $ 197,455 | $ 1,810,714 |
Balances, shares at Dec. 31, 2016 | 35,190 | 27,138,138 | |||||
Issuance of preferred stock, net of issuance costs | $ 430,000 | (14,221) | 415,779 | 415,779 | |||
Issuance of preferred stock, net of issuance costs, shares | 17,200 | ||||||
Redemption of preferred stock, net of issuance costs | $ (350,000) | 10,978 | (10,978) | (350,000) | (350,000) | ||
Redemption of preferred stock, net of issuance costs, shares | (14,000) | ||||||
Issuance of common stock in connection with stock-based compensation | $ 1 | 4,217 | 4,218 | 4,218 | |||
Issuance of common stock in connection with stock-based compensation, shares | 116,469 | ||||||
Stock compensation, net | 4,016 | 4,016 | 4,016 | ||||
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | (3,865) | (3,865) | (3,865) | ||||
Net income | 155,037 | 155,037 | 24,279 | 179,316 | |||
Distributions | |||||||
Preferred stock (Note 9) | (52,873) | (52,873) | (52,873) | ||||
Common stock | (92,531) | (92,531) | (92,531) | ||||
Noncontrolling interests—common units | (24,838) | (24,838) | |||||
Adjustment to noncontrolling interests - common units in the OP | 271 | 271 | (271) | ||||
Balances at Dec. 31, 2017 | $ 959,750 | $ 272 | 735,067 | (1,778) | 1,693,311 | 196,625 | 1,889,936 |
Balances, shares at Dec. 31, 2017 | 38,390 | 27,254,607 | |||||
Issuance of common stock in connection with stock-based compensation | $ 2 | 3,008 | 3,010 | 3,010 | |||
Issuance of common stock in connection with stock-based compensation, shares | 107,494 | ||||||
Stock compensation, net | 3,032 | 3,032 | 3,032 | ||||
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | (4,981) | (4,981) | (4,981) | ||||
Consolidation of joint venture (see Note 3) | 4,032 | 4,032 | |||||
Net income | 226,702 | 226,702 | 45,199 | 271,901 | |||
Distributions | |||||||
Preferred stock (Note 9) | (51,880) | (51,880) | (51,880) | ||||
Common stock | (103,837) | (103,837) | (103,837) | ||||
Noncontrolling interests—common units | (27,760) | (27,760) | |||||
Adjustment to noncontrolling interests - common units in the OP | 5 | 5 | (5) | ||||
Balances at Dec. 31, 2018 | $ 959,750 | $ 274 | 736,131 | 69,207 | 1,765,362 | 218,091 | 1,983,453 |
Balances, shares at Dec. 31, 2018 | 38,390 | 27,362,101 | |||||
Issuance of preferred stock, net of issuance costs | $ 325,000 | (8,962) | 316,038 | 316,038 | |||
Issuance of preferred stock, net of issuance costs, shares | 13,000 | ||||||
Redemption of preferred stock, net of issuance costs | $ (340,000) | 11,007 | (11,007) | (340,000) | (340,000) | ||
Redemption of preferred stock, net of issuance costs, shares | (13,600) | ||||||
Issuance of common stock in connection with stock-based compensation | 969 | 969 | 969 | ||||
Issuance of common stock in connection with stock-based compensation, shares | 78,852 | ||||||
Stock compensation, net | 4,046 | 4,046 | 4,046 | ||||
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | (6,350) | (6,350) | (6,350) | ||||
Net income | 174,966 | 174,966 | 29,006 | 203,972 | |||
Distributions | |||||||
Preferred stock (Note 9) | (54,346) | (54,346) | (54,346) | ||||
Common stock | (115,154) | (115,154) | (115,154) | ||||
Noncontrolling interests—common units | (30,683) | (30,683) | |||||
Noncontrolling interests—Joint Venture | (134) | (134) | |||||
Adjustment to noncontrolling interests - common units in the OP | 145 | 145 | (145) | ||||
Balances at Dec. 31, 2019 | $ 944,750 | $ 274 | $ 736,986 | $ 63,666 | $ 1,745,676 | $ 216,135 | $ 1,961,811 |
Balances, shares at Dec. 31, 2019 | 37,790 | 27,440,953 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Equity [Abstract] | |||||||
Common stock, distributions per share | $ 1.05 | $ 0.85 | $ 0.85 | $ 4.20 | $ 3.80 | $ 3.40 | $ 0.75 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 203,972 | $ 271,901 | $ 179,316 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization expense | 104,249 | 99,242 | 94,270 |
Tenant improvement reimbursement amortization, net of lease incentive amortization | (1,028) | (2,226) | (2,183) |
Equity in loss of unconsolidated joint venture | 805 | ||
Gain on sale of real estate facilities and development rights | (16,644) | (93,484) | (7,574) |
Stock compensation expense | 4,956 | 4,174 | 4,777 |
Amortization of financing costs | 544 | 537 | 475 |
Other, net | (5,454) | (3,991) | 1,728 |
Total adjustments | 86,623 | 4,252 | 92,298 |
Net cash provided by operating activities | 290,595 | 276,153 | 271,614 |
Cash flows from investing activities | |||
Capital expenditures to real estate facilities | (39,365) | (38,663) | (50,219) |
Capital expenditures to land and building held for development | (5,278) | (1,183) | (1,549) |
Investment in and advances to unconsolidated joint venture | (34,513) | ||
Acquisition of real estate facilities | (134,278) | (142,399) | |
Proceeds from sale of real estate facilities | 144,599 | 145,097 | 2,144 |
Proceeds from sale of development rights | 4,900 | ||
Consolidation of joint venture | 1,082 | ||
Net cash used in investing activities | (34,322) | (36,066) | (79,237) |
Cash flows from financing activities | |||
Borrowings on credit facility | 70,000 | 50,000 | 250,000 |
Repayment of borrowings on credit facility | (70,000) | (50,000) | (250,000) |
Payment of financing costs | (296) | (307) | (858) |
Proceeds from the exercise of stock options | 969 | 3,010 | 4,218 |
Cash paid for taxes in lieu of shares upon vesting of restricted stock units | (6,350) | (4,981) | (3,865) |
Redemption of preferred stock | (340,000) | (130,000) | (450,000) |
Net proceeds from the issuance of preferred stock | 316,038 | 415,779 | |
Cash paid to restricted stock unit holders | (910) | (1,142) | (761) |
Distributions paid to preferred shareholders | (54,346) | (52,573) | (52,180) |
Distributions paid to common shareholders | (115,154) | (103,837) | (92,531) |
Distributions paid to noncontrolling interests - common units | (30,683) | (27,760) | (24,838) |
Distributions paid to noncontrolling interests - joint venture | (134) | ||
Net cash used in financing activities | (230,866) | (317,590) | (205,036) |
Net increase (decrease)in cash and cash equivalents | 25,407 | (77,503) | (12,659) |
Cash, cash equivalents and restricted cash at the beginning of the period | 38,467 | 115,970 | 128,629 |
Cash, cash equivalents and restricted cash at the end of the period | 63,874 | 38,467 | 115,970 |
Supplemental disclosures | |||
Interest paid | 67 | 40 | 1,188 |
Adjustment to noncontrolling interests- common units in the OP | |||
Noncontrolling interests- common units | (145) | (5) | (271) |
Paid-in capital | 145 | 5 | 271 |
Preferred redemption allocation | |||
Paid-in capital | 11,007 | 10,978 | |
Accumulated earnings (deficit) | $ (11,007) | (10,978) | |
Preferred stock called for redemption | |||
Preferred stock called for redemption and reclassified to liabilities | 130,000 | ||
Preferred stock called for redemption and reclassified from equity | (130,000) | ||
Consolidation of joint venture | |||
Land | 21,814 | ||
Buildings and improvements | 84,903 | ||
Other, net | (1,787) | ||
Investment in and advances to unconsolidated joint venture | (100,898) | ||
Noncontrolling interests - joint venture | $ (4,032) | ||
Accrued preferred stock distributions | |||
Accrued and other liabilities | 693 | ||
Accumulated earnings (deficit) | $ (693) |
Organization And Description Of
Organization And Description Of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization And Description Of Business [Abstract] | |
Organization And Description Of Business | 1. Organization and description of business Organization PS Business Parks, Inc. (“PSB”) was incorporated in the state of California in 1990. As of December 31, 2019, PSB owned 79.0 % of the common partnership units of PS Business Parks, L.P. (the “OP”). The remaining common partnership units are owned by Public Storage (“PS”). PS’s interest in the OP is referred to as the “PS OP Interests.” PSB, as the sole general partner of the OP, has full, exclusive and complete responsibility and discretion in managing and controlling the OP. PSB and its subsidiaries, including the OP and our consolidated joint venture that owns a 395 -unit multifamily apartment complex in Tysons, Virginia, are collectively referred to as the “Company,” “we,” “us,” or “our.” PS also owns 7.2 million common shares and would own 41.6 % (or 14.5 million shares) of the outstanding shares of the Company’s common stock if it redeemed its common partnership units for common shares. Description of business The Company is a fully-integrated, self-advised and self-managed real estate investment trust (“REIT”) that owns, operates, acquires and develops commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2019, the Company owned and operated 27.6 million rentable square feet of commercial space in six states and held a 95.0 % interest in a 395 -unit multifamily apartment complex in Tysons, Virginia. The Company also manages for a fee approximately 438,000 rentable square feet on behalf of PS. References herein to the number of properties, apartment units or square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm's audit of the Company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements include the accounts of PSB and its subsidiaries, including the OP and our consolidated joint venture. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”). Consolidation and equity method of accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. A limited partnership is also generally considered a VIE if the limited partners do not participate in operating decisions. We consolidate VIEs when we are the primary beneficiary, generally defined as having (i) the power to direct the activities most significantly impacting economic performance and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We account for investments in entities that are not VIEs that we have significant influence over, but do not control, using the equity method of accounting and for investment in entities that we control, we consolidate. On January 1, 2018, we began to consolidate our joint venture due to changes to the joint venture agreement that gave the Company control of the joint venture. See Note 4 for more information on this entity. PS, the sole limited partner in the OP, has no power to direct the activities of the OP. We are the primary beneficiary of the OP. Accordingly, we consider the OP a VIE and consolidate it. Substantially all of our assets and liabilities are held by the OP. Noncontrolling interests Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units and (ii) a third-party 5.0 % interest in our consolidated joint venture owning a 395 -unit multifamily apartment complex. See Note 7 for further information on noncontrolling interests. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy:  Level 1 —quoted prices for identical instruments in active markets;  Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and  Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from various customers. Balances that the Company expects to become uncollectible are written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flow to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2019, 2018 and 2017 (in thousands) : For The Years Ended December 31, 2019 2018 2017 Consolidated balance sheets Cash and cash equivalents $ 62,786 $ 37,379 $ 114,882 Restricted cash included in Land and building held for development, net 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 63,874 $ 38,467 $ 115,970 During 2017, in conjunction with seeking entitlements to develop our multifamily projects in Tysons, Virginia, we contributed $ 1.1 million into an escrow account for the future development of an athletic field. This amount is reflected in the table above as restricted cash included in land and building held for development, net. Carrying values of the Company’s Credit Facility (as defined in Note 6) approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. Real estate facilities Real estate facilities are recorded at cost. Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Direct costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. Property held for sale or development Real estate is classified as held for sale when the asset is being marketed for sale and we expect that a sale is likely to occur in the next 12 months . Real estate is classified as held for development when it is no longer used in its original form and likely that it will be developed to an alternate use. Property held for sale are not depreciated. Intangible assets/liabilities When we acquire real estate facilities, an intangible asset is recorded as other assets for leases where the in-place rent is higher than market rents, and an intangible liability is recorded as other liabilities where the market rents are higher than the in-place rents. The amounts recorded are based upon the present value (using a discount rate which reflects the risks associated with the leases acquired) of such differences over the lease term and such amounts are amortized to rental income over the respective remaining lease term. As of December 31, 2019, the value of above-market in-place rents resulted in net intangible assets of $ 1.2 million, net of $ 10.6 million of accumulated amortization and the value of below-market in-place rents resulted in net intangible liabilities of $ 2.4 million, net of $ 11.4 million of accumulated amortization. As of December 31, 2018, the value of above-market in-place rents resulted in net intangible assets of $ 1.8 million, net of $ 10.0 million of accumulated amortization and the value of below-market in-place rents resulted in net intangible liabilities of $ 1.8 million, net of $ 10.8 million of accumulated amortization. Additionally, when we acquire real estate facilities, the value of in-place leases (i.e., customer lease-up costs) is recorded as other assets and is amortized to depreciation and amortization expense over the respective remaining lease term. As of December 31, 2019, the value of acquired in-place leases resulted in net intangible assets of $ 5.7 million, net of $ 4.1 million of accumulated amortization. As of December 31, 2018, the value of acquired in-place leases resulted in net intangible assets of $ 4.7 million, net of $ 1.3 million of accumulated amortization. Evaluation of asset impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the carrying value of the asset is not recoverable from estimated future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. No impairment charges were recorded in any period presented herein. Asset impairment due to casualty loss It is our policy to record losses due to physical damages during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as costs of operations on the consolidated statements of income. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Anticipated recoveries for lost rental income due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved. No material casualty losses were incurred in any period presented herein. Stock compensation Share-based payments to employees, including grants of employee stock options, are recognized as stock compensation expense in the Company’s consolidated statements of income based on their grant date fair values, except for performance-based grants, which are accounted for based on their fair values at the beginning of the service period. See Note 10. Accrued and other liabilities Accrued and other liabilities consist primarily of rents prepaid by our customers, trade payables, property tax accruals, accrued payroll and contingent loss accruals when probable and estimable, as well as the intangible liabilities discussed above. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. The fair value of accrued and other liabilities approximate book value due to the short period until settlement. Other assets Other assets are comprised primarily of prepaid expenses, as well as the intangible assets discussed above. The fair value of other assets approximate book value due to the short period until settlement. Revenue recognition We recognize the aggregate rent to be collected (including the impact of escalators and concessions) under leases ratably throughout the non-cancellable lease term on a “straight-line” basis, commencing when the customer takes control of the leased space. Cumulative straight-line rent recognized in excess of amounts billed per the lease term is presented as “deferred rent receivable” on our consolidated balance sheets. The Company presents r eimbursements from customers for real estate taxes and other recoverable operating expenses under a single lease component presentation as the timing and pattern of transfer of such reimbursements are the same as base rent, and the combined single component of such leases are classified as operating leases. Accordingly, the Company recognizes such variable lease payments resulting from the reimbursements from customers for real estate taxes and other recoverable operating expenses as rental income in the period the applicable costs are incurred. The Company monitors the collectability of its receivable balances, including deferred rent receivable balances, on an ongoing basis. The Company writes off uncollectible customer receivable balances, including deferred rent receivable balances, in the period such receivable balances are deemed uncollectible. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. Property management fees are recognized in the period earned as other income. Sales of real estate facilities Sales of real estate facilities are not part of our ordinary activities, and as a result, we consider such sales as contracts with non-customers. We recognize sales of real estate when we have collected payment and the attributes of ownership such as possession and control of the asset have been transferred to the buyer. If a contract for sale includes obligations to provide goods or services to the buyer, an allocated portion of the contract price is recognized as revenue as the related goods or services are transferred to the buyer. General and administrative expense General and administrative expense includes executive and other compensation, corporate office expenses, professional fees, state income taxes and other such costs that are not directly related to the operation of our real estate facilities. Income taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute substantially all of our “REIT taxable income” each year, and if we meet certain organizational and operational requirements. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our “REIT taxable income.” We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2019 and 2018, we did no t recognize any tax benefit for uncertain tax positions. Accounting for preferred equity issuance costs We record issuance costs as a reduction to paid-in capital on our consolidated balance sheets at the time the preferred securities are issued and reflect the carrying value of the preferred equity at its redemption value. An additional allocation of income is made from the common shareholders to the preferred shareholders in the amount of the original issuance costs, and we reclassify the redemption value from equity to liabilities when we call preferred shares for redemption. Such liability is relieved once the preferred shares are redeemed. Net income per common share Notwithstanding the presentation of income allocations on our consolidated statements of income, net income is allocated to (a) preferred shareholders, for distributions paid or payable, (b) preferred shareholders, to the extent redemption value exceeds the related carrying value (a “Preferred Redemption Allocation”), (c) our joint venture partner in proportion to their percentage interest in the joint venture, to the extent the consolidated joint venture produces net income or loss during the period and (d) restricted stock unit (“RSU”) holders, for non-forfeitable dividends paid adjusted for participation rights in undistributed earnings. The remaining net income is allocated to the common partnership units and our common shareholders, respectively, based upon the pro-rata aggregate number of units and shares outstanding. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders, divided by (i) in the case of basic net income per common share, weighted average common shares and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact of stock compensation awards outstanding (Note 10) using the treasury stock method. The following tables set forth the calculation of the components of our basic and diluted income per share that are not reflected on the face of our consolidated statements of income, including the allocation of income to common shareholders and common partnership units, the percentage of weighted average shares and common partnership units, as well as basic and diluted weighted average shares for the years ended December 31, ( in thousands ): 2019 2018 2017 Calculation of net income allocable to common shareholders Net income $ 203,972 $ 271,901 $ 179,316 Net (income) loss allocated to Preferred shareholders based upon distributions ( 54,346 ) ( 51,880 ) ( 52,873 ) Preferred shareholders based upon redemptions ( 11,007 ) — ( 10,978 ) Noncontrolling interests—joint venture ( 44 ) 1,030 — Restricted stock unit holders ( 910 ) ( 1,923 ) ( 761 ) Net income allocable to common shareholders and noncontrolling interests—common units 137,665 219,128 114,704 Net income allocation to noncontrolling interests— common units ( 28,962 ) ( 46,229 ) ( 24,279 ) Net income allocable to common shareholders $ 108,703 $ 172,899 $ 90,425 Calculation of common partnership units as a percentage of common share equivalents Weighted average common shares outstanding 27,418 27,321 27,207 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common share equivalents 34,723 34,626 34,512 Common partnership units as a percentage of common share equivalents 21.0 % 21.1 % 21.2 % Weighted average common shares outstanding Basic weighted average common shares outstanding 27,418 27,321 27,207 Net effect of dilutive stock compensation — based on treasury stock method using average market price 108 101 205 Diluted weighted average common shares outstanding 27,526 27,422 27,412 Segment reporting The Company has two operating segments: (i) the acquisition, development, ownership and management of commercial real estate and (ii) the acquisition, development, ownership and management of multifamily real estate, but has only one reportable segment as the multifamily segment does not meet the quantitative thresholds necessary to require reporting as a separate segment. Reclassifications The divisional vice presidents’ compensation costs totaling $ 1.9 million and $ 3.0 million for the years ended December 31, 2018 and 2017, respectively, have been reclassified from cost of operations into general and administrative expense on the consolidated statements of income in the years ended December 31, 2018 and 2017 in order to conform to the current period’s presentation. Certain other reclassifications have been made to the consolidated financial statements for 2018 in order to conform to the 2019 presentation, including reclassifying assets sold in 2019 as well as reclassifying a 113,000 square foot asset held for sale as of December 31, 2019 from “real estate facilities, at costs” totaling $ 140.4 million as of December 31, 2018 into “properties held for sale, net” on our consolidated balance sheets. Recently issued accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”s) 2016-02, Leases (the “Lease Standard”). The standard applies to substantially all of our revenue generating activities. Lessor accounting The Lease Standard directs how we account for payments from the elements of our leases that are generally fixed and determinable at the inception of the lease (“Fixed Lease Payments”) while ASU 2014-09, Revenue from Contracts with Customers (“Revenue Standard”), directs how we account for the non-lease components of our lease contracts, primarily expense reimbursements (“Non-Lease Payments”). The Lease Standard requires us to identify Fixed Lease Payments and Non-Lease Payments of a lease agreement and governs the recognition of revenue for the Fixed Lease Payments. Revenue related to Non-Lease Payments under our lease arrangements is subject to the Revenue Standard effective upon adoption of the Lease Standard. See further discussion below on Fixed Lease Payments and Non-Lease Payments. Under the Lease Standard, a set of practical expedients for implementation, which required election as a package and for all leases, was elected as part of our adoption of the Lease Standard. These practical expedients include (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. We adopted the Lease Standard on its effective date of January 1, 2019. In addition to the package of practical expedients noted above, we also elected the practical expedient not to allocate the total consideration to Fixed Lease Payments and Non-Lease Payments based on their relative standalone selling prices. This practical expedient allows lessors to elect a combined single component presentation if (i) the timing and pattern of the revenue recognition for the Fixed Lease Payments and Non-Lease Payments are the same, and (ii) the combined single component of the lease would continue to be classified as an operating lease. We have assessed and believe the two conditions have been met for Non-Lease Payments as (i) the timing and pattern of transfer of the Fixed Lease Payments and Non-Lease Payments are the same, and (ii) the combined single component of the lease would be classified as an operating lease. The adoption of the Leasing Standard did not result in a material impact to our consolidated financial statements. We recognized revenue from our lease arrangements aggregating to $ 429.8 million, $ 413.5 million and $ 402.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. This revenue consisted primarily of rental income from operating leases and the related variable lease payments resulting from reimbursements of property operating expenses. Rental income was $ 333.3 million, $ 322.3 million and $ 311.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Variable lease payments were $ 96.5 million, $ 91.2 million and $ 90.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Lease Standard provides two approaches to account for uncollectible customer receivable balances and deferred rent receivables balances: (i) an impairment model approach or (ii) a reserve approach in accordance to ASU 450-20, Contingencies - Loss Contingencies (“Contingencies - Loss Contingencies Standard”). Under the impairment model, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. After completing the impairment model approach, a lessor may also choose to apply the reserve approach. Under the reserve approach, a lessor records a reserve for a portion of the receivable balances, based on historical data, for uncollectible amounts. A lessor that chooses the reserve approach will have to apply the guidance from both the Lease Standard and Contingencies - Loss Contingencies Standard. The Company has elected the impairment model approach to account for its uncollectible customer receivable balances and deferred rent receivable balances. The Company’s uncollectible receivable balances policy is consistent with the impairment model approach as the Company writes off uncollectible receivable balances in the period the amounts are deemed uncollectible. Therefore, our rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. Costs to execute leases The Lease Standard also provides updated guidance on the requirements for the capitalization of the incremental costs incurred in executing leases, such as legal fees and commissions. Under the Lease Standard, any costs that would have been incurred regardless of successful lease execution, such as allocated costs of internal personnel, are to be expensed and may not be capitalized. As we have historically not capitalized any such costs, the adoption of the Lease Standard did not result in a material impact to our consolidated financial statements. Lessee accounting Under the Lease Standard, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on whether the lease is effectively a finance purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized based on an effective interest method or a straight-line basis over the term of the lease. F or most leases with a term of greater than 12 months, in which we are the lessee, the present value of future lease payments is recognized on our balance sheet as a right-of-use (“ROU”) asset and a related liability is also recorded. On January 1, 2019, the Company recorded a ROU asset of $ 1.7 million, included in “other assets” on our consolidated balance sheets and a corresponding liability of $ 1.7 million under “accrued and other liabilities”, relating to our existing ground lease arrangements. These operating leases were recognized based on the present value of the future minimum lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of future payments. The discount rate used to determine the present value of these operating leases’ future payments was 4.20 %. These ground leases expire in 2029 and 2030 and do not have an option to extend. As of December 31, 2019, the remaining lease terms were 9.8 years and 10. 1 years. Lease expense for minimum lease payments is recognized in the period the applicable costs are incurred as monthly rent for these operating leases are constant and without contractual increases throughout the remaining terms of these leases. Other than the ground leases discussed above t he adoption of the Lease Standard did not result in a material impact to our consolidated financial statements from the initial recognition of each lease liability or from the pattern of recognition subsequent to adoption. |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Facilities [Abstract] | |
Real Estate Facilities | 3. Real estate facilities The activity in real estate facilities for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands) : Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2016 $ 710,922 $ 1,893,520 $ ( 943,156 ) $ 1,661,286 Capital expenditures — 51,909 — 51,909 Disposals (1) — ( 13,919 ) 13,919 — Depreciation and amortization expense — — ( 94,270 ) ( 94,270 ) Transfer to properties held for sale — ( 7,351 ) 9,650 2,299 Balances at December 31, 2017 710,922 1,924,159 ( 1,013,857 ) 1,621,224 Acquisition of real estate facilities 25,806 112,230 — 138,036 Consolidation of joint venture 21,814 84,903 — 106,717 Capital expenditures — 38,904 — 38,904 Disposals (1) — ( 17,345 ) 17,345 — Depreciation and amortization expense — — ( 96,732 ) ( 96,732 ) Transfer to properties held for sale — ( 4,192 ) 6,142 1,950 Balances at December 31, 2018 758,542 2,138,659 ( 1,087,102 ) 1,810,099 Acquisition of real estate facilities 88,093 44,313 — 132,406 Capital expenditures — 40,092 — 40,092 Disposals (1) — ( 15,796 ) 15,796 — Depreciation and amortization expense — — ( 93,416 ) ( 93,416 ) Transfer to properties held for sale — ( 1,134 ) 4,953 3,819 Balances at December 31, 2019 (2) $ 846,635 $ 2,206,134 $ ( 1,159,769 ) $ 1,893,000 ____________________________ (1) Disposals primarily represent the book value of tenant improvements that have been removed upon the customer vacating their space. (2) Land, building and improvements, and accumulated depreciation, respectively, totaling $ 58.1 million, $ 236.3 million and $ 154.0 million were reclassified as of December 31, 2018 to “properties held for sale, net” representing 1.3 million rentable square feet sold in 2019 and a 113,000 square foot building held for sale as of December 31, 2019. The unaudited December 31, 2019 net federal tax basis of real estate facilities was approximately $ 1.8 billion. As of December 31, 2019, we have commitments, pursuant to executed leases throughout our portfolio, to spend $ 9.6 million on transaction costs, which include tenant improvements and lease commissions. The purchase price of acquired properties is allocated to land, buildings and improvements (including tenant improvements, unamortized lease commissions, acquired in-place lease values and customer relationships, if any), intangible assets and intangible liabilities (see Note 2), based upon the relative fair value of each component, which are evaluated independently. The Company must make significant assumptions in determining the fair value of assets acquired and liabilities assumed, which can affect the recognition and timing of revenue and depreciation and amortization expense. The fair value of land is estimated based upon, among other considerations, comparable sales of land within the same region. The fair value of buildings and improvements is determined using a combination of the income and replacement cost approaches which both utilize available market information relevant to the acquired property. The fair value of other acquired assets including tenant improvements and unamortized lease commissions are determined using the replacement cost approach. The amount recorded to acquired in-place leases is also determined utilizing the income approach using market assumptions which are based on management’s assessment of current market conditions and the estimated lease-up periods for the respective spaces. Transaction costs related to asset acquisitions are capitalized. Subsequent to December 31, 2019, we acquired a multi-tenant industrial park comprised of approximately 73,000 rentable square feet in La Mirada, California, for a total purchase price of $ 13.5 million, inclusive of capitalized transaction costs. On December 20, 2019, we acquired a multi-tenant flex park comprised of approximately 79,000 rentable square feet in Santa Clara, California, for a total purchase price of $ 16.8 million, inclusive of capitalized transaction costs. On September 5, 2019, we acquired a multi-tenant industrial park comprised of approximately 543,000 rentable square feet in Santa Fe Springs, California, for a total purchase price of $ 104.3 million, inclusive of capitalized transaction costs. On April 18, 2019, we acquired a multi-tenant industrial park comprised of approximately 74,000 rentable square feet in Signal Hill, California, for a total purchase price of $ 13.8 million, inclusive of capitalized transaction costs. On June 8, 2018, we acquired two multi-tenant industrial parks aggregating 1.1 million rentable square feet in Springfield, Virginia, for a purchase price of $ 143.8 million, inclusive of capitalized transaction costs. We did no t acquire any properties during the year ended December 31, 2017. The following table summarizes the assets acquired and liabilities assumed for the years ended December 31, (in thousands) : 2019 2018 2017 Land $ 88,093 $ 25,806 $ — Buildings and improvements 44,313 112,230 — Other assets (above-market in-place rents) — 1,487 — Accrued and other liabilities (below-market in-place rents) ( 1,241 ) ( 1,790 ) — Other assets (in-place lease value) 3,777 6,033 — Total purchase price 134,942 143,766 — Net operating assets acquired and liabilities assumed ( 664 ) ( 1,367 ) — Total cash paid $ 134,278 $ 142,399 $ — The following table summarizes the assets acquired and liabilities assumed related to the consolidation of the joint venture, which was accounted for as an asset acquisition, as of January 1, 2018 (see Note 4) (in thousands) : Land $ 21,814 Buildings and improvements 84,903 Other assets (in-place lease value) 1,199 Total consolidated joint venture 107,916 Noncontrolling interest in consolidated joint venture ( 4,032 ) Net book value of joint venture at consolidation $ 103,884 On March 31, 2017, we sold development rights we held to build medical office buildings on land adjacent to our Westech Business Park in Silver Spring, Maryland for $ 6.5 million. We received net sale proceeds of $ 6.4 million, of which $ 4.9 million was received in 2017 and $ 1.5 million was received in prior years. We recorded a net gain of $ 6.4 million for the year ended December 31, 2017. Properties Sold Subsequent to December 31, 2019, we sold a 113,000 square foot office building located at Metro Park North in Rockville, Maryland, that was held for sale as of December 31, 2019, for a gross sales price of $ 30.0 million. On October 8, 2019, the Company also sold 1.3 million rentable square feet of flex and office business parks located in Rockville and Silver Spring, Maryland, for net sale proceeds of $ 144.6 million, which resulted in a gain of $ 16.6 million. We determined that these sales did not meet the criteria for discontinued operations presentation, as the sales of such assets did not represent a strategic shift that will have a major effect on our operations and financial results. As a result of this determination, the assets are separately presented as held for sale in the consolidated balance sheets as of December 31, 2019 and 2018. On March 5, 2018, we sold Corporate Pointe Business Park, a park consisting of five multi-tenant office buildings totaling 161,000 square feet located in Orange County, California, for net sale proceeds of $ 41.7 million, which resulted in a gain of $ 26.8 million. On April 18, 2018, we sold Orange County Business Center, a park consisting of five multi-tenant office buildings totaling 437,000 square feet located in Orange County, California, for net sale proceeds of $ 73.3 million, which resulted in a gain of $ 50.6 million. On April 30, 2018, we sold Northgate Business Park, a park consisting of seven multi-tenant flex buildings totaling 194,000 square feet located in Dallas, Texas, for net sale proceeds of $ 11.8 million, which resulted in a gain of $ 7.9 million. On October 31, 2018, we sold Orangewood Office Park, a park consisting of two multi-tenant office buildings totaling 107,000 square feet located in Orange County, California, for net sale proceeds of $ 18.3 million, which resulted in a gain of $ 8.2 million. We determined that these sales also did not meet the criteria for discontinued operations presentation. On May 1, 2017, we sold Empire Commerce, a two -building single-story office park comprising 44,000 square feet, located in Dallas, Texas, for net sale proceeds of $ 2.1 million, which resulted in a net gain of $ 1.2 million. |
Investment In And Advances To U
Investment In And Advances To Unconsolidated Joint Venture | 12 Months Ended |
Dec. 31, 2019 | |
Investment In And Advances To Unconsolidated Joint Venture [Abstract] | |
Investment In And Advances To Unconsolidated Joint Venture | 4. Investment in and advances to unconsolidated joint venture The Company has a 95.0 % interest in a 395 -un it multifamily apartment complex on a five -acre site within the Company’s 628,000 square foot office park located in Tysons, Virginia . An unrelated real estate development company (the “JV Partner”) holds the remaining 5.0 %. On January 1, 2018, the Company began to consolidate the joint venture due to changes to the joint venture agreement that gave the Company control of the joint venture. Prior to January 1, 2018, the Company accounted its investment in the joint venture using the equity method. The Company reflected the aggregate cost of the contributed site and improvements, its equity contributions and loan advances, as well as capitalized third party interest incurred as investment in and advances to unconsolidated joint venture. For the year ended December 31, 2017, the Company made loan advances of $ 34.1 million and capitalized $ 506,000 of interest. During the year ended December 31, 2017, the Company recorded an equity loss in the unconsolidated joint venture of $ 805,000 , comprised of net operating income of $ 375,000 and depreciation expense of $ 1.2 million. |
Leasing Activity
Leasing Activity | 12 Months Ended |
Dec. 31, 2019 | |
Leasing Activity [Abstract] | |
Leasing Activity | 5. Leasing activity The Company leases space in its commercial real estate facilities to customers primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental income, excluding recovery of operating expenses that may be collectable under these leases, is as follows as of December 31, 2019 (in thousands) : 2020 $ 285,207 2021 228,542 2022 162,259 2023 111,511 2024 76,000 Thereafter 109,991 Total (1) $ 973,510 ____________________________ (1) Excludes future minimum rental income from an asset held for sale. In addition to minimum rental payments, certain customers reimburse the Company for their pro rata share of specified property operating expenses. Such reimbursements amounted to $ 96.5 million, $ 91.2 million and $ 90.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 3.2 % of total leased square footage are subject to termination options, of which 1.9 % of total leased square footage have termination options exercisable through December 31, 20 20 (unaudited). In general, these leases provide for termination payments to us should the termination options be exercised. Certain leases also have an option to extend the terms of the lease. The future minimum rental income in the above table assumes termination options and lease extension options are not exercised. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2019 | |
Bank Loans [Abstract] | |
Bank Loans | 6. Bank loans We have an unsecured revolving line of credit (the “Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Credit Facility has a borrowing limit of $ 250.0 million and expires January 10 , 2022 . The rate of interest charged on borrowings is based on LIBOR plus 0.80 % to LIBOR plus 1.55 % depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.825 % . In addition, the Company is required to pay an annual facility fee ranging from 0.10 % to 0.30 % of the borrowing limit depending on the Company’s credit ratings (currently 0.125 %). We had no balance outstanding on our Credit Facility at December 31, 2019 and 2018. The Company had $ 461,000 and $ 691,000 of total unamortized loan origination costs as of December 31, 2019 and 2018, respectively, which is included in other assets in the accompanying consolidated balance sheets. The Credit Facility requires us to meet certain covenants, all of which we were in compliance with at December 31, 2019. Interest on outstanding borrowings is payable monthly . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | 7. Noncontrolling interests Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units, totaling $ 213.2 million and $ 215.1 million at December 31, 2019 and 2018, respectively, and (ii) the JV Partner’s 5.0 % interest in a joint venture owning a 395 -unit multifamily apartment complex, totaling $ 2.9 million and $ 3.0 million at December 31, 2019 and 2018, respectively. PS OP Interests Each common partnership unit receives a cash distribution equal to the dividend paid on our common shares and is redeemable at PS’s option. If PS exercises its right of redemption, at PSB’s option (a) PS will receive one common share from us for each common partnership unit redeemed, or (b) PS will receive cash from us for each common partnership unit redeemed generally equal to the market value of a common share (as defined in the Operating Partnership Agreement). We can prevent redemptions that we believe would violate either our articles of incorporation or securities laws, cause PSB to no longer qualify as a REIT, or could result in the OP no longer being treated as a partnership for federal tax purposes. In allocating net income and presenting equity, we treat the common partnership units as if converted to common shares. Accordingly, they receive the same net income allocation per unit as a common share and are adjusted each period to have the same equity per unit as a common share, totaling $ 29.0 million, $ 46.2 million and $ 24.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. JV Partner In conjunction with consolidating the joint venture on January 1, 2018, we recorded noncontrolling interest of $ 4.0 million related to the JV Partner’s 5.0 % interest in a joint venture owning a 395 -unit multifamily apartment complex. A total of $ 44,000 in income and $ 1.0 million in loss was allocated to the JV Partner during the years ended December 31, 2019 and 2018, respectively. Distributions of $ 134,000 were paid to the JV during the year ended December 31, 2019 and none were paid during 2018. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related party transactions We manage certain industrial, office and retail facilities in the United States for PS under either the “Public Storage” or “PS Business Parks” names (the “PS Management Agreement”). Under PS’s supervision, we coordinate and assist in rental and marketing activities, property maintenance and other operational activities, including the selection of vendors, suppliers, employees and independent contractors. We receive a management fee based upon a percentage of revenues, which is included in “interest and other income” on our consolidated statements of income. Management fee revenues were $ 287,000 , $ 407,000 and $ 506,000 for the years ended December 31, 2019, 2018 and 2017, respectively. We allocate certain operating expenses to PS related to the management of these properties, including payroll and other business expenses, totaling $ 373,000 , $ 472,000 and $ 537,000 for the years ended December 31, 2019, 2018 and 2017, respectively. The PS Business Parks name and logo are owned by PS and licensed to us under a non-exclusive, royalty-free license agreement. The license can be terminated by either party for any reason with six months written notice. PS provides us property management services for the self-storage component of two assets we own and operates them under the “Public Storage” name. Either the Company or PS can cancel the property management contract upon 60 days ’ notice. Under our supervision, PS coordinates and assists in rental and marketing activities, and property maintenance and other operational activities, including the selection of vendors, suppliers, employees and independent contractors. Management fee expenses were $ 98,000 , $ 96,000 and $ 92,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Additionally, PS allocated certain operating expenses to us related to the management of these properties totaling $ 75,000 , $ 65,000 and $ 61,000 for the three years ended December 31, 2019, 2018 and 2017, respectively. These amounts are included under “cost of operations” on our consolidated statements of income. Pursuant to a cost sharing agreement, we share certain administrative services, corporate office space, and certain other third party costs with PS which are allocated based upon fair and reasonable estimates of the cost of the services expected to be provided. We reimbursed PS $ 1.2 million, $ 1.2 million and $ 1.3 million, respectively, for costs PS incurred on our behalf for the years ended December 31, 2019, 2018 and 2017. PS reimbursed us $ 39,000 , $ 38,000 and $ 31,000 costs we incurred on their behalf for the years ended December 31, 2019, 2018 and 2017, respectively. The Company had net amounts due to PS of $ 106,000 at December 31, 2019 and due from PS of $ 43,000 at December 31, 2018 for these contracts, as well as certain operating expenses paid by the Company on behalf of PS. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ equity Preferred stock As of December 31, 2019 and 2018, the Company had the following series of preferred stock outstanding: December 31, 2019 December 31, 2018 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands) Series W October, 2016 October, 2021 5.200 % 7,590 $ 189,750 7,590 $ 189,750 Series X September, 2017 September, 2022 5.250 % 9,200 230,000 9,200 230,000 Series Y December, 2017 December, 2022 5.200 % 8,000 200,000 8,000 200,000 Series Z November, 2019 November, 2024 4.875 % 13,000 325,000 — — Series U September, 2012 September, 2017 5.750 % — — 9,200 230,000 Series V March, 2013 March, 2018 5.700 % — — 4,400 110,000 Total 37,790 $ 944,750 38,390 $ 959,750 On December 30, 2019, the Company completed the redemption of its 5.75 % Cumulative Preferred Stock, Series U, at par of $ 230.0 million as well as its 5.70 % Cumulative Preferred Stock, Series V, at par of $ 110.0 million. The Company recorded a Preferred Redemption Allocation of $ 11.0 million for the year ended December 31, 2019. On November 4, 2019, we issued $ 325.0 million or 13,000,000 depositary shares representing interests in our 4.875 % Cumulative Preferred Stock, Series Z, at $ 25.00 per depositary share. The 4.875 % Series Z Cumulative Redeemable Preferred Units are non-callable for five years and have no mandatory redemption. We received $ 316.0 million in net issuance proceeds. On January 3, 2018, we completed the redemption of our remaining 6.00 % Cumulative Preferred Stock, Series T, at par of $ 130.0 million. We recorded a Preferred Redemption Allocation of $ 4.1 million in the year ended December 31, 2017 and reclassified the shares from equity to “preferred stock called for redemption” on our consolidated balance sheets at December 31, 2017. On December 7, 2017, we issued $ 200.0 million or 8,000,000 depositary shares representing interests in our 5.20 % Cumulative Preferred Stock, Series Y, at $ 25.00 per depositary share. The 5.20 % Series Y Cumulative Redeemable Preferred Units are non-callable for five years and have no mandatory redemption. We received $ 193.6 million in net issuance proceeds. On October 30, 2017, we completed a partial redemption of 8,800,000 of our outstanding 14,000,000 depositary shares representing interests in our 6.0 % Cumulative Preferred Stock, Series T, at par of $ 220.0 million. We recorded a Preferred Redemption Allocation of $ 6.9 million for the year ended December 31, 2017. On September 21, 2017, we issued $ 230.0 million or 9,200,000 depositary shares representing interests in our 5.25 % Cumulative Preferred Stock, Series X, at $ 25.00 per depositary share. The 5.25 % Series X Cumulative Redeemable Preferred Units are non-callable for five years and have no mandatory redemption. We received $ 222.2 million in net issuance proceeds. We paid $ 54.3 million, $ 52.6 million and $ 52.2 million in distributions to our preferred shareholders for the years ended December 31, 2019, 2018 and 2017, respectively. The holders of our preferred stock have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Holders of our preferred stock will not be entitled to vote on most matters, except under certain conditions. In the event of a cumulative arrearage equal to six quarterly dividends, the holders of the preferred stock will have the right to elect two additional members to serve on the Company’s Board of Directors (the “Board”) until all events of default have been cured. At December 31, 2019, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the preferred stock is not redeemable prior to the redemption dates noted above. On or after the respective redemption dates, the respective series of preferred stock will be redeemable, at the option of the Company, in whole or in part, at $ 25.00 per depositary share, plus any accrued and unpaid dividends. Common stock and units We paid $ 115.2 million ($ 4.20 per common share), $ 103.8 million ($ 3.80 per common share) and $ 92.5 million ($ 3.40 per common share) in distributions to our common shareholders for the years ended December 31, 2019, 2018 and 2017, respectively. We paid $ 30.7 million ( $ 4.20 per common unit), $ 27.8 million ( $ 3.80 per common unit), and $ 24.8 million ( $ 3.40 per common unit) in distributions to our common unit holders for the years ended December 31, 2019, 2018 and 2017, respectively. The portion of the distributions classified as ordinary income was 100.0 %, 99.3 % and 95.9 % for the years ended December 31, 2019, 2018 and 2017, respectively. The portion of the distributions classified as long-term capital gain income was 0.0 %, 0.7 % and 4.1 % for the years ended December 31, 2019, 2018 and 2017, respectively. The percentages in the two preceding sentences are unaudited. During the three months ended June 30, 2018, the Board increased our quarterly dividend from $ 0.85 per common share to $ 1.05 per common share. During the three months ended March 31, 2017, the Board increased our quarterly dividend from $ 0.75 per common share to $ 0.85 per common share. Equity stock The Company is authorized to issue 100.0 million shares of Equity Stock. The Articles of Incorporation provide that Equity Stock may be issued from time to time in one or more series and give the Board broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of Equity Stock. As of December 31, 2019 and 2018, no equity stock had been issued. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock Compensation [Abstract] | |
Stock Compensation | 10. Stock compensation Under various share-based compensation plans, PSB grants non-qualified options to purchase the Company’s common shares at a price not less than fair value on the date of grant, as well as RSUs, to certain directors, officers and key employees. The service period for stock options and RSUs begins when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock and (iv) it is probable that any performance conditions will be met, and ends when the stock options or RSUs vest. We amortize the fair value of awards starting at the beginning of the service period as compensation expense. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). We account for forfeitures of share-based payments as they occur by reversing previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. Stock Options Stock options expire 10 years after the grant date and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options on the date of grant. 2019 2018 2017 Stock option expense for the year ( in 000's) $ 299 $ 236 $ 209 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 1,567 $ 2,752 $ 5,177 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 2.0 % 2.8 % 1.9 % Expected volatility, based upon historical volatility 22.2 % 20.8 % 17.5 % Expected dividend yield 2.6 % 2.9 % 2.8 % Average estimated value of options granted during the year $ 26.85 $ 18.11 $ 14.42 As of December 31, 2019, there was $ 1.2 million of unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 3. 9 years. Cash received from 15,585 stock options exercised during the year ended December 31, 2019 was $ 969,000 . Cash received from 44,994 stock options exercised during the year ended December 31, 2018 was $ 3.0 million. Cash received from 73,246 stock options exercised during the year ended December 31, 2017 was $ 4.2 million. Information with respect to stock options during 2019, 2018 and 2017 is as follows: Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2016 229,655 $ 68.93 Granted 16,000 $ 121.57 Exercised ( 73,246 ) $ 57.59 Forfeited — $ — Outstanding at December 31, 2017 172,409 $ 78.63 Granted 16,000 $ 115.45 Exercised ( 44,994 ) $ 66.88 Forfeited — $ — Outstanding at December 31, 2018 143,415 $ 86.42 Granted 34,000 $ 163.95 Exercised ( 15,585 ) $ 62.15 Forfeited ( 4,000 ) $ 110.04 Outstanding at December 31, 2019 157,830 $ 104.92 5.90 Years $ 9,652 Exercisable at December 31, 2019 87,030 $ 79.93 3.98 Years $ 7,392 RSUs RSUs granted prior to 2016 are subject to a six-year vesting, with 20 % vesting after year two, and 20 % vesting after each of the next four years. RSUs granted during and subsequent to 2016 are subject to a five-year vesting at the rate of 20 % per year. The grantee receives dividends for each outstanding RSU equal to the per share dividend received by common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax withholdings made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares on the date of grant. Effective March, 2014, the Company entered into a performance-based RSU program, the Senior Management Long-Term Equity Incentive Program for 2014-2017 (“LTEIP”), with certain employees of the Company. Under the LTEIP, the Company established three levels of targeted RSU awards, which would be earned only if the Company achieved one of three defined targets during 2014 to 2017. Under the LTEIP there was an annual award following the end of each of the four years in the program, with the award subject to and based on the achievement of total return targets during the previous year, as well as an award based on achieving total return targets during the cumulative four-year period 2014-2017. In the event the minimum defined target was not achieved for an annual award, the RSUs allocated to be awarded for such year were added to the RSUs that may be received if the four-year target was achieved. All RSU awards under the LTEIP vest in four equal annual installments beginning from the date of award. Compensation expense is recognized based on the RSUs expected to be awarded based on the target level that is expected to be achieved. The compensation expense and RSU counts with respect to the LTEIP are included in the aggregate RSU amounts disclosed above. Senior management earned 145,350 shares of RSUs granted in March, 2018 as the maximum targets were achieved for both the year ended December 31, 2017 and for the cumulative four-year period. Subsequent to December 31, 2019, the Company entered into an annual performance-based RSU program (“2020 Incentive Program”) with certain employees of the Company. Under the Program, certain employees will be eligible to receive RSUs subject to achievement of a pre-established performance target based on growth in the Company’s net asset value per share, as computed by the Company pursuant to the terms of the 2020 Incentive Program. In the event the pre-established target is achieved, the employees will receive the target award, except that the Company may adjust the actual award to 75 %- 125 % of the target award based on the Company’s assessment of whether certain strategic and operational goals were accomplished in the performance period. The implementation of the 2020 Incentive Program does not have an impact on our consolidated financial statements for all periods presented herein. RSUs related to the 2020 Incentive Program will be awarded on or around March 1 of the subsequent year. RSUs awarded under the 2020 Incentive Program will vest in five equal installments, with the first installment vesting on the award date. RSU holders will earn dividend equivalent rights during the vesting period. Information with respect to RSUs during 2019, 2018 and 2017 is as follows (dollar amounts in thousands): Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2016 144,693 $ 12,346 Granted 113,750 10,748 Vested ( 76,994 ) ( 6,597 ) Forfeited ( 16,366 ) ( 1,381 ) Nonvested at December 31, 2017 165,083 15,116 Granted 194,450 18,431 Vested ( 106,103 ) ( 9,256 ) Forfeited ( 10,140 ) ( 905 ) Nonvested at December 31, 2018 243,290 23,386 Granted 6,400 1,137 Vested ( 95,500 ) ( 8,753 ) Forfeited ( 3,342 ) ( 345 ) Nonvested at December 31, 2019 150,848 $ 15,425 As of December 31, 2019, there was $ 6.9 million of unamortized compensation expense related to RSUs expected to be recognized over a weighted average period of 3. 1 years. (In thousands, except number of shares) 2019 2018 2017 Restricted share unit expense $ 3,196 $ 3,727 $ 4,279 Common shares issued upon vesting 55,267 62,500 43,223 Fair value of vested shares on vesting date $ 15,078 $ 12,127 $ 8,816 Cash paid for taxes in lieu of shares upon vesting of RSUs $ 6,350 $ 4,981 $ 3,865 In July, 2019, the Company amended the Retirement Plan for Non-Employee Directors (the “Director Retirement Plan”), to increase the maximum shares issued upon retirement for each year served as a director from 8,000 shares to 10,000 shares of common stock. The Company recognizes compensation expense with regard to grants to be issued in the future under the Director Retirement Plan over the requisite service period. For the year ended December 31, 2019, the Company recorded $ 1.5 million in compensation expense related to these shares compared to $ 212,000 and $ 290,000 for the same periods in 2018 and 2017, respectively. In April, 2019, we issued 8,000 shares to a director upon retirement with an aggregate fair value of $ 1.2 million. No shares were issued during the years ended December 31, 2018 and 2017. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Quarterly Financial Data [Abstract] | |
Supplementary Quarterly Financial Data | 11. Supplementary quarterly financial data (unaudited, in thousands, except per share data): Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Rental income $ 107,825 $ 107,782 $ 108,064 $ 106,175 Cost of operations $ 33,593 $ 31,460 $ 32,468 $ 30,822 Net income allocable to common shareholders $ 26,321 $ 28,579 $ 26,312 $ 27,491 Net income per share Basic $ 0.96 $ 1.04 $ 0.96 $ 1.00 Diluted $ 0.96 $ 1.04 $ 0.96 $ 1.00 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Rental income $ 103,759 $ 101,824 $ 103,808 $ 104,125 Cost of operations $ 32,456 $ 30,796 $ 31,197 $ 30,181 Net income allocable to common shareholders $ 46,048 $ 70,221 $ 25,131 $ 31,499 Net income per share Basic $ 1.69 $ 2.57 $ 0.92 $ 1.15 Diluted $ 1.69 $ 2.56 $ 0.92 $ 1.15 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. Commitments and contingencies The Company currently is neither subject to any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation and administrative proceedings arising in the ordinary course of business. |
Schedule III - Real Estate And
Schedule III - Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Real Estate And Accumulated Depreciation [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | PS BUSINESS PARKS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 (IN THOUSANDS) Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2019 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Buena Park Industrial Center Buena Park, CA 317 $ 3,245 $ 7,703 $ 3,327 $ 3,245 $ 11,030 $ 14,275 $ 8,053 1997 5 - 30 Carson Carson, CA 77 990 2,496 1,628 990 4,124 5,114 3,255 1997 5 - 30 Cerritos Business Center Cerritos, CA 395 4,218 10,273 4,604 4,218 14,877 19,095 11,444 1997 5 - 30 Cerritos/Edwards Cerritos, CA 31 450 1,217 1,615 450 2,832 3,282 2,139 1997 5 - 30 Concord Business Park Concord, CA 246 12,454 20,491 1,134 12,454 21,625 34,079 7,346 2011 5 - 30 Culver City Culver City, CA 147 3,252 8,157 6,293 3,252 14,450 17,702 11,544 1997 5 - 30 Bayview Business Park Fremont, CA 104 4,990 4,831 373 4,990 5,204 10,194 2,026 2011 5 - 30 Christy Business Park Fremont, CA 334 11,451 16,254 1,457 11,451 17,711 29,162 6,758 2011 5 - 30 Industrial Drive Distribution Center Fremont, CA 199 7,482 6,812 1,202 7,482 8,014 15,496 2,898 2011 5 - 30 Bay Center Business Park Hayward, CA 463 19,052 50,501 3,754 19,052 54,255 73,307 18,715 2011 5 - 30 Cabot Distribution Center Hayward, CA 249 5,859 10,811 532 5,859 11,343 17,202 3,307 2011 5 - 30 Diablo Business Park Hayward, CA 271 9,102 15,721 1,008 9,102 16,729 25,831 5,710 2011 5 - 30 Eden Landing Hayward, CA 83 3,275 6,174 168 3,275 6,342 9,617 2,196 2011 5 - 30 Hayward Business Park Hayward, CA 1,091 28,256 54,418 3,365 28,256 57,783 86,039 18,976 2011 5 - 30 Huntwood Business Park Hayward, CA 176 7,391 11,819 776 7,391 12,595 19,986 4,348 2011 5 - 30 Parkway Commerce Hayward, CA 407 4,398 10,433 4,682 4,398 15,115 19,513 11,463 1997 5 - 30 Laguna Hills Commerce Center Laguna Hills, CA 513 16,261 39,559 8,312 16,261 47,871 64,132 35,966 1997 5 - 30 Plaza Del Lago Laguna Hills, CA 101 2,037 5,051 4,181 2,037 9,232 11,269 7,221 1997 5 - 30 Canada Business Center Lake Forest, CA 297 5,508 13,785 6,680 5,508 20,465 25,973 15,657 1997 5 - 30 Dixon Landing Business Park Milpitas, CA 505 26,301 21,121 3,907 26,301 25,028 51,329 10,154 2011 5 - 30 Monterey/Calle Monterey, CA 12 288 706 396 288 1,102 1,390 845 1997 5 - 30 Monterey Park Monterey Park, CA 199 3,078 7,862 1,810 3,078 9,672 12,750 7,516 1997 5 - 30 Port of Oakland Oakland, CA 200 5,638 11,066 817 5,638 11,883 17,521 4,081 2011 5 - 30 Kearney Mesa San Diego, CA 164 2,894 7,089 3,373 2,894 10,462 13,356 7,796 1997 5 - 30 Lusk San Diego, CA 371 5,711 14,049 6,330 5,711 20,379 26,090 15,647 1997 5 - 30 Rose Canyon Business Park San Diego, CA 233 15,129 20,054 2,716 15,129 22,770 37,899 14,099 2005 5 - 30 Charcot Business Park San Jose, CA 283 18,654 17,580 1,956 18,654 19,536 38,190 7,531 2011/2014 5 - 30 Las Plumas San Jose, CA 214 4,379 12,889 6,898 4,379 19,787 24,166 16,302 1998 5 - 30 Little Orchard Distribution Center San Jose, CA 213 7,725 3,846 288 7,725 4,134 11,859 1,680 2011 5 - 30 Montague Industrial Park San Jose, CA 316 14,476 12,807 635 14,476 13,442 27,918 5,555 2011 5 - 30 Oakland Road San Jose, CA 177 3,458 8,765 3,358 3,458 12,123 15,581 9,413 1997 5 - 30 Rogers Ave San Jose, CA 67 3,540 4,896 573 3,540 5,469 9,009 3,110 2006 5 - 30 Doolittle Business Park San Leandro, CA 113 3,929 6,231 304 3,929 6,535 10,464 2,259 2011 5 - 30 Bayshore Corporate Center San Mateo, CA 340 25,108 36,891 7,166 25,108 44,057 69,165 15,622 2013 5 - 30 San Ramon/Norris Canyon San Ramon, CA 52 1,486 3,642 1,335 1,486 4,977 6,463 3,862 1997 5 - 30 Commerce Park Santa Clara, CA 251 17,218 21,914 4,105 17,218 26,019 43,237 17,688 2007 5 - 30 Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2019 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Santa Clara Tech Park Santa Clara, CA 178 7,673 15,645 4,638 7,673 20,283 27,956 15,504 2000 5 - 30 San Tomas Business Center Santa Clara, CA 79 12,932 3,549 - 12,932 3,549 16,481 — 2019 5 - 30 Walsh at Lafayette Santa Clara, CA 321 13,439 17,890 966 13,439 18,856 32,295 7,316 2011 5 - 30 Hathaway Industrial Park Santa Fe Springs, CA 543 65,494 36,786 20 65,494 36,806 102,300 541 2019 5 - 30 Signal Hill Signal Hill, CA 343 16,360 16,678 3,363 16,360 20,041 36,401 10,962 1997/2006/2019 5 - 30 Airport Boulevard So San Francisco, CA 52 899 2,387 809 899 3,196 4,095 2,488 1997 5 - 30 South San Francisco/Produce So San Francisco, CA 41 776 1,886 527 776 2,413 3,189 1,863 1997 5 - 30 Studio City/Ventura Studio City, CA 22 621 1,530 552 621 2,082 2,703 1,650 1997 5 - 30 Kifer Industrial Park Sunnyvale, CA 287 13,227 37,874 1,618 13,227 39,492 52,719 13,038 2011 5 - 30 Torrance Torrance, CA 147 2,318 6,069 3,584 2,318 9,653 11,971 7,520 1997 5 - 30 Boca Commerce Boca Raton, FL 135 7,795 9,258 3,198 7,795 12,456 20,251 6,814 2006 5 - 30 MICC Miami, FL 3,468 95,115 112,583 42,757 95,115 155,340 250,455 100,845 2003/2011/2014 5 - 30 Wellington Wellington, FL 263 10,845 18,560 2,567 10,845 21,127 31,972 10,789 2006 5 - 30 Ammendale Beltsville, MD 308 4,278 18,380 11,208 4,278 29,588 33,866 24,289 1998 5 - 30 Gaithersburg/Christopher Gaithersburg, MD 29 475 1,203 890 475 2,093 2,568 1,550 1997 5 - 30 Gude Drive (Land) Rockville, MD — 1,142 — 328 1,142 328 1,470 210 2001 5 - 30 Parklawn Business Park Rockville, MD 231 3,387 19,628 5,469 3,387 25,097 28,484 11,671 2010 5 - 30 The Grove 270 Rockville, MD 577 11,010 58,364 21,912 11,010 80,276 91,286 31,888 2010/2016 5 - 30 Ben White Austin, TX 108 1,550 7,015 3,154 1,550 10,169 11,719 6,390 1998 5 - 30 Lamar Business Park Austin, TX 198 2,528 6,596 7,575 2,528 14,171 16,699 10,732 1997 5 - 30 McKalla Austin, TX 236 1,945 13,212 2,529 1,945 15,741 17,686 9,036 1998/2012 5 - 30 McNeil Austin, TX 525 5,477 24,495 5,896 5,477 30,391 35,868 14,055 1999/2010/2012/2014 5 - 30 Rutland Austin, TX 235 2,022 9,397 2,094 2,022 11,491 13,513 8,819 1998/1999 5 - 30 Waterford Austin, TX 106 2,108 9,649 4,031 2,108 13,680 15,788 10,553 1999 5 - 30 Braker Business Park Austin, TX 257 1,874 13,990 2,899 1,874 16,889 18,763 8,118 2010 5 - 30 Mopac Business Park Austin, TX 117 719 3,579 627 719 4,206 4,925 2,002 2010 5 - 30 Southpark Business Park Austin, TX 181 1,266 9,882 2,658 1,266 12,540 13,806 6,209 2010 5 - 30 Valwood Business Center Carrollton, TX 356 2,510 13,859 3,127 2,510 16,986 19,496 6,377 2013 5 - 30 Northway Plaza Farmers Branch, TX 131 1,742 4,503 1,313 1,742 5,816 7,558 2,075 2013 5 - 30 Springlake Business Center Farmers Branch, TX 206 2,607 5,715 2,083 2,607 7,798 10,405 3,382 2013/2014 5 - 30 Westwood Business Park Farmers Branch, TX 112 941 6,884 2,509 941 9,393 10,334 6,287 2003 5 - 30 Eastgate Garland, TX 36 480 1,203 467 480 1,670 2,150 1,339 1997 5 - 30 Freeport Business Park Irving, TX 256 4,564 9,506 3,014 4,564 12,520 17,084 5,158 2013 5 - 30 NFTZ (1) Irving, TX 231 1,517 6,499 3,741 1,517 10,240 11,757 8,309 1998 5 - 30 Royal Tech Irving, TX 794 13,989 54,113 27,362 13,989 81,475 95,464 58,427 1998-2000/2011 5 - 30 La Prada Mesquite, TX 56 495 1,235 752 495 1,987 2,482 1,540 1997 5 - 30 The Summit Plano, TX 184 1,536 6,654 4,523 1,536 11,177 12,713 8,859 1998 5 - 30 Arapaho Business Park Richardson, TX 408 5,226 10,661 4,716 5,226 15,377 20,603 6,805 2013/2014 5 - 30 Richardson Business Park Richardson, TX 117 799 3,568 3,101 799 6,669 7,468 5,485 1998 5 - 30 Bren Mar Alexandria, VA 113 2,197 5,380 4,106 2,197 9,486 11,683 7,522 1997 5 - 30 Eisenhower Alexandria, VA 95 1,440 3,635 2,745 1,440 6,380 7,820 5,203 1997 5 - 30 Beaumont Chantilly, VA 107 4,736 11,051 2,066 4,736 13,117 17,853 8,498 2006 5 - 30 Dulles South Chantilly, VA 99 1,373 6,810 3,498 1,373 10,308 11,681 7,850 1999 5 - 30 Lafayette Chantilly, VA 197 1,680 13,398 6,593 1,680 19,991 21,671 14,658 1999/2000 5 - 30 Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2019 Buildings Buildings Buildings Depreciable and and and Accumulated Lives Description Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years) Park East Chantilly, VA 198 3,851 18,029 10,826 3,851 28,855 32,706 22,490 1999 5 - 30 Fair Oaks Business Park Fairfax, VA 290 13,598 36,232 10,081 13,598 46,313 59,911 29,269 2004/2007 5 - 30 Monroe Herndon, VA 244 6,737 18,911 11,856 6,737 30,767 37,504 23,706 1997/1999 5 - 30 Gunston Lorton, VA 247 4,146 17,872 12,248 4,146 30,120 34,266 21,080 1998 5 - 30 The Mile McLean, VA 628 38,279 83,596 26,716 38,279 110,312 148,591 52,389 2010/2011 5 - 30 Prosperity at Merrifield Merrifield, VA 659 23,147 67,575 37,585 23,147 105,160 128,307 71,749 2001 5 - 30 Alban Road Springfield, VA 150 1,935 4,736 5,177 1,935 9,913 11,848 8,083 1997 5 - 30 I-95 Springfield, VA 210 3,535 15,672 14,466 3,535 30,138 33,673 23,247 2000 5 - 30 Fullterton Road Industrial Park Springfield, VA 243 7,438 24,971 702 7,438 25,673 33,111 1,764 2018 5 - 30 Northern Virginia Industrial Park Springfield, VA 814 18,369 87,258 5,253 18,369 92,511 110,880 5,696 2018 5 - 30 Northpointe Sterling, VA 147 2,767 8,778 4,900 2,767 13,678 16,445 11,174 1997/1998 5 - 30 Shaw Road Sterling, VA 149 2,969 10,008 4,863 2,969 14,871 17,840 12,164 1998 5 - 30 Tysons Corporate Center Vienna, VA 270 9,885 25,302 10,423 9,885 35,725 45,610 16,573 2010 5 - 30 Woodbridge Woodbridge, VA 114 1,350 3,398 2,195 1,350 5,593 6,943 4,446 1997 5 - 30 212th Business Park Kent, WA 951 19,573 17,695 12,090 19,573 29,785 49,358 12,914 2012 5 - 30 Overlake Redmond, WA 411 23,122 41,106 7,760 23,122 48,866 71,988 31,722 2007 5 - 30 Renton Renton, WA 28 330 889 713 330 1,602 1,932 1,208 1997 5 - 30 Total before properties held for sale 27,449 824,821 1,630,701 490,497 824,821 2,121,198 2,946,019 1,154,482 Metro Park North Rockville, MD 113 4,188 12,035 6,822 4,188 18,857 23,045 11,543 2001 5 - 30 Total commercial real estate 27,562 829,009 1,642,736 497,319 829,009 2,140,055 2,969,064 1,166,025 Highgate at the Mile McLean, VA 395 unit s 21,814 84,903 33 21,814 84,936 106,750 5,287 2018 5 - 40 Total multifamily 21,814 84,903 33 21,814 84,936 106,750 5,287 Total 27,562 $ 850,823 $ 1,727,639 $ 497,352 $ 850,823 $ 2,224,991 $ 3,075,814 $ 1,171,312 ___________________________ (1) The Company owns two properties that are subject to ground leases in Irving, Texas. These leases expire in 2029 and 2030 . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of presentation The accompanying consolidated financial statements include the accounts of PSB and its subsidiaries, including the OP and our consolidated joint venture. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”). |
Consolidation And Equity Method Of Accounting | Consolidation and equity method of accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. A limited partnership is also generally considered a VIE if the limited partners do not participate in operating decisions. We consolidate VIEs when we are the primary beneficiary, generally defined as having (i) the power to direct the activities most significantly impacting economic performance and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We account for investments in entities that are not VIEs that we have significant influence over, but do not control, using the equity method of accounting and for investment in entities that we control, we consolidate. On January 1, 2018, we began to consolidate our joint venture due to changes to the joint venture agreement that gave the Company control of the joint venture. See Note 4 for more information on this entity. PS, the sole limited partner in the OP, has no power to direct the activities of the OP. We are the primary beneficiary of the OP. Accordingly, we consider the OP a VIE and consolidate it. Substantially all of our assets and liabilities are held by the OP. |
Noncontrolling Interests | Noncontrolling interests Noncontrolling interests represent (i) PS’s noncontrolling interest in the OP through its ownership of 7,305,355 common partnership units and (ii) a third-party 5.0 % interest in our consolidated joint venture owning a 395 -unit multifamily apartment complex. See Note 7 for further information on noncontrolling interests. |
Use Of Estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Financial Instruments | Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy:  Level 1 —quoted prices for identical instruments in active markets;  Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and  Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from various customers. Balances that the Company expects to become uncollectible are written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flow to the corresponding financial statement line items in the consolidated balance sheets as of December 31, 2019, 2018 and 2017 (in thousands) : For The Years Ended December 31, 2019 2018 2017 Consolidated balance sheets Cash and cash equivalents $ 62,786 $ 37,379 $ 114,882 Restricted cash included in Land and building held for development, net 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 63,874 $ 38,467 $ 115,970 During 2017, in conjunction with seeking entitlements to develop our multifamily projects in Tysons, Virginia, we contributed $ 1.1 million into an escrow account for the future development of an athletic field. This amount is reflected in the table above as restricted cash included in land and building held for development, net. Carrying values of the Company’s Credit Facility (as defined in Note 6) approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. |
Real Estate Facilities | Real estate facilities Real estate facilities are recorded at cost. Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Direct costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. |
Property Held For Sale Or Development | Property held for sale or development Real estate is classified as held for sale when the asset is being marketed for sale and we expect that a sale is likely to occur in the next 12 months . Real estate is classified as held for development when it is no longer used in its original form and likely that it will be developed to an alternate use. Property held for sale are not depreciated. |
Intangible Assets/Liabilities | Intangible assets/liabilities When we acquire real estate facilities, an intangible asset is recorded as other assets for leases where the in-place rent is higher than market rents, and an intangible liability is recorded as other liabilities where the market rents are higher than the in-place rents. The amounts recorded are based upon the present value (using a discount rate which reflects the risks associated with the leases acquired) of such differences over the lease term and such amounts are amortized to rental income over the respective remaining lease term. As of December 31, 2019, the value of above-market in-place rents resulted in net intangible assets of $ 1.2 million, net of $ 10.6 million of accumulated amortization and the value of below-market in-place rents resulted in net intangible liabilities of $ 2.4 million, net of $ 11.4 million of accumulated amortization. As of December 31, 2018, the value of above-market in-place rents resulted in net intangible assets of $ 1.8 million, net of $ 10.0 million of accumulated amortization and the value of below-market in-place rents resulted in net intangible liabilities of $ 1.8 million, net of $ 10.8 million of accumulated amortization. Additionally, when we acquire real estate facilities, the value of in-place leases (i.e., customer lease-up costs) is recorded as other assets and is amortized to depreciation and amortization expense over the respective remaining lease term. As of December 31, 2019, the value of acquired in-place leases resulted in net intangible assets of $ 5.7 million, net of $ 4.1 million of accumulated amortization. As of December 31, 2018, the value of acquired in-place leases resulted in net intangible assets of $ 4.7 million, net of $ 1.3 million of accumulated amortization. |
Evaluation Of Asset Impairment | Evaluation of asset impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the carrying value of the asset is not recoverable from estimated future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. No impairment charges were recorded in any period presented herein. |
Asset Impairment Due to Casualty Loss | Asset impairment due to casualty loss It is our policy to record losses due to physical damages during the accounting period in which they occur, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as costs of operations on the consolidated statements of income. Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Anticipated recoveries for lost rental income due to property damages are also considered to be a gain contingency and recognized when the contingency related to the insurance claim has been resolved. No material casualty losses were incurred in any period presented herein. |
Stock Compensation | Stock compensation Share-based payments to employees, including grants of employee stock options, are recognized as stock compensation expense in the Company’s consolidated statements of income based on their grant date fair values, except for performance-based grants, which are accounted for based on their fair values at the beginning of the service period. See Note 10. |
Accrued And Other Liabilities | Accrued and other liabilities Accrued and other liabilities consist primarily of rents prepaid by our customers, trade payables, property tax accruals, accrued payroll and contingent loss accruals when probable and estimable, as well as the intangible liabilities discussed above. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. The fair value of accrued and other liabilities approximate book value due to the short period until settlement. |
Other Assets | Other assets Other assets are comprised primarily of prepaid expenses, as well as the intangible assets discussed above. The fair value of other assets approximate book value due to the short period until settlement. |
Revenue Recognition | Revenue recognition We recognize the aggregate rent to be collected (including the impact of escalators and concessions) under leases ratably throughout the non-cancellable lease term on a “straight-line” basis, commencing when the customer takes control of the leased space. Cumulative straight-line rent recognized in excess of amounts billed per the lease term is presented as “deferred rent receivable” on our consolidated balance sheets. The Company presents r eimbursements from customers for real estate taxes and other recoverable operating expenses under a single lease component presentation as the timing and pattern of transfer of such reimbursements are the same as base rent, and the combined single component of such leases are classified as operating leases. Accordingly, the Company recognizes such variable lease payments resulting from the reimbursements from customers for real estate taxes and other recoverable operating expenses as rental income in the period the applicable costs are incurred. The Company monitors the collectability of its receivable balances, including deferred rent receivable balances, on an ongoing basis. The Company writes off uncollectible customer receivable balances, including deferred rent receivable balances, in the period such receivable balances are deemed uncollectible. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. Property management fees are recognized in the period earned as other income. |
Sales Of Real Estate Facilities | Sales of real estate facilities Sales of real estate facilities are not part of our ordinary activities, and as a result, we consider such sales as contracts with non-customers. We recognize sales of real estate when we have collected payment and the attributes of ownership such as possession and control of the asset have been transferred to the buyer. If a contract for sale includes obligations to provide goods or services to the buyer, an allocated portion of the contract price is recognized as revenue as the related goods or services are transferred to the buyer. |
General And Administrative Expense | General and administrative expense General and administrative expense includes executive and other compensation, corporate office expenses, professional fees, state income taxes and other such costs that are not directly related to the operation of our real estate facilities. |
Income Taxes | Income taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute substantially all of our “REIT taxable income” each year, and if we meet certain organizational and operational requirements. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our “REIT taxable income.” We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2019 and 2018, we did no t recognize any tax benefit for uncertain tax positions. |
Accounting For Preferred Equity Issuance Costs | Accounting for preferred equity issuance costs We record issuance costs as a reduction to paid-in capital on our consolidated balance sheets at the time the preferred securities are issued and reflect the carrying value of the preferred equity at its redemption value. An additional allocation of income is made from the common shareholders to the preferred shareholders in the amount of the original issuance costs, and we reclassify the redemption value from equity to liabilities when we call preferred shares for redemption. Such liability is relieved once the preferred shares are redeemed. |
Net Income Per Common Share | Net income per common share Notwithstanding the presentation of income allocations on our consolidated statements of income, net income is allocated to (a) preferred shareholders, for distributions paid or payable, (b) preferred shareholders, to the extent redemption value exceeds the related carrying value (a “Preferred Redemption Allocation”), (c) our joint venture partner in proportion to their percentage interest in the joint venture, to the extent the consolidated joint venture produces net income or loss during the period and (d) restricted stock unit (“RSU”) holders, for non-forfeitable dividends paid adjusted for participation rights in undistributed earnings. The remaining net income is allocated to the common partnership units and our common shareholders, respectively, based upon the pro-rata aggregate number of units and shares outstanding. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders, divided by (i) in the case of basic net income per common share, weighted average common shares and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact of stock compensation awards outstanding (Note 10) using the treasury stock method. The following tables set forth the calculation of the components of our basic and diluted income per share that are not reflected on the face of our consolidated statements of income, including the allocation of income to common shareholders and common partnership units, the percentage of weighted average shares and common partnership units, as well as basic and diluted weighted average shares for the years ended December 31, ( in thousands ): 2019 2018 2017 Calculation of net income allocable to common shareholders Net income $ 203,972 $ 271,901 $ 179,316 Net (income) loss allocated to Preferred shareholders based upon distributions ( 54,346 ) ( 51,880 ) ( 52,873 ) Preferred shareholders based upon redemptions ( 11,007 ) — ( 10,978 ) Noncontrolling interests—joint venture ( 44 ) 1,030 — Restricted stock unit holders ( 910 ) ( 1,923 ) ( 761 ) Net income allocable to common shareholders and noncontrolling interests—common units 137,665 219,128 114,704 Net income allocation to noncontrolling interests— common units ( 28,962 ) ( 46,229 ) ( 24,279 ) Net income allocable to common shareholders $ 108,703 $ 172,899 $ 90,425 Calculation of common partnership units as a percentage of common share equivalents Weighted average common shares outstanding 27,418 27,321 27,207 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common share equivalents 34,723 34,626 34,512 Common partnership units as a percentage of common share equivalents 21.0 % 21.1 % 21.2 % Weighted average common shares outstanding Basic weighted average common shares outstanding 27,418 27,321 27,207 Net effect of dilutive stock compensation — based on treasury stock method using average market price 108 101 205 Diluted weighted average common shares outstanding 27,526 27,422 27,412 |
Segment Reporting | Segment reporting The Company has two operating segments: (i) the acquisition, development, ownership and management of commercial real estate and (ii) the acquisition, development, ownership and management of multifamily real estate, but has only one reportable segment as the multifamily segment does not meet the quantitative thresholds necessary to require reporting as a separate segment. |
Reclassifications | Reclassifications The divisional vice presidents’ compensation costs totaling $ 1.9 million and $ 3.0 million for the years ended December 31, 2018 and 2017, respectively, have been reclassified from cost of operations into general and administrative expense on the consolidated statements of income in the years ended December 31, 2018 and 2017 in order to conform to the current period’s presentation. Certain other reclassifications have been made to the consolidated financial statements for 2018 in order to conform to the 2019 presentation, including reclassifying assets sold in 2019 as well as reclassifying a 113,000 square foot asset held for sale as of December 31, 2019 from “real estate facilities, at costs” totaling $ 140.4 million as of December 31, 2018 into “properties held for sale, net” on our consolidated balance sheets. |
Recently Issued Accounting Standards | Recently issued accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”s) 2016-02, Leases (the “Lease Standard”). The standard applies to substantially all of our revenue generating activities. Lessor accounting The Lease Standard directs how we account for payments from the elements of our leases that are generally fixed and determinable at the inception of the lease (“Fixed Lease Payments”) while ASU 2014-09, Revenue from Contracts with Customers (“Revenue Standard”), directs how we account for the non-lease components of our lease contracts, primarily expense reimbursements (“Non-Lease Payments”). The Lease Standard requires us to identify Fixed Lease Payments and Non-Lease Payments of a lease agreement and governs the recognition of revenue for the Fixed Lease Payments. Revenue related to Non-Lease Payments under our lease arrangements is subject to the Revenue Standard effective upon adoption of the Lease Standard. See further discussion below on Fixed Lease Payments and Non-Lease Payments. Under the Lease Standard, a set of practical expedients for implementation, which required election as a package and for all leases, was elected as part of our adoption of the Lease Standard. These practical expedients include (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. We adopted the Lease Standard on its effective date of January 1, 2019. In addition to the package of practical expedients noted above, we also elected the practical expedient not to allocate the total consideration to Fixed Lease Payments and Non-Lease Payments based on their relative standalone selling prices. This practical expedient allows lessors to elect a combined single component presentation if (i) the timing and pattern of the revenue recognition for the Fixed Lease Payments and Non-Lease Payments are the same, and (ii) the combined single component of the lease would continue to be classified as an operating lease. We have assessed and believe the two conditions have been met for Non-Lease Payments as (i) the timing and pattern of transfer of the Fixed Lease Payments and Non-Lease Payments are the same, and (ii) the combined single component of the lease would be classified as an operating lease. The adoption of the Leasing Standard did not result in a material impact to our consolidated financial statements. We recognized revenue from our lease arrangements aggregating to $ 429.8 million, $ 413.5 million and $ 402.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. This revenue consisted primarily of rental income from operating leases and the related variable lease payments resulting from reimbursements of property operating expenses. Rental income was $ 333.3 million, $ 322.3 million and $ 311.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Variable lease payments were $ 96.5 million, $ 91.2 million and $ 90.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Lease Standard provides two approaches to account for uncollectible customer receivable balances and deferred rent receivables balances: (i) an impairment model approach or (ii) a reserve approach in accordance to ASU 450-20, Contingencies - Loss Contingencies (“Contingencies - Loss Contingencies Standard”). Under the impairment model, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. After completing the impairment model approach, a lessor may also choose to apply the reserve approach. Under the reserve approach, a lessor records a reserve for a portion of the receivable balances, based on historical data, for uncollectible amounts. A lessor that chooses the reserve approach will have to apply the guidance from both the Lease Standard and Contingencies - Loss Contingencies Standard. The Company has elected the impairment model approach to account for its uncollectible customer receivable balances and deferred rent receivable balances. The Company’s uncollectible receivable balances policy is consistent with the impairment model approach as the Company writes off uncollectible receivable balances in the period the amounts are deemed uncollectible. Therefore, our rental income is limited to the lesser of the amount of cash collected or rental income reflected on a “straight-line” basis, plus any accruable variable lease payments for those customer receivable balances deemed uncollectible. Costs to execute leases The Lease Standard also provides updated guidance on the requirements for the capitalization of the incremental costs incurred in executing leases, such as legal fees and commissions. Under the Lease Standard, any costs that would have been incurred regardless of successful lease execution, such as allocated costs of internal personnel, are to be expensed and may not be capitalized. As we have historically not capitalized any such costs, the adoption of the Lease Standard did not result in a material impact to our consolidated financial statements. Lessee accounting Under the Lease Standard, lessees are required to apply a dual approach by classifying leases as either finance or operating leases based on whether the lease is effectively a finance purchase of the leased asset by the lessee. This classification determines whether the lease expense is recognized based on an effective interest method or a straight-line basis over the term of the lease. F or most leases with a term of greater than 12 months, in which we are the lessee, the present value of future lease payments is recognized on our balance sheet as a right-of-use (“ROU”) asset and a related liability is also recorded. On January 1, 2019, the Company recorded a ROU asset of $ 1.7 million, included in “other assets” on our consolidated balance sheets and a corresponding liability of $ 1.7 million under “accrued and other liabilities”, relating to our existing ground lease arrangements. These operating leases were recognized based on the present value of the future minimum lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of future payments. The discount rate used to determine the present value of these operating leases’ future payments was 4.20 %. These ground leases expire in 2029 and 2030 and do not have an option to extend. As of December 31, 2019, the remaining lease terms were 9.8 years and 10. 1 years. Lease expense for minimum lease payments is recognized in the period the applicable costs are incurred as monthly rent for these operating leases are constant and without contractual increases throughout the remaining terms of these leases. Other than the ground leases discussed above t he adoption of the Lease Standard did not result in a material impact to our consolidated financial statements from the initial recognition of each lease liability or from the pattern of recognition subsequent to adoption. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | For The Years Ended December 31, 2019 2018 2017 Consolidated balance sheets Cash and cash equivalents $ 62,786 $ 37,379 $ 114,882 Restricted cash included in Land and building held for development, net 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 63,874 $ 38,467 $ 115,970 |
Calculation Of Earnings Per Share | 2019 2018 2017 Calculation of net income allocable to common shareholders Net income $ 203,972 $ 271,901 $ 179,316 Net (income) loss allocated to Preferred shareholders based upon distributions ( 54,346 ) ( 51,880 ) ( 52,873 ) Preferred shareholders based upon redemptions ( 11,007 ) — ( 10,978 ) Noncontrolling interests—joint venture ( 44 ) 1,030 — Restricted stock unit holders ( 910 ) ( 1,923 ) ( 761 ) Net income allocable to common shareholders and noncontrolling interests—common units 137,665 219,128 114,704 Net income allocation to noncontrolling interests— common units ( 28,962 ) ( 46,229 ) ( 24,279 ) Net income allocable to common shareholders $ 108,703 $ 172,899 $ 90,425 Calculation of common partnership units as a percentage of common share equivalents Weighted average common shares outstanding 27,418 27,321 27,207 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common share equivalents 34,723 34,626 34,512 Common partnership units as a percentage of common share equivalents 21.0 % 21.1 % 21.2 % Weighted average common shares outstanding Basic weighted average common shares outstanding 27,418 27,321 27,207 Net effect of dilutive stock compensation — based on treasury stock method using average market price 108 101 205 Diluted weighted average common shares outstanding 27,526 27,422 27,412 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |
Activity In Real Estate Facilities | Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2016 $ 710,922 $ 1,893,520 $ ( 943,156 ) $ 1,661,286 Capital expenditures — 51,909 — 51,909 Disposals (1) — ( 13,919 ) 13,919 — Depreciation and amortization expense — — ( 94,270 ) ( 94,270 ) Transfer to properties held for sale — ( 7,351 ) 9,650 2,299 Balances at December 31, 2017 710,922 1,924,159 ( 1,013,857 ) 1,621,224 Acquisition of real estate facilities 25,806 112,230 — 138,036 Consolidation of joint venture 21,814 84,903 — 106,717 Capital expenditures — 38,904 — 38,904 Disposals (1) — ( 17,345 ) 17,345 — Depreciation and amortization expense — — ( 96,732 ) ( 96,732 ) Transfer to properties held for sale — ( 4,192 ) 6,142 1,950 Balances at December 31, 2018 758,542 2,138,659 ( 1,087,102 ) 1,810,099 Acquisition of real estate facilities 88,093 44,313 — 132,406 Capital expenditures — 40,092 — 40,092 Disposals (1) — ( 15,796 ) 15,796 — Depreciation and amortization expense — — ( 93,416 ) ( 93,416 ) Transfer to properties held for sale — ( 1,134 ) 4,953 3,819 Balances at December 31, 2019 (2) $ 846,635 $ 2,206,134 $ ( 1,159,769 ) $ 1,893,000 ____________________________ (1) Disposals primarily represent the book value of tenant improvements that have been removed upon the customer vacating their space. (2) Land, building and improvements, and accumulated depreciation, respectively, totaling $ 58.1 million, $ 236.3 million and $ 154.0 million were reclassified as of December 31, 2018 to “properties held for sale, net” representing 1.3 million rentable square feet sold in 2019 and a 113,000 square foot building held for sale as of December 31, 2019. |
Summary Of Real Estate Assets Acquired And Liabilities Assumed | 2019 2018 2017 Land $ 88,093 $ 25,806 $ — Buildings and improvements 44,313 112,230 — Other assets (above-market in-place rents) — 1,487 — Accrued and other liabilities (below-market in-place rents) ( 1,241 ) ( 1,790 ) — Other assets (in-place lease value) 3,777 6,033 — Total purchase price 134,942 143,766 — Net operating assets acquired and liabilities assumed ( 664 ) ( 1,367 ) — Total cash paid $ 134,278 $ 142,399 $ — |
JV Partner [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Real Estate Assets Acquired And Liabilities Assumed | Land $ 21,814 Buildings and improvements 84,903 Other assets (in-place lease value) 1,199 Total consolidated joint venture 107,916 Noncontrolling interest in consolidated joint venture ( 4,032 ) Net book value of joint venture at consolidation $ 103,884 |
Leasing Activity (Tables)
Leasing Activity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leasing Activity [Abstract] | |
Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses | 2020 $ 285,207 2021 228,542 2022 162,259 2023 111,511 2024 76,000 Thereafter 109,991 Total (1) $ 973,510 ____________________________ (1) Excludes future minimum rental income from an asset held for sale. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Schedule Of Preferred Stock Outstanding | December 31, 2019 December 31, 2018 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands) Series W October, 2016 October, 2021 5.200 % 7,590 $ 189,750 7,590 $ 189,750 Series X September, 2017 September, 2022 5.250 % 9,200 230,000 9,200 230,000 Series Y December, 2017 December, 2022 5.200 % 8,000 200,000 8,000 200,000 Series Z November, 2019 November, 2024 4.875 % 13,000 325,000 — — Series U September, 2012 September, 2017 5.750 % — — 9,200 230,000 Series V March, 2013 March, 2018 5.700 % — — 4,400 110,000 Total 37,790 $ 944,750 38,390 $ 959,750 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock Compensation [Abstract] | |
Schedule of Valuation Assumptions | 2019 2018 2017 Stock option expense for the year ( in 000's) $ 299 $ 236 $ 209 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 1,567 $ 2,752 $ 5,177 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 2.0 % 2.8 % 1.9 % Expected volatility, based upon historical volatility 22.2 % 20.8 % 17.5 % Expected dividend yield 2.6 % 2.9 % 2.8 % Average estimated value of options granted during the year $ 26.85 $ 18.11 $ 14.42 |
Summary Of Stock Options Activity | Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2016 229,655 $ 68.93 Granted 16,000 $ 121.57 Exercised ( 73,246 ) $ 57.59 Forfeited — $ — Outstanding at December 31, 2017 172,409 $ 78.63 Granted 16,000 $ 115.45 Exercised ( 44,994 ) $ 66.88 Forfeited — $ — Outstanding at December 31, 2018 143,415 $ 86.42 Granted 34,000 $ 163.95 Exercised ( 15,585 ) $ 62.15 Forfeited ( 4,000 ) $ 110.04 Outstanding at December 31, 2019 157,830 $ 104.92 5.90 Years $ 9,652 Exercisable at December 31, 2019 87,030 $ 79.93 3.98 Years $ 7,392 |
Nonvested Restricted Stock Units | Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2016 144,693 $ 12,346 Granted 113,750 10,748 Vested ( 76,994 ) ( 6,597 ) Forfeited ( 16,366 ) ( 1,381 ) Nonvested at December 31, 2017 165,083 15,116 Granted 194,450 18,431 Vested ( 106,103 ) ( 9,256 ) Forfeited ( 10,140 ) ( 905 ) Nonvested at December 31, 2018 243,290 23,386 Granted 6,400 1,137 Vested ( 95,500 ) ( 8,753 ) Forfeited ( 3,342 ) ( 345 ) Nonvested at December 31, 2019 150,848 $ 15,425 |
Schedule of Restricted Stock Unit Activity | (In thousands, except number of shares) 2019 2018 2017 Restricted share unit expense $ 3,196 $ 3,727 $ 4,279 Common shares issued upon vesting 55,267 62,500 43,223 Fair value of vested shares on vesting date $ 15,078 $ 12,127 $ 8,816 Cash paid for taxes in lieu of shares upon vesting of RSUs $ 6,350 $ 4,981 $ 3,865 |
Supplementary Quarterly Finan_2
Supplementary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Quarterly Financial Data [Abstract] | |
Schedule Of Supplemental Quarterly Financial Data | Three Months Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Rental income $ 107,825 $ 107,782 $ 108,064 $ 106,175 Cost of operations $ 33,593 $ 31,460 $ 32,468 $ 30,822 Net income allocable to common shareholders $ 26,321 $ 28,579 $ 26,312 $ 27,491 Net income per share Basic $ 0.96 $ 1.04 $ 0.96 $ 1.00 Diluted $ 0.96 $ 1.04 $ 0.96 $ 1.00 Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Rental income $ 103,759 $ 101,824 $ 103,808 $ 104,125 Cost of operations $ 32,456 $ 30,796 $ 31,197 $ 30,181 Net income allocable to common shareholders $ 46,048 $ 70,221 $ 25,131 $ 31,499 Net income per share Basic $ 1.69 $ 2.57 $ 0.92 $ 1.15 Diluted $ 1.69 $ 2.56 $ 0.92 $ 1.15 |
Organization And Description _2
Organization And Description Of Business (Narrative) (Details) ft² in Thousands, shares in Millions | 12 Months Ended |
Dec. 31, 2019ft²statepropertyshares | |
Organization And Description Of Business [Line Items] | |
The Company's ownership percentage of the limited partnership | 79.00% |
Number of units in multi-family asset | property | 395 |
Owned and operated properties (in rentable square feet) | ft² | 27,600 |
Number of states with rentable commercial space | state | 6 |
Managed properties (in rentable square feet) | ft² | 438 |
PS [Member] | |
Organization And Description Of Business [Line Items] | |
Affiliate's percent ownership of the Company's common equity | 41.60% |
Shares owned by Public Storage | shares | 7.2 |
Aggregate shares owned if partnership units are redeemed | shares | 14.5 |
Investment in Unconsolidated Joint Venture [Member] | |
Organization And Description Of Business [Line Items] | |
Economic interest in joint venture, percentage | 95.00% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)ft² | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²segmentpropertyshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Common units in operating partnership | shares | 7,305,355 | ||||||||||
Number of units in multi-family asset | property | 395 | ||||||||||
Cash and cash equivalents maximum benchmark (in months) | 3 months | ||||||||||
Restricted cash | $ 1,088,000 | $ 1,088,000 | $ 1,088,000 | $ 1,088,000 | $ 1,088,000 | ||||||
Minimum expected future benefit period on expenditures cost to be capitalized and depreciated (in years) | 2 years | ||||||||||
Minimum expected future benefit period on transaction cost to be capitalized and depreciated (in years) | 1 year | ||||||||||
Length of time criteria for expected sale of assets to be classified as properties held for disposition | 12 months | ||||||||||
Below market lease, net | 2,400,000 | 1,800,000 | $ 2,400,000 | 1,800,000 | |||||||
Below market leases, accumulated amortization | 11,400,000 | 10,800,000 | 11,400,000 | 10,800,000 | |||||||
Impairment on assets | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | ||||||||||
Tax benefit for uncertain tax positions | $ 0 | 0 | |||||||||
Number of operating segments | segment | 2 | ||||||||||
Number of reportable segments | segment | 1 | ||||||||||
Cost of operations | $ 30,822,000 | $ 32,468,000 | $ 31,460,000 | $ 33,593,000 | 30,181,000 | $ 31,197,000 | $ 30,796,000 | $ 32,456,000 | $ 128,343,000 | 124,630,000 | 122,348,000 |
Area of real estate property (in square feet) | ft² | 27,562,000 | 27,562,000 | |||||||||
Properties held for sale, net | $ 11,502,000 | 140,384,000 | $ 11,502,000 | 140,384,000 | |||||||
Rental income | 106,175,000 | $ 108,064,000 | $ 107,782,000 | $ 107,825,000 | 104,125,000 | $ 103,808,000 | $ 101,824,000 | $ 103,759,000 | 429,846,000 | 413,516,000 | 402,179,000 |
Rental income, operating leases | 333,300,000 | 322,300,000 | 311,400,000 | ||||||||
Rental income, variable lease payments | 96,500,000 | 91,200,000 | 90,800,000 | ||||||||
Operating lease, right-of-use asset | 1,700,000 | 1,700,000 | |||||||||
Operating lease, liability | $ 1,700,000 | $ 1,700,000 | |||||||||
Operating lease, discount rate | 4.20% | 4.20% | |||||||||
Reclassification [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Properties held for sale, net | $ 140,400,000 | $ 140,400,000 | |||||||||
Divisional Vice President [Member] | Reclassification [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cost of operations | (1,900,000) | $ (3,000,000) | |||||||||
Above Market Leases [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Finite-lived intangible assets, net | 1,200,000 | 1,800,000 | 1,200,000 | 1,800,000 | |||||||
Finite-lived intangible assets, accumulated amortization | (10,600,000) | (10,000,000) | (10,600,000) | (10,000,000) | |||||||
Acquired In Place Leases [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Finite-lived intangible assets, net | 5,700,000 | 4,700,000 | 5,700,000 | 4,700,000 | |||||||
Finite-lived intangible assets, accumulated amortization | $ 4,100,000 | $ 1,300,000 | $ 4,100,000 | $ 1,300,000 | |||||||
JV Partner [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Consolidated entity ownership percentage | 5.00% | 5.00% | |||||||||
Minimum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful life (in years) | 5 years | ||||||||||
Operating lease, expiration date | 2029 | ||||||||||
Operating lease, remaining lease term | 9 years 9 months 18 days | ||||||||||
Maximum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful life (in years) | 30 years | ||||||||||
Operating lease, expiration date | 2030 | ||||||||||
Operating lease, remaining lease term | 10 years 1 month 6 days | ||||||||||
Properties Held for Sale [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Area of real estate property (in square feet) | ft² | 113,000 | 113,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 62,786 | $ 37,379 | $ 114,882 | |
Restricted cash included in Land and building held for development, net | 1,088 | 1,088 | 1,088 | |
Cash, cash equivalents and restricted cash at the end of the period | $ 63,874 | $ 38,467 | $ 115,970 | $ 128,629 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Calculation Of Earnings Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Net income | $ 203,972 | $ 271,901 | $ 179,316 | ||||||||
Net (income) loss allocated to Preferred shareholders based upon distributions | (54,346) | (51,880) | (52,873) | ||||||||
Net (income) loss allocated to Preferred shareholders based upon redemptions | (11,007) | (10,978) | |||||||||
Net (income) loss allocated to Noncontrolling interests - joint venture | (44) | 1,030 | |||||||||
Net (income) loss allocated to Restricted stock unit holders | (910) | (1,923) | (761) | ||||||||
Net income allocable to common shareholders and noncontrolling interests - common units | 137,665 | 219,128 | 114,704 | ||||||||
Net income allocation to noncontrolling interests - common units | (28,962) | (46,229) | (24,279) | ||||||||
Net income allocable to common shareholders | $ 27,491 | $ 26,312 | $ 28,579 | $ 26,321 | $ 31,499 | $ 25,131 | $ 70,221 | $ 46,048 | $ 108,703 | $ 172,899 | $ 90,425 |
Weighted average common shares outstanding | 27,418 | 27,321 | 27,207 | ||||||||
Weighted average common partnership units outstanding | 7,305 | 7,305 | 7,305 | ||||||||
Total common share equivalents | 34,723 | 34,626 | 34,512 | ||||||||
Common partnership units as a percentage of common share equivalents | 21.00% | 21.10% | 21.20% | ||||||||
Net effect of dilutive stock compensation - based on treasury stock method using average market price | 108 | 101 | 205 | ||||||||
Diluted weighted average common shares outstanding | 27,526 | 27,422 | 27,412 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) $ in Thousands | Dec. 20, 2019USD ($)ft² | Oct. 08, 2019USD ($)ft² | Sep. 05, 2019USD ($)ft² | Apr. 18, 2019USD ($)ft² | Oct. 31, 2018USD ($)ft²item | Jun. 08, 2018USD ($)ft²property | Apr. 30, 2018USD ($)ft²item | Apr. 18, 2018USD ($)ft²item | Mar. 05, 2018USD ($)ft²item | May 01, 2017USD ($)ft²item | Mar. 31, 2017USD ($) | Feb. 19, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Real Estate Facilities [Line Items] | ||||||||||||||||
Federal income tax basis of real estate facilities | $ 1,800,000 | |||||||||||||||
Committed transaction costs for executed leases | 9,600 | |||||||||||||||
Purchase price | $ 134,942 | $ 143,766 | ||||||||||||||
Total sale price of development rights | $ 6,500 | |||||||||||||||
Payments received for sale of development rights, net | $ 6,400 | 4,900 | $ 1,500 | |||||||||||||
Gain on sale of development rights | 6,365 | |||||||||||||||
Area of real estate property (in square feet) | ft² | 27,562,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 144,599 | 145,097 | 2,144 | |||||||||||||
Gain on sale of real estate facilities | $ 16,644 | $ 93,484 | $ 1,209 | |||||||||||||
La Mirada Acquisition [Member] | Subsequent Event [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of square foot acquired | ft² | 73,000 | |||||||||||||||
Purchase price | $ 13,500 | |||||||||||||||
Santa Clara Acquisition [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of square foot acquired | ft² | 79,000 | |||||||||||||||
Purchase price | $ 16,800 | |||||||||||||||
Santa Fe Springs Acquisition [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of square foot acquired | ft² | 543,000 | |||||||||||||||
Purchase price | $ 104,300 | |||||||||||||||
Signal Hill Acquisition [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of square foot acquired | ft² | 74,000 | |||||||||||||||
Purchase price | $ 13,800 | |||||||||||||||
Multi-Tenant Industrial Park Acquisition [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of parks acquired | property | 2 | |||||||||||||||
Number of square foot acquired | ft² | 1,100,000 | |||||||||||||||
Purchase price | $ 143,800 | |||||||||||||||
Metro Park North [Member] | Subsequent Event [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Area of real estate property (in square feet) | ft² | 113,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 30,000 | |||||||||||||||
Rockville and Silver Spring Business Parks [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Area of real estate property (in square feet) | ft² | 1,300,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 144,600 | |||||||||||||||
Gain on sale of real estate facilities | $ 16,600 | |||||||||||||||
Corporate Pointe Business Park [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of buildings sold | item | 5 | |||||||||||||||
Area of real estate property (in square feet) | ft² | 161,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 41,700 | |||||||||||||||
Gain on sale of real estate facilities | $ 26,800 | |||||||||||||||
Orange County Business Center [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of buildings sold | item | 5 | |||||||||||||||
Area of real estate property (in square feet) | ft² | 437,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 73,300 | |||||||||||||||
Gain on sale of real estate facilities | $ 50,600 | |||||||||||||||
Northgate Business Park [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of buildings sold | item | 7 | |||||||||||||||
Area of real estate property (in square feet) | ft² | 194,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 11,800 | |||||||||||||||
Gain on sale of real estate facilities | $ 7,900 | |||||||||||||||
Orangewood Office Park [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Number of buildings sold | item | 2 | |||||||||||||||
Area of real estate property (in square feet) | ft² | 107,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 18,300 | |||||||||||||||
Gain on sale of real estate facilities | $ 8,200 | |||||||||||||||
Empire Commerce, Dallas Texas [Member] | ||||||||||||||||
Real Estate Facilities [Line Items] | ||||||||||||||||
Area of real estate property (in square feet) | ft² | 44,000 | |||||||||||||||
Proceeds from sale of real estate facilities | $ 2,100 | |||||||||||||||
Gain on sale of real estate facilities | $ 1,200 | |||||||||||||||
Number of buildings disposed | item | 2 |
Real Estate Facilities (Activit
Real Estate Facilities (Activity In Real Estate Facilities) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | $ 1,810,099 | $ 1,621,224 | $ 1,661,286 |
Accumulated Depreciation, Beginning Balances | (1,087,102) | ||
Acquisition of real estate facilities | 132,406 | 138,036 | |
Consolidation of joint venture | 106,717 | ||
Capital expenditures | 40,092 | 38,904 | 51,909 |
Depreciation and amortization expense | (93,416) | (96,732) | (94,270) |
Transfer to properties held for sale | 3,819 | 1,950 | 2,299 |
Accumulated Depreciation, Ending Balances | (1,159,769) | (1,087,102) | |
Ending Balances | 1,893,000 | 1,810,099 | 1,621,224 |
Properties held for sale, net | $ 11,502 | 140,384 | |
Area of real estate property (in square feet) | ft² | 27,562,000 | ||
Properties Sold [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Area of real estate property (in square feet) | ft² | 1,300,000 | ||
Properties Held for Sale [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Area of real estate property (in square feet) | ft² | 113,000 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | $ 758,542 | 710,922 | 710,922 |
Acquisition of real estate facilities | 88,093 | 25,806 | |
Consolidation of joint venture | 21,814 | ||
Capital expenditures | |||
Disposals | |||
Depreciation and amortization expense | |||
Transfer to properties held for sale | |||
Ending Balances | 846,635 | 758,542 | 710,922 |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | 2,138,659 | 1,924,159 | 1,893,520 |
Acquisition of real estate facilities | 44,313 | 112,230 | |
Consolidation of joint venture | 84,903 | ||
Capital expenditures | 40,092 | 38,904 | 51,909 |
Disposals | (15,796) | (17,345) | (13,919) |
Transfer to properties held for sale | (1,134) | (4,192) | (7,351) |
Ending Balances | 2,206,134 | 2,138,659 | 1,924,159 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation, Beginning Balances | (1,087,102) | (1,013,857) | (943,156) |
Accumulated Depreciation, Disposals | 15,796 | 17,345 | 13,919 |
Depreciation and amortization expense | (93,416) | (96,732) | (94,270) |
Transfer to properties held for sale | 4,953 | 6,142 | 9,650 |
Accumulated Depreciation, Ending Balances | (1,159,769) | (1,087,102) | $ (1,013,857) |
Reclassification [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | $ 140,400 | ||
Reclassification [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | 58,100 | ||
Reclassification [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | 236,300 | ||
Reclassification [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | $ 154,000 |
Real Estate Facilities (Summary
Real Estate Facilities (Summary Of Real Estate Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Facilities [Abstract] | |||
Land | $ 88,093 | $ 25,806 | |
Buildings and improvements | 44,313 | 112,230 | |
Other assets (above-market in-place rents) | 1,487 | ||
Accrued and other liabilities (below-market in-place rents) | (1,241) | (1,790) | |
Other assets (in-place lease value) | 3,777 | 6,033 | |
Total purchase price | 134,942 | 143,766 | |
Net operating assets acquired and liabilities assumed | (664) | (1,367) | |
Total cash paid | $ 134,278 | $ 142,399 |
Real Estate Facilities (Summa_2
Real Estate Facilities (Summary Of Real Estate Assets Acquired And Liabilities Assumed - Joint Venture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Land | $ 88,093 | $ 25,806 | |
Buildings and improvements | 44,313 | 112,230 | |
Other assets (in-place lease value) | 3,777 | 6,033 | |
Noncontrolling interest in consolidated joint venture | $ (4,032) | ||
JV Partner [Member] | |||
Land | 21,814 | ||
Buildings and improvements | 84,903 | ||
Other assets (in-place lease value) | 1,199 | ||
Total consolidated joint venture | 107,916 | ||
Noncontrolling interest in consolidated joint venture | (4,032) | ||
Net book value of joint venture at consolidation | $ 103,884 |
Investment In And Advances To_2
Investment In And Advances To Unconsolidated Joint Venture (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²aproperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of units in multi-family asset | property | 395 | ||
Area of land | a | 5 | ||
Area of real estate property (in square feet) | ft² | 27,562,000 | ||
Equity in loss of unconsolidated joint venture | $ (805,000) | ||
Tysons, VA [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of real estate property (in square feet) | ft² | 628,000 | ||
Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income | 375,000 | ||
Depreciation expense | 1,200,000 | ||
Investment in Unconsolidated Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Consolidated entity ownership percentage | 95.00% | ||
Loan advances | 34,100,000 | ||
Capitalized interest | $ 506,000 | ||
JV Partner [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Consolidated entity ownership percentage | 5.00% |
Leasing Activity (Narrative) (D
Leasing Activity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leased Assets [Line Items] | |||
Rental income, variable lease payments | $ 96.5 | $ 91.2 | $ 90.8 |
Percentage of leased asset subjected to termination options | 3.20% | ||
Percentage of leased asset exercisable in period | 1.90% | ||
Termination option, exercisable through date | Dec. 31, 2020 | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 1 year | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Non-cancelable lease term | 10 years |
Leasing Activity (Summary Of Fu
Leasing Activity (Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leasing Activity [Abstract] | |
2020 | $ 285,207 |
2021 | 228,542 |
2022 | 162,259 |
2023 | 111,511 |
2024 | 76,000 |
Thereafter | 109,991 |
Total | $ 973,510 |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - Wells Fargo Credit Facility [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Line of credit, borrowing limit | $ 250,000 | |
Line of credit, expiration date | Jan. 10, 2022 | |
Spread over LIBOR | 0.825% | |
Line of credit, facility fee percent | 0.125% | |
Credit facility, outstanding | $ 0 | $ 0 |
Unamortized loan origination costs | $ 461 | $ 691 |
Line of credit, frequency of interest payment | monthly | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over LIBOR | 1.55% | |
Line of credit, facility fee percent | 0.30% | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over LIBOR | 0.80% | |
Line of credit, facility fee percent | 0.10% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)propertyshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) | |
Noncontrolling Interests [Line Items] | ||||
Common units in operating partnership | shares | 7,305,355 | |||
Noncontrolling interests | $ 216,135,000 | $ 218,091,000 | ||
Number of units in multi-family asset | property | 395 | |||
Number of shares of common stock for each unit of limited partnership interest redeemed | shares | 1 | |||
Net income allocation to noncontrolling interests - common units | $ 28,962,000 | 46,229,000 | $ 24,279,000 | |
Net income (loss) allocation to noncontrolling interests | 29,006,000 | 45,199,000 | $ 24,279,000 | |
Distribution paid | 134,000 | |||
PS [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Noncontrolling interests | 213,200,000 | 215,100,000 | ||
JV Partner [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Noncontrolling interests | $ 2,900,000 | 3,000,000 | $ 4,000,000 | |
Consolidated entity ownership percentage | 5.00% | |||
Net income (loss) allocation to noncontrolling interests | $ 44,000 | (1,000,000) | ||
Distribution paid | $ 134,000 | $ 0 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Interest and other income | $ 4,492 | $ 1,510 | $ 942 |
Royalty-free license agreement written notice of termination period minimum (in months) | 6 months | ||
Number of assets owned that are maintained by Public Storage | item | 2 | ||
Property management contract written notice of termination period minimum (in days) | 60 days | ||
Management fee expenses | $ 98 | 96 | 92 |
Costs allocated from related party | 75 | 65 | 61 |
Reimbursement to related party | 1,200 | 1,200 | 1,300 |
Reimbursement from related party | 39 | 38 | 31 |
Due to related parties | 106 | ||
Due from related parties | 43 | ||
Property Management [Member] | |||
Related Party Transaction [Line Items] | |||
Interest and other income | 287 | 407 | 506 |
Operating expenses allocated to operating party | $ 373 | $ 472 | $ 537 |
Shareholders' Equity (Preferred
Shareholders' Equity (Preferred Stock) (Narrative) (Details) | Dec. 30, 2019USD ($) | Nov. 04, 2019USD ($)$ / sharesshares | Jan. 03, 2018USD ($) | Dec. 07, 2017USD ($)$ / sharesshares | Oct. 30, 2017USD ($)shares | Sep. 21, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Class of Stock [Line Items] | |||||||||
Shares Amount | $ 944,750,000 | $ 959,750,000 | |||||||
Preferred Redemption allocation | $ 11,007,000 | $ 10,978,000 | |||||||
Preferred stock, shares issued | shares | 37,790 | 38,390 | |||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares outstanding | shares | 37,790 | 38,390 | |||||||
Redeemable preferred stock, redemption price per share | $ / shares | $ 25 | ||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 316,038,000 | 415,779,000 | |||||||
Distributions to preferred shareholders | $ 54,346,000 | $ 52,573,000 | 52,180,000 | ||||||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item | 6 | ||||||||
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item | 2 | ||||||||
Dividends in arrears | $ 0 | ||||||||
Series U Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 5.75% | 5.75% | |||||||
Shares Amount | $ 230,000,000 | $ 230,000,000 | |||||||
Preferred stock, shares outstanding | shares | 9,200 | ||||||||
Series V Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 5.70% | 5.70% | |||||||
Shares Amount | $ 110,000,000 | $ 110,000,000 | |||||||
Preferred stock, shares outstanding | shares | 4,400 | ||||||||
Series Z Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 4.875% | 4.875% | |||||||
Shares Amount | $ 325,000,000 | $ 325,000,000 | |||||||
Preferred stock, shares outstanding | shares | 13,000 | ||||||||
Number of stock issued in sale | shares | 13,000,000 | ||||||||
Redeemable preferred stock, redemption price per share | $ / shares | $ 25 | ||||||||
Non-callable period for Preferred Units | 5 years | ||||||||
Mandatory redemption | shares | 0 | ||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 316,000,000 | ||||||||
Series T Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 6.00% | 6.00% | |||||||
Shares Amount | $ 130,000,000 | $ 220,000,000 | |||||||
Preferred stock, shares outstanding | shares | 14,000,000 | ||||||||
Redemption of preferred stock, shares | shares | 8,800,000 | ||||||||
Series T Preferred Stock [Member] | Redemption, Period One [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Redemption allocation | 6,900,000 | ||||||||
Series T Preferred Stock [Member] | Redemption, Period Two [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred Redemption allocation | $ 4,100,000 | ||||||||
Series Y Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 5.20% | 5.20% | |||||||
Shares Amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||
Preferred stock, shares issued | shares | 8,000,000 | ||||||||
Preferred stock, par value | $ / shares | $ 25 | ||||||||
Preferred stock, shares outstanding | shares | 8,000 | 8,000 | |||||||
Non-callable period for Preferred Units | 5 years | ||||||||
Mandatory redemption | shares | 0 | ||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 193,600,000 | ||||||||
Series X Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Cumulative preferred stock, dividend rate | 5.25% | 5.25% | |||||||
Shares Amount | $ 230,000,000 | $ 230,000,000 | $ 230,000,000 | ||||||
Preferred stock, shares issued | shares | 9,200,000 | ||||||||
Preferred stock, par value | $ / shares | $ 25 | ||||||||
Preferred stock, shares outstanding | shares | 9,200 | 9,200 | |||||||
Non-callable period for Preferred Units | 5 years | ||||||||
Mandatory redemption | shares | 0 | ||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 222,200,000 |
Shareholders' Equity (Common St
Shareholders' Equity (Common Stock And Units And Equity Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shareholders' Equity [Line Items] | |||||||
Distributions paid to common shareholders | $ 115,154 | $ 103,837 | $ 92,531 | ||||
Dividends paid per common share | $ 1.05 | $ 0.85 | $ 0.85 | $ 4.20 | $ 3.80 | $ 3.40 | $ 0.75 |
Distributions paid to noncontrolling interests — common units | $ 30,683 | $ 27,760 | $ 24,838 | ||||
Percentage of distributions classified as ordinary income | 100.00% | 99.30% | 95.90% | ||||
Percentage of distributions classified as long-term capital gain income | 0.00% | 0.70% | 4.10% | ||||
Equity stock, shares authorized | 100,000,000 | ||||||
Equity stock, shares issued | 0 | 0 | |||||
Common Units [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Dividends paid per common unit | $ 4.20 | $ 3.80 | $ 3.40 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Preferred Stock Outstanding) (Details) - USD ($) $ in Thousands | Dec. 30, 2019 | Nov. 04, 2019 | Dec. 07, 2017 | Sep. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||
Shares Outstanding | 37,790 | 38,390 | ||||
Shares Amount | $ 944,750 | $ 959,750 | ||||
Series W Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Oct. 1, 2016 | |||||
Earliest Potential Redemption Date | Oct. 1, 2021 | |||||
Dividend Rate | 5.20% | |||||
Shares Outstanding | 7,590 | 7,590 | ||||
Shares Amount | $ 189,750 | $ 189,750 | ||||
Series X Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Sep. 1, 2017 | |||||
Earliest Potential Redemption Date | Sep. 1, 2022 | |||||
Dividend Rate | 5.25% | 5.25% | ||||
Shares Outstanding | 9,200 | 9,200 | ||||
Shares Amount | $ 230,000 | $ 230,000 | $ 230,000 | |||
Series Y Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Dec. 1, 2017 | |||||
Earliest Potential Redemption Date | Dec. 1, 2022 | |||||
Dividend Rate | 5.20% | 5.20% | ||||
Shares Outstanding | 8,000 | 8,000 | ||||
Shares Amount | $ 200,000 | $ 200,000 | $ 200,000 | |||
Series Z Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Nov. 1, 2019 | |||||
Earliest Potential Redemption Date | Nov. 1, 2024 | |||||
Dividend Rate | 4.875% | 4.875% | ||||
Shares Outstanding | 13,000 | |||||
Shares Amount | $ 325,000 | $ 325,000 | ||||
Series U Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Sep. 1, 2012 | |||||
Earliest Potential Redemption Date | Sep. 1, 2017 | |||||
Dividend Rate | 5.75% | 5.75% | ||||
Shares Outstanding | 9,200 | |||||
Shares Amount | $ 230,000 | $ 230,000 | ||||
Series V Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance Date | Mar. 1, 2013 | |||||
Earliest Potential Redemption Date | Mar. 1, 2018 | |||||
Dividend Rate | 5.70% | 5.70% | ||||
Shares Outstanding | 4,400 | |||||
Shares Amount | $ 110,000 | $ 110,000 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019USD ($)shares | Mar. 31, 2018shares | Feb. 19, 2020item | Dec. 31, 2019USD ($)shares | Jun. 30, 2019shares | Dec. 31, 2019USD ($)itemshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Proceeds from the exercise of stock options | $ | $ 969 | $ 3,010 | $ 4,218 | |||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Unamortized compensation expense | $ | $ 1,200 | $ 1,200 | ||||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years 10 months 24 days | |||||||
Options exercised | shares | 15,585 | 44,994 | 73,246 | |||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 6 years | |||||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | Year Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | Year Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | Year Four [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | Year Five [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) Granted Prior To 2016 [Member] | Year Six [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unamortized compensation expense | $ | $ 6,900 | $ 6,900 | ||||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years 1 month 6 days | |||||||
Vesting period | 5 years | |||||||
Stock units granted | shares | 6,400 | 194,450 | 113,750 | |||||
Restricted Stock Units (RSUs) [Member] | Year One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Year Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Year Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Year Four [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Year Five [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 20.00% | |||||||
2014 Performance-Based Restricted Stock Unit Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Length of Restricted Stock Unit program (in years) | 4 years | |||||||
2014 Performance-Based Restricted Stock Unit Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of defined targets to achieve for restricted stock unit awards | item | 1 | |||||||
Number of defined targets to achieve for restricted stock unit awards | item | 3 | |||||||
Length of Restricted Stock Unit program (in years) | 4 years | |||||||
Number of annual vesting installments | item | 4 | |||||||
Stock units granted | shares | 145,350 | |||||||
Retirement Plan for Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of common stock in connection with stock-based compensation, shares | shares | 8,000 | 0 | 0 | |||||
Compensation expense | $ | $ 1,500 | $ 212 | $ 290 | |||||
Aggregate fair value of the shares issued | $ | $ 1,200 | |||||||
Subsequent Event [Member] | 2020 Incentive Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of annual vesting installments | item | 5 | |||||||
Minimum [Member] | Subsequent Event [Member] | 2020 Incentive Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Possible target award adjustment based on strategic and operational accomplishments | 75.00% | |||||||
Maximum [Member] | Retirement Plan for Non-Employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of common stock in connection with stock-based compensation, shares | shares | 10,000 | 8,000 | ||||||
Maximum [Member] | Subsequent Event [Member] | 2020 Incentive Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Possible target award adjustment based on strategic and operational accomplishments | 125.00% |
Stock Compensation (Schedule of
Stock Compensation (Schedule of Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock option expense for the year ( in 000's) | $ 299 | $ 236 | $ 209 |
Aggregate exercise date intrinsic value of options exercised during the year ( in 000's) | $ 1,567 | $ 2,752 | $ 5,177 |
Expected life of options in years, based upon historical experience | 5 years | 5 years | 5 years |
Risk-free interest rate | 2.00% | 2.80% | 1.90% |
Expected volatility, based upon historical volatility | 22.20% | 20.80% | 17.50% |
Expected dividend yield | 2.60% | 2.90% | 2.80% |
Average estimated value of options granted during the year | $ 26.85 | $ 18.11 | $ 14.42 |
Stock Compensation (Summary Of
Stock Compensation (Summary Of Stock Options Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding Beginning Balance | 143,415 | 172,409 | 229,655 |
Number of Options, Granted | 34,000 | 16,000 | 16,000 |
Number of Options, Exercised | (15,585) | (44,994) | (73,246) |
Number of Options, Forfeited | (4,000) | ||
Number of Options, Outstanding Ending Balance | 157,830 | 143,415 | 172,409 |
Number of Options, Exercisable at December 31, | 87,030 | ||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 86.42 | $ 78.63 | $ 68.93 |
Weighted Average Exercise Price, Granted | 163.95 | 115.45 | 121.57 |
Weighted Average Exercise Price, Exercised | 62.15 | 66.88 | 57.59 |
Weighted Average Exercise Price, Forfeited | 110.04 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | 104.92 | $ 86.42 | $ 78.63 |
Weighted Average Exercise Price, Exercisable at December 31, | $ 79.93 | ||
Weighted Average Remaining Contract Life, Outstanding at December 31, | 5 years 10 months 24 days | ||
Weighted Average Remaining Contract Life, Exercisable at December 31, | 3 years 11 months 23 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, | $ 9,652 | ||
Aggregate Intrinsic Value, Exercisable at December 31, | $ 7,392 |
Stock Compensation (Nonvested R
Stock Compensation (Nonvested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Units, Nonvested Beginning Balance | 243,290 | 165,083 | 144,693 |
Number of Units, Granted | 6,400 | 194,450 | 113,750 |
Number of Units, Vested | (95,500) | (106,103) | (76,994) |
Number of Units, Forfeited | (3,342) | (10,140) | (16,366) |
Number of Units, Nonvested Ending Balance | 150,848 | 243,290 | 165,083 |
Weighted Average Grant Date Fair Value, Nonvested Beginning Balance | $ 23,386 | $ 15,116 | $ 12,346 |
Weighted Average Grant Date Fair Value, Granted | 1,137 | 18,431 | 10,748 |
Weighted Average Grant Date Fair Value, Vested | (8,753) | (9,256) | (6,597) |
Weighted Average Grant Date Fair Value, Forfeited | (345) | (905) | (1,381) |
Weighted Average Grant Date Fair Value, Nonvested Ending Balance | $ 15,425 | $ 23,386 | $ 15,116 |
Stock Compensation (Schedule _2
Stock Compensation (Schedule of Restricted Stock Unit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares issued upon vesting | 27,440,953 | 27,362,101 | |
Cash paid for taxes in lieu of shares upon vesting of RSU's | $ 6,350 | $ 4,981 | $ 3,865 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share unit expense | $ 3,196 | $ 3,727 | $ 4,279 |
Common shares issued upon vesting | 55,267 | 62,500 | 43,223 |
Fair value of vested shares on vesting date | $ 15,078 | $ 12,127 | $ 8,816 |
Supplementary Quarterly Finan_3
Supplementary Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Quarterly Financial Data [Abstract] | |||||||||||
Rental income | $ 106,175 | $ 108,064 | $ 107,782 | $ 107,825 | $ 104,125 | $ 103,808 | $ 101,824 | $ 103,759 | $ 429,846 | $ 413,516 | $ 402,179 |
Cost of operations | 30,822 | 32,468 | 31,460 | 33,593 | 30,181 | 31,197 | 30,796 | 32,456 | 128,343 | 124,630 | 122,348 |
Net income allocable to common shareholders | $ 27,491 | $ 26,312 | $ 28,579 | $ 26,321 | $ 31,499 | $ 25,131 | $ 70,221 | $ 46,048 | $ 108,703 | $ 172,899 | $ 90,425 |
Basic | $ 1 | $ 0.96 | $ 1.04 | $ 0.96 | $ 1.15 | $ 0.92 | $ 2.57 | $ 1.69 | $ 3.96 | $ 6.33 | $ 3.32 |
Diluted | $ 1 | $ 0.96 | $ 1.04 | $ 0.96 | $ 1.15 | $ 0.92 | $ 2.56 | $ 1.69 | $ 3.95 | $ 6.31 | $ 3.30 |
Schedule III - Real Estate An_2
Schedule III - Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)ft²property | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 27,562 |
Number of units of Real Estate Property | property | 395 |
Initial Cost to Company, Land | $ 850,823 |
Initial Cost to Company, Buildings and Improvements | 1,727,639 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 497,352 |
Gross Carrying Amount at December 31, 2019, Land | 850,823 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,224,991 |
Gross Carrying Amount at December 31, 2019, Total | 3,075,814 |
Accumulated Depreciation | $ 1,171,312 |
Commercial Real Estate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 27,562 |
Initial Cost to Company, Land | $ 829,009 |
Initial Cost to Company, Buildings and Improvements | 1,642,736 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 497,319 |
Gross Carrying Amount at December 31, 2019, Land | 829,009 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,140,055 |
Gross Carrying Amount at December 31, 2019, Total | 2,969,064 |
Accumulated Depreciation | 1,166,025 |
Multifamily [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Land | 21,814 |
Initial Cost to Company, Buildings and Improvements | 84,903 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 33 |
Gross Carrying Amount at December 31, 2019, Land | 21,814 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 84,936 |
Gross Carrying Amount at December 31, 2019, Total | 106,750 |
Accumulated Depreciation | $ 5,287 |
Total Before Properties Held For Dispositon [Member] | Commercial Real Estate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 27,449 |
Initial Cost to Company, Land | $ 824,821 |
Initial Cost to Company, Buildings and Improvements | 1,630,701 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 490,497 |
Gross Carrying Amount at December 31, 2019, Land | 824,821 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,121,198 |
Gross Carrying Amount at December 31, 2019, Total | 2,946,019 |
Accumulated Depreciation | $ 1,154,482 |
Buena Park Industrial Center [Member] | Commercial Real Estate [Member] | Buena Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 317 |
Initial Cost to Company, Land | $ 3,245 |
Initial Cost to Company, Buildings and Improvements | 7,703 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,327 |
Gross Carrying Amount at December 31, 2019, Land | 3,245 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 11,030 |
Gross Carrying Amount at December 31, 2019, Total | 14,275 |
Accumulated Depreciation | $ 8,053 |
Year(s) Acquired | 1997 |
Carson [Member] | Commercial Real Estate [Member] | Carson, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 77 |
Initial Cost to Company, Land | $ 990 |
Initial Cost to Company, Buildings and Improvements | 2,496 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,628 |
Gross Carrying Amount at December 31, 2019, Land | 990 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 4,124 |
Gross Carrying Amount at December 31, 2019, Total | 5,114 |
Accumulated Depreciation | $ 3,255 |
Year(s) Acquired | 1997 |
Cerritos Business Center [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 395 |
Initial Cost to Company, Land | $ 4,218 |
Initial Cost to Company, Buildings and Improvements | 10,273 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,604 |
Gross Carrying Amount at December 31, 2019, Land | 4,218 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 14,877 |
Gross Carrying Amount at December 31, 2019, Total | 19,095 |
Accumulated Depreciation | $ 11,444 |
Year(s) Acquired | 1997 |
Cerritos/Edwards [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 31 |
Initial Cost to Company, Land | $ 450 |
Initial Cost to Company, Buildings and Improvements | 1,217 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,615 |
Gross Carrying Amount at December 31, 2019, Land | 450 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,832 |
Gross Carrying Amount at December 31, 2019, Total | 3,282 |
Accumulated Depreciation | $ 2,139 |
Year(s) Acquired | 1997 |
Concord Business Park [Member] | Commercial Real Estate [Member] | Concord, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 246 |
Initial Cost to Company, Land | $ 12,454 |
Initial Cost to Company, Buildings and Improvements | 20,491 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,134 |
Gross Carrying Amount at December 31, 2019, Land | 12,454 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 21,625 |
Gross Carrying Amount at December 31, 2019, Total | 34,079 |
Accumulated Depreciation | $ 7,346 |
Year(s) Acquired | 2011 |
Culver City [Member] | Commercial Real Estate [Member] | Culver City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 147 |
Initial Cost to Company, Land | $ 3,252 |
Initial Cost to Company, Buildings and Improvements | 8,157 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,293 |
Gross Carrying Amount at December 31, 2019, Land | 3,252 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 14,450 |
Gross Carrying Amount at December 31, 2019, Total | 17,702 |
Accumulated Depreciation | $ 11,544 |
Year(s) Acquired | 1997 |
Bayview Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 104 |
Initial Cost to Company, Land | $ 4,990 |
Initial Cost to Company, Buildings and Improvements | 4,831 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 373 |
Gross Carrying Amount at December 31, 2019, Land | 4,990 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 5,204 |
Gross Carrying Amount at December 31, 2019, Total | 10,194 |
Accumulated Depreciation | $ 2,026 |
Year(s) Acquired | 2011 |
Christy Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 334 |
Initial Cost to Company, Land | $ 11,451 |
Initial Cost to Company, Buildings and Improvements | 16,254 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,457 |
Gross Carrying Amount at December 31, 2019, Land | 11,451 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 17,711 |
Gross Carrying Amount at December 31, 2019, Total | 29,162 |
Accumulated Depreciation | $ 6,758 |
Year(s) Acquired | 2011 |
Industrial Drive Distribution Center [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 199 |
Initial Cost to Company, Land | $ 7,482 |
Initial Cost to Company, Buildings and Improvements | 6,812 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,202 |
Gross Carrying Amount at December 31, 2019, Land | 7,482 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 8,014 |
Gross Carrying Amount at December 31, 2019, Total | 15,496 |
Accumulated Depreciation | $ 2,898 |
Year(s) Acquired | 2011 |
Bay Center Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 463 |
Initial Cost to Company, Land | $ 19,052 |
Initial Cost to Company, Buildings and Improvements | 50,501 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,754 |
Gross Carrying Amount at December 31, 2019, Land | 19,052 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 54,255 |
Gross Carrying Amount at December 31, 2019, Total | 73,307 |
Accumulated Depreciation | $ 18,715 |
Year(s) Acquired | 2011 |
Cabot Distribution Center [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 249 |
Initial Cost to Company, Land | $ 5,859 |
Initial Cost to Company, Buildings and Improvements | 10,811 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 532 |
Gross Carrying Amount at December 31, 2019, Land | 5,859 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 11,343 |
Gross Carrying Amount at December 31, 2019, Total | 17,202 |
Accumulated Depreciation | $ 3,307 |
Year(s) Acquired | 2011 |
Diablo Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 271 |
Initial Cost to Company, Land | $ 9,102 |
Initial Cost to Company, Buildings and Improvements | 15,721 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,008 |
Gross Carrying Amount at December 31, 2019, Land | 9,102 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 16,729 |
Gross Carrying Amount at December 31, 2019, Total | 25,831 |
Accumulated Depreciation | $ 5,710 |
Year(s) Acquired | 2011 |
Eden Landing [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 83 |
Initial Cost to Company, Land | $ 3,275 |
Initial Cost to Company, Buildings and Improvements | 6,174 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 168 |
Gross Carrying Amount at December 31, 2019, Land | 3,275 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 6,342 |
Gross Carrying Amount at December 31, 2019, Total | 9,617 |
Accumulated Depreciation | $ 2,196 |
Year(s) Acquired | 2011 |
Hayward Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 1,091 |
Initial Cost to Company, Land | $ 28,256 |
Initial Cost to Company, Buildings and Improvements | 54,418 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,365 |
Gross Carrying Amount at December 31, 2019, Land | 28,256 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 57,783 |
Gross Carrying Amount at December 31, 2019, Total | 86,039 |
Accumulated Depreciation | $ 18,976 |
Year(s) Acquired | 2011 |
Huntwood Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 176 |
Initial Cost to Company, Land | $ 7,391 |
Initial Cost to Company, Buildings and Improvements | 11,819 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 776 |
Gross Carrying Amount at December 31, 2019, Land | 7,391 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 12,595 |
Gross Carrying Amount at December 31, 2019, Total | 19,986 |
Accumulated Depreciation | $ 4,348 |
Year(s) Acquired | 2011 |
Parkway Commerce [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 407 |
Initial Cost to Company, Land | $ 4,398 |
Initial Cost to Company, Buildings and Improvements | 10,433 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,682 |
Gross Carrying Amount at December 31, 2019, Land | 4,398 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 15,115 |
Gross Carrying Amount at December 31, 2019, Total | 19,513 |
Accumulated Depreciation | $ 11,463 |
Year(s) Acquired | 1997 |
Laguna Hills Commerce Center [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 513 |
Initial Cost to Company, Land | $ 16,261 |
Initial Cost to Company, Buildings and Improvements | 39,559 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,312 |
Gross Carrying Amount at December 31, 2019, Land | 16,261 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 47,871 |
Gross Carrying Amount at December 31, 2019, Total | 64,132 |
Accumulated Depreciation | $ 35,966 |
Year(s) Acquired | 1997 |
Plaza Del Lago [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 101 |
Initial Cost to Company, Land | $ 2,037 |
Initial Cost to Company, Buildings and Improvements | 5,051 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,181 |
Gross Carrying Amount at December 31, 2019, Land | 2,037 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,232 |
Gross Carrying Amount at December 31, 2019, Total | 11,269 |
Accumulated Depreciation | $ 7,221 |
Year(s) Acquired | 1997 |
Canada Business Center [Member] | Commercial Real Estate [Member] | Lake Forest, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 297 |
Initial Cost to Company, Land | $ 5,508 |
Initial Cost to Company, Buildings and Improvements | 13,785 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,680 |
Gross Carrying Amount at December 31, 2019, Land | 5,508 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 20,465 |
Gross Carrying Amount at December 31, 2019, Total | 25,973 |
Accumulated Depreciation | $ 15,657 |
Year(s) Acquired | 1997 |
Dixon Landing Business Park [Member] | Commercial Real Estate [Member] | Milpitas, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 505 |
Initial Cost to Company, Land | $ 26,301 |
Initial Cost to Company, Buildings and Improvements | 21,121 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,907 |
Gross Carrying Amount at December 31, 2019, Land | 26,301 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 25,028 |
Gross Carrying Amount at December 31, 2019, Total | 51,329 |
Accumulated Depreciation | $ 10,154 |
Year(s) Acquired | 2011 |
Monterey/Calle [Member] | Commercial Real Estate [Member] | Monterey, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 12 |
Initial Cost to Company, Land | $ 288 |
Initial Cost to Company, Buildings and Improvements | 706 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 396 |
Gross Carrying Amount at December 31, 2019, Land | 288 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 1,102 |
Gross Carrying Amount at December 31, 2019, Total | 1,390 |
Accumulated Depreciation | $ 845 |
Year(s) Acquired | 1997 |
Monterey Park [Member] | Commercial Real Estate [Member] | Monterey Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 199 |
Initial Cost to Company, Land | $ 3,078 |
Initial Cost to Company, Buildings and Improvements | 7,862 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,810 |
Gross Carrying Amount at December 31, 2019, Land | 3,078 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,672 |
Gross Carrying Amount at December 31, 2019, Total | 12,750 |
Accumulated Depreciation | $ 7,516 |
Year(s) Acquired | 1997 |
Port Of Oakland [Member] | Commercial Real Estate [Member] | Oakland, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 200 |
Initial Cost to Company, Land | $ 5,638 |
Initial Cost to Company, Buildings and Improvements | 11,066 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 817 |
Gross Carrying Amount at December 31, 2019, Land | 5,638 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 11,883 |
Gross Carrying Amount at December 31, 2019, Total | 17,521 |
Accumulated Depreciation | $ 4,081 |
Year(s) Acquired | 2011 |
Kearney Mesa [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 164 |
Initial Cost to Company, Land | $ 2,894 |
Initial Cost to Company, Buildings and Improvements | 7,089 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,373 |
Gross Carrying Amount at December 31, 2019, Land | 2,894 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 10,462 |
Gross Carrying Amount at December 31, 2019, Total | 13,356 |
Accumulated Depreciation | $ 7,796 |
Year(s) Acquired | 1997 |
Lusk [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 371 |
Initial Cost to Company, Land | $ 5,711 |
Initial Cost to Company, Buildings and Improvements | 14,049 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,330 |
Gross Carrying Amount at December 31, 2019, Land | 5,711 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 20,379 |
Gross Carrying Amount at December 31, 2019, Total | 26,090 |
Accumulated Depreciation | $ 15,647 |
Year(s) Acquired | 1997 |
Rose Canyon Business Park [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 233 |
Initial Cost to Company, Land | $ 15,129 |
Initial Cost to Company, Buildings and Improvements | 20,054 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,716 |
Gross Carrying Amount at December 31, 2019, Land | 15,129 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 22,770 |
Gross Carrying Amount at December 31, 2019, Total | 37,899 |
Accumulated Depreciation | $ 14,099 |
Year(s) Acquired | 2005 |
Charcot Business Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 283 |
Initial Cost to Company, Land | $ 18,654 |
Initial Cost to Company, Buildings and Improvements | 17,580 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,956 |
Gross Carrying Amount at December 31, 2019, Land | 18,654 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 19,536 |
Gross Carrying Amount at December 31, 2019, Total | 38,190 |
Accumulated Depreciation | $ 7,531 |
Year(s) Acquired | 2011/2014 |
Las Plumas [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 214 |
Initial Cost to Company, Land | $ 4,379 |
Initial Cost to Company, Buildings and Improvements | 12,889 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,898 |
Gross Carrying Amount at December 31, 2019, Land | 4,379 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 19,787 |
Gross Carrying Amount at December 31, 2019, Total | 24,166 |
Accumulated Depreciation | $ 16,302 |
Year(s) Acquired | 1998 |
Little Orchard Distribution Center [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 213 |
Initial Cost to Company, Land | $ 7,725 |
Initial Cost to Company, Buildings and Improvements | 3,846 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 288 |
Gross Carrying Amount at December 31, 2019, Land | 7,725 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 4,134 |
Gross Carrying Amount at December 31, 2019, Total | 11,859 |
Accumulated Depreciation | $ 1,680 |
Year(s) Acquired | 2011 |
Montague Industrial Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 316 |
Initial Cost to Company, Land | $ 14,476 |
Initial Cost to Company, Buildings and Improvements | 12,807 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 635 |
Gross Carrying Amount at December 31, 2019, Land | 14,476 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 13,442 |
Gross Carrying Amount at December 31, 2019, Total | 27,918 |
Accumulated Depreciation | $ 5,555 |
Year(s) Acquired | 2011 |
Oakland Road [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 177 |
Initial Cost to Company, Land | $ 3,458 |
Initial Cost to Company, Buildings and Improvements | 8,765 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,358 |
Gross Carrying Amount at December 31, 2019, Land | 3,458 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 12,123 |
Gross Carrying Amount at December 31, 2019, Total | 15,581 |
Accumulated Depreciation | $ 9,413 |
Year(s) Acquired | 1997 |
Rogers Ave [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 67 |
Initial Cost to Company, Land | $ 3,540 |
Initial Cost to Company, Buildings and Improvements | 4,896 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 573 |
Gross Carrying Amount at December 31, 2019, Land | 3,540 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 5,469 |
Gross Carrying Amount at December 31, 2019, Total | 9,009 |
Accumulated Depreciation | $ 3,110 |
Year(s) Acquired | 2006 |
Doolittle Business Park [Member] | Commercial Real Estate [Member] | San Leandro, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 113 |
Initial Cost to Company, Land | $ 3,929 |
Initial Cost to Company, Buildings and Improvements | 6,231 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 304 |
Gross Carrying Amount at December 31, 2019, Land | 3,929 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 6,535 |
Gross Carrying Amount at December 31, 2019, Total | 10,464 |
Accumulated Depreciation | $ 2,259 |
Year(s) Acquired | 2011 |
Bayshore Corporate Center [Member] | Commercial Real Estate [Member] | San Mateo, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 340 |
Initial Cost to Company, Land | $ 25,108 |
Initial Cost to Company, Buildings and Improvements | 36,891 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,166 |
Gross Carrying Amount at December 31, 2019, Land | 25,108 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 44,057 |
Gross Carrying Amount at December 31, 2019, Total | 69,165 |
Accumulated Depreciation | $ 15,622 |
Year(s) Acquired | 2013 |
San Ramon/Norris Canyon [Member] | Commercial Real Estate [Member] | San Ramon, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 52 |
Initial Cost to Company, Land | $ 1,486 |
Initial Cost to Company, Buildings and Improvements | 3,642 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,335 |
Gross Carrying Amount at December 31, 2019, Land | 1,486 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 4,977 |
Gross Carrying Amount at December 31, 2019, Total | 6,463 |
Accumulated Depreciation | $ 3,862 |
Year(s) Acquired | 1997 |
Commerce Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 251 |
Initial Cost to Company, Land | $ 17,218 |
Initial Cost to Company, Buildings and Improvements | 21,914 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,105 |
Gross Carrying Amount at December 31, 2019, Land | 17,218 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 26,019 |
Gross Carrying Amount at December 31, 2019, Total | 43,237 |
Accumulated Depreciation | $ 17,688 |
Year(s) Acquired | 2007 |
Santa Clara Tech Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 178 |
Initial Cost to Company, Land | $ 7,673 |
Initial Cost to Company, Buildings and Improvements | 15,645 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,638 |
Gross Carrying Amount at December 31, 2019, Land | 7,673 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 20,283 |
Gross Carrying Amount at December 31, 2019, Total | 27,956 |
Accumulated Depreciation | $ 15,504 |
Year(s) Acquired | 2000 |
San Tomas Business Center [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 79 |
Initial Cost to Company, Land | $ 12,932 |
Initial Cost to Company, Buildings and Improvements | 3,549 |
Gross Carrying Amount at December 31, 2019, Land | 12,932 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 3,549 |
Gross Carrying Amount at December 31, 2019, Total | $ 16,481 |
Year(s) Acquired | 2019 |
Walsh At Lafayette [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 321 |
Initial Cost to Company, Land | $ 13,439 |
Initial Cost to Company, Buildings and Improvements | 17,890 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 966 |
Gross Carrying Amount at December 31, 2019, Land | 13,439 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 18,856 |
Gross Carrying Amount at December 31, 2019, Total | 32,295 |
Accumulated Depreciation | $ 7,316 |
Year(s) Acquired | 2011 |
Hathaway Industrial Park [Member] | Commercial Real Estate [Member] | Santa Fe Springs, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 543 |
Initial Cost to Company, Land | $ 65,494 |
Initial Cost to Company, Buildings and Improvements | 36,786 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 20 |
Gross Carrying Amount at December 31, 2019, Land | 65,494 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 36,806 |
Gross Carrying Amount at December 31, 2019, Total | 102,300 |
Accumulated Depreciation | $ 541 |
Year(s) Acquired | 2019 |
Signal Hill [Member] | Commercial Real Estate [Member] | Signal Hill, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 343 |
Initial Cost to Company, Land | $ 16,360 |
Initial Cost to Company, Buildings and Improvements | 16,678 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,363 |
Gross Carrying Amount at December 31, 2019, Land | 16,360 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 20,041 |
Gross Carrying Amount at December 31, 2019, Total | 36,401 |
Accumulated Depreciation | $ 10,962 |
Year(s) Acquired | 1997/2006/2019 |
Airport Boulevard [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 52 |
Initial Cost to Company, Land | $ 899 |
Initial Cost to Company, Buildings and Improvements | 2,387 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 809 |
Gross Carrying Amount at December 31, 2019, Land | 899 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 3,196 |
Gross Carrying Amount at December 31, 2019, Total | 4,095 |
Accumulated Depreciation | $ 2,488 |
Year(s) Acquired | 1997 |
South San Francisco/Produce [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 41 |
Initial Cost to Company, Land | $ 776 |
Initial Cost to Company, Buildings and Improvements | 1,886 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 527 |
Gross Carrying Amount at December 31, 2019, Land | 776 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,413 |
Gross Carrying Amount at December 31, 2019, Total | 3,189 |
Accumulated Depreciation | $ 1,863 |
Year(s) Acquired | 1997 |
Studio City/Ventura [Member] | Commercial Real Estate [Member] | Studio City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 22 |
Initial Cost to Company, Land | $ 621 |
Initial Cost to Company, Buildings and Improvements | 1,530 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 552 |
Gross Carrying Amount at December 31, 2019, Land | 621 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,082 |
Gross Carrying Amount at December 31, 2019, Total | 2,703 |
Accumulated Depreciation | $ 1,650 |
Year(s) Acquired | 1997 |
Kifer Industrial Park [Member] | Commercial Real Estate [Member] | Sunnyvale, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 287 |
Initial Cost to Company, Land | $ 13,227 |
Initial Cost to Company, Buildings and Improvements | 37,874 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,618 |
Gross Carrying Amount at December 31, 2019, Land | 13,227 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 39,492 |
Gross Carrying Amount at December 31, 2019, Total | 52,719 |
Accumulated Depreciation | $ 13,038 |
Year(s) Acquired | 2011 |
Torrance [Member] | Commercial Real Estate [Member] | Torrance, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 147 |
Initial Cost to Company, Land | $ 2,318 |
Initial Cost to Company, Buildings and Improvements | 6,069 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,584 |
Gross Carrying Amount at December 31, 2019, Land | 2,318 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,653 |
Gross Carrying Amount at December 31, 2019, Total | 11,971 |
Accumulated Depreciation | $ 7,520 |
Year(s) Acquired | 1997 |
Boca Commerce [Member] | Commercial Real Estate [Member] | Boca Raton, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 135 |
Initial Cost to Company, Land | $ 7,795 |
Initial Cost to Company, Buildings and Improvements | 9,258 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,198 |
Gross Carrying Amount at December 31, 2019, Land | 7,795 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 12,456 |
Gross Carrying Amount at December 31, 2019, Total | 20,251 |
Accumulated Depreciation | $ 6,814 |
Year(s) Acquired | 2006 |
MICC [Member] | Commercial Real Estate [Member] | Miami, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 3,468 |
Initial Cost to Company, Land | $ 95,115 |
Initial Cost to Company, Buildings and Improvements | 112,583 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 42,757 |
Gross Carrying Amount at December 31, 2019, Land | 95,115 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 155,340 |
Gross Carrying Amount at December 31, 2019, Total | 250,455 |
Accumulated Depreciation | $ 100,845 |
Year(s) Acquired | 2003/2011/2014 |
Wellington [Member] | Commercial Real Estate [Member] | Wellington, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 263 |
Initial Cost to Company, Land | $ 10,845 |
Initial Cost to Company, Buildings and Improvements | 18,560 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,567 |
Gross Carrying Amount at December 31, 2019, Land | 10,845 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 21,127 |
Gross Carrying Amount at December 31, 2019, Total | 31,972 |
Accumulated Depreciation | $ 10,789 |
Year(s) Acquired | 2006 |
Ammendale [Member] | Commercial Real Estate [Member] | Beltsville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 308 |
Initial Cost to Company, Land | $ 4,278 |
Initial Cost to Company, Buildings and Improvements | 18,380 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,208 |
Gross Carrying Amount at December 31, 2019, Land | 4,278 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 29,588 |
Gross Carrying Amount at December 31, 2019, Total | 33,866 |
Accumulated Depreciation | $ 24,289 |
Year(s) Acquired | 1998 |
Gaithersburgh/Christopher [Member] | Commercial Real Estate [Member] | Gaithersburg, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 29 |
Initial Cost to Company, Land | $ 475 |
Initial Cost to Company, Buildings and Improvements | 1,203 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 890 |
Gross Carrying Amount at December 31, 2019, Land | 475 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 2,093 |
Gross Carrying Amount at December 31, 2019, Total | 2,568 |
Accumulated Depreciation | $ 1,550 |
Year(s) Acquired | 1997 |
Gude Drive (Land) [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Land | $ 1,142 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 328 |
Gross Carrying Amount at December 31, 2019, Land | 1,142 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 328 |
Gross Carrying Amount at December 31, 2019, Total | 1,470 |
Accumulated Depreciation | $ 210 |
Year(s) Acquired | 2001 |
Parklawn Business Park [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 231 |
Initial Cost to Company, Land | $ 3,387 |
Initial Cost to Company, Buildings and Improvements | 19,628 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,469 |
Gross Carrying Amount at December 31, 2019, Land | 3,387 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 25,097 |
Gross Carrying Amount at December 31, 2019, Total | 28,484 |
Accumulated Depreciation | $ 11,671 |
Year(s) Acquired | 2010 |
The Grove 270 [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 577 |
Initial Cost to Company, Land | $ 11,010 |
Initial Cost to Company, Buildings and Improvements | 58,364 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 21,912 |
Gross Carrying Amount at December 31, 2019, Land | 11,010 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 80,276 |
Gross Carrying Amount at December 31, 2019, Total | 91,286 |
Accumulated Depreciation | $ 31,888 |
Year(s) Acquired | 2010/2016 |
Ben White [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 108 |
Initial Cost to Company, Land | $ 1,550 |
Initial Cost to Company, Buildings and Improvements | 7,015 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,154 |
Gross Carrying Amount at December 31, 2019, Land | 1,550 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 10,169 |
Gross Carrying Amount at December 31, 2019, Total | 11,719 |
Accumulated Depreciation | $ 6,390 |
Year(s) Acquired | 1998 |
Lamar Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 198 |
Initial Cost to Company, Land | $ 2,528 |
Initial Cost to Company, Buildings and Improvements | 6,596 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,575 |
Gross Carrying Amount at December 31, 2019, Land | 2,528 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 14,171 |
Gross Carrying Amount at December 31, 2019, Total | 16,699 |
Accumulated Depreciation | $ 10,732 |
Year(s) Acquired | 1997 |
McKalla [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 236 |
Initial Cost to Company, Land | $ 1,945 |
Initial Cost to Company, Buildings and Improvements | 13,212 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,529 |
Gross Carrying Amount at December 31, 2019, Land | 1,945 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 15,741 |
Gross Carrying Amount at December 31, 2019, Total | 17,686 |
Accumulated Depreciation | $ 9,036 |
Year(s) Acquired | 1998/2012 |
McNeil [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 525 |
Initial Cost to Company, Land | $ 5,477 |
Initial Cost to Company, Buildings and Improvements | 24,495 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,896 |
Gross Carrying Amount at December 31, 2019, Land | 5,477 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 30,391 |
Gross Carrying Amount at December 31, 2019, Total | 35,868 |
Accumulated Depreciation | $ 14,055 |
Year(s) Acquired | 1999/2010/2012/2014 |
Rutland [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 235 |
Initial Cost to Company, Land | $ 2,022 |
Initial Cost to Company, Buildings and Improvements | 9,397 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,094 |
Gross Carrying Amount at December 31, 2019, Land | 2,022 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 11,491 |
Gross Carrying Amount at December 31, 2019, Total | 13,513 |
Accumulated Depreciation | $ 8,819 |
Year(s) Acquired | 1998/1999 |
Waterford [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 106 |
Initial Cost to Company, Land | $ 2,108 |
Initial Cost to Company, Buildings and Improvements | 9,649 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,031 |
Gross Carrying Amount at December 31, 2019, Land | 2,108 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 13,680 |
Gross Carrying Amount at December 31, 2019, Total | 15,788 |
Accumulated Depreciation | $ 10,553 |
Year(s) Acquired | 1999 |
Braker Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 257 |
Initial Cost to Company, Land | $ 1,874 |
Initial Cost to Company, Buildings and Improvements | 13,990 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,899 |
Gross Carrying Amount at December 31, 2019, Land | 1,874 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 16,889 |
Gross Carrying Amount at December 31, 2019, Total | 18,763 |
Accumulated Depreciation | $ 8,118 |
Year(s) Acquired | 2010 |
Mopac Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 117 |
Initial Cost to Company, Land | $ 719 |
Initial Cost to Company, Buildings and Improvements | 3,579 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 627 |
Gross Carrying Amount at December 31, 2019, Land | 719 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 4,206 |
Gross Carrying Amount at December 31, 2019, Total | 4,925 |
Accumulated Depreciation | $ 2,002 |
Year(s) Acquired | 2010 |
Southpark Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 181 |
Initial Cost to Company, Land | $ 1,266 |
Initial Cost to Company, Buildings and Improvements | 9,882 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,658 |
Gross Carrying Amount at December 31, 2019, Land | 1,266 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 12,540 |
Gross Carrying Amount at December 31, 2019, Total | 13,806 |
Accumulated Depreciation | $ 6,209 |
Year(s) Acquired | 2010 |
Valwood Business Center [Member] | Commercial Real Estate [Member] | Carrolton, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 356 |
Initial Cost to Company, Land | $ 2,510 |
Initial Cost to Company, Buildings and Improvements | 13,859 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,127 |
Gross Carrying Amount at December 31, 2019, Land | 2,510 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 16,986 |
Gross Carrying Amount at December 31, 2019, Total | 19,496 |
Accumulated Depreciation | $ 6,377 |
Year(s) Acquired | 2013 |
Northway Plaza [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 131 |
Initial Cost to Company, Land | $ 1,742 |
Initial Cost to Company, Buildings and Improvements | 4,503 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,313 |
Gross Carrying Amount at December 31, 2019, Land | 1,742 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 5,816 |
Gross Carrying Amount at December 31, 2019, Total | 7,558 |
Accumulated Depreciation | $ 2,075 |
Year(s) Acquired | 2013 |
Springlake Business Center [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 206 |
Initial Cost to Company, Land | $ 2,607 |
Initial Cost to Company, Buildings and Improvements | 5,715 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,083 |
Gross Carrying Amount at December 31, 2019, Land | 2,607 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 7,798 |
Gross Carrying Amount at December 31, 2019, Total | 10,405 |
Accumulated Depreciation | $ 3,382 |
Year(s) Acquired | 2013/2014 |
Westwood Business Park [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 112 |
Initial Cost to Company, Land | $ 941 |
Initial Cost to Company, Buildings and Improvements | 6,884 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,509 |
Gross Carrying Amount at December 31, 2019, Land | 941 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,393 |
Gross Carrying Amount at December 31, 2019, Total | 10,334 |
Accumulated Depreciation | $ 6,287 |
Year(s) Acquired | 2003 |
Eastgate [Member] | Commercial Real Estate [Member] | Garland, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 36 |
Initial Cost to Company, Land | $ 480 |
Initial Cost to Company, Buildings and Improvements | 1,203 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 467 |
Gross Carrying Amount at December 31, 2019, Land | 480 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 1,670 |
Gross Carrying Amount at December 31, 2019, Total | 2,150 |
Accumulated Depreciation | $ 1,339 |
Year(s) Acquired | 1997 |
Freeport Business Park [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 256 |
Initial Cost to Company, Land | $ 4,564 |
Initial Cost to Company, Buildings and Improvements | 9,506 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,014 |
Gross Carrying Amount at December 31, 2019, Land | 4,564 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 12,520 |
Gross Carrying Amount at December 31, 2019, Total | 17,084 |
Accumulated Depreciation | $ 5,158 |
Year(s) Acquired | 2013 |
NFTZ [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 231 |
Initial Cost to Company, Land | $ 1,517 |
Initial Cost to Company, Buildings and Improvements | 6,499 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,741 |
Gross Carrying Amount at December 31, 2019, Land | 1,517 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 10,240 |
Gross Carrying Amount at December 31, 2019, Total | 11,757 |
Accumulated Depreciation | $ 8,309 |
Year(s) Acquired | 1998 |
Number of properties subject to ground leases | property | 2 |
Royal Tech [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 794 |
Initial Cost to Company, Land | $ 13,989 |
Initial Cost to Company, Buildings and Improvements | 54,113 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 27,362 |
Gross Carrying Amount at December 31, 2019, Land | 13,989 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 81,475 |
Gross Carrying Amount at December 31, 2019, Total | 95,464 |
Accumulated Depreciation | $ 58,427 |
Year(s) Acquired | 1998-2000/2011 |
La Prada [Member] | Commercial Real Estate [Member] | Mesquite, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 56 |
Initial Cost to Company, Land | $ 495 |
Initial Cost to Company, Buildings and Improvements | 1,235 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 752 |
Gross Carrying Amount at December 31, 2019, Land | 495 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 1,987 |
Gross Carrying Amount at December 31, 2019, Total | 2,482 |
Accumulated Depreciation | $ 1,540 |
Year(s) Acquired | 1997 |
The Summit [Member] | Commercial Real Estate [Member] | Plano, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 184 |
Initial Cost to Company, Land | $ 1,536 |
Initial Cost to Company, Buildings and Improvements | 6,654 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,523 |
Gross Carrying Amount at December 31, 2019, Land | 1,536 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 11,177 |
Gross Carrying Amount at December 31, 2019, Total | 12,713 |
Accumulated Depreciation | $ 8,859 |
Year(s) Acquired | 1998 |
Arapaho Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 408 |
Initial Cost to Company, Land | $ 5,226 |
Initial Cost to Company, Buildings and Improvements | 10,661 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,716 |
Gross Carrying Amount at December 31, 2019, Land | 5,226 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 15,377 |
Gross Carrying Amount at December 31, 2019, Total | 20,603 |
Accumulated Depreciation | $ 6,805 |
Year(s) Acquired | 2013/2014 |
Richardson Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 117 |
Initial Cost to Company, Land | $ 799 |
Initial Cost to Company, Buildings and Improvements | 3,568 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,101 |
Gross Carrying Amount at December 31, 2019, Land | 799 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 6,669 |
Gross Carrying Amount at December 31, 2019, Total | 7,468 |
Accumulated Depreciation | $ 5,485 |
Year(s) Acquired | 1998 |
Bren Mar [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 113 |
Initial Cost to Company, Land | $ 2,197 |
Initial Cost to Company, Buildings and Improvements | 5,380 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,106 |
Gross Carrying Amount at December 31, 2019, Land | 2,197 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,486 |
Gross Carrying Amount at December 31, 2019, Total | 11,683 |
Accumulated Depreciation | $ 7,522 |
Year(s) Acquired | 1997 |
Eisenhower [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 95 |
Initial Cost to Company, Land | $ 1,440 |
Initial Cost to Company, Buildings and Improvements | 3,635 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,745 |
Gross Carrying Amount at December 31, 2019, Land | 1,440 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 6,380 |
Gross Carrying Amount at December 31, 2019, Total | 7,820 |
Accumulated Depreciation | $ 5,203 |
Year(s) Acquired | 1997 |
Beaumont [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 107 |
Initial Cost to Company, Land | $ 4,736 |
Initial Cost to Company, Buildings and Improvements | 11,051 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,066 |
Gross Carrying Amount at December 31, 2019, Land | 4,736 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 13,117 |
Gross Carrying Amount at December 31, 2019, Total | 17,853 |
Accumulated Depreciation | $ 8,498 |
Year(s) Acquired | 2006 |
Dulles South [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 99 |
Initial Cost to Company, Land | $ 1,373 |
Initial Cost to Company, Buildings and Improvements | 6,810 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,498 |
Gross Carrying Amount at December 31, 2019, Land | 1,373 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 10,308 |
Gross Carrying Amount at December 31, 2019, Total | 11,681 |
Accumulated Depreciation | $ 7,850 |
Year(s) Acquired | 1999 |
Lafayette [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 197 |
Initial Cost to Company, Land | $ 1,680 |
Initial Cost to Company, Buildings and Improvements | 13,398 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,593 |
Gross Carrying Amount at December 31, 2019, Land | 1,680 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 19,991 |
Gross Carrying Amount at December 31, 2019, Total | 21,671 |
Accumulated Depreciation | $ 14,658 |
Year(s) Acquired | 1999/2000 |
Park East [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 198 |
Initial Cost to Company, Land | $ 3,851 |
Initial Cost to Company, Buildings and Improvements | 18,029 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,826 |
Gross Carrying Amount at December 31, 2019, Land | 3,851 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 28,855 |
Gross Carrying Amount at December 31, 2019, Total | 32,706 |
Accumulated Depreciation | $ 22,490 |
Year(s) Acquired | 1999 |
Fair Oaks Business Park [Member] | Commercial Real Estate [Member] | Fairfax, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 290 |
Initial Cost to Company, Land | $ 13,598 |
Initial Cost to Company, Buildings and Improvements | 36,232 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,081 |
Gross Carrying Amount at December 31, 2019, Land | 13,598 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 46,313 |
Gross Carrying Amount at December 31, 2019, Total | 59,911 |
Accumulated Depreciation | $ 29,269 |
Year(s) Acquired | 2004/2007 |
Monroe [Member] | Commercial Real Estate [Member] | Herndon, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 244 |
Initial Cost to Company, Land | $ 6,737 |
Initial Cost to Company, Buildings and Improvements | 18,911 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,856 |
Gross Carrying Amount at December 31, 2019, Land | 6,737 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 30,767 |
Gross Carrying Amount at December 31, 2019, Total | 37,504 |
Accumulated Depreciation | $ 23,706 |
Year(s) Acquired | 1997/1999 |
Gunston [Member] | Commercial Real Estate [Member] | Lorton, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 247 |
Initial Cost to Company, Land | $ 4,146 |
Initial Cost to Company, Buildings and Improvements | 17,872 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 12,248 |
Gross Carrying Amount at December 31, 2019, Land | 4,146 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 30,120 |
Gross Carrying Amount at December 31, 2019, Total | 34,266 |
Accumulated Depreciation | $ 21,080 |
Year(s) Acquired | 1998 |
The Mile [Member] | Commercial Real Estate [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 628 |
Initial Cost to Company, Land | $ 38,279 |
Initial Cost to Company, Buildings and Improvements | 83,596 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 26,716 |
Gross Carrying Amount at December 31, 2019, Land | 38,279 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 110,312 |
Gross Carrying Amount at December 31, 2019, Total | 148,591 |
Accumulated Depreciation | $ 52,389 |
Year(s) Acquired | 2010/2011 |
Prosperity at Merrifield [Member] | Commercial Real Estate [Member] | Merrifield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 659 |
Initial Cost to Company, Land | $ 23,147 |
Initial Cost to Company, Buildings and Improvements | 67,575 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 37,585 |
Gross Carrying Amount at December 31, 2019, Land | 23,147 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 105,160 |
Gross Carrying Amount at December 31, 2019, Total | 128,307 |
Accumulated Depreciation | $ 71,749 |
Year(s) Acquired | 2001 |
Alban Road [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 150 |
Initial Cost to Company, Land | $ 1,935 |
Initial Cost to Company, Buildings and Improvements | 4,736 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,177 |
Gross Carrying Amount at December 31, 2019, Land | 1,935 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 9,913 |
Gross Carrying Amount at December 31, 2019, Total | 11,848 |
Accumulated Depreciation | $ 8,083 |
Year(s) Acquired | 1997 |
I-95 [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 210 |
Initial Cost to Company, Land | $ 3,535 |
Initial Cost to Company, Buildings and Improvements | 15,672 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 14,466 |
Gross Carrying Amount at December 31, 2019, Land | 3,535 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 30,138 |
Gross Carrying Amount at December 31, 2019, Total | 33,673 |
Accumulated Depreciation | $ 23,247 |
Year(s) Acquired | 2000 |
Fullterton Road Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 243 |
Initial Cost to Company, Land | $ 7,438 |
Initial Cost to Company, Buildings and Improvements | 24,971 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 702 |
Gross Carrying Amount at December 31, 2019, Land | 7,438 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 25,673 |
Gross Carrying Amount at December 31, 2019, Total | 33,111 |
Accumulated Depreciation | $ 1,764 |
Year(s) Acquired | 2018 |
Northern Virginia Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 814 |
Initial Cost to Company, Land | $ 18,369 |
Initial Cost to Company, Buildings and Improvements | 87,258 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,253 |
Gross Carrying Amount at December 31, 2019, Land | 18,369 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 92,511 |
Gross Carrying Amount at December 31, 2019, Total | 110,880 |
Accumulated Depreciation | $ 5,696 |
Year(s) Acquired | 2018 |
Northpointe [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 147 |
Initial Cost to Company, Land | $ 2,767 |
Initial Cost to Company, Buildings and Improvements | 8,778 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,900 |
Gross Carrying Amount at December 31, 2019, Land | 2,767 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 13,678 |
Gross Carrying Amount at December 31, 2019, Total | 16,445 |
Accumulated Depreciation | $ 11,174 |
Year(s) Acquired | 1997/1998 |
Shaw Road [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 149 |
Initial Cost to Company, Land | $ 2,969 |
Initial Cost to Company, Buildings and Improvements | 10,008 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,863 |
Gross Carrying Amount at December 31, 2019, Land | 2,969 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 14,871 |
Gross Carrying Amount at December 31, 2019, Total | 17,840 |
Accumulated Depreciation | $ 12,164 |
Year(s) Acquired | 1998 |
Tysons Corporate Center [Member] | Commercial Real Estate [Member] | Vienna, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 270 |
Initial Cost to Company, Land | $ 9,885 |
Initial Cost to Company, Buildings and Improvements | 25,302 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,423 |
Gross Carrying Amount at December 31, 2019, Land | 9,885 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 35,725 |
Gross Carrying Amount at December 31, 2019, Total | 45,610 |
Accumulated Depreciation | $ 16,573 |
Year(s) Acquired | 2010 |
Woodbridge [Member] | Commercial Real Estate [Member] | Woodbridge, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 114 |
Initial Cost to Company, Land | $ 1,350 |
Initial Cost to Company, Buildings and Improvements | 3,398 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,195 |
Gross Carrying Amount at December 31, 2019, Land | 1,350 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 5,593 |
Gross Carrying Amount at December 31, 2019, Total | 6,943 |
Accumulated Depreciation | $ 4,446 |
Year(s) Acquired | 1997 |
212th Business Park [Member] | Commercial Real Estate [Member] | Kent, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 951 |
Initial Cost to Company, Land | $ 19,573 |
Initial Cost to Company, Buildings and Improvements | 17,695 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 12,090 |
Gross Carrying Amount at December 31, 2019, Land | 19,573 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 29,785 |
Gross Carrying Amount at December 31, 2019, Total | 49,358 |
Accumulated Depreciation | $ 12,914 |
Year(s) Acquired | 2012 |
Overlake [Member] | Commercial Real Estate [Member] | Redmond, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 411 |
Initial Cost to Company, Land | $ 23,122 |
Initial Cost to Company, Buildings and Improvements | 41,106 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,760 |
Gross Carrying Amount at December 31, 2019, Land | 23,122 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 48,866 |
Gross Carrying Amount at December 31, 2019, Total | 71,988 |
Accumulated Depreciation | $ 31,722 |
Year(s) Acquired | 2007 |
Renton [Member] | Commercial Real Estate [Member] | Renton, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 28 |
Initial Cost to Company, Land | $ 330 |
Initial Cost to Company, Buildings and Improvements | 889 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 713 |
Gross Carrying Amount at December 31, 2019, Land | 330 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 1,602 |
Gross Carrying Amount at December 31, 2019, Total | 1,932 |
Accumulated Depreciation | $ 1,208 |
Year(s) Acquired | 1997 |
Metro Park North [Member] | Assets Held For Sale [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 113 |
Initial Cost to Company, Land | $ 4,188 |
Initial Cost to Company, Buildings and Improvements | 12,035 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,822 |
Gross Carrying Amount at December 31, 2019, Land | 4,188 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 18,857 |
Gross Carrying Amount at December 31, 2019, Total | 23,045 |
Accumulated Depreciation | $ 11,543 |
Year(s) Acquired | 2001 |
Highgate at the Mile [Member] | Multifamily [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Number of units of Real Estate Property | property | 395 |
Initial Cost to Company, Land | $ 21,814 |
Initial Cost to Company, Buildings and Improvements | 84,903 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 33 |
Gross Carrying Amount at December 31, 2019, Land | 21,814 |
Gross Carrying Amount at December 31, 2019, Buildings and Improvements | 84,936 |
Gross Carrying Amount at December 31, 2019, Total | 106,750 |
Accumulated Depreciation | $ 5,287 |
Year(s) Acquired | 2018 |
Minimum [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Ground leases expiration date | 2029 |
Minimum [Member] | Buena Park Industrial Center [Member] | Commercial Real Estate [Member] | Buena Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Carson [Member] | Commercial Real Estate [Member] | Carson, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Cerritos Business Center [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Cerritos/Edwards [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Concord Business Park [Member] | Commercial Real Estate [Member] | Concord, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Culver City [Member] | Commercial Real Estate [Member] | Culver City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Bayview Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Christy Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Industrial Drive Distribution Center [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Bay Center Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Cabot Distribution Center [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Diablo Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Eden Landing [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Hayward Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Huntwood Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Parkway Commerce [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Laguna Hills Commerce Center [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Plaza Del Lago [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Canada Business Center [Member] | Commercial Real Estate [Member] | Lake Forest, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Dixon Landing Business Park [Member] | Commercial Real Estate [Member] | Milpitas, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Monterey/Calle [Member] | Commercial Real Estate [Member] | Monterey, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Monterey Park [Member] | Commercial Real Estate [Member] | Monterey Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Port Of Oakland [Member] | Commercial Real Estate [Member] | Oakland, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Kearney Mesa [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Lusk [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Rose Canyon Business Park [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Charcot Business Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Las Plumas [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Little Orchard Distribution Center [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Montague Industrial Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Oakland Road [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Rogers Ave [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Doolittle Business Park [Member] | Commercial Real Estate [Member] | San Leandro, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Bayshore Corporate Center [Member] | Commercial Real Estate [Member] | San Mateo, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | San Ramon/Norris Canyon [Member] | Commercial Real Estate [Member] | San Ramon, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Commerce Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Santa Clara Tech Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | San Tomas Business Center [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Walsh At Lafayette [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Hathaway Industrial Park [Member] | Commercial Real Estate [Member] | Santa Fe Springs, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Signal Hill [Member] | Commercial Real Estate [Member] | Signal Hill, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Airport Boulevard [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | South San Francisco/Produce [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Studio City/Ventura [Member] | Commercial Real Estate [Member] | Studio City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Kifer Industrial Park [Member] | Commercial Real Estate [Member] | Sunnyvale, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Torrance [Member] | Commercial Real Estate [Member] | Torrance, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Boca Commerce [Member] | Commercial Real Estate [Member] | Boca Raton, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | MICC [Member] | Commercial Real Estate [Member] | Miami, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Wellington [Member] | Commercial Real Estate [Member] | Wellington, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Ammendale [Member] | Commercial Real Estate [Member] | Beltsville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Gaithersburgh/Christopher [Member] | Commercial Real Estate [Member] | Gaithersburg, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Gude Drive (Land) [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Parklawn Business Park [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | The Grove 270 [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Ben White [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Lamar Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | McKalla [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | McNeil [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Rutland [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Waterford [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Braker Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Mopac Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Southpark Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Valwood Business Center [Member] | Commercial Real Estate [Member] | Carrolton, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Northway Plaza [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Springlake Business Center [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Westwood Business Park [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Eastgate [Member] | Commercial Real Estate [Member] | Garland, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Freeport Business Park [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | NFTZ [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Ground leases expiration date | 2029 |
Minimum [Member] | Royal Tech [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | La Prada [Member] | Commercial Real Estate [Member] | Mesquite, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | The Summit [Member] | Commercial Real Estate [Member] | Plano, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Arapaho Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Richardson Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Bren Mar [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Eisenhower [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Beaumont [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Dulles South [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Lafayette [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Park East [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Fair Oaks Business Park [Member] | Commercial Real Estate [Member] | Fairfax, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Monroe [Member] | Commercial Real Estate [Member] | Herndon, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Gunston [Member] | Commercial Real Estate [Member] | Lorton, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | The Mile [Member] | Commercial Real Estate [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Prosperity at Merrifield [Member] | Commercial Real Estate [Member] | Merrifield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Alban Road [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | I-95 [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Fullterton Road Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Northern Virginia Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Northpointe [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Shaw Road [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Tysons Corporate Center [Member] | Commercial Real Estate [Member] | Vienna, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Woodbridge [Member] | Commercial Real Estate [Member] | Woodbridge, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | 212th Business Park [Member] | Commercial Real Estate [Member] | Kent, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Overlake [Member] | Commercial Real Estate [Member] | Redmond, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Renton [Member] | Commercial Real Estate [Member] | Renton, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Metro Park North [Member] | Assets Held For Sale [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Highgate at the Mile [Member] | Multifamily [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Maximum [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Ground leases expiration date | 2030 |
Maximum [Member] | Buena Park Industrial Center [Member] | Commercial Real Estate [Member] | Buena Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Carson [Member] | Commercial Real Estate [Member] | Carson, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Cerritos Business Center [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Cerritos/Edwards [Member] | Commercial Real Estate [Member] | Cerritos, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Concord Business Park [Member] | Commercial Real Estate [Member] | Concord, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Culver City [Member] | Commercial Real Estate [Member] | Culver City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Bayview Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Christy Business Park [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Industrial Drive Distribution Center [Member] | Commercial Real Estate [Member] | Fremont, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Bay Center Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Cabot Distribution Center [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Diablo Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Eden Landing [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Hayward Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Huntwood Business Park [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Parkway Commerce [Member] | Commercial Real Estate [Member] | Hayward, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Laguna Hills Commerce Center [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Plaza Del Lago [Member] | Commercial Real Estate [Member] | Laguna Hills, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Canada Business Center [Member] | Commercial Real Estate [Member] | Lake Forest, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Dixon Landing Business Park [Member] | Commercial Real Estate [Member] | Milpitas, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Monterey/Calle [Member] | Commercial Real Estate [Member] | Monterey, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Monterey Park [Member] | Commercial Real Estate [Member] | Monterey Park, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Port Of Oakland [Member] | Commercial Real Estate [Member] | Oakland, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Kearney Mesa [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Lusk [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Rose Canyon Business Park [Member] | Commercial Real Estate [Member] | San Diego, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Charcot Business Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Las Plumas [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Little Orchard Distribution Center [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Montague Industrial Park [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Oakland Road [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Rogers Ave [Member] | Commercial Real Estate [Member] | San Jose, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Doolittle Business Park [Member] | Commercial Real Estate [Member] | San Leandro, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Bayshore Corporate Center [Member] | Commercial Real Estate [Member] | San Mateo, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | San Ramon/Norris Canyon [Member] | Commercial Real Estate [Member] | San Ramon, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Commerce Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Santa Clara Tech Park [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | San Tomas Business Center [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Walsh At Lafayette [Member] | Commercial Real Estate [Member] | Santa Clara, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Hathaway Industrial Park [Member] | Commercial Real Estate [Member] | Santa Fe Springs, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Signal Hill [Member] | Commercial Real Estate [Member] | Signal Hill, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Airport Boulevard [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | South San Francisco/Produce [Member] | Commercial Real Estate [Member] | So San Francisco, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Studio City/Ventura [Member] | Commercial Real Estate [Member] | Studio City, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Kifer Industrial Park [Member] | Commercial Real Estate [Member] | Sunnyvale, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Torrance [Member] | Commercial Real Estate [Member] | Torrance, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Boca Commerce [Member] | Commercial Real Estate [Member] | Boca Raton, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | MICC [Member] | Commercial Real Estate [Member] | Miami, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Wellington [Member] | Commercial Real Estate [Member] | Wellington, FL [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Ammendale [Member] | Commercial Real Estate [Member] | Beltsville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Gaithersburgh/Christopher [Member] | Commercial Real Estate [Member] | Gaithersburg, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Gude Drive (Land) [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Parklawn Business Park [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | The Grove 270 [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Ben White [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Lamar Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | McKalla [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | McNeil [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Rutland [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Waterford [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Braker Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Mopac Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Southpark Business Park [Member] | Commercial Real Estate [Member] | Austin, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Valwood Business Center [Member] | Commercial Real Estate [Member] | Carrolton, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Northway Plaza [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Springlake Business Center [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Westwood Business Park [Member] | Commercial Real Estate [Member] | Farmers Branch, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Eastgate [Member] | Commercial Real Estate [Member] | Garland, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Freeport Business Park [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | NFTZ [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Ground leases expiration date | 2030 |
Maximum [Member] | Royal Tech [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | La Prada [Member] | Commercial Real Estate [Member] | Mesquite, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | The Summit [Member] | Commercial Real Estate [Member] | Plano, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Arapaho Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Richardson Business Park [Member] | Commercial Real Estate [Member] | Richardson, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Bren Mar [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Eisenhower [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Beaumont [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Dulles South [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Lafayette [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Park East [Member] | Commercial Real Estate [Member] | Chantilly, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Fair Oaks Business Park [Member] | Commercial Real Estate [Member] | Fairfax, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Monroe [Member] | Commercial Real Estate [Member] | Herndon, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Gunston [Member] | Commercial Real Estate [Member] | Lorton, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | The Mile [Member] | Commercial Real Estate [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Prosperity at Merrifield [Member] | Commercial Real Estate [Member] | Merrifield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Alban Road [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | I-95 [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Fullterton Road Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Northern Virginia Industrial Park [Member] | Commercial Real Estate [Member] | Springfield, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Northpointe [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Shaw Road [Member] | Commercial Real Estate [Member] | Sterling, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Tysons Corporate Center [Member] | Commercial Real Estate [Member] | Vienna, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Woodbridge [Member] | Commercial Real Estate [Member] | Woodbridge, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | 212th Business Park [Member] | Commercial Real Estate [Member] | Kent, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Overlake [Member] | Commercial Real Estate [Member] | Redmond, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Renton [Member] | Commercial Real Estate [Member] | Renton, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Metro Park North [Member] | Assets Held For Sale [Member] | Commercial Real Estate [Member] | Rockville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |
Maximum [Member] | Highgate at the Mile [Member] | Multifamily [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 40 years |