Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-10709 | ||
Entity Registrant Name | PS BUSINESS PARKS, INC./MD | ||
Entity Incorporation, State or Country Code | MD | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,967,153,632 | ||
Entity Common Stock, Shares Outstanding | 27,606,127 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Stockholders to be held in 2022 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 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Los Angeles, California | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | PSB | ||
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, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 27,074 | $ 69,083 |
Real estate facilities, at cost | ||
Land | 867,345 | 843,765 |
Buildings and improvements | 2,239,137 | 2,080,895 |
Gross real estate investment property | 3,106,482 | 2,924,660 |
Accumulated depreciation | (1,178,397) | (1,101,739) |
Net real estate investment property | 1,928,085 | 1,822,921 |
Properties held for sale, net | 33,609 | 75,138 |
Land and building held for development, net | 78,990 | 37,922 |
Total real estate investments | 2,040,684 | 1,935,981 |
Rent receivable | 1,621 | 1,519 |
Deferred rent receivable | 37,581 | 36,788 |
Other assets | 16,262 | 14,334 |
Total assets | 2,123,222 | 2,057,705 |
LIABILITIES AND EQUITY | ||
Accrued and other liabilities | 97,151 | 82,065 |
Credit facility | 32,000 | |
Total liabilities | 129,151 | 82,065 |
Commitments and contingencies | ||
PS Business Parks, Inc.'s stockholders' equity | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 30,200 and 37,790 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 755,000 | 944,750 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,589,807 and 27,488,547 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 275 | 274 |
Paid-in capital | 752,444 | 738,022 |
Accumulated earnings | 226,737 | 73,631 |
Total PS Business Parks, Inc.'s stockholders' equity | 1,734,456 | 1,756,677 |
Noncontrolling interests | 259,615 | 218,963 |
Total equity | 1,994,071 | 1,975,640 |
Total liabilities and equity | $ 2,123,222 | $ 2,057,705 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 30,200 | 37,790 |
Preferred stock, shares outstanding | 30,200 | 37,790 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 27,589,807 | 27,488,547 |
Common Stock, Shares, Outstanding | 27,589,807 | 27,488,547 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Income [Abstract] | |||
Rental income | $ 438,703 | $ 415,623 | $ 429,846 |
Expenses | |||
Cost of operations | 130,896 | 125,513 | 128,343 |
Depreciation and amortization | 93,486 | 96,314 | 104,249 |
General and administrative | 19,057 | 14,526 | 13,761 |
Total operating expenses | 243,439 | 236,353 | 246,353 |
Interest and other income | 2,536 | 1,234 | 4,492 |
Interest and other expense | (4,646) | (1,072) | (657) |
Gain on sale of real estate facilities | 359,875 | 27,273 | 16,644 |
Net income | 553,029 | 206,705 | 203,972 |
Allocation to noncontrolling interests | (104,270) | (33,158) | (29,006) |
Net income allocable to PS Business Parks, Inc. | 448,759 | 173,547 | 174,966 |
Allocation to preferred stockholders based upon Distributions | (46,624) | (48,186) | (54,346) |
Preferred securities redemption charge (Note 9) | (6,434) | (11,007) | |
Allocation to restricted stock unit holders | (2,613) | (716) | (910) |
Net income allocable to common stockholders | $ 393,088 | $ 124,645 | $ 108,703 |
Net income per share of common stock | |||
Basic | $ 14.28 | $ 4.54 | $ 3.96 |
Diluted | $ 14.22 | $ 4.52 | $ 3.95 |
Weighted average common stock outstanding | |||
Basic | 27,534 | 27,475 | 27,418 |
Diluted | 27,636 | 27,563 | 27,526 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Paid-In Capital [Member] | Accumulated Earnings [Member] | Total PS Business Parks, Inc.'s Stockholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
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-based compensation, net | 4,046 | 4,046 | 4,046 | ||||
Cash paid for taxes in lieu of stock 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 | |||||
Issuance of common stock in connection with stock-based compensation | 258 | 258 | 258 | ||||
Issuance of common stock in connection with stock-based compensation, shares | 47,594 | ||||||
Stock-based compensation, net | 4,994 | 4,994 | 4,994 | ||||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (4,216) | (4,216) | (4,216) | ||||
Capital contribution from non controlling interests - joint venture (Note 4) | 493 | 493 | |||||
Net income | 173,547 | 173,547 | 33,158 | 206,705 | |||
Distributions | |||||||
Preferred stock (Note 9) | (48,186) | (48,186) | (48,186) | ||||
Common stock | (115,396) | (115,396) | (115,396) | ||||
Noncontrolling interests—Common Units | (30,683) | (30,683) | |||||
Noncontrolling interests—Joint venture | (140) | (140) | |||||
Balances at Dec. 31, 2020 | $ 944,750 | $ 274 | 738,022 | 73,631 | 1,756,677 | 218,963 | 1,975,640 |
Balances, shares at Dec. 31, 2020 | 37,790 | 27,488,547 | |||||
Redemption of preferred stock, net of issuance costs | $ (189,750) | 6,434 | (6,434) | (189,750) | (189,750) | ||
Redemption of preferred stock, net of issuance costs, shares | (7,590) | ||||||
Issuance of common stock in connection with stock-based compensation | $ 1 | 5,011 | 5,012 | 5,012 | |||
Issuance of common stock in connection with stock-based compensation, shares | 101,260 | ||||||
Stock-based compensation, net | 7,022 | 7,022 | 7,022 | ||||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (3,940) | (3,940) | (3,940) | ||||
Capital contribution from non controlling interests - joint venture (Note 4) | 746 | 746 | |||||
Issuance costs | (105) | (105) | (105) | ||||
Net income | 448,759 | 448,759 | 104,270 | 553,029 | |||
Distributions | |||||||
Preferred stock (Note 9) | (46,624) | (46,624) | (46,624) | ||||
Common stock | (242,595) | (242,595) | (242,595) | ||||
Noncontrolling interests—Common Units | (64,287) | (64,287) | |||||
Noncontrolling interests—Joint venture | (77) | (77) | |||||
Balances at Dec. 31, 2021 | $ 755,000 | $ 275 | $ 752,444 | $ 226,737 | $ 1,734,456 | $ 259,615 | $ 1,994,071 |
Balances, shares at Dec. 31, 2021 | 30,200 | 27,589,807 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Equity [Abstract] | |||
Common stock, distributions per share | $ 8.80 | $ 4.20 | $ 4.20 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 553,029 | $ 206,705 | $ 203,972 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization expense | 93,486 | 96,314 | 104,249 |
Straight-line rent and amortization of lease intangibles, net | (2,800) | (4,713) | (3,936) |
Gain on sale of real estate facilities | (359,875) | (27,273) | (16,644) |
Stock compensation expense | 8,495 | 5,648 | 4,956 |
Amortization of financing costs | 725 | 548 | 544 |
Other, net | 9,177 | (254) | (2,546) |
Total adjustments | (250,792) | 70,270 | 86,623 |
Net cash provided by operating activities | 302,237 | 276,975 | 290,595 |
Cash flows from investing activities | |||
Capital expenditures to real estate facilities | (37,840) | (36,062) | (39,365) |
Capital expenditures to land and building held for development, net | (46,047) | (16,412) | (5,278) |
Acquisition of real estate facilities | (147,702) | (60,019) | (134,278) |
Proceeds from sale of real estate facilities | 400,955 | 40,674 | 144,599 |
Net cash provided by (used in) investing activities | 169,366 | (71,819) | (34,322) |
Cash flows from financing activities | |||
Proceeds from borrowings on credit facility | 32,000 | 70,000 | |
Repayment of borrowings on credit facility | (70,000) | ||
Payment of deferred financing costs | (2,248) | ||
Payment of financing costs | (246) | (335) | (296) |
Proceeds from the exercise of stock options | 5,012 | 258 | 969 |
Payment of issuance costs | (105) | ||
Cash paid for taxes in lieu of stock upon vesting of restricted stock units | (3,940) | (4,216) | (6,350) |
Redemption of preferred stock | (189,750) | (340,000) | |
Net proceeds from the issuance of preferred stock | 316,038 | ||
Capital contribution from noncontrolling interests—joint venture | 746 | 493 | |
Cash paid to restricted stock unit holders | (1,498) | (654) | (910) |
Distributions paid to preferred stockholders | (46,624) | (48,186) | (54,346) |
Distributions paid to common stockholders | (242,595) | (115,396) | (115,154) |
Distributions paid to noncontrolling interests-common units | (64,287) | (30,683) | (30,683) |
Distributions paid to noncontrolling interests-joint venture | (77) | (140) | (134) |
Net cash used in financing activities | (513,612) | (198,859) | (230,866) |
Net increase (decrease) in cash and cash equivalents | (42,009) | 6,297 | 25,407 |
Cash, cash equivalents and restricted cash at the beginning of the period | 70,171 | 63,874 | 38,467 |
Cash, cash equivalents and restricted cash at the end of the period | 28,162 | 70,171 | 63,874 |
Supplemental disclosures | |||
Interest paid | 67 | ||
Adjustment to noncontrolling interests-common units in the OP | |||
Noncontrolling interests-common units | (145) | ||
Paid-in capital | 145 | ||
Preferred redemption allocation | |||
Paid-in capital | 6,434 | 11,007 | |
Accumulated earnings | (6,434) | $ (11,007) | |
Accrued capital expenditures to land and building held for development | |||
Land and building held for development, net | 5,746 | 1,698 | |
Accrued and other liabilities | $ (5,746) | $ (1,698) |
Organization And Description Of
Organization And Description Of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization And Description Of Business [Abstract] | |
Organization And Description Of Business | 1. Organization and description of business Organization PS Business Parks, Inc. (“PSB”), a Maryland corporation, was organized in 1990. Effective May 19, 2021, following approval by its common and preferred stockholders, PSB reincorporated from the state of California to the state of Maryland. As of December 31, 2021, PSB owned 79.1% 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 its consolidated joint ventures, are collectively referred to as the “Company,” “we,” “us,” or “our.” PS also owns 7.2 million shares of common stock and would own 41.4% (or 14.5 million shares) of the outstanding shares of the Company’s common stock if it redeemed its common partnership units for shares of common stock. 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, industrial-flex and low-rise suburban office space. As of December 31, 2021, the Company owned and operated 27.7 million rentable square feet of commercial space in six states comprising 97 parks and 666 buildings. The Company also held a 95.0% interest in a joint venture entity which owns Highgate at The Mile, a 395-unit multifamily apartment complex located in Tysons, Virginia, and a 98.2% interest in a joint venture formed to develop Brentford at The Mile, a planned 411-unit multifamily apartment complex also located in Tysons, Virginia. The Company also manages for a fee approximately 0.3 million rentable square feet on behalf of PS. References herein to the number of properties, parks, apartment units or square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). |
Basis Of Presentation And Summa
Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Summary Of Significant Accounting Policies | 2. Basis of presentation and 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 its consolidated joint ventures. 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. We do not consider the joint venture entity that owns Highgate at The Mile a VIE, but we consolidate the entity as the Company has control over the joint venture. See Note 3 for more information relating to this joint venture arrangement. We have a 98.2% interest in Brentford at The Mile, a planned 411-unit multifamily apartment complex (the “Brentford Joint Venture”). An unrelated real estate development company (the “JV Partner”) holds the remaining 1.8% interest. Based on management’s analysis of the joint venture and certain related agreements, we determined Brentford Joint Venture is a VIE because (a) Brentford Joint Venture does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, and (b) there are no substantive kick-out rights. We have also concluded we have control over the Brentford Joint Venture as we (a) are the managing member of the Brentford Joint Venture, (b) have designated decision making power to direct the activities that most significantly affect the economic performance of the Brentford Joint Venture, and (c) have a 98.2% economic interest in the investment. Thus, we determined that we are the primary beneficiary of Brentford Joint Venture. As such, we consolidate the Brentford Joint Venture, and the related land and development costs of $59.9 million and $15.1 million were included in land and building held for development, net on our consolidated balance sheets as of December 31, 2021 and 2020, respectively. The assets of the Brentford Joint Venture may only be used to settle obligations of the Brentford Joint Venture and the creditors of the Brentford Joint Venture have no recourse to the general credit of the Company. See Note 4 for more information relating to this joint venture arrangement. PS, the sole limited partner in the OP, has no power to direct the activities of the OP. PSB is the primary beneficiary and has control over the OP as it has the exclusive responsibility under the Operating Partnership Agreement to manage and conduct the business 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, (ii) the JV Partner’s 5.0% interest in our consolidated joint venture that owns Highgate at The Mile, and (iii) the JV Partner’s 1.8% interest in our consolidated joint venture formed to develop Brentford at The Mile. 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 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. Carrying values of the Company’s Credit Facility (as defined in Note 6) approximate fair value. The characteristics of the Credit Facility, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. 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, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019Consolidated balance sheets Cash and cash equivalents $ 27,074 $ 69,083 $ 62,786 Restricted cash included in Land and building held for development, net (1) 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 28,162 $ 70,171 $ 63,874 ____________________________(1)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. Intangible assets/liabilities When we acquire real estate facilities, an intangible asset is recorded in other assets for leases where the in-place rent is higher than market rents, and an intangible liability is recorded in 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, 2021, the value of above-market in-place rents resulted in net intangible assets of $0.6 million, net of $11.6 million of accumulated amortization, and the value of below-market in-place rents resulted in net intangible liabilities of $2.8 million, net of $13.1 million of accumulated amortization. As of December 31, 2020, the value of above-market in-place rents resulted in net intangible assets of $1.2 million, net of $11.1 million of accumulated amortization, and the value of below-market in-place rents resulted in net intangible liabilities of $2.2 million, net of $12.2 million of accumulated amortization. Additionally, when we acquire real estate facilities, the value of in-place lease intangible (i.e., customer lease-up costs) is recorded in other assets and is amortized to depreciation and amortization expense over the respective remaining lease term. As of December 31, 2021, the value of acquired in-place leases resulted in net intangible assets of $6.0 million, net of $10.5 million of accumulated amortization. As of December 31, 2020, the value of acquired in-place leases resulted in net intangible assets of $5.3 million, net of $7.2 million of accumulated amortization. As of December 31, 2021, the value of our right-of-use (“ROU”) assets relating to our existing ground lease arrangements, included in “other assets” on our consolidated balance sheets and the corresponding liability included under “accrued and other liabilities,” was $1.3 million, net of $0.3 million of accumulated amortization. As of December 31, 2020, the value of our ROU assets and related liability relating to our ground lease arrangements was $1.5 million, net of $0.2 million of accumulated amortization. The ground leases expire in 2029 and 2030 and do not have options to extend. As of December 31, 2021, the remaining lease terms were 7.8 years and 8.1 years. Lease expense for these ground leases is recognized in the period the applicable costs are incurred, and the monthly lease amount for these operating leases is constant and without contractual increases throughout the remaining terms. 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 provide benefit for 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 the corresponding lease term. Property held for development Property is classified as held for development when it is no longer used in its original form and it will be developed to an alternate use. Property held for development is not depreciated. Property held for sale Property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. 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. Evaluation of asset impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. We review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. 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, if any, 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-based compensation Stock-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 losses not accrued 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. 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 reimbursements 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. Property management fees are recognized in the period earned as other income. 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, as a reduction to rental income in the period such balances are no longer probable of being collected. 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. The Company wrote-off accounts receivable, net of recoveries of $0.1 million, $1.6 million, and $1.1 million, respectively, and wrote off deferred rent receivable of $0.3 million, $3.1 million, and $0.5 million, respectively for the year ended December 31, 2021, 2020, and 2019, respectively. The Company recognized revenue from its lease arrangements aggregating to $438.7 million, $415.6 million, and $429.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. This revenue consisted primarily of rental income from operating leases and the related variable lease payments resulting from reimbursements of property operating expenses. Base rental income was $333.9 million, $319.2 million, and $333.3 million for the years ended December 31, 2021, 2020, and 2019, respectively, while variable lease payments, consisting primarily of reimbursement of property operating expenses, were $104.8 million, $96.4 million, and $96.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During the year ended December 31, 2021 the Company agreed to defer $0.5 million and abate $0.3 million of billed rental income, which was significantly lower than the $5.7 million of rent deferrals and $1.3 million of rent abatements granted during the year ended December 31, 2020. Since the onset of the COVID-19 pandemic, the Company entered into rent relief agreements consisting of $6.2 million of rent deferrals and $1.6 million of rent abatements. As of December 31, 2021, the 317 current customers that received rent relief account for 9.5% of rental income. Also as of December 31, 2021, the Company had collected $5.3 million of rent deferral repayment, representing 99.8% of the amounts scheduled to be repaid through December 2021. An additional $0.9 million of rent deferral repayment is scheduled to be repaid thereafter. The duration and severity of the effects of the COVID-19 pandemic on the economy are uncertain and are likely to impact collectability of certain customers’ rent receivable balances in the future. The Company has taken into account the current financial condition of its tenants, including consideration of COVID-19 impacts, in its estimation of its uncollectible accounts and deferred rents receivable at December 31, 2021. The Company is closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Lease Modification Q&A”) to respond to frequently asked questions about accounting for lease concessions related to the coronavirus (“COVID-19”) pandemic. Under existing lease guidance, an entity would have to determine, on a lease by lease basis, if a lease concession contained a lease modification which would be accounted for under the lease modification framework, or if a lease concession was an enforceable right or obligation that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides that, to the extent that cash flow after the lease concessions are substantially the same, or less than, the cash flow previously required by the existing lease, an entity is not required to evaluate each contract to determine whether a concession provided by a lessor to a lessee in response to the COVID-19 pandemic is a lease modification. Instead, an entity can account for such lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or (ii) as a lease modification. Based on the Lease Modification Q&A, an entity is not required to account for all lease concessions in response to the COVID-19 pandemic under one elected option; however, the entity is required to apply the elected option consistently to leases with similar characteristics and in similar circumstances. In accordance with the Lease Modification Q&A, the Company has elected to account for lease concessions in response to the COVID-19 pandemic as a lease modification if the cash flow after these lease concessions is substantially the same, or less than, the cash flow previously required by the existing lease. The Company records rent deferrals and rent abatements in deferred rent receivable in the accompanying consolidated balance sheets and will recognize these amounts over the remainder of the respective lease terms. For lease concessions in response to the COVID-19 pandemic that modified the terms and substantially changed the underlying cash flow of the existing lease for the remaining term, the Company also accounts for such concessions as a lease modification. General and administrative expense General and administrative expense includes executive and other compensation, corporate office expenses, professional fees, 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 U.S. federal corporate income tax if we distribute all 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 U.S. federal corporate 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 be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2021 and 2020, we did not recognize any tax benefit for uncertain tax positions. Accounting for preferred equity issuance costs We record preferred equity 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 stockholders to the preferred stockholders in the amount of the original issuance costs, and we reclassify the redemption value from equity to liabilities, when we call preferred stock for redemption, with such liabilities relieved once the preferred stock is redeemed. Net income per share of common stock Notwithstanding the presentation of income allocations on our consolidated statements of income, net income is allocated to (a) preferred stockholders, for distributions paid or payable, (b) preferred stockholders, to the extent redemption value exceeds the related carrying value (“Preferred Redemption Allocation”), (c) our joint venture partner in proportion to its percentage interest in the joint ventures, to the extent the consolidated joint ventures produce 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 stockholders, respectively, based upon the pro-rata aggregate number of units and stock outstanding. Basic and diluted net income per share of common stock are each calculated based upon net income allocable to common stockholders, divided by (i) in the case of basic net income per share of common stock, weighted average common stock and (ii) in the case of diluted net income per share of common stock, weighted average common stock adjusted for the impact of stock compensation awards outstanding (see Note 10) using the treasury stock method. The following table sets forth the components of our basic and diluted net income per share that are not reflected on the face of our consolidated statements of income, including the allocation of income to common stockholders and common partnership units, the percentage of weighted average common stock and common partnership units outstanding, as well as basic and diluted weighted average common stock outstanding for the years ended December 31, (in thousands): 2021 2020 2019Calculation of net income allocable to common stockholders Net income$ 553,029 $ 206,705 $ 203,972 Net (income) loss allocated to Preferred stockholders based upon distributions (46,624) (48,186) (54,346)Preferred stockholders based upon redemptions (6,434) — (11,007)Noncontrolling interests—joint venture 20 (17) (44)Restricted stock unit holders (2,613) (716) (910)Net income allocable to common stockholders and noncontrolling interests—common units 497,378 157,786 137,665 Net income allocation to noncontrolling interests— common units (104,290) (33,141) (28,962)Net income allocable to common stockholders$ 393,088 $ 124,645 $ 108,703 Calculation of common partnership units as a percentage of common stock equivalents Weighted average common stock outstanding 27,534 27,475 27,418 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common stock equivalents 34,839 34,780 34,723 Common partnership units as a percentage of common stock equivalents 21.0% 21.0% 21.0% Weighted average common stock outstanding Basic weighted average common stock outstanding 27,534 27,475 27,418 Net effect of dilutive stock compensation—based on treasury stock method using average market price 102 88 108 Diluted weighted average common stock outstanding 27,636 27,563 27,526 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 Certain reclassifications have been made to the consolidated financial statements for 2020 to conform to the 2021 presentation, including reclassifying assets held for sale or sold during 2021 from “real estate facilities, at cost” of $70.0 million and “land and building held for development, net” of $5.1 million as of December 31, 2020 into “properties held for sale, net” of $75.1 million on our consolidated balance sheets. Additionally, we combined all non-cash rental income items into “straight-line rent and amortization of lease intangibles, net” within the operating activities section of our consolidated statements of cash flows for all periods presented herein. |
Real Estate Facilities
Real Estate Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Facilities [Abstract] | |
Real Estate Facilities | 3. Real estate facilities Activity related to our real estate facilities for the years ended December 31, 2021, 2020, and 2019 is as follows (in thousands): Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2018$ 725,411 $ 1,973,658 $ (968,680) $ 1,730,389 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 — (3,796) 10,691 6,895 Balances at December 31, 2019 813,504 2,038,471 (1,035,609) 1,816,366 Acquisition of real estate facilities 30,261 27,168 — 57,429 Capital expenditures — 36,328 — 36,328 Disposals (1) — (19,399) 19,399 —Depreciation and amortization expense — — (90,058) (90,058)Transfer to properties held for sale — (1,673) 4,529 2,856 Balances at December 31, 2020 (2) 843,765 2,080,895 (1,101,739) 1,822,921 Acquisition of real estate facilities 22,591 123,711 — 146,302 Capital expenditures — 37,976 — 37,976 Disposals (1) — (9,892) 9,892 —Depreciation and amortization expense — — (90,175) (90,175)Transfer from property held for development 989 8,063 — 9,052 Transfer to properties held for sale — (1,616) 3,625 2,009 Balances at December 31, 2021$ 867,345 $ 2,239,137 $ (1,178,397) $ 1,928,085 ____________________________(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 $30.9 million, $166.5 million, and $127.4 million were reclassified as of December 31, 2020 to “properties held for sale, net” representing a 772,000 square foot industrial-flex business park located in Irving, Texas, a 371,000 square foot industrial-flex business park located in San Diego, California, a 244,000 square foot office business park located in Herndon, Virginia, a 198,000 square foot office-oriented flex business park located in Chantilly, Virginia, a 53,000 square foot industrial building located in Beltsville, Maryland, and a 22,000 square foot single-tenant industrial-flex building located in Irving, Texas. We have a 95.0% interest in a joint venture that owns Highgate at The Mile, a 395-unit multifamily apartment complex on a five-acre parcel within The Mile. The remaining 5.0% interest in the joint venture is held by the JV Partner. We consolidate the joint venture that owns Highgate at The Mile and as such, the consolidated real estate assets and activities related to this joint venture are included in the table above. The unaudited December 31, 2021 net federal tax basis of real estate facilities was approximately $1.7 billion. As of December 31, 2021, we have commitments, pursuant to executed leases throughout our portfolio, to spend $9.8 million on transaction costs, which include tenant improvements and lease commissions. Acquisitions We account for acquisitions as asset acquisitions. The purchase price of acquired properties is allocated to land, buildings, and improvements (including tenant improvements, and 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 lease intangible 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. On November 18, 2021, the Company acquired a multi-tenant industrial business park comprising approximately 141,000 rentable square feet in Plano, Texas, for a total purchase price of $25.6 million, inclusive of capitalized transaction costs. On September 1, 2021, the Company acquired a multi-tenant industrial business park comprising approximately 718,000 rentable square feet in Grapevine, Texas, for a total purchase price of $123.3 million, inclusive of capitalized transaction costs. On October 28, 2020, the Company acquired a multi-tenant industrial business park comprising approximately 246,000 rentable square feet in Alexandria, Virginia, for a total purchase price of $46.6 million, inclusive of capitalized transaction costs. On January 10, 2020, the Company acquired a multi-tenant industrial business park comprising 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, the Company acquired a multi-tenant industrial-flex business park comprising 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, the Company acquired a multi-tenant industrial business park comprising 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, the Company acquired a multi-tenant industrial business park comprising approximately 74,000 rentable square feet in Signal Hill, California, for a total purchase price of $13.8 million, inclusive of capitalized transaction costs. The following table summarizes assets acquired and liabilities assumed for the years ended December 31, 2021, 2020 and 2019 (in thousands): 2021 2020 2019Land$ 22,591 $ 30,261 $ 88,093 Buildings and improvements 123,711 27,168 44,313 Other assets (above-market in-place rents) — 523 —Accrued and other liabilities (below-market in-place rents) (1,457) (557) (1,241)Other assets (in-place lease intangible) 4,023 2,700 3,777 Total purchase price 148,868 60,095 134,942 Net operating assets acquired and liabilities assumed (1,166) (76) (664)Total cash paid$ 147,702 $ 60,019 $ 134,278 During 2021, we completed the development of an 83,000 square foot shallow-bay industrial building at our Freeport Business Park locatedin Irving, Texas for total development costs of $8.1 million. The total developed asset value, inclusive of land costs, of $9.1 million was placed into service on March 1, 2021 and accordingly was reflected under real estate facilities, at cost on our consolidated balance sheets at December 31, 2021. As of December 31, 2021, we were in the process of developing an approximately 83,000 square foot multi-tenant industrial building at our 212 Business Park located in Kent, Washington. As of December 31, 2021, $2.2 million of the estimated $15.4 million total development costs had been incurred and was reflected under land and building held for development, net on our consolidated balance sheets. This construction project is scheduled to be completed in the fourth quarter of 2022. As of December 31, 2021, we have contractual construction commitments totaling $1.2 million that will be paid to various contractors as the project is completed. As of December 31, 2021, we were in the process of developing an approximately 17,000 square foot multi-tenant industrial building at our Boca Commerce Park, located in Boca Raton, Florida. As of December 31, 2021, $1.1 million of the estimated $4.0 million total development costs had been incurred and was reflected under land and building held for development, net on our consolidated balance sheets. This construction project is scheduled to be completed in the fourth quarter of 2022. As of December 31, 2021, we have contractual construction commitments totaling $2.9 million that will be paid to various contractors as the project is completed. Dispositions On December 30, 2021, the Company sold a 53,000 square foot industrial building located in Beltsville, Maryland, for net sale proceeds of $4.5 million, which resulted in a gain on sale of $3.2 million. On December 29, 2021, the Company sold a 70,000 square foot industrial-flex building located in Irving, Texas, for net sale proceeds of $8.8 million, which resulted in a gain on sale of $6.3 million. On October 19, 2021, we sold a 371,000 square foot industrial-flex business park located in San Diego, California, for net sale proceeds of $311.1 million, which resulted in a gain on sale of $301.3 million. On September 17, 2021, the Company sold a 22,000 square foot industrial-flex building located in Irving, Texas, for net sale proceeds of $3.4 million, which resulted in a gain on sale of $2.9 million. On July 16, 2021, the Company sold a 244,000 square foot office business park located in Herndon, Virginia, for net sale proceeds of $40.5 million, which resulted in a gain on sale of $27.0 million. On June 17, 2021, the Company sold a 198,000 square foot office-oriented flex business park located in Chantilly, Virginia, for net sale proceeds of $32.6 million, which resulted in a gain on sale of $19.2 million. (Collectively the “2021 Assets Sold”). During 2021, the Company reclassified such assets as properties held for sale, net, in the consolidated balance sheet as of December 31, 2020. On September 16, 2020, the Company sold two industrial buildings totaling 40,000 square feet located in Redmond, Washington, which were subject to an eminent domain process for net sale proceeds of $11.4 million, which resulted in a gain on sale of $7.7 million. On January 7, 2020, the Company sold an 113,000 square foot office building located at Metro Park North in Rockville, Maryland, for net sale proceeds of $29.3 million, which resulted in a gain on sale of $19.6 million. (Collectively the “2020 Assets Sold”). On October 8, 2019, the Company sold 1.3 million rentable square feet of industrial-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 on sale of $16.6 million. (Collectively the “2019 Assets Sold”). The Company determined that the 2021 Assets Sold, 2020 Assets Sold, and the 2019 Assets Sold did not meet the criteria for discontinued operations presentation, as the sale of such assets did not represent a strategic shift that will have a major effect on our operations and financial results. |
Multifamily Developmental Activ
Multifamily Developmental Activity | 12 Months Ended |
Dec. 31, 2021 | |
Multifamily Developmental Activity [Abstract] | |
Multifamily Developmental Activity | 4. Multifamily developmental activity In August 2020, the Company entered the Brentford Joint Venture with the JV Partner for the purpose of developing Brentford at The Mile, a planned 411-unit multifamily apartment complex. Under the Brentford Joint Venture agreement, the Company has a 98.2% controlling interest and is the managing member with the JV Partner holding the remaining 1.8% limited partnership interest. We contributed a parcel of land to the Brentford Joint Venture (the “Brentford Parcel”) at a value of $18.5 million, for which we received equity contribution credit in the Brentford Joint Venture. Our cost basis in the Brentford Parcel was $5.1 million as of December 31, 2021. Construction of Brentford at The Mile commenced in August 2020 and is anticipated to be completed over a period of 24 to 36 months. As of December 31, 2021, the development cost incurred was $54.8 million, which is reflected in land and building held for development, net on our consolidated balance sheets along with our $5.1 million cost basis in the Brentford Parcel. As of December 31, 2021, we have contractual construction commitments totaling $39.3 million that will be paid to various contractors as the project is completed. |
Leasing Activity
Leasing Activity | 12 Months Ended |
Dec. 31, 2021 | |
Leasing Activity [Abstract] | |
Leasing Activity | 5. Leasing activity The Company leases space in its commercial real estate facilities to customers primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental income, excluding recovery of operating expenses that may be collectable under these leases, as of December 31, 2021 is as follows (in thousands): 2022$ 290,712 2023 226,498 2024 160,933 2025 100,741 2026 66,388 Thereafter 107,051 Total (1)$ 952,323 ____________________________(1)Excludes future minimum rental income from assets held for sale as of December 31, 2021. 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 $104.8 million, $96.4 million, and $96.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. These variable lease payment amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 2.5% of total leased square footage are subject to termination options, of which 1.6% have termination options exercisable through December 31, 2022 (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 term 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, 2021 | |
Bank Loans [Abstract] | |
Bank Loans | 6. Bank loans In August 2021, the Company amended and restated the credit agreement (the “Amended Credit Agreement”) governing its unsecured revolving line of credit (the “Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and the other lenders party thereto. The Amended Credit Agreement increased the aggregate principal amount of the Credit Facility from $250.0 million to $400.0 million, and extended the maturity date to August 24, 2025, with two six-month extension options or one 12-month extension option. The per annum rate of interest charged on borrowings is based on London Inter-bank Offered Rate (“LIBOR”) plus 0.70% to LIBOR plus 1.35%. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.70% per annum. In addition, the Company is required to pay an annual facility fee ranging from 0.10% to 0.25% per annum calculated on the aggregate committed amount of the Credit Facility (currently 0.10% per annum). The interest rate margin and facility fee may increase in the future based on the ratio of the Company’s total consolidated indebtedness to its consolidated gross asset value defined in accordance with the Amended Credit Agreement. The Credit Facility also features a sustainability-linked pricing component whereby the pricing can improve by 0.01%, if the Company meets certain sustainability performance targets, and an accordion feature whereby it has an option to increase commitments under the Credit Facility up to an additional $300.0 million. The Company had a $32.0 million balance outstanding, at an interest rate of 0.8%, on its Credit Facility at December 31, 2021 and a zero balance outstanding on its Credit Facility at December 31, 2020. Subsequent to December 31, 2021, the Company repaid in full the balance outstanding as of December 31, 2021. In connection with the Amended Credit Agreement, the Company paid $2.2 million of loan origination costs. The Company had $2.1 million and $0.2 million of total unamortized loan origination costs as of December 31, 2021 and 2020, respectively, which is included in other assets in the accompanying consolidated balance sheets. The Credit Facility requires the Company to meet certain covenants, all of which it was in compliance with at December 31, 2021. Interest on outstanding borrowings is payable monthly. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
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 $255.7 million and $215.7 million at December 31, 2021 and 2020, respectively, and (ii) the JV Partner’s interests in our consolidated joint ventures, totaling $3.9 million and $3.3 million at December 31, 2021 and 2020, respectively. PS OP Interests Each common partnership unit receives a cash distribution equal to the dividend paid on our common stock and is redeemable at PS’s option. For the year ended December 31, 2021, the Company paid a one-time special cash dividend of $4.60 per share (the “Special Cash Dividend”) along with the fourth quarter regular dividend of $1.05 per share. PS received the same distribution as holders of our common stock. If PS exercises its right of redemption, at PSB’s option (a) PS will receive one share of common stock 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 share of common stock (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 U.S. federal tax purposes. In allocating net income and presenting equity, we treat the common partnership units as if converted to shares of common stock. Accordingly, they received the same net income allocation per unit as a share of common stock totaling $104.3 million, $33.1 million, and $29.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. JV Partner During the years ended December 31, 2021, 2020 and 2019, the Company recorded capital contributions of $0.7 million, $0.5 million, and $0.0, respectively, from the JV Partner related to its noncontrolling interest in the Brentford Joint Venture. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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 $0.3 million for each of the years ended December 31, 2021, 2020, and 2019. We allocate certain operating expenses to PS related to the management of these properties, including payroll and other business expenses, totaling $0.3 million, $0.4 million, and $0.4 million for the years ended December 31, 2021, 2020, and 2019, 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 $0.1 million for each of the years ended December 31, 2021, 2020, and 2019. Additionally, PS allocated certain operating expenses to us related to the management of these properties totaling $0.1 million for each of the years ended December 31, 2021, 2020, and 2019. 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 $1.4 million for costs PS incurred on our behalf for the year ended December 31, 2021 and $1.2 million for each of the years ended December 31, 2020, and 2019. PS reimbursed us less than $0.1 million for costs we incurred on their behalf for each of the years ended December 31, 2021, 2020, and 2019. The Company had net amounts due from PS of $0.2 million and due to PS less than $0.1 million at December 31, 2021 and 2020, respectively, for these contracts. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | 9. Stockholders’ equity Preferred stock As of December 31, 2021 and 2020, the Company had the following series of preferred stock outstanding: December 31, 2021 December 31, 2020 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands)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 13,000 325,000 Series W October 2016 November 2021 (Redeemed) 5.200% — — 7,590 189,750 Total 30,200 $ 755,000 37,790 $ 944,750 On November 3, 2021, the Company completed the redemption of its 5.20% Cumulative Preferred Stock, Series W, at par of $189.8 million. The Company recorded a Preferred Redemption Allocation of $6.4 million for the year ended December 31, 2021. 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 stock 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. We paid $46.6 million, $48.2 million, and $54.3 million in distributions to our preferred stockholders for the years ended December 31, 2021, 2020, and 2019, 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 our 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, 2021, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, our 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 Dividends declared for the three months ended December 31, 2021 included a one-time Special Cash Dividend along with the fourth quarter regular dividend of $1.05 per share. The Special Cash Dividend was declared to distribute a portion of the excess income attributable to gains on sales from asset dispositions during 2021, as discussed in Note 3. We paid $242.6 million ($8.80 per share of common stock), $115.4 million ($4.20 per share of common stock), and $115.2 million ($4.20 per share of common stock) in distributions to our common stockholders for the years ended December 31, 2021, 2020, and 2019, respectively. We paid $64.3 million ($8.80 per common unit), $30.7 million ($4.20 per common unit), and $30.7 million ($4.20 per common unit) in distributions to our common unit holders for the years ended December 31, 2021, 2020, and 2019, respectively. The portion of the distributions classified as ordinary income was 35.0%, 100.0% and 100.0% for the years ended December 31, 2021, 2020, and 2019, respectively. The portion of the distributions classified as long-term capital gain income was 65.0%, 0.0% and 0.0% for the years ended December 31, 2021, 2020, and 2019, respectively. The percentages in the two preceding sentences are unaudited. Equity stock The Company is authorized to issue 100.0 million shares of equity stock. Our 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, 2021 and 2020, no equity stock had been issued. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2021 | |
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 stock 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). In connection with the appointment of our President and Chief Executive Officer (“CEO”) effective April 5, 2021, the Company granted a one-time RSU sign-on award with a grant date fair value of $3.7 million and a retention RSU award with a grant date fair value of $2.9 million. These RSUs will vest ratably over five years. Effective September 1, 2020, Maria Hawthorne retired from her role as President and CEO and continues to serve as a director of the Company. Due to Ms. Hawthorne’s continued service as a director of the Company, her unvested stock options and restricted stock units will continue to vest on their original vesting schedule in accordance with the Company’s 2012 Equity and Performance-Based Incentive Compensation Plan and related award agreements. For financial reporting purposes, the end of the service periods for these stock option and restricted stock unit grants have changed from the various respective vesting dates to September 1, 2020, the date of her retirement as President and CEO. Accordingly, all remaining stock compensation expense for Ms. Hawthorne, which totaled $1.7 million, was amortized, and included in general and administrative expense during the year ended December 31, 2020. We account for forfeitures of share-based payments as they occur by reversing previously amortized share-based compensation expense with respect to unvested 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 stock on the grant date. Stock option holders 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. 2021 2020 2019Stock option expense for the year ( in 000's) $ 712 $ 412 $ 299 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 4,559 $ 305 $ 1,567 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 0.8% 0.4% 2.0%Expected volatility, based upon historical volatility 15.4% 22.3% 22.2%Expected dividend yield 2.6% 3.3% 2.6% Average estimated value of options granted during the year $ 14.40 $ 15.27 $ 26.85 Included in 2021 compensation expense related to stock options was $0.1 million of expense resulting from modifications made to outstanding stock options because of the Special Cash Dividend paid in December 31, 2021. As of December 31, 2021, there was $0.9 million of unamortized compensation expense related to stock options expected to be recognize over a weighted average period of 3.0 years. Cash received from 55,546 stock options exercised during the year ended December 31, 2021 was $5.0 million. Cash received from 4,136 stock options exercised during the year ended December 31, 2020 was $0.3 million. Cash received from 15,585 stock options exercised during the year ended December 31, 2019 was $1.0 million. In connection with the Special Cash Dividend discussed in Note 9, the number of options and exercise prices of all outstanding options were adjusted pursuant to the anti-dilution provisions of the applicable plans so that the option holders would be neither advantaged nor disadvantaged because of the Special Cash Dividend. Information with respect to stock options during 2021, 2020, and 2019 is as follows: Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining ValueOptions:Options Exercise Price Contract Life (in thousands) 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 Granted 18,000 $ 127.22 Exercised (4,136) $ 62.69 Forfeited — $— Outstanding at December 31, 2020 171,694 $ 108.29 Granted 38,000 $ 162.63 Exercised (55,546) $ 90.24 Forfeited — $— Special cash dividend adjustment (1) 5,422 $ 124.13 Outstanding at December 31, 2021 159,570 $ 123.87 6.21 Years $ 9,622 Exercisable at December 31, 2021 (1) 79,651 $ 99.71 3.98 Years $ 6,727 ____________________________ (1)In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options have been adjusted because of the Special Cash Dividend so that the option holder maintains their economic position with respect to the stockholders. Restricted Stock Units 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 or a three-year vesting at the rate of one-third per year. Grantees receive dividends for each outstanding RSU equal to the per share dividend received by common stockholders, which are recorded in paid-in capital. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives shares of common stock equal to the number of vested RSUs, less shares of common stock 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 stock on the date of grant. In March 2020, the Compensation Committee of the Board approved an annual performance-based equity incentive program (“Annual Equity Incentive Program”) under the Company’s 2012 Equity and Performance-Based Incentive Compensation Plan. Under the program, certain employees will be eligible on an annual basis to receive RSUs based on the Company’s achievement of pre-established targets for (i) growth in net asset value per share, and (ii) stockholder value creation, each as computed pursuant to the terms of the Annual Equity Incentive Program. In the event the pre-established targets are achieved, eligible employees will receive the target award, except that the Compensation Committee of the Board may adjust the actual award to 75%-125% of the target award based on the its assessment of whether certain strategic and operational goals were accomplished in the performance period. RSUs awarded under the Annual Equity Incentive Program for the 2021 performance year will be awarded on or around March 1, 2022 and 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. In connection with the Annual Equity Incentive Program for the 2021 performance year, targets for 2021 were achieved at the threshold total return level. As such, subsequent to December 31, 2021, 25,140 restricted stock units were awarded with a March 1, 2021 grant date fair value of $3.6 million. Information with respect to RSUs during 2021, 2020, and 2019 is as follows (dollar amounts in thousands): Weighted Number of Average GrantRestricted Stock Units:RSUs Date Fair Value 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 Granted 46,036 5,562 Vested (73,256) (6,991)Forfeited (2,120) (290)Nonvested at December 31, 2020 121,508 $ 13,706 Granted 76,266 11,948 Vested (61,243) (6,255)Forfeited (17,940) (2,107)Nonvested at December 31, 2021 118,591 $ 17,292 Of the 76,266 RSUs the Company granted during the year ended December 31, 2021, 41,186 RSUs were granted to our President and CEO in April 2021 (discussed above), 10,955 were granted to our former Chief Financial Officer (“CFO”), 3,053 were granted to our Chief Accounting Officer and 16,970 RSUs in aggregate to our Divisional Vice Presidents. Subsequent to December 31, 2021, 14,070 RSUs previously awarded to our former CFO were forfeited. As of December 31, 2021, there was $12.6 million of unamortized compensation expense related to RSUs expected to be recognized over a weighted average period of 3.3 years. (In thousands, except number of shares) 2021 2020 2019Restricted stock unit expense $ 6,685 $ 4,475 $ 3,196 Shares of common stock issued upon vesting 35,714 43,458 55,267 Fair value of vested common stock on vesting date $ 9,474 $ 10,350 $ 15,078 Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs $ 3,940 $ 4,216 $ 6,350 Under the Retirement Plan for Non-Employee Directors (the “Director Retirement Plan”), the Company grants 1,000 shares of common stock for each year served as a director up to a maximum of 10,000 shares issued upon retirement. 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. The Company recorded compensation expense related to these shares of $1.1 million, $0.8 million, and $1.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. In April 2021, we issued 10,000 shares of common stock to a director upon retirement with an aggregate fair value of $1.6 million. No director retirement shares were issued during the year ended December 31, 2020. In April 2019, we issued 8,000 shares of common stock to a director upon retirement with an aggregate fair value of $1.2 million. Compensation expense for such shares issued in 2021 and 2019 was previously recognized. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 11. 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, 2021 | |
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 DEPRECIATIONDECEMBER 31, 2021(IN THOUSANDS) Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2021 Buildings Buildings Buildings Depreciable and and and Accumulated LivesDescription 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 $ 3,663 $ 3,245 $ 11,366 $ 14,611 $ 8,982 1997 5-30Carson Carson, CA 77 990 2,496 1,805 990 4,301 5,291 3,591 1997 5-30Cerritos Business Center Cerritos, CA 395 4,218 10,273 4,952 4,218 15,225 19,443 12,417 1997 5-30Cerritos/Edwards Cerritos, CA 31 450 1,217 1,728 450 2,945 3,395 2,443 1997 5-30Concord Business Park Concord, CA 246 12,454 20,491 1,282 12,454 21,773 34,227 8,788 2011 5-30Culver City Culver City, CA 147 3,252 8,157 6,608 3,252 14,765 18,017 12,572 1997 5-30Bayview Business Park Fremont, CA 104 4,990 4,831 412 4,990 5,243 10,233 2,379 2011 5-30Christy Business Park Fremont, CA 334 11,451 16,254 1,714 11,451 17,968 29,419 7,927 2011 5-30Industrial Drive Distribution Center Fremont, CA 199 7,482 6,812 1,257 7,482 8,069 15,551 3,477 2011 5-30Bay Center Business Park Hayward, CA 463 19,052 50,501 3,631 19,052 54,132 73,184 21,477 2011 5-30Cabot Distribution Center Hayward, CA 249 5,859 10,811 532 5,859 11,343 17,202 4,144 2011 5-30Diablo Business Park Hayward, CA 271 9,102 15,721 1,189 9,102 16,910 26,012 6,778 2011 5-30Eden Landing Hayward, CA 83 3,275 6,174 212 3,275 6,386 9,661 2,558 2011 5-30Hayward Business Park Hayward, CA 1,091 28,256 54,418 8,582 28,256 63,000 91,256 23,024 2011 5-30Huntwood Business Park Hayward, CA 176 7,391 11,819 1,383 7,391 13,202 20,593 5,213 2011 5-30Parkway Commerce Hayward, CA 407 4,398 10,433 4,724 4,398 15,157 19,555 12,384 1997 5-30La Mirada Commerce Center La Mirada, CA 73 11,122 2,153 513 11,122 2,666 13,788 364 2020 5-30Laguna Hills Commerce Center Laguna Hills, CA 513 16,262 39,559 9,422 16,262 48,981 65,243 39,294 1997 5-30Plaza Del Lago Laguna Hills, CA 101 2,037 5,051 4,232 2,037 9,283 11,320 7,755 1997 5-30Canada Business Center Lake Forest, CA 297 5,508 13,785 6,961 5,508 20,746 26,254 16,826 1997 5-30Dixon Landing Business Park Milpitas, CA 505 26,301 21,121 4,438 26,301 25,559 51,860 11,490 2011 5-30Monterey/Calle Monterey, CA 12 288 706 382 288 1,088 1,376 927 1997 5-30Monterey Park Monterey Park, CA 199 3,078 7,862 1,878 3,078 9,740 12,818 8,158 1997 5-30Port of Oakland Oakland, CA 200 5,638 11,066 914 5,638 11,980 17,618 4,901 2011 5-30Kearney Mesa San Diego, CA 164 2,894 7,089 3,983 2,894 11,072 13,966 8,642 1997 5-30Rose Canyon Business Park San Diego, CA 233 15,129 20,054 3,058 15,129 23,112 38,241 15,452 2005 5-30Charcot Business Park San Jose, CA 283 18,654 17,580 2,113 18,654 19,693 38,347 8,692 2011/2014 5-30Las Plumas San Jose, CA 214 4,379 12,889 6,900 4,379 19,789 24,168 17,082 1998 5-30Little Orchard Distribution Center San Jose, CA 213 7,725 3,846 1,851 7,725 5,697 13,422 2,135 2011 5-30Montague Industrial Park San Jose, CA 316 14,476 12,807 782 14,476 13,589 28,065 6,345 2011 5-30Oakland Road San Jose, CA 177 3,458 8,765 3,415 3,458 12,180 15,638 10,210 1997 5-30Rogers Ave San Jose, CA 67 3,540 4,896 564 3,540 5,460 9,000 3,379 2006 5-30Doolittle Business Park San Leandro, CA 113 3,929 6,231 355 3,929 6,586 10,515 2,677 2011 5-30Bayshore Corporate Center San Mateo, CA 340 25,109 36,891 7,647 25,109 44,538 69,647 18,644 2013 5-30San Ramon/Norris Canyon San Ramon, CA 52 1,486 3,642 1,385 1,486 5,027 6,513 4,154 1997 5-30Commerce Park Santa Clara, CA 251 17,218 21,914 4,012 17,218 25,926 43,144 18,298 2007 5-30 g Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2021 Buildings Buildings Buildings Depreciable and and and Accumulated LivesDescription 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 3,792 7,673 19,437 27,110 15,356 2000 5-30San Tomas Business Center Santa Clara, CA 79 12,932 3,549 931 12,932 4,480 17,412 707 2019 5-30Walsh at Lafayette Santa Clara, CA 321 13,439 17,890 1,223 13,439 19,113 32,552 8,535 2011 5-30Hathaway Industrial Park Santa Fe Springs, CA 543 65,494 36,786 2,715 65,494 39,501 104,995 3,557 2019 5-30Signal Hill Signal Hill, CA 343 16,360 16,678 3,851 16,360 20,529 36,889 12,634 1997/2006/2019 5-30Airport Boulevard So San Francisco, CA 52 899 2,387 809 899 3,196 4,095 2,702 1997 5-30South San Francisco/Produce So San Francisco, CA 41 776 1,886 514 776 2,400 3,176 1,987 1997 5-30Studio City/Ventura Studio City, CA 22 621 1,530 552 621 2,082 2,703 1,775 1997 5-30Kifer Industrial Park Sunnyvale, CA 287 13,227 37,874 1,946 13,227 39,820 53,047 15,730 2011 5-30Torrance Torrance, CA 147 2,318 6,069 3,833 2,318 9,902 12,220 8,206 1997 5-30Boca Commerce Boca Raton, FL 135 7,795 9,258 3,208 7,795 12,466 20,261 8,093 2006 5-30MICC Miami, FL 3,468 95,115 112,583 44,849 95,115 157,432 252,547 110,110 2003/2011/2014 5-30Wellington Wellington, FL 263 10,845 18,560 2,705 10,845 21,265 32,110 12,067 2006 5-30Ammendale Beltsville, MD 255 3,652 15,218 10,333 3,652 25,551 29,203 22,126 1998 5-30Gaithersburg/Christopher Gaithersburg, MD 29 475 1,203 905 475 2,108 2,583 1,733 1997 5-30Gude Drive (Land) Rockville, MD — 1,142 — 328 1,142 328 1,470 243 2001 5-30Parklawn Business Park Rockville, MD 231 3,387 19,628 6,193 3,387 25,821 29,208 13,777 2010 5-30The Grove 270 Rockville, MD 577 11,009 58,364 23,703 11,009 82,067 93,076 41,184 2010/2016 5-30Ben White Austin, TX 108 1,550 7,015 3,385 1,550 10,400 11,950 7,398 1998 5-30Lamar Business Park Austin, TX 198 2,528 6,596 8,477 2,528 15,073 17,601 12,321 1997 5-30McKalla Austin, TX 236 1,945 13,212 2,568 1,945 15,780 17,725 10,130 1998/2012 5-30McNeil Austin, TX 525 5,477 24,495 5,992 5,477 30,487 35,964 16,293 1999/2010/2012/2014 5-30Rutland Austin, TX 235 2,022 9,397 3,007 2,022 12,404 14,426 9,583 1998/1999 5-30Waterford Austin, TX 106 2,108 9,649 4,007 2,108 13,656 15,764 11,391 1999 5-30Braker Business Park Austin, TX 257 1,874 13,990 3,140 1,874 17,130 19,004 9,417 2010 5-30Mopac Business Park Austin, TX 117 719 3,579 739 719 4,318 5,037 2,347 2010 5-30Southpark Business Park Austin, TX 181 1,266 9,882 2,701 1,266 12,583 13,849 6,771 2010 5-30Valwood Business Center Carrollton, TX 356 2,510 13,859 4,002 2,510 17,861 20,371 7,506 2013 5-30Northway Plaza Farmers Branch, TX 131 1,742 4,503 2,629 1,742 7,132 8,874 2,763 2013 5-30Springlake Business Center Farmers Branch, TX 206 2,607 5,715 1,698 2,607 7,413 10,020 3,516 2013/2014 5-30Westwood Business Park Farmers Branch, TX 112 941 6,884 2,501 941 9,385 10,326 6,825 2003 5-30Eastgate Garland, TX 36 480 1,203 552 480 1,755 2,235 1,443 1997 5-30Port America Grapevine, TX 718 20,308 100,896 143 20,308 101,039 121,347 1,511 2021 5-30Freeport Business Park Irving, TX 339 5,552 17,568 3,428 5,552 20,996 26,548 6,664 2013/2021 5-30NFTZ (1) Irving, TX 231 1,517 6,499 4,024 1,517 10,523 12,040 8,919 1998 5-30La Prada Mesquite, TX 56 495 1,235 823 495 2,058 2,553 1,728 1997 5-30Jupiter Business Park Plano, TX 141 2,283 22,817 — 2,283 22,817 25,100 86 2021 5-30The Summit Plano, TX 184 1,536 6,654 4,420 1,536 11,074 12,610 9,252 1998 5-30Arapaho Business Park Richardson, TX 408 5,226 10,661 4,989 5,226 15,650 20,876 8,068 2013/2014 5-30Richardson Business Park Richardson, TX 117 799 3,568 3,232 799 6,800 7,599 5,872 1998 5-30Bren Mar Alexandria, VA 113 2,197 5,380 4,523 2,197 9,903 12,100 8,151 1997 5-30Eisenhower Alexandria, VA 95 1,440 3,635 2,947 1,440 6,582 8,022 5,567 1997 5-30 Cost Capitalized Subsequent to Gross Carrying Amount at Initial Cost to Company Acquisition December 31, 2021 Buildings Buildings Buildings Depreciable and and and Accumulated LivesDescription Location Square Feet Land Improvements Improvements Land Improvements Total Depreciation Year(s) Acquired (Years)Pickett Industrial Park Alexandria, VA 246 19,138 25,016 1,429 19,138 26,445 45,583 1,336 2020 5-30Beaumont Chantilly, VA 107 4,736 11,051 2,294 4,736 13,345 18,081 9,110 2006 5-30Dulles South Chantilly, VA 99 1,373 6,810 3,172 1,373 9,982 11,355 7,932 1999 5-30Lafayette Chantilly, VA 197 1,680 13,398 6,794 1,680 20,192 21,872 15,849 1999/2000 5-30Fair Oaks Business Park Fairfax, VA 290 13,598 36,232 10,498 13,598 46,730 60,328 31,981 2004/2007 5-30Gunston Lorton, VA 247 4,146 17,872 13,136 4,146 31,008 35,154 24,173 1998 5-30The Mile McLean, VA 628 38,279 83,596 27,497 38,279 111,093 149,372 58,282 2010/2011 5-30Prosperity at Merrifield Merrifield, VA 659 23,147 67,575 40,476 23,147 108,051 131,198 79,924 2001 5-30Alban Road Springfield, VA 150 1,935 4,736 5,261 1,935 9,997 11,932 8,385 1997 5-30I-95 Springfield, VA 210 3,535 15,672 15,128 3,535 30,800 34,335 25,926 2000 5-30Fullerton Road Industrial Park Springfield, VA 243 7,438 24,971 1,241 7,438 26,212 33,650 3,990 2018 5-30Northern Virginia Industrial Park Springfield, VA 814 18,369 87,258 7,575 18,369 94,833 113,202 14,750 2018 5-30Northpointe Sterling, VA 147 2,767 8,778 5,182 2,767 13,960 16,727 11,920 1997/1998 5-30Shaw Road Sterling, VA 149 2,969 10,008 5,094 2,969 15,102 18,071 12,864 1998 5-30Tysons Corporate Center Vienna, VA 270 9,885 25,302 11,028 9,885 36,330 46,215 19,502 2010 5-30Woodbridge Woodbridge, VA 114 1,350 3,398 2,484 1,350 5,882 7,232 4,947 1997 5-30212th Business Park Kent, WA 951 19,573 17,695 13,478 19,573 31,173 50,746 15,437 2012 5-30Overlake Redmond, WA 371 20,906 38,522 8,045 20,906 46,567 67,473 32,500 2007 5-30Renton Renton, WA 28 330 889 760 330 1,649 1,979 1,393 1997 5-30 Total commercial real estate 27,010 845,531 1,678,797 475,368 845,531 2,154,165 2,999,696 1,167,824 Highgate at The Mile McLean, VA 395 units 21,814 84,923 49 21,814 84,972 106,786 10,573 2018 5-40Total real estate facilities 867,345 1,763,720 475,417 867,345 2,239,137 3,106,482 1,178,397 Properties held for sale Royal Tech Irving, TX 702 12,683 48,521 26,214 12,683 74,735 87,418 56,285 1998-2000/2011 5-30Total 27,712 $ 880,028 $ 1,812,241 $ 501,631 $ 880,028 $ 2,313,872 $ 3,193,900 $ 1,234,682 ____________________________(1)The Company owns two properties that are subject to ground leases in Irving, Texas. These leases expire in 2029 and 2030. |
Basis Of Presentation And Sum_2
Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Presentation And 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 its consolidated joint ventures. 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. We do not consider the joint venture entity that owns Highgate at The Mile a VIE, but we consolidate the entity as the Company has control over the joint venture. See Note 3 for more information relating to this joint venture arrangement. We have a 98.2% interest in Brentford at The Mile, a planned 411-unit multifamily apartment complex (the “Brentford Joint Venture”). An unrelated real estate development company (the “JV Partner”) holds the remaining 1.8% interest. Based on management’s analysis of the joint venture and certain related agreements, we determined Brentford Joint Venture is a VIE because (a) Brentford Joint Venture does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, and (b) there are no substantive kick-out rights. We have also concluded we have control over the Brentford Joint Venture as we (a) are the managing member of the Brentford Joint Venture, (b) have designated decision making power to direct the activities that most significantly affect the economic performance of the Brentford Joint Venture, and (c) have a 98.2% economic interest in the investment. Thus, we determined that we are the primary beneficiary of Brentford Joint Venture. As such, we consolidate the Brentford Joint Venture, and the related land and development costs of $59.9 million and $15.1 million were included in land and building held for development, net on our consolidated balance sheets as of December 31, 2021 and 2020, respectively. The assets of the Brentford Joint Venture may only be used to settle obligations of the Brentford Joint Venture and the creditors of the Brentford Joint Venture have no recourse to the general credit of the Company. See Note 4 for more information relating to this joint venture arrangement. PS, the sole limited partner in the OP, has no power to direct the activities of the OP. PSB is the primary beneficiary and has control over the OP as it has the exclusive responsibility under the Operating Partnership Agreement to manage and conduct the business 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, (ii) the JV Partner’s 5.0% interest in our consolidated joint venture that owns Highgate at The Mile, and (iii) the JV Partner’s 1.8% interest in our consolidated joint venture formed to develop Brentford at The Mile. 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 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. Carrying values of the Company’s Credit Facility (as defined in Note 6) approximate fair value. The characteristics of the Credit Facility, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. 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, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019Consolidated balance sheets Cash and cash equivalents $ 27,074 $ 69,083 $ 62,786 Restricted cash included in Land and building held for development, net (1) 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 28,162 $ 70,171 $ 63,874 ____________________________(1)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. |
Intangible Assets/Liabilities | Intangible assets/liabilities When we acquire real estate facilities, an intangible asset is recorded in other assets for leases where the in-place rent is higher than market rents, and an intangible liability is recorded in 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, 2021, the value of above-market in-place rents resulted in net intangible assets of $0.6 million, net of $11.6 million of accumulated amortization, and the value of below-market in-place rents resulted in net intangible liabilities of $2.8 million, net of $13.1 million of accumulated amortization. As of December 31, 2020, the value of above-market in-place rents resulted in net intangible assets of $1.2 million, net of $11.1 million of accumulated amortization, and the value of below-market in-place rents resulted in net intangible liabilities of $2.2 million, net of $12.2 million of accumulated amortization. Additionally, when we acquire real estate facilities, the value of in-place lease intangible (i.e., customer lease-up costs) is recorded in other assets and is amortized to depreciation and amortization expense over the respective remaining lease term. As of December 31, 2021, the value of acquired in-place leases resulted in net intangible assets of $6.0 million, net of $10.5 million of accumulated amortization. As of December 31, 2020, the value of acquired in-place leases resulted in net intangible assets of $5.3 million, net of $7.2 million of accumulated amortization. As of December 31, 2021, the value of our right-of-use (“ROU”) assets relating to our existing ground lease arrangements, included in “other assets” on our consolidated balance sheets and the corresponding liability included under “accrued and other liabilities,” was $1.3 million, net of $0.3 million of accumulated amortization. As of December 31, 2020, the value of our ROU assets and related liability relating to our ground lease arrangements was $1.5 million, net of $0.2 million of accumulated amortization. The ground leases expire in 2029 and 2030 and do not have options to extend. As of December 31, 2021, the remaining lease terms were 7.8 years and 8.1 years. Lease expense for these ground leases is recognized in the period the applicable costs are incurred, and the monthly lease amount for these operating leases is constant and without contractual increases throughout the remaining terms. |
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 provide benefit for 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 the corresponding lease term. |
Property Held for Development | Property held for development Property is classified as held for development when it is no longer used in its original form and it will be developed to an alternate use. Property held for development is not depreciated. |
Property Held for Sale | Property held for sale Property is classified as held for sale when all of the following criteria for a plan of sale have been met: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation of assets ceases upon designation of a property as held for sale. If the disposal of a property represents a strategic shift that has (or will have) a major effect on our operations or financial results, such as (i) a major line of business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and therefore will typically not meet the criteria for classification as a discontinued operation. |
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. |
Evaluation of Asset Impairment | Evaluation of asset impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. We review current activities and changes in the business conditions of all of our long-lived assets to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount of the asset to its estimated fair value. If an impairment charge is not required to be recognized, the recognition of depreciation or amortization is adjusted prospectively, as necessary, to reduce the carrying amount of the asset to its estimated disposition value over the remaining period that the asset is expected to be held and used. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. 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, if any, 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-Based Compensation | Stock-based compensation Stock-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 losses not accrued 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. |
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 reimbursements 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. Property management fees are recognized in the period earned as other income. 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, as a reduction to rental income in the period such balances are no longer probable of being collected. 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. The Company wrote-off accounts receivable, net of recoveries of $0.1 million, $1.6 million, and $1.1 million, respectively, and wrote off deferred rent receivable of $0.3 million, $3.1 million, and $0.5 million, respectively for the year ended December 31, 2021, 2020, and 2019, respectively. The Company recognized revenue from its lease arrangements aggregating to $438.7 million, $415.6 million, and $429.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. This revenue consisted primarily of rental income from operating leases and the related variable lease payments resulting from reimbursements of property operating expenses. Base rental income was $333.9 million, $319.2 million, and $333.3 million for the years ended December 31, 2021, 2020, and 2019, respectively, while variable lease payments, consisting primarily of reimbursement of property operating expenses, were $104.8 million, $96.4 million, and $96.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During the year ended December 31, 2021 the Company agreed to defer $0.5 million and abate $0.3 million of billed rental income, which was significantly lower than the $5.7 million of rent deferrals and $1.3 million of rent abatements granted during the year ended December 31, 2020. Since the onset of the COVID-19 pandemic, the Company entered into rent relief agreements consisting of $6.2 million of rent deferrals and $1.6 million of rent abatements. As of December 31, 2021, the 317 current customers that received rent relief account for 9.5% of rental income. Also as of December 31, 2021, the Company had collected $5.3 million of rent deferral repayment, representing 99.8% of the amounts scheduled to be repaid through December 2021. An additional $0.9 million of rent deferral repayment is scheduled to be repaid thereafter. The duration and severity of the effects of the COVID-19 pandemic on the economy are uncertain and are likely to impact collectability of certain customers’ rent receivable balances in the future. The Company has taken into account the current financial condition of its tenants, including consideration of COVID-19 impacts, in its estimation of its uncollectible accounts and deferred rents receivable at December 31, 2021. The Company is closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Lease Modification Q&A”) to respond to frequently asked questions about accounting for lease concessions related to the coronavirus (“COVID-19”) pandemic. Under existing lease guidance, an entity would have to determine, on a lease by lease basis, if a lease concession contained a lease modification which would be accounted for under the lease modification framework, or if a lease concession was an enforceable right or obligation that existed in the original lease, which would be accounted for outside the lease modification framework. The Lease Modification Q&A provides that, to the extent that cash flow after the lease concessions are substantially the same, or less than, the cash flow previously required by the existing lease, an entity is not required to evaluate each contract to determine whether a concession provided by a lessor to a lessee in response to the COVID-19 pandemic is a lease modification. Instead, an entity can account for such lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or (ii) as a lease modification. Based on the Lease Modification Q&A, an entity is not required to account for all lease concessions in response to the COVID-19 pandemic under one elected option; however, the entity is required to apply the elected option consistently to leases with similar characteristics and in similar circumstances. In accordance with the Lease Modification Q&A, the Company has elected to account for lease concessions in response to the COVID-19 pandemic as a lease modification if the cash flow after these lease concessions is substantially the same, or less than, the cash flow previously required by the existing lease. The Company records rent deferrals and rent abatements in deferred rent receivable in the accompanying consolidated balance sheets and will recognize these amounts over the remainder of the respective lease terms. For lease concessions in response to the COVID-19 pandemic that modified the terms and substantially changed the underlying cash flow of the existing lease for the remaining term, the Company also accounts for such concessions as a lease modification. |
General and Administrative Expense | General and administrative expense General and administrative expense includes executive and other compensation, corporate office expenses, professional fees, 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 U.S. federal corporate income tax if we distribute all 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 U.S. federal corporate 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 be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2021 and 2020, we did not recognize any tax benefit for uncertain tax positions. |
Accounting for Preferred Equity Issuance Costs | Accounting for preferred equity issuance costs We record preferred equity 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 stockholders to the preferred stockholders in the amount of the original issuance costs, and we reclassify the redemption value from equity to liabilities, when we call preferred stock for redemption, with such liabilities relieved once the preferred stock is redeemed. |
Net Income per Share of Common Share | Net income per share of common stock Notwithstanding the presentation of income allocations on our consolidated statements of income, net income is allocated to (a) preferred stockholders, for distributions paid or payable, (b) preferred stockholders, to the extent redemption value exceeds the related carrying value (“Preferred Redemption Allocation”), (c) our joint venture partner in proportion to its percentage interest in the joint ventures, to the extent the consolidated joint ventures produce 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 stockholders, respectively, based upon the pro-rata aggregate number of units and stock outstanding. Basic and diluted net income per share of common stock are each calculated based upon net income allocable to common stockholders, divided by (i) in the case of basic net income per share of common stock, weighted average common stock and (ii) in the case of diluted net income per share of common stock, weighted average common stock adjusted for the impact of stock compensation awards outstanding (see Note 10) using the treasury stock method. The following table sets forth the components of our basic and diluted net income per share that are not reflected on the face of our consolidated statements of income, including the allocation of income to common stockholders and common partnership units, the percentage of weighted average common stock and common partnership units outstanding, as well as basic and diluted weighted average common stock outstanding for the years ended December 31, (in thousands): 2021 2020 2019Calculation of net income allocable to common stockholders Net income$ 553,029 $ 206,705 $ 203,972 Net (income) loss allocated to Preferred stockholders based upon distributions (46,624) (48,186) (54,346)Preferred stockholders based upon redemptions (6,434) — (11,007)Noncontrolling interests—joint venture 20 (17) (44)Restricted stock unit holders (2,613) (716) (910)Net income allocable to common stockholders and noncontrolling interests—common units 497,378 157,786 137,665 Net income allocation to noncontrolling interests— common units (104,290) (33,141) (28,962)Net income allocable to common stockholders$ 393,088 $ 124,645 $ 108,703 Calculation of common partnership units as a percentage of common stock equivalents Weighted average common stock outstanding 27,534 27,475 27,418 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common stock equivalents 34,839 34,780 34,723 Common partnership units as a percentage of common stock equivalents 21.0% 21.0% 21.0% Weighted average common stock outstanding Basic weighted average common stock outstanding 27,534 27,475 27,418 Net effect of dilutive stock compensation—based on treasury stock method using average market price 102 88 108 Diluted weighted average common stock outstanding 27,636 27,563 27,526 |
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 Certain reclassifications have been made to the consolidated financial statements for 2020 to conform to the 2021 presentation, including reclassifying assets held for sale or sold during 2021 from “real estate facilities, at cost” of $70.0 million and “land and building held for development, net” of $5.1 million as of December 31, 2020 into “properties held for sale, net” of $75.1 million on our consolidated balance sheets. Additionally, we combined all non-cash rental income items into “straight-line rent and amortization of lease intangibles, net” within the operating activities section of our consolidated statements of cash flows for all periods presented herein. |
Basis Of Presentation And Sum_3
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | For the Years Ended December 31, 2021 2020 2019Consolidated balance sheets Cash and cash equivalents $ 27,074 $ 69,083 $ 62,786 Restricted cash included in Land and building held for development, net (1) 1,088 1,088 1,088 Cash, cash equivalents and restricted cash at the end of the period $ 28,162 $ 70,171 $ 63,874 ____________________________(1)In conjunction with seeking entitlements to develop our multifamily projects in Tysons, Virginia, we contributed $1.1 million into an escrow account for the future development of an athletic field. This amount is reflected in the table above as restricted cash included in land and building held for development, net. |
Calculation Of Earnings Per Share | 2021 2020 2019Calculation of net income allocable to common stockholders Net income$ 553,029 $ 206,705 $ 203,972 Net (income) loss allocated to Preferred stockholders based upon distributions (46,624) (48,186) (54,346)Preferred stockholders based upon redemptions (6,434) — (11,007)Noncontrolling interests—joint venture 20 (17) (44)Restricted stock unit holders (2,613) (716) (910)Net income allocable to common stockholders and noncontrolling interests—common units 497,378 157,786 137,665 Net income allocation to noncontrolling interests— common units (104,290) (33,141) (28,962)Net income allocable to common stockholders$ 393,088 $ 124,645 $ 108,703 Calculation of common partnership units as a percentage of common stock equivalents Weighted average common stock outstanding 27,534 27,475 27,418 Weighted average common partnership units outstanding 7,305 7,305 7,305 Total common stock equivalents 34,839 34,780 34,723 Common partnership units as a percentage of common stock equivalents 21.0% 21.0% 21.0% Weighted average common stock outstanding Basic weighted average common stock outstanding 27,534 27,475 27,418 Net effect of dilutive stock compensation—based on treasury stock method using average market price 102 88 108 Diluted weighted average common stock outstanding 27,636 27,563 27,526 |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Facilities [Abstract] | |
Activity In Real Estate Facilities | Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2018$ 725,411 $ 1,973,658 $ (968,680) $ 1,730,389 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 — (3,796) 10,691 6,895 Balances at December 31, 2019 813,504 2,038,471 (1,035,609) 1,816,366 Acquisition of real estate facilities 30,261 27,168 — 57,429 Capital expenditures — 36,328 — 36,328 Disposals (1) — (19,399) 19,399 —Depreciation and amortization expense — — (90,058) (90,058)Transfer to properties held for sale — (1,673) 4,529 2,856 Balances at December 31, 2020 (2) 843,765 2,080,895 (1,101,739) 1,822,921 Acquisition of real estate facilities 22,591 123,711 — 146,302 Capital expenditures — 37,976 — 37,976 Disposals (1) — (9,892) 9,892 —Depreciation and amortization expense — — (90,175) (90,175)Transfer from property held for development 989 8,063 — 9,052 Transfer to properties held for sale — (1,616) 3,625 2,009 Balances at December 31, 2021$ 867,345 $ 2,239,137 $ (1,178,397) $ 1,928,085 ____________________________(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 $30.9 million, $166.5 million, and $127.4 million were reclassified as of December 31, 2020 to “properties held for sale, net” representing a 772,000 square foot industrial-flex business park located in Irving, Texas, a 371,000 square foot industrial-flex business park located in San Diego, California, a 244,000 square foot office business park located in Herndon, Virginia, a 198,000 square foot office-oriented flex business park located in Chantilly, Virginia, a 53,000 square foot industrial building located in Beltsville, Maryland, and a 22,000 square foot single-tenant industrial-flex building located in Irving, Texas. |
Summary Of Real Estate Assets Acquired And Liabilities Assumed | 2021 2020 2019Land$ 22,591 $ 30,261 $ 88,093 Buildings and improvements 123,711 27,168 44,313 Other assets (above-market in-place rents) — 523 —Accrued and other liabilities (below-market in-place rents) (1,457) (557) (1,241)Other assets (in-place lease intangible) 4,023 2,700 3,777 Total purchase price 148,868 60,095 134,942 Net operating assets acquired and liabilities assumed (1,166) (76) (664)Total cash paid$ 147,702 $ 60,019 $ 134,278 |
Leasing Activity (Tables)
Leasing Activity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leasing Activity [Abstract] | |
Summary Of Future Minimum Rental Income Excluding Recovery Of Operating Expenses | 2022$ 290,712 2023 226,498 2024 160,933 2025 100,741 2026 66,388 Thereafter 107,051 Total (1)$ 952,323 ____________________________(1)Excludes future minimum rental income from assets held for sale as of December 31, 2021. |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders’ Equity [Abstract] | |
Schedule Of Preferred Stock Outstanding | December 31, 2021 December 31, 2020 Earliest Potential Dividend Shares Amount Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Outstanding (in thousands)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 13,000 325,000 Series W October 2016 November 2021 (Redeemed) 5.200% — — 7,590 189,750 Total 30,200 $ 755,000 37,790 $ 944,750 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock Compensation [Abstract] | |
Schedule of Valuation Assumptions | 2021 2020 2019Stock option expense for the year ( in 000's) $ 712 $ 412 $ 299 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 4,559 $ 305 $ 1,567 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 0.8% 0.4% 2.0%Expected volatility, based upon historical volatility 15.4% 22.3% 22.2%Expected dividend yield 2.6% 3.3% 2.6% Average estimated value of options granted during the year $ 14.40 $ 15.27 $ 26.85 |
Summary of Stock Options Activity | Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining ValueOptions:Options Exercise Price Contract Life (in thousands) 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 Granted 18,000 $ 127.22 Exercised (4,136) $ 62.69 Forfeited — $— Outstanding at December 31, 2020 171,694 $ 108.29 Granted 38,000 $ 162.63 Exercised (55,546) $ 90.24 Forfeited — $— Special cash dividend adjustment (1) 5,422 $ 124.13 Outstanding at December 31, 2021 159,570 $ 123.87 6.21 Years $ 9,622 Exercisable at December 31, 2021 (1) 79,651 $ 99.71 3.98 Years $ 6,727 ____________________________ (1)In accordance with the applicable equity award plan documents, the number and exercise price of outstanding options have been adjusted because of the Special Cash Dividend so that the option holder maintains their economic position with respect to the stockholders. |
Nonvested Restricted Stock Units | Weighted Number of Average GrantRestricted Stock Units:RSUs Date Fair Value 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 Granted 46,036 5,562 Vested (73,256) (6,991)Forfeited (2,120) (290)Nonvested at December 31, 2020 121,508 $ 13,706 Granted 76,266 11,948 Vested (61,243) (6,255)Forfeited (17,940) (2,107)Nonvested at December 31, 2021 118,591 $ 17,292 |
Schedule of Restricted Stock Unit Activity | (In thousands, except number of shares) 2021 2020 2019Restricted stock unit expense $ 6,685 $ 4,475 $ 3,196 Shares of common stock issued upon vesting 35,714 43,458 55,267 Fair value of vested common stock on vesting date $ 9,474 $ 10,350 $ 15,078 Cash paid for taxes in lieu of shares of common stock withheld upon vesting of RSUs $ 3,940 $ 4,216 $ 6,350 |
Organization And Description _2
Organization And Description Of Business (Narrative) (Details) ft² in Thousands, shares in Millions | 12 Months Ended |
Dec. 31, 2021ft²itempropertystateshares | |
Organization And Description Of Business [Line Items] | |
The Company's ownership percentage of the limited partnership | 79.10% |
Rentable area (in square feet) | ft² | 27,712 |
Number of states with rentable commercial space | state | 6 |
Number of parks | item | 97 |
Number of buildings | item | 666 |
Managed Properties [Member] | |
Organization And Description Of Business [Line Items] | |
Rentable area (in square feet) | ft² | 300 |
Highgate at the Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Number of units developed | property | 395 |
Brentford at The Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Number of units developed | property | 411 |
JV Partner [Member] | Highgate at the Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Economic interest in joint venture, percentage | 5.00% |
JV Partner [Member] | Brentford at The Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Economic interest in joint venture, percentage | 1.80% |
PS [Member] | |
Organization And Description Of Business [Line Items] | |
Shares owned by Public Storage | shares | 7.2 |
Affiliate's percent ownership of the Company's common equity | 41.40% |
Aggregate shares owned if partnership units are redeemed | shares | 14.5 |
Investment in Joint Venture [Member] | Highgate at the Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Economic interest in joint venture, percentage | 95.00% |
Investment in Joint Venture [Member] | Brentford at The Mile [Member] | |
Organization And Description Of Business [Line Items] | |
Economic interest in joint venture, percentage | 98.20% |
Basis Of Presentation And Sum_4
Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2021USD ($)segmentpropertyshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($)customer | Aug. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Common units in operating partnership | shares | 7,305,355 | |||||
Land and building held for development, net | $ 78,990,000 | $ 37,922,000 | $ 78,990,000 | |||
Cash and cash equivalents maximum benchmark (in months) | 3 months | |||||
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 | |||||
Below market lease, net | $ 2,800,000 | 2,200,000 | 2,800,000 | |||
Below market leases, accumulated amortization | 13,100,000 | 12,200,000 | 13,100,000 | |||
Impairment on assets | 0 | $ 0 | $ 0 | |||
Operating lease, right-of-use asset | $ 1,300,000 | $ 1,500,000 | $ 1,300,000 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | |||
Operating lease, liability | $ 1,300,000 | $ 1,500,000 | $ 1,300,000 | |||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities | |||
Accumulated amortization | $ 300,000 | $ 200,000 | $ 300,000 | |||
Accounts receivable, write-off | 100,000 | 1,600,000 | 1,100,000 | |||
Deferred rent receivable, write-off | 300,000 | 3,100,000 | 500,000 | |||
Rental income | 438,703,000 | 415,623,000 | 429,846,000 | |||
Rental income, operating leases | 333,900,000 | 319,200,000 | 333,300,000 | |||
Rental income, variable lease payments | 104,800,000 | 96,400,000 | $ 96,500,000 | |||
Income tax expense | 0 | |||||
Tax benefit for uncertain tax positions | $ 0 | 0 | ||||
Number of operating segments | segment | 2 | |||||
Number of reportable segments | segment | 1 | |||||
Deferred rent receivable | 5,700,000 | |||||
Rent receivable abated | $ 300,000 | |||||
Gross real estate investment property | 3,106,482,000 | 2,924,660,000 | 3,106,482,000 | |||
Properties held for sale, net | 33,609,000 | 75,138,000 | $ 33,609,000 | |||
Reclassification [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Land and building held for development, net | (5,100,000) | |||||
Gross real estate investment property | (70,000,000) | |||||
Properties held for sale, net | 75,100,000 | |||||
COVID-19 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferral agreement, number of customers | customer | 317 | |||||
Deferral agreement, percentage of customers on a percentage of total rental income basis | 9.50% | |||||
Deferred rent receivable | 500,000 | $ 6,200,000 | ||||
Rent receivable abated | 1,300,000 | 1,600,000 | ||||
Deferred payments received | $ 5,300,000 | |||||
Collection rate percentage on deferral repayments | 99.80% | |||||
Deferred payments to be repaid thereafter | $ 900,000 | |||||
Above Market Leases [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, net | 600,000 | 1,200,000 | 600,000 | |||
Finite-lived intangible assets, accumulated amortization | (11,600,000) | (11,100,000) | (11,600,000) | |||
Acquired In Place Leases [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, net | 6,000,000 | 5,300,000 | 6,000,000 | |||
Finite-lived intangible assets, accumulated amortization | $ 10,500,000 | 7,200,000 | $ 10,500,000 | |||
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 | 7 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 | 8 years 1 month 6 days | |||||
Highgate at the Mile [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of units developed | property | 395 | |||||
Highgate at the Mile [Member] | JV Partner [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Consolidated entity ownership percentage | 5.00% | 5.00% | ||||
Brentford at The Mile [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of units developed | property | 411 | |||||
Gross real estate investment property | $ 5,100,000 | $ 5,100,000 | $ 5,100,000 | |||
Brentford at The Mile [Member] | JV Partner [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Consolidated entity ownership percentage | 1.80% | 1.80% | ||||
Investment in Joint Venture [Member] | Highgate at the Mile [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Consolidated entity ownership percentage | 95.00% | 95.00% | ||||
Investment in Joint Venture [Member] | Brentford at The Mile [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Consolidated entity ownership percentage | 98.20% | 98.20% | ||||
Land and building held for development, net | $ 59,900,000 | $ 15,100,000 | $ 59,900,000 |
Basis Of Presentation And Sum_5
Basis Of Presentation And Summary Of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 27,074 | $ 69,083 | $ 62,786 | |
Restricted cash included in Land and building held for development, net | 1,088 | 1,088 | 1,088 | $ 1,100 |
Cash and cash equivalents and restricted cash at the end of the period | $ 28,162 | $ 70,171 | $ 63,874 | $ 38,467 |
Basis Of Presentation And Sum_6
Basis Of Presentation And Summary Of Significant Accounting Policies (Calculation Of Earnings Per Share) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Calculation of net income allocable to common stockholders | |||
Net income | $ 553,029 | $ 206,705 | $ 203,972 |
Net (income) loss allocated to Preferred stockholders based upon distributions | (46,624) | (48,186) | (54,346) |
Net income allocated to Preferred shareholders based upon redemptions | (6,434) | (11,007) | |
Net (income) loss allocated to Noncontrolling interests - joint venture | 20 | (17) | (44) |
Net (income) loss allocated to Restricted stock unit holders | (2,613) | (716) | (910) |
Net income allocable to common stockholders and noncontrolling interests - common units | 497,378 | 157,786 | 137,665 |
Net income allocation to noncontrolling interests - common units | (104,290) | (33,141) | (28,962) |
Net income allocable to common stockholders | $ 393,088 | $ 124,645 | $ 108,703 |
Calculation of common partnership units as a percentage of common stock equivalents | |||
Weighted average common stock outstanding | 27,534 | 27,475 | 27,418 |
Weighted average common partnership units outstanding | 7,305 | 7,305 | 7,305 |
Total common stock equivalents | 34,839 | 34,780 | 34,723 |
Common partnership units as a percentage of common stock equivalents | 21.00% | 21.00% | 21.00% |
Weighted average common stock outstanding | |||
Weighted average common stock outstanding | 27,534 | 27,475 | 27,418 |
Net effect of dilutive stock compensation - based on treasury stock method using average market price | 102 | 88 | 108 |
Diluted weighted average common stock outstanding | 27,636 | 27,563 | 27,526 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) $ in Thousands | Dec. 30, 2021USD ($)ft² | Dec. 29, 2021USD ($)ft² | Oct. 19, 2021USD ($)ft² | Sep. 17, 2021USD ($)ft² | Jul. 16, 2021USD ($)ft² | Jun. 17, 2021USD ($)ft² | Sep. 16, 2020USD ($)ft²item | Jan. 07, 2020USD ($)ft² | Oct. 08, 2019USD ($)ft² | Dec. 31, 2021USD ($)aft²property | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Nov. 18, 2021USD ($)ft² | Sep. 01, 2021USD ($)ft² | Oct. 28, 2020USD ($)ft² | Jan. 10, 2020USD ($)ft² | Dec. 20, 2019USD ($)ft² | Sep. 05, 2019USD ($)ft² | Apr. 18, 2019USD ($)ft² |
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 27,712,000 | ||||||||||||||||||
Federal income tax basis of real estate facilities | $ 1,700,000 | ||||||||||||||||||
Committed transaction costs for executed leases | 9,800 | ||||||||||||||||||
Purchase price | 148,868 | $ 60,095 | $ 134,942 | ||||||||||||||||
Gross real estate investment property | 3,106,482 | 2,924,660 | |||||||||||||||||
Proceeds from sale of real estate facilities | 400,955 | 40,674 | 144,599 | ||||||||||||||||
Gain on sale of real estate facilities | $ 359,875 | $ 27,273 | $ 16,644 | ||||||||||||||||
Plano Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 141,000 | ||||||||||||||||||
Purchase price | $ 25,600 | ||||||||||||||||||
Alexandria Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 246,000 | ||||||||||||||||||
Purchase price | $ 46,600 | ||||||||||||||||||
Grapevine Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 718,000 | ||||||||||||||||||
Purchase price | $ 123,300 | ||||||||||||||||||
La Mirada Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 73,000 | ||||||||||||||||||
Purchase price | $ 13,500 | ||||||||||||||||||
Santa Clara Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 79,000 | ||||||||||||||||||
Purchase price | $ 16,800 | ||||||||||||||||||
Santa Fe Springs Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 543,000 | ||||||||||||||||||
Purchase price | $ 104,300 | ||||||||||||||||||
Signal Hill Acquisition [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 74,000 | ||||||||||||||||||
Purchase price | $ 13,800 | ||||||||||||||||||
Metro Park North [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 113,000 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 29,300 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 19,600 | ||||||||||||||||||
Rockville and Silver Spring Business Parks [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (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 | ||||||||||||||||||
Highgate at the Mile [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Number of units developed | property | 395 | ||||||||||||||||||
Area of land (in acres) | a | 5 | ||||||||||||||||||
Highgate at the Mile [Member] | Investment in Joint Venture [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Economic interest in joint venture, percentage | 95.00% | ||||||||||||||||||
Highgate at the Mile [Member] | JV Partner [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Economic interest in joint venture, percentage | 5.00% | ||||||||||||||||||
Beltsville, MD [Member] | Industrial Property [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Area of real estate property (in square feet) | ft² | 53,000 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 4,500 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 3,200 | ||||||||||||||||||
Irving, TX [Member] | Industrial Property [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Area of real estate property (in square feet) | ft² | 83,000 | ||||||||||||||||||
Development costs incurred | $ 8,100 | ||||||||||||||||||
Gross real estate investment property | $ 9,100 | ||||||||||||||||||
Irving, TX [Member] | Industrial-Flex Business Park [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 772,000 | ||||||||||||||||||
Area of real estate property (in square feet) | ft² | 70,000 | 22,000 | |||||||||||||||||
Proceeds from sale of real estate facilities | $ 8,800 | $ 3,400 | |||||||||||||||||
Gain on sale of real estate facilities | $ 6,300 | $ 2,900 | |||||||||||||||||
San Diego, CA [Member] | Industrial-Flex Business Park [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 371,000 | ||||||||||||||||||
Area of real estate property (in square feet) | ft² | 371,000 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 311,100 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 301,300 | ||||||||||||||||||
Herndon, VA [Member] | Office Business Park [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 244,000 | ||||||||||||||||||
Area of real estate property (in square feet) | ft² | 244,000 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 40,500 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 27,000 | ||||||||||||||||||
Chantilly, VA [Member] | Office Oriented Flex Business Park [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 198,000 | ||||||||||||||||||
Area of real estate property (in square feet) | ft² | 198,000 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 32,600 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 19,200 | ||||||||||||||||||
Redmond, WA [Member] | Industrial Property [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Rentable area (in square feet) | ft² | 40,000 | ||||||||||||||||||
Number of buildings sold | item | 2 | ||||||||||||||||||
Proceeds from sale of real estate facilities | $ 11,400 | ||||||||||||||||||
Gain on sale of real estate facilities | $ 7,700 | ||||||||||||||||||
Kent, WA [Member] | Industrial Property [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Area of real estate property (in square feet) | ft² | 83,000 | ||||||||||||||||||
Development costs incurred | $ 2,200 | ||||||||||||||||||
Estimated development costs | 15,400 | ||||||||||||||||||
Contractual construction commitments | $ 1,200 | ||||||||||||||||||
Boca Raton, FL [Member] | Industrial Property [Member] | |||||||||||||||||||
Real Estate Facilities [Line Items] | |||||||||||||||||||
Area of real estate property (in square feet) | ft² | 17,000 | ||||||||||||||||||
Development costs incurred | $ 1,100 | ||||||||||||||||||
Estimated development costs | 4,000 | ||||||||||||||||||
Contractual construction commitments | $ 2,900 |
Real Estate Facilities (Activit
Real Estate Facilities (Activity In Real Estate Facilities) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | $ 1,822,921 | $ 1,816,366 | $ 1,730,389 |
Accumulated Depreciation, Beginning Balances | (1,101,739) | ||
Acquisition of real estate facilities | 146,302 | 57,429 | 132,406 |
Capital expenditures | 37,976 | 36,328 | 40,092 |
Depreciation and amortization expense | (90,175) | (90,058) | (93,416) |
Transfers from property held for development | 9,052 | ||
Transfer to properties held for sale | 2,009 | 2,856 | 6,895 |
Accumulated Depreciation, Ending Balances | (1,178,397) | (1,101,739) | |
Ending Balances | 1,928,085 | 1,822,921 | 1,816,366 |
Properties held for sale, net | $ 33,609 | 75,138 | |
Rentable area (in square feet) | ft² | 27,712 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | $ 843,765 | 813,504 | 725,411 |
Acquisition of real estate facilities | 22,591 | 30,261 | 88,093 |
Capital expenditures | |||
Disposals | |||
Depreciation and amortization expense | |||
Transfers from property held for development | 989 | ||
Transfer to properties held for sale | |||
Ending Balances | 867,345 | 843,765 | 813,504 |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning Balances | 2,080,895 | 2,038,471 | 1,973,658 |
Acquisition of real estate facilities | 123,711 | 27,168 | 44,313 |
Capital expenditures | 37,976 | 36,328 | 40,092 |
Disposals | (9,892) | (19,399) | (15,796) |
Transfers from property held for development | 8,063 | ||
Transfer to properties held for sale | (1,616) | (1,673) | (3,796) |
Ending Balances | 2,239,137 | 2,080,895 | 2,038,471 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation, Beginning Balances | (1,101,739) | (1,035,609) | (968,680) |
Accumulated Depreciation, Disposals | 9,892 | 19,399 | 15,796 |
Depreciation and amortization expense | (90,175) | (90,058) | (93,416) |
Transfer to properties held for sale | 3,625 | 4,529 | 10,691 |
Accumulated Depreciation, Ending Balances | $ (1,178,397) | (1,101,739) | $ (1,035,609) |
Reclassification [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | 75,100 | ||
Reclassification [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | 30,900 | ||
Reclassification [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | 166,500 | ||
Reclassification [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties held for sale, net | $ 127,400 | ||
Irving, TX [Member] | Industrial-Flex Business Park [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 772 | ||
Irving, TX [Member] | Single-Tenant Industrial-Flex Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 22 | ||
San Diego, CA [Member] | Industrial-Flex Business Park [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 371 | ||
Herndon, VA [Member] | Office Business Park [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 244 | ||
Chantilly, VA [Member] | Office Oriented Flex Business Park [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 198 | ||
Beltsville, MD [Member] | Industrial Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rentable area (in square feet) | ft² | 53 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Facilities [Abstract] | |||
Land | $ 22,591 | $ 30,261 | $ 88,093 |
Buildings and improvements | 123,711 | 27,168 | 44,313 |
Other assets (above-market in-place rents) | 523 | ||
Accrued and other liabilities (below-market in-place rents) | (1,457) | (557) | (1,241) |
Other assets (in-place lease value) | 4,023 | 2,700 | 3,777 |
Total purchase price | 148,868 | 60,095 | 134,942 |
Net operating assets acquired and liabilities assumed | (1,166) | (76) | (664) |
Total cash paid | $ 147,702 | $ 60,019 | $ 134,278 |
Multifamily Developmental Act_2
Multifamily Developmental Activity (Narrative) (Details) - Brentford at The Mile [Member] $ in Millions | 1 Months Ended | 12 Months Ended |
Aug. 31, 2020USD ($) | Dec. 31, 2021USD ($)property | |
Real Estate Facilities [Line Items] | ||
Number of Units in Multi-Family Asset | property | 411 | |
Value of property contributed | $ 18.5 | |
Development costs incurred | $ 54.8 | |
Development cost incurred, inclusive of land cost | $ 39.3 | |
Investment in Joint Venture [Member] | ||
Real Estate Facilities [Line Items] | ||
Economic interest in joint venture, percentage | 98.20% | |
JV Partner [Member] | ||
Real Estate Facilities [Line Items] | ||
Economic interest in joint venture, percentage | 1.80% | |
Minimum [Member] | ||
Real Estate Facilities [Line Items] | ||
Period to complete construction | 24 months | |
Maximum [Member] | ||
Real Estate Facilities [Line Items] | ||
Period to complete construction | 36 months |
Leasing Activity (Narrative) (D
Leasing Activity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Rental income, variable lease payments | $ 104.8 | $ 96.4 | $ 96.5 |
Percentage of leased asset subjected to termination options | 2.50% | ||
Percentage of leased asset exercisable in period | 1.60% | ||
Termination option, exercisable through date | Dec. 31, 2022 | ||
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 Income Excluding Recovery Of Operating Expenses) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leasing Activity [Abstract] | |
2022 | $ 290,712 |
2023 | 226,498 |
2024 | 160,933 |
2025 | 100,741 |
2026 | 66,388 |
Thereafter | 107,051 |
Total | $ 952,323 |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Jul. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | |||
Payment of deferred financing costs | $ 2,248,000 | ||
Wells Fargo Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit, borrowing limit | $ 400,000,000 | $ 250,000,000 | |
Number of six-month extension options | item | 2 | ||
Number of twelve-month extension options | item | 1 | ||
Spread over LIBOR | 0.70% | ||
Line of credit, facility fee percent | 0.10% | ||
Sustainability-linked pricing component, pricing improvement percentage | 0.01% | ||
Option to increase commitments, additional amount | $ 300,000,000 | ||
Credit facility, outstanding | $ 32,000,000 | $ 0 | |
Credit Facility, interest rate | 0.80% | ||
Payment of deferred financing costs | $ 2,200,000 | ||
Unamortized loan origination costs | $ 2,100,000 | $ 200,000 | |
Wells Fargo Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over LIBOR | 0.70% | ||
Line of credit, facility fee percent | 0.10% | ||
Wells Fargo Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over LIBOR | 1.35% | ||
Line of credit, facility fee percent | 0.25% |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interests [Line Items] | ||||
Common units in operating partnership | 7,305,355 | |||
Noncontrolling interests | $ 259,615 | $ 259,615 | $ 218,963 | |
Distributions paid to noncontrolling interests per common unit | $ 1.05 | |||
Number of shares of common stock for each unit of limited partnership interest redeemed | 1 | 1 | ||
Net income allocation to noncontrolling interests - common units | $ 104,290 | 33,141 | $ 28,962 | |
PS [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Noncontrolling interests | $ 255,700 | 255,700 | 215,700 | |
JV Partner [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Noncontrolling interests | 3,900 | 3,900 | 3,300 | |
Brentford at The Mile [Member] | JV Partner [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Noncontrolling interests | $ 700 | $ 700 | $ 500 | $ 0 |
Special Cash Dividend [Member] | ||||
Noncontrolling Interests [Line Items] | ||||
Distributions paid to noncontrolling interests per common unit | $ 4.60 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |||
Interest and other income | $ 2,536 | $ 1,234 | $ 4,492 |
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 | $ 100 | 100 | 100 |
Costs allocated from related party | 100 | 100 | 100 |
Reimbursement to related party | 1,400 | 1,200 | 1,200 |
Property Management [Member] | |||
Related Party Transaction [Line Items] | |||
Interest and other income | 300 | 300 | 300 |
Operating expenses allocated to operating party | 300 | 400 | 400 |
Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursement from related party | 100 | 100 | $ 100 |
Due from related parties | 200 | 200 | |
Due to related parties | $ 100 | $ 100 |
Stockholders_ Equity (Preferred
Stockholders’ Equity (Preferred Stock) (Narrative) (Details) | Nov. 03, 2021USD ($) | Dec. 30, 2019USD ($) | Nov. 04, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2021USD ($)item$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Class of Stock [Line Items] | |||||||
Shares Amount | $ 755,000,000 | $ 755,000,000 | $ 944,750,000 | ||||
Redeemable preferred stock, redemption price per share | $ / shares | $ 25 | $ 25 | |||||
Preferred Redemption allocation | $ 6,434,000 | $ 11,007,000 | |||||
Proceeds from Issuance of Redeemable Preferred Stock | 316,038,000 | ||||||
Distributions paid to noncontrolling interests per common unit | $ / shares | $ 1.05 | ||||||
Distributions paid to noncontrolling interests — common units | 64,287,000 | 30,683,000 | 30,683,000 | ||||
Distributions to preferred stockholders | $ 46,624,000 | 48,186,000 | $ 54,346,000 | ||||
Number of quarterly dividends in arrearage before preferred stockholders can elect additional board members | item | 6 | ||||||
Number of additional board members the preferred stockholders can elect in the case of an excess arrearage of quarterly dividends | item | 2 | ||||||
Dividends in arrears | $ 0 | ||||||
Series W Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cumulative preferred stock, dividend rate | 5.20% | 5.20% | |||||
Shares Amount | $ 189,800,000 | 189,750,000 | |||||
Series U Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cumulative preferred stock, dividend rate | 5.75% | ||||||
Shares Amount | $ 230,000,000 | ||||||
Series V Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Cumulative preferred stock, dividend rate | 5.70% | ||||||
Shares Amount | $ 110,000,000 | ||||||
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 | $ 325,000,000 | $ 325,000,000 | |||
Redeemable preferred stock, redemption price per share | $ / shares | $ 25 | ||||||
Number of stock issued in sale | shares | 13,000,000 | ||||||
Non-callable period for Preferred Units | 5 years | ||||||
Mandatory redemption | shares | 0 | ||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 316,000,000 |
Stockholders_ Equity (Common St
Stockholders’ Equity (Common Stock And Units And Equity Stock) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shareholders' Equity [Line Items] | |||
Distributions paid to common stockholders | $ 242,595 | $ 115,396 | $ 115,154 |
Dividends paid per share of common stock | $ 8.80 | $ 4.20 | $ 4.20 |
Distributions paid to noncontrolling interests — common units | $ 64,287 | $ 30,683 | $ 30,683 |
Percentage of distributions classified as ordinary income | 35.00% | 100.00% | 100.00% |
Percentage of distributions classified as long-term capital gain income | 65.00% | 0.00% | 0.00% |
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 | $ 8.80 | $ 4.20 | $ 4.20 |
Stockholders_ Equity (Schedule
Stockholders’ Equity (Schedule Of Preferred Stock Outstanding) (Details) - USD ($) $ in Thousands | Nov. 03, 2021 | Nov. 04, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Shares Outstanding | 30,200 | 37,790 | ||
Shares Amount | $ 755,000 | $ 944,750 | ||
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% | |||
Shares Outstanding | 9,200 | 9,200 | ||
Shares Amount | $ 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% | |||
Shares Outstanding | 8,000 | 8,000 | ||
Shares Amount | $ 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 | 13,000 | ||
Shares Amount | $ 325,000 | $ 325,000 | $ 325,000 | |
Series W Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance Date | Oct. 1, 2016 | |||
Earliest Potential Redemption Date | Nov. 1, 2021 | |||
Dividend Rate | 5.20% | 5.20% | ||
Shares Outstanding | 7,590 | |||
Shares Amount | $ 189,800 | $ 189,750 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) $ in Thousands | Apr. 05, 2021USD ($) | Mar. 01, 2021USD ($) | Apr. 30, 2021USD ($)shares | Mar. 31, 2020 | Apr. 30, 2019USD ($)shares | Feb. 22, 2022shares | Dec. 31, 2021USD ($)itemshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Proceeds from the exercise of stock options | $ | $ 5,012 | $ 258 | $ 969 | |||||||
Cash paid for taxes in lieu of shares upon vesting of RSU's | $ | $ 3,940 | 4,216 | $ 6,350 | |||||||
Stock Options and Restricted Stock Units [Member] | President and CEO [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation expense | $ | $ 1,700 | |||||||||
Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Options granted | 38,000 | 18,000 | 34,000 | |||||||
Options exercised | 55,546 | 4,136 | 15,585 | |||||||
Options forfeited | 4,000 | |||||||||
Options outstanding | 159,570 | 171,694 | 157,830 | 143,415 | ||||||
Unamortized compensation expense | $ | $ 900 | |||||||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | |||||||||
Unamortized compensation expense | $ | $ 12,600 | |||||||||
Weighted average recognized period of unamortized compensation expenses (in years) | 3 years 3 months 18 days | |||||||||
Stock units granted | 76,266 | 46,036 | 6,400 | |||||||
Stock units vested | 61,243 | 73,256 | 95,500 | |||||||
Stock units forfeited | 17,940 | 2,120 | 3,342 | |||||||
Restricted Stock Units (RSUs) [Member] | President and CEO [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock units granted | 41,186 | |||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | |||||||||
Restricted Stock Units (RSUs) [Member] | Chief Accounting Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock units granted | 3,053 | |||||||||
Restricted Stock Units (RSUs) [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock units granted | 10,955 | |||||||||
Stock units forfeited | 14,070 | |||||||||
Restricted Stock Units (RSUs) [Member] | Divisional Vice Presidents [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock units granted | 16,970 | |||||||||
Restricted Stock Units (RSUs) Prior to 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 6 years | |||||||||
Restricted Stock Units (RSUs) 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) 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) 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) 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) 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) During 2016 [Member] | Year One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 20.00% | |||||||||
Restricted Stock Units (RSUs) During 2016 [Member] | Year Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 20.00% | |||||||||
Restricted Stock Units (RSUs) During 2016 [Member] | Year Three [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 20.00% | |||||||||
Restricted Stock Units (RSUs) During 2016 [Member] | Year Four [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 20.00% | |||||||||
Restricted Stock Units (RSUs) During 2016 [Member] | Year Five [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 20.00% | |||||||||
Restricted Stock Units (RSUs) Subsequent to 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Restricted Stock Units (RSUs) Subsequent to 2016 [Member] | Year One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 0.33% | |||||||||
Restricted Stock Units (RSUs) Subsequent to 2016 [Member] | Year Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 0.33% | |||||||||
Restricted Stock Units (RSUs) Subsequent to 2016 [Member] | Year Three [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting percentage | 0.33% | |||||||||
Sign-On Award [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value | $ | $ 3,700 | |||||||||
Retention Award [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value | $ | $ 2,900 | |||||||||
Incentive Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value | $ | $ 3,600 | |||||||||
Number of annual vesting installments | item | 5 | |||||||||
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] | ||||||||||
Compensation expense | $ | $ 1,100 | $ 800 | $ 1,500 | |||||||
Issuance of common stock in connection with stock-based compensation, shares | 10,000 | 8,000 | 1,000 | |||||||
Aggregate fair value of the shares issued | $ | $ 1,600 | $ 1,200 | ||||||||
Subsequent Event [Member] | Incentive Program [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock units granted | 25,140 | |||||||||
Minimum [Member] | 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] | 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% | |||||||||
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 | 10,000 | |||||||||
Special Cash Dividend [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation expense | $ | $ 100 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock option expense for the year ( in 000's) | $ 712 | $ 412 | $ 299 |
Aggregate exercise date intrinsic value of options exercised during the year ( in 000's) | $ 4,559 | $ 305 | $ 1,567 |
Expected life of options in years, based upon historical experience | 5 years | 5 years | 5 years |
Risk-free interest rate | 0.80% | 0.40% | 2.00% |
Expected volatility, based upon historical volatility | 15.40% | 22.30% | 22.20% |
Expected dividend yield | 2.60% | 3.30% | 2.60% |
Average estimated value of options granted during the year | $ 14.40 | $ 15.27 | $ 26.85 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding Beginning Balance | 171,694 | 157,830 | 143,415 |
Number of Options, Granted | 38,000 | 18,000 | 34,000 |
Number of Options, Exercised | (55,546) | (4,136) | (15,585) |
Number of Options, Forfeited | (4,000) | ||
Number of options, Special dividend adjustment | 5,422 | ||
Number of Options, Outstanding Ending Balance | 159,570 | 171,694 | 157,830 |
Number of Options, Exercisable at December 31, | 79,651 | ||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 108.29 | $ 104.92 | $ 86.42 |
Weighted Average Exercise Price, Granted | 162.63 | 127.22 | 163.95 |
Weighted Average Exercise Price, Exercised | 90.24 | 62.69 | 62.15 |
Weighted Average Exercise Price, Forfeited | 110.04 | ||
Weighted Average Exercise Price, Special dividend adjustment | 124.13 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | 123.87 | $ 108.29 | $ 104.92 |
Weighted Average Exercise Price, Exercisable at December 31, | $ 99.71 | ||
Weighted Average Remaining Contract Life, Outstanding at December 31, | 6 years 2 months 15 days | ||
Weighted Average Remaining Contract Life, Exercisable at December 31, | 3 years 11 months 23 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, | $ 9,622 | ||
Aggregate Intrinsic Value, Exercisable at December 31, | $ 6,727 |
Stock Compensation (Nonvested R
Stock Compensation (Nonvested Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSUs, Nonvested Beginning Balance | 121,508 | 150,848 | 243,290 |
Number of RSUs, Granted | 76,266 | 46,036 | 6,400 |
Number of RSUs, Vested | (61,243) | (73,256) | (95,500) |
Number of RSUs, Forfeited | (17,940) | (2,120) | (3,342) |
Number of RSUs, Nonvested Ending Balance | 118,591 | 121,508 | 150,848 |
Weighted Average Grant Date Fair Value, Nonvested Beginning Balance | $ 13,706 | $ 15,425 | $ 23,386 |
Weighted Average Grant Date Fair Value, Granted | 11,948 | 5,562 | 1,137 |
Weighted Average Grant Date Fair Value, Vested | (6,255) | (6,991) | (8,753) |
Weighted Average Grant Date Fair Value, Forfeited | (2,107) | (290) | (345) |
Weighted Average Grant Date Fair Value, Nonvested Ending Balance | $ 17,292 | $ 13,706 | $ 15,425 |
Stock Compensation (Schedule _2
Stock Compensation (Schedule of Restricted Stock Unit Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares issued upon vesting | 27,589,807 | 27,488,547 | |
Cash paid for taxes in lieu of shares upon vesting of RSU's | $ 3,940 | $ 4,216 | $ 6,350 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted share unit expense | $ 6,685 | $ 4,475 | $ 3,196 |
Common shares issued upon vesting | 35,714 | 43,458 | 55,267 |
Fair value of vested shares on vesting date | $ 9,474 | $ 10,350 | $ 15,078 |
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, 2021USD ($)ft²property | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 27,712 |
Initial Cost to Company, Land | $ 880,028 |
Initial Cost to Company, Buildings and Improvements | 1,812,241 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 501,631 |
Gross Carrying Amount at December 31, 2021, Land | 880,028 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,313,872 |
Gross Carrying Amount at December 31, 2021, Total | 3,193,900 |
Accumulated Depreciation | $ 1,234,682 |
Commercial Real Estate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 27,010 |
Initial Cost to Company, Land | $ 845,531 |
Initial Cost to Company, Buildings and Improvements | 1,678,797 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 475,368 |
Gross Carrying Amount at December 31, 2021, Land | 845,531 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,154,165 |
Gross Carrying Amount at December 31, 2021, Total | 2,999,696 |
Accumulated Depreciation | 1,167,824 |
Real Estate Facilities [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Land | 867,345 |
Initial Cost to Company, Buildings and Improvements | 1,763,720 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 475,417 |
Gross Carrying Amount at December 31, 2021, Land | 867,345 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,239,137 |
Gross Carrying Amount at December 31, 2021, Total | 3,106,482 |
Accumulated Depreciation | $ 1,178,397 |
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 | 3,663 |
Gross Carrying Amount at December 31, 2021, Land | 3,245 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 11,366 |
Gross Carrying Amount at December 31, 2021, Total | 14,611 |
Accumulated Depreciation | $ 8,982 |
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 | 1,805 |
Gross Carrying Amount at December 31, 2021, Land | 990 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 4,301 |
Gross Carrying Amount at December 31, 2021, Total | 5,291 |
Accumulated Depreciation | $ 3,591 |
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 | 4,952 |
Gross Carrying Amount at December 31, 2021, Land | 4,218 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,225 |
Gross Carrying Amount at December 31, 2021, Total | 19,443 |
Accumulated Depreciation | $ 12,417 |
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 | 1,728 |
Gross Carrying Amount at December 31, 2021, Land | 450 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,945 |
Gross Carrying Amount at December 31, 2021, Total | 3,395 |
Accumulated Depreciation | $ 2,443 |
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 | 1,282 |
Gross Carrying Amount at December 31, 2021, Land | 12,454 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 21,773 |
Gross Carrying Amount at December 31, 2021, Total | 34,227 |
Accumulated Depreciation | $ 8,788 |
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 | 6,608 |
Gross Carrying Amount at December 31, 2021, Land | 3,252 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 14,765 |
Gross Carrying Amount at December 31, 2021, Total | 18,017 |
Accumulated Depreciation | $ 12,572 |
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 | 412 |
Gross Carrying Amount at December 31, 2021, Land | 4,990 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 5,243 |
Gross Carrying Amount at December 31, 2021, Total | 10,233 |
Accumulated Depreciation | $ 2,379 |
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 | 1,714 |
Gross Carrying Amount at December 31, 2021, Land | 11,451 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 17,968 |
Gross Carrying Amount at December 31, 2021, Total | 29,419 |
Accumulated Depreciation | $ 7,927 |
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 | 1,257 |
Gross Carrying Amount at December 31, 2021, Land | 7,482 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 8,069 |
Gross Carrying Amount at December 31, 2021, Total | 15,551 |
Accumulated Depreciation | $ 3,477 |
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 | 3,631 |
Gross Carrying Amount at December 31, 2021, Land | 19,052 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 54,132 |
Gross Carrying Amount at December 31, 2021, Total | 73,184 |
Accumulated Depreciation | $ 21,477 |
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, 2021, Land | 5,859 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 11,343 |
Gross Carrying Amount at December 31, 2021, Total | 17,202 |
Accumulated Depreciation | $ 4,144 |
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 | 1,189 |
Gross Carrying Amount at December 31, 2021, Land | 9,102 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 16,910 |
Gross Carrying Amount at December 31, 2021, Total | 26,012 |
Accumulated Depreciation | $ 6,778 |
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 | 212 |
Gross Carrying Amount at December 31, 2021, Land | 3,275 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 6,386 |
Gross Carrying Amount at December 31, 2021, Total | 9,661 |
Accumulated Depreciation | $ 2,558 |
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 | 8,582 |
Gross Carrying Amount at December 31, 2021, Land | 28,256 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 63,000 |
Gross Carrying Amount at December 31, 2021, Total | 91,256 |
Accumulated Depreciation | $ 23,024 |
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 | 1,383 |
Gross Carrying Amount at December 31, 2021, Land | 7,391 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 13,202 |
Gross Carrying Amount at December 31, 2021, Total | 20,593 |
Accumulated Depreciation | $ 5,213 |
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 | 4,724 |
Gross Carrying Amount at December 31, 2021, Land | 4,398 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,157 |
Gross Carrying Amount at December 31, 2021, Total | 19,555 |
Accumulated Depreciation | $ 12,384 |
Year(s) Acquired | 1997 |
La Mirada Commerce Center [Member] | Commercial Real Estate [Member] | La Mirada, CA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 73 |
Initial Cost to Company, Land | $ 11,122 |
Initial Cost to Company, Buildings and Improvements | 2,153 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 513 |
Gross Carrying Amount at December 31, 2021, Land | 11,122 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,666 |
Gross Carrying Amount at December 31, 2021, Total | 13,788 |
Accumulated Depreciation | $ 364 |
Year(s) Acquired | 2020 |
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 | $ 16,262 |
Initial Cost to Company, Buildings and Improvements | 39,559 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,422 |
Gross Carrying Amount at December 31, 2021, Land | 16,262 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 48,981 |
Gross Carrying Amount at December 31, 2021, Total | 65,243 |
Accumulated Depreciation | $ 39,294 |
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 | 4,232 |
Gross Carrying Amount at December 31, 2021, Land | 2,037 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,283 |
Gross Carrying Amount at December 31, 2021, Total | 11,320 |
Accumulated Depreciation | $ 7,755 |
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 | 6,961 |
Gross Carrying Amount at December 31, 2021, Land | 5,508 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 20,746 |
Gross Carrying Amount at December 31, 2021, Total | 26,254 |
Accumulated Depreciation | $ 16,826 |
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 | 4,438 |
Gross Carrying Amount at December 31, 2021, Land | 26,301 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 25,559 |
Gross Carrying Amount at December 31, 2021, Total | 51,860 |
Accumulated Depreciation | $ 11,490 |
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 | 382 |
Gross Carrying Amount at December 31, 2021, Land | 288 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 1,088 |
Gross Carrying Amount at December 31, 2021, Total | 1,376 |
Accumulated Depreciation | $ 927 |
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 | 1,878 |
Gross Carrying Amount at December 31, 2021, Land | 3,078 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,740 |
Gross Carrying Amount at December 31, 2021, Total | 12,818 |
Accumulated Depreciation | $ 8,158 |
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 | 914 |
Gross Carrying Amount at December 31, 2021, Land | 5,638 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 11,980 |
Gross Carrying Amount at December 31, 2021, Total | 17,618 |
Accumulated Depreciation | $ 4,901 |
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 | 3,983 |
Gross Carrying Amount at December 31, 2021, Land | 2,894 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 11,072 |
Gross Carrying Amount at December 31, 2021, Total | 13,966 |
Accumulated Depreciation | $ 8,642 |
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 | 3,058 |
Gross Carrying Amount at December 31, 2021, Land | 15,129 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 23,112 |
Gross Carrying Amount at December 31, 2021, Total | 38,241 |
Accumulated Depreciation | $ 15,452 |
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 | 2,113 |
Gross Carrying Amount at December 31, 2021, Land | 18,654 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 19,693 |
Gross Carrying Amount at December 31, 2021, Total | 38,347 |
Accumulated Depreciation | $ 8,692 |
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 | 6,900 |
Gross Carrying Amount at December 31, 2021, Land | 4,379 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 19,789 |
Gross Carrying Amount at December 31, 2021, Total | 24,168 |
Accumulated Depreciation | $ 17,082 |
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 | 1,851 |
Gross Carrying Amount at December 31, 2021, Land | 7,725 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 5,697 |
Gross Carrying Amount at December 31, 2021, Total | 13,422 |
Accumulated Depreciation | $ 2,135 |
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 | 782 |
Gross Carrying Amount at December 31, 2021, Land | 14,476 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 13,589 |
Gross Carrying Amount at December 31, 2021, Total | 28,065 |
Accumulated Depreciation | $ 6,345 |
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 | 3,415 |
Gross Carrying Amount at December 31, 2021, Land | 3,458 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 12,180 |
Gross Carrying Amount at December 31, 2021, Total | 15,638 |
Accumulated Depreciation | $ 10,210 |
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 | 564 |
Gross Carrying Amount at December 31, 2021, Land | 3,540 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 5,460 |
Gross Carrying Amount at December 31, 2021, Total | 9,000 |
Accumulated Depreciation | $ 3,379 |
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 | 355 |
Gross Carrying Amount at December 31, 2021, Land | 3,929 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 6,586 |
Gross Carrying Amount at December 31, 2021, Total | 10,515 |
Accumulated Depreciation | $ 2,677 |
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 | $ 25,109 |
Initial Cost to Company, Buildings and Improvements | 36,891 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,647 |
Gross Carrying Amount at December 31, 2021, Land | 25,109 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 44,538 |
Gross Carrying Amount at December 31, 2021, Total | 69,647 |
Accumulated Depreciation | $ 18,644 |
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 | 1,385 |
Gross Carrying Amount at December 31, 2021, Land | 1,486 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 5,027 |
Gross Carrying Amount at December 31, 2021, Total | 6,513 |
Accumulated Depreciation | $ 4,154 |
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 | 4,012 |
Gross Carrying Amount at December 31, 2021, Land | 17,218 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 25,926 |
Gross Carrying Amount at December 31, 2021, Total | 43,144 |
Accumulated Depreciation | $ 18,298 |
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 | 3,792 |
Gross Carrying Amount at December 31, 2021, Land | 7,673 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 19,437 |
Gross Carrying Amount at December 31, 2021, Total | 27,110 |
Accumulated Depreciation | $ 15,356 |
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 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 931 |
Gross Carrying Amount at December 31, 2021, Land | 12,932 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 4,480 |
Gross Carrying Amount at December 31, 2021, Total | 17,412 |
Accumulated Depreciation | $ 707 |
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 | 1,223 |
Gross Carrying Amount at December 31, 2021, Land | 13,439 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 19,113 |
Gross Carrying Amount at December 31, 2021, Total | 32,552 |
Accumulated Depreciation | $ 8,535 |
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 | 2,715 |
Gross Carrying Amount at December 31, 2021, Land | 65,494 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 39,501 |
Gross Carrying Amount at December 31, 2021, Total | 104,995 |
Accumulated Depreciation | $ 3,557 |
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 | 3,851 |
Gross Carrying Amount at December 31, 2021, Land | 16,360 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 20,529 |
Gross Carrying Amount at December 31, 2021, Total | 36,889 |
Accumulated Depreciation | $ 12,634 |
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, 2021, Land | 899 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 3,196 |
Gross Carrying Amount at December 31, 2021, Total | 4,095 |
Accumulated Depreciation | $ 2,702 |
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 | 514 |
Gross Carrying Amount at December 31, 2021, Land | 776 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,400 |
Gross Carrying Amount at December 31, 2021, Total | 3,176 |
Accumulated Depreciation | $ 1,987 |
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, 2021, Land | 621 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,082 |
Gross Carrying Amount at December 31, 2021, Total | 2,703 |
Accumulated Depreciation | $ 1,775 |
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 | 1,946 |
Gross Carrying Amount at December 31, 2021, Land | 13,227 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 39,820 |
Gross Carrying Amount at December 31, 2021, Total | 53,047 |
Accumulated Depreciation | $ 15,730 |
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 | 3,833 |
Gross Carrying Amount at December 31, 2021, Land | 2,318 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,902 |
Gross Carrying Amount at December 31, 2021, Total | 12,220 |
Accumulated Depreciation | $ 8,206 |
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 | 3,208 |
Gross Carrying Amount at December 31, 2021, Land | 7,795 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 12,466 |
Gross Carrying Amount at December 31, 2021, Total | 20,261 |
Accumulated Depreciation | $ 8,093 |
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 | 44,849 |
Gross Carrying Amount at December 31, 2021, Land | 95,115 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 157,432 |
Gross Carrying Amount at December 31, 2021, Total | 252,547 |
Accumulated Depreciation | $ 110,110 |
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 | 2,705 |
Gross Carrying Amount at December 31, 2021, Land | 10,845 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 21,265 |
Gross Carrying Amount at December 31, 2021, Total | 32,110 |
Accumulated Depreciation | $ 12,067 |
Year(s) Acquired | 2006 |
Ammendale [Member] | Commercial Real Estate [Member] | Beltsville, MD [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 255 |
Initial Cost to Company, Land | $ 3,652 |
Initial Cost to Company, Buildings and Improvements | 15,218 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,333 |
Gross Carrying Amount at December 31, 2021, Land | 3,652 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 25,551 |
Gross Carrying Amount at December 31, 2021, Total | 29,203 |
Accumulated Depreciation | $ 22,126 |
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 | 905 |
Gross Carrying Amount at December 31, 2021, Land | 475 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,108 |
Gross Carrying Amount at December 31, 2021, Total | 2,583 |
Accumulated Depreciation | $ 1,733 |
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, 2021, Land | 1,142 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 328 |
Gross Carrying Amount at December 31, 2021, Total | 1,470 |
Accumulated Depreciation | $ 243 |
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 | 6,193 |
Gross Carrying Amount at December 31, 2021, Land | 3,387 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 25,821 |
Gross Carrying Amount at December 31, 2021, Total | 29,208 |
Accumulated Depreciation | $ 13,777 |
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 | $ 11,009 |
Initial Cost to Company, Buildings and Improvements | 58,364 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 23,703 |
Gross Carrying Amount at December 31, 2021, Land | 11,009 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 82,067 |
Gross Carrying Amount at December 31, 2021, Total | 93,076 |
Accumulated Depreciation | $ 41,184 |
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 | 3,385 |
Gross Carrying Amount at December 31, 2021, Land | 1,550 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 10,400 |
Gross Carrying Amount at December 31, 2021, Total | 11,950 |
Accumulated Depreciation | $ 7,398 |
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 | 8,477 |
Gross Carrying Amount at December 31, 2021, Land | 2,528 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,073 |
Gross Carrying Amount at December 31, 2021, Total | 17,601 |
Accumulated Depreciation | $ 12,321 |
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 | 2,568 |
Gross Carrying Amount at December 31, 2021, Land | 1,945 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,780 |
Gross Carrying Amount at December 31, 2021, Total | 17,725 |
Accumulated Depreciation | $ 10,130 |
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 | 5,992 |
Gross Carrying Amount at December 31, 2021, Land | 5,477 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 30,487 |
Gross Carrying Amount at December 31, 2021, Total | 35,964 |
Accumulated Depreciation | $ 16,293 |
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 | 3,007 |
Gross Carrying Amount at December 31, 2021, Land | 2,022 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 12,404 |
Gross Carrying Amount at December 31, 2021, Total | 14,426 |
Accumulated Depreciation | $ 9,583 |
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 | 4,007 |
Gross Carrying Amount at December 31, 2021, Land | 2,108 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 13,656 |
Gross Carrying Amount at December 31, 2021, Total | 15,764 |
Accumulated Depreciation | $ 11,391 |
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 | 3,140 |
Gross Carrying Amount at December 31, 2021, Land | 1,874 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 17,130 |
Gross Carrying Amount at December 31, 2021, Total | 19,004 |
Accumulated Depreciation | $ 9,417 |
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 | 739 |
Gross Carrying Amount at December 31, 2021, Land | 719 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 4,318 |
Gross Carrying Amount at December 31, 2021, Total | 5,037 |
Accumulated Depreciation | $ 2,347 |
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 | 2,701 |
Gross Carrying Amount at December 31, 2021, Land | 1,266 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 12,583 |
Gross Carrying Amount at December 31, 2021, Total | 13,849 |
Accumulated Depreciation | $ 6,771 |
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 | 4,002 |
Gross Carrying Amount at December 31, 2021, Land | 2,510 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 17,861 |
Gross Carrying Amount at December 31, 2021, Total | 20,371 |
Accumulated Depreciation | $ 7,506 |
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 | 2,629 |
Gross Carrying Amount at December 31, 2021, Land | 1,742 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 7,132 |
Gross Carrying Amount at December 31, 2021, Total | 8,874 |
Accumulated Depreciation | $ 2,763 |
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 | 1,698 |
Gross Carrying Amount at December 31, 2021, Land | 2,607 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 7,413 |
Gross Carrying Amount at December 31, 2021, Total | 10,020 |
Accumulated Depreciation | $ 3,516 |
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 | 2,501 |
Gross Carrying Amount at December 31, 2021, Land | 941 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,385 |
Gross Carrying Amount at December 31, 2021, Total | 10,326 |
Accumulated Depreciation | $ 6,825 |
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 | 552 |
Gross Carrying Amount at December 31, 2021, Land | 480 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 1,755 |
Gross Carrying Amount at December 31, 2021, Total | 2,235 |
Accumulated Depreciation | $ 1,443 |
Year(s) Acquired | 1997 |
Port America [Member] | Commercial Real Estate [Member] | Grapevine, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 718 |
Initial Cost to Company, Land | $ 20,308 |
Initial Cost to Company, Buildings and Improvements | 100,896 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 143 |
Gross Carrying Amount at December 31, 2021, Land | 20,308 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 101,039 |
Gross Carrying Amount at December 31, 2021, Total | 121,347 |
Accumulated Depreciation | $ 1,511 |
Year(s) Acquired | 2021 |
Freeport Business Park [Member] | Commercial Real Estate [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 339 |
Initial Cost to Company, Land | $ 5,552 |
Initial Cost to Company, Buildings and Improvements | 17,568 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,428 |
Gross Carrying Amount at December 31, 2021, Land | 5,552 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 20,996 |
Gross Carrying Amount at December 31, 2021, Total | 26,548 |
Accumulated Depreciation | $ 6,664 |
Year(s) Acquired | 2013/2021 |
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 | 4,024 |
Gross Carrying Amount at December 31, 2021, Land | 1,517 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 10,523 |
Gross Carrying Amount at December 31, 2021, Total | 12,040 |
Accumulated Depreciation | $ 8,919 |
Year(s) Acquired | 1998 |
Number of properties subject to ground leases | property | 2 |
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 | 823 |
Gross Carrying Amount at December 31, 2021, Land | 495 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 2,058 |
Gross Carrying Amount at December 31, 2021, Total | 2,553 |
Accumulated Depreciation | $ 1,728 |
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 | 4,420 |
Gross Carrying Amount at December 31, 2021, Land | 1,536 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 11,074 |
Gross Carrying Amount at December 31, 2021, Total | 12,610 |
Accumulated Depreciation | $ 9,252 |
Year(s) Acquired | 1998 |
Jupiter Business Park [Member] | Commercial Real Estate [Member] | Plano, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 141 |
Initial Cost to Company, Land | $ 2,283 |
Initial Cost to Company, Buildings and Improvements | 22,817 |
Gross Carrying Amount at December 31, 2021, Land | 2,283 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 22,817 |
Gross Carrying Amount at December 31, 2021, Total | 25,100 |
Accumulated Depreciation | $ 86 |
Year(s) Acquired | 2021 |
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 | 4,989 |
Gross Carrying Amount at December 31, 2021, Land | 5,226 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,650 |
Gross Carrying Amount at December 31, 2021, Total | 20,876 |
Accumulated Depreciation | $ 8,068 |
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 | 3,232 |
Gross Carrying Amount at December 31, 2021, Land | 799 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 6,800 |
Gross Carrying Amount at December 31, 2021, Total | 7,599 |
Accumulated Depreciation | $ 5,872 |
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 | 4,523 |
Gross Carrying Amount at December 31, 2021, Land | 2,197 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,903 |
Gross Carrying Amount at December 31, 2021, Total | 12,100 |
Accumulated Depreciation | $ 8,151 |
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 | 2,947 |
Gross Carrying Amount at December 31, 2021, Land | 1,440 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 6,582 |
Gross Carrying Amount at December 31, 2021, Total | 8,022 |
Accumulated Depreciation | $ 5,567 |
Year(s) Acquired | 1997 |
Pickett Industrial Park [Member] | Commercial Real Estate [Member] | Alexandria, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 246 |
Initial Cost to Company, Land | $ 19,138 |
Initial Cost to Company, Buildings and Improvements | 25,016 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,429 |
Gross Carrying Amount at December 31, 2021, Land | 19,138 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 26,445 |
Gross Carrying Amount at December 31, 2021, Total | 45,583 |
Accumulated Depreciation | $ 1,336 |
Year(s) Acquired | 2020 |
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 | 2,294 |
Gross Carrying Amount at December 31, 2021, Land | 4,736 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 13,345 |
Gross Carrying Amount at December 31, 2021, Total | 18,081 |
Accumulated Depreciation | $ 9,110 |
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 | 3,172 |
Gross Carrying Amount at December 31, 2021, Land | 1,373 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,982 |
Gross Carrying Amount at December 31, 2021, Total | 11,355 |
Accumulated Depreciation | $ 7,932 |
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 | 6,794 |
Gross Carrying Amount at December 31, 2021, Land | 1,680 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 20,192 |
Gross Carrying Amount at December 31, 2021, Total | 21,872 |
Accumulated Depreciation | $ 15,849 |
Year(s) Acquired | 1999/2000 |
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 | 10,498 |
Gross Carrying Amount at December 31, 2021, Land | 13,598 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 46,730 |
Gross Carrying Amount at December 31, 2021, Total | 60,328 |
Accumulated Depreciation | $ 31,981 |
Year(s) Acquired | 2004/2007 |
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 | 13,136 |
Gross Carrying Amount at December 31, 2021, Land | 4,146 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 31,008 |
Gross Carrying Amount at December 31, 2021, Total | 35,154 |
Accumulated Depreciation | $ 24,173 |
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 | 27,497 |
Gross Carrying Amount at December 31, 2021, Land | 38,279 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 111,093 |
Gross Carrying Amount at December 31, 2021, Total | 149,372 |
Accumulated Depreciation | $ 58,282 |
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 | 40,476 |
Gross Carrying Amount at December 31, 2021, Land | 23,147 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 108,051 |
Gross Carrying Amount at December 31, 2021, Total | 131,198 |
Accumulated Depreciation | $ 79,924 |
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 | 5,261 |
Gross Carrying Amount at December 31, 2021, Land | 1,935 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 9,997 |
Gross Carrying Amount at December 31, 2021, Total | 11,932 |
Accumulated Depreciation | $ 8,385 |
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 | 15,128 |
Gross Carrying Amount at December 31, 2021, Land | 3,535 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 30,800 |
Gross Carrying Amount at December 31, 2021, Total | 34,335 |
Accumulated Depreciation | $ 25,926 |
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 | 1,241 |
Gross Carrying Amount at December 31, 2021, Land | 7,438 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 26,212 |
Gross Carrying Amount at December 31, 2021, Total | 33,650 |
Accumulated Depreciation | $ 3,990 |
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 | 7,575 |
Gross Carrying Amount at December 31, 2021, Land | 18,369 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 94,833 |
Gross Carrying Amount at December 31, 2021, Total | 113,202 |
Accumulated Depreciation | $ 14,750 |
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 | 5,182 |
Gross Carrying Amount at December 31, 2021, Land | 2,767 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 13,960 |
Gross Carrying Amount at December 31, 2021, Total | 16,727 |
Accumulated Depreciation | $ 11,920 |
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 | 5,094 |
Gross Carrying Amount at December 31, 2021, Land | 2,969 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 15,102 |
Gross Carrying Amount at December 31, 2021, Total | 18,071 |
Accumulated Depreciation | $ 12,864 |
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 | 11,028 |
Gross Carrying Amount at December 31, 2021, Land | 9,885 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 36,330 |
Gross Carrying Amount at December 31, 2021, Total | 46,215 |
Accumulated Depreciation | $ 19,502 |
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 | 2,484 |
Gross Carrying Amount at December 31, 2021, Land | 1,350 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 5,882 |
Gross Carrying Amount at December 31, 2021, Total | 7,232 |
Accumulated Depreciation | $ 4,947 |
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 | 13,478 |
Gross Carrying Amount at December 31, 2021, Land | 19,573 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 31,173 |
Gross Carrying Amount at December 31, 2021, Total | 50,746 |
Accumulated Depreciation | $ 15,437 |
Year(s) Acquired | 2012 |
Overlake [Member] | Commercial Real Estate [Member] | Redmond, WA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 371 |
Initial Cost to Company, Land | $ 20,906 |
Initial Cost to Company, Buildings and Improvements | 38,522 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,045 |
Gross Carrying Amount at December 31, 2021, Land | 20,906 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 46,567 |
Gross Carrying Amount at December 31, 2021, Total | 67,473 |
Accumulated Depreciation | $ 32,500 |
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 | 760 |
Gross Carrying Amount at December 31, 2021, Land | 330 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 1,649 |
Gross Carrying Amount at December 31, 2021, Total | 1,979 |
Accumulated Depreciation | $ 1,393 |
Year(s) Acquired | 1997 |
Highgate at the Mile [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Number of units of Real Estate Property | property | 395 |
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 | 84,923 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 49 |
Gross Carrying Amount at December 31, 2021, Land | 21,814 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 84,972 |
Gross Carrying Amount at December 31, 2021, Total | 106,786 |
Accumulated Depreciation | $ 10,573 |
Year(s) Acquired | 2018 |
Royal Tech [Member] | Properties Held for Sale [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Square Feet | ft² | 702 |
Initial Cost to Company, Land | $ 12,683 |
Initial Cost to Company, Buildings and Improvements | 48,521 |
Cost Capitalized Subsequent to Acquisition, Buildings and Improvements | 26,214 |
Gross Carrying Amount at December 31, 2021, Land | 12,683 |
Gross Carrying Amount at December 31, 2021, Buildings and Improvements | 74,735 |
Gross Carrying Amount at December 31, 2021, Total | 87,418 |
Accumulated Depreciation | $ 56,285 |
Year(s) Acquired | 1998-2000/2011 |
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] | La Mirada Commerce Center [Member] | Commercial Real Estate [Member] | La Mirada, 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] | 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] | Port America [Member] | Commercial Real Estate [Member] | Grapevine, 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] | 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] | Jupiter Business Park [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] | Pickett Industrial Park [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] | 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] | 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] | Highgate at the Mile [Member] | Multifamily [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 5 years |
Minimum [Member] | Royal Tech [Member] | Properties Held for Sale [Member] | Irving, TX [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] | La Mirada Commerce Center [Member] | Commercial Real Estate [Member] | La Mirada, 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] | 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] | Port America [Member] | Commercial Real Estate [Member] | Grapevine, 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] | 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] | Jupiter Business Park [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] | Pickett Industrial Park [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] | 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] | 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] | Highgate at the Mile [Member] | Multifamily [Member] | McLean, VA [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 40 years |
Maximum [Member] | Royal Tech [Member] | Properties Held for Sale [Member] | Irving, TX [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Depreciable Lives (Years) | 30 years |