Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period Ended Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-12386 | ||
Entity Registrant Name | LEXINGTON REALTY TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-3717318 | ||
Entity Address, Address Line One | One Penn Plaza | ||
Entity Address, Address Line Two | Suite 4015 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10119-4015 | ||
City Area Code | 212 | ||
Local Phone Number | 692-7200 | ||
Entity Well-known Seasoned User | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,160,905,597 | ||
Entity Common Stock, Shares Outstanding (in shares) | 254,941,588 | ||
Documents Incorporated by Reference | Certain information contained in the Definitive Proxy Statement for Lexington Realty Trust's Annual Meeting of Shareholders, to be held on May 19, 2020, is incorporated by reference in this Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14, which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000910108 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Shares of beneficial interest, par value $0.0001 per share, classified as Common Stock | ||
Trading Symbol | LXP | ||
Security Exchange Name | NYSE | ||
Series C | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.50% Series C Cumulative Convertible Preferred Stock, par value $0.0001 per share | ||
Trading Symbol | LXPPRC | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Real estate, at cost | $ 3,320,574 | $ 3,090,134 |
Real estate - intangible assets | 409,756 | 419,612 |
Investments in real estate under construction | 13,313 | 0 |
Real estate, gross | 3,743,643 | 3,509,746 |
Less: accumulated depreciation and amortization | 887,629 | 954,087 |
Real estate, net | 2,856,014 | 2,555,659 |
Assets held for sale | 0 | 63,868 |
Operating right-of-use assets, net | 38,133 | |
Cash and cash equivalents | 122,666 | 168,750 |
Restricted cash | 6,644 | 8,497 |
Investments in non-consolidated entities | 57,168 | 66,183 |
Deferred expenses (net of accumulated amortization of $23,382 in 2019 and $27,397 in 2018) | 18,404 | 15,937 |
Rent receivable - current | 3,229 | 3,475 |
Rent receivable - deferred | 66,294 | 58,692 |
Other assets | 11,708 | 12,779 |
Total assets | 3,180,260 | 2,953,840 |
Liabilities: | ||
Mortgages and notes payable, net | 390,272 | 570,420 |
Term loan payable, net | 297,439 | 298,733 |
Senior notes payable, net | 496,870 | 496,034 |
Trust preferred securities, net | 127,396 | 127,296 |
Dividends payable | 32,432 | 48,774 |
Liabilities held for sale | 0 | 386 |
Operating lease liabilities | 39,442 | |
Accounts payable and other liabilities | 29,925 | 30,790 |
Accrued interest payable | 7,897 | 4,523 |
Deferred revenue - including below market leases (net of accumulated accretion of $11,876 in 2019 and $17,606 in 2018) | 20,350 | 20,531 |
Prepaid rent | 13,518 | 9,675 |
Total liabilities | 1,455,541 | 1,607,162 |
Commitments and contingencies | ||
Equity: | ||
Preferred shares, par value $0.0001 per share; authorized 100,000,000 shares, Series C Cumulative Convertible Preferred, liquidation preference $96,770 and 1,935,400 shares issued and outstanding | 94,016 | 94,016 |
Common shares, par value $0.0001 per share; authorized 400,000,000 shares, 254,770,719 and 235,008,554 shares issued and outstanding in 2019 and 2018, respectively | 25 | 24 |
Additional paid-in-capital | 2,976,670 | 2,772,855 |
Accumulated distributions in excess of net income | (1,363,676) | (1,537,100) |
Accumulated other comprehensive income (loss) | (1,928) | 76 |
Total shareholders’ equity | 1,705,107 | 1,329,871 |
Noncontrolling interests | 19,612 | 16,807 |
Total equity | 1,724,719 | 1,346,678 |
Total liabilities and equity | $ 3,180,260 | $ 2,953,840 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Accumulated amortization on deferred expenses | $ 23,382 | $ 27,397 |
Liabilities: | ||
Accumulated accretion on deferred revenue | $ 11,876 | $ 17,606 |
Equity: | ||
Preferred shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, liquidation preference | $ 96,770 | $ 96,770 |
Preferred shares, convertible preferred, shares issued (in shares) | 1,935,400 | 1,935,400 |
Preferred shares, redeemable preferred, shares outstanding (in shares) | 1,935,400 | 1,935,400 |
Common shares, par value (usd per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized shares (in shares) | 400,000,000 | 400,000,000 |
Common shares, shares issued (in shares) | 254,770,719 | 235,008,554 |
Common shares, shares outstanding (in shares) | 254,770,719 | 235,008,554 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gross revenues: | |||
Rental revenue | $ 320,622 | $ 395,339 | $ 391,641 |
Other income | 5,347 | 1,632 | 1,049 |
Total gross revenues | 325,969 | 396,971 | 392,690 |
Expense applicable to revenues: | |||
Depreciation and amortization | (147,594) | (168,191) | (173,968) |
General and administrative | (30,785) | (31,662) | (34,158) |
Litigation settlement | 0 | 0 | (2,050) |
Non-operating income | 2,262 | 1,859 | 9,329 |
Interest and amortization expense | (65,095) | (79,880) | (77,883) |
Debt satisfaction gains (charges), net | (4,517) | (2,596) | 6,196 |
Impairment charges and loan losses | (5,329) | (95,813) | (44,996) |
Gains on sales of properties | 250,889 | 252,913 | 63,428 |
Income (loss) before provision for income taxes and equity in earnings of non-consolidated entities | 283,782 | 230,926 | 89,394 |
Provision for income taxes | (1,379) | (1,728) | (1,917) |
Equity in earnings (losses) of non-consolidated entities | 2,890 | 1,708 | (848) |
Net income | 285,293 | 230,906 | 86,629 |
Less net income attributable to noncontrolling interests | (5,383) | (3,491) | (1,046) |
Net income attributable to Lexington Realty Trust shareholders | 279,910 | 227,415 | 85,583 |
Dividends attributable to preferred shares - Series C | (6,290) | (6,290) | (6,290) |
Allocation to participating securities | (395) | (287) | (226) |
Net income attributable to common shareholders | $ 273,225 | $ 220,838 | $ 79,067 |
Net income attributable to common shareholders - basic (usd per share) | $ 1.15 | $ 0.93 | $ 0.33 |
Weighted-average common shares outstanding - basic (in shares) | 237,642,048 | 236,666,375 | 237,758,408 |
Net income attributable to common shareholders - diluted (usd per share) | $ 1.15 | $ 0.93 | $ 0.33 |
Weighted-average common shares outstanding - diluted (in shares) | 237,934,515 | 240,810,990 | 241,537,837 |
Real Estate | |||
Expense applicable to revenues: | |||
Property operating | $ (42,018) | $ (42,675) | $ (49,194) |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Preferred dividend rate | 6.50% | 6.50% | 6.50% |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 285,293 | $ 230,906 | $ 86,629 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) on interest rate swaps, net | (2,004) | (989) | 2,098 |
Other comprehensive income (loss) | (2,004) | (989) | 2,098 |
Comprehensive income | 283,289 | 229,917 | 88,727 |
Comprehensive income attributable to noncontrolling interests | (5,383) | (3,491) | (1,046) |
Comprehensive income attributable to Lexington Realty Trust shareholders | $ 277,906 | $ 226,426 | $ 87,681 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Stock | Additional Paid-in-Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2016 | $ 1,412,491 | $ 94,016 | $ 24 | $ 2,800,736 | $ (1,500,966) | $ (1,033) | $ 19,714 |
Beginning balance (in shares) at Dec. 31, 2016 | 1,935,400 | 238,037,177 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Redemption of noncontrolling OP units for common shares | 0 | 584 | (584) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 140,746 | ||||||
Exercise of employee common share options | 478 | 478 | |||||
Exercise of employee common share options, net (in shares) | 151,106 | ||||||
Issuance of common shares and deferred compensation amortization, net | 24,673 | 24,673 | |||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 2,360,052 | ||||||
Acquisition of consolidated joint venture partner's equity interest | (7,951) | (7,951) | |||||
Dividends/distributions | (177,583) | (174,341) | (3,242) | ||||
Net Income | 86,629 | 85,583 | 1,046 | ||||
Other comprehensive income (loss) | 2,098 | 2,098 | |||||
Balance at end of period at Dec. 31, 2017 | 1,340,835 | $ 94,016 | $ 24 | 2,818,520 | (1,589,724) | 1,065 | 16,934 |
Ending balance (in shares) at Dec. 31, 2017 | 1,935,400 | 240,689,081 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Redemption of noncontrolling OP units for common shares | 0 | 189 | (189) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 53,388 | ||||||
Repurchase of common shares | (49,858) | (49,858) | |||||
Repurchase of common shares (in shares) | (5,851,252) | ||||||
Exercise of employee common share options | 115 | 115 | |||||
Exercise of employee common share options, net (in shares) | 16,390 | ||||||
Issuance of common shares and deferred compensation amortization, net | 6,520 | 6,520 | |||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 966,791 | ||||||
Repurchase of common shares to settle tax obligations (in shares) | (271,792) | ||||||
Repurchase of common shares to settle tax obligations | (2,544) | (2,544) | |||||
Forfeiture of employee common shares | (71) | (87) | 16 | ||||
Forfeiture of employee common shares (in shares) | (594,052) | ||||||
Dividends/distributions | (178,236) | (174,807) | (3,429) | ||||
Net Income | 230,906 | 227,415 | 3,491 | ||||
Other comprehensive income (loss) | (989) | (989) | |||||
Balance at end of period at Dec. 31, 2018 | 1,346,678 | $ 94,016 | $ 24 | 2,772,855 | (1,537,100) | 76 | 16,807 |
Ending balance (in shares) at Dec. 31, 2018 | 1,935,400 | 235,008,554 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of partnership interest in real estate | 867 | 867 | |||||
Redemption of noncontrolling OP units for common shares | 0 | 1,655 | (1,655) | ||||
Redemption of noncontrolling OP units for common shares (in shares) | 391,993 | ||||||
Repurchase of common shares | (958) | (958) | |||||
Repurchase of common shares (in shares) | (441,581) | ||||||
Issuance of common shares and deferred compensation amortization, net | 209,373 | $ 2 | 209,371 | ||||
Issuance of common shares and deferred compensation amortization, net (in shares) | 20,579,745 | ||||||
Repurchase of common shares to settle tax obligations (in shares) | (712,430) | ||||||
Repurchase of common shares to settle tax obligations | (5,281) | $ (1) | (5,280) | ||||
Forfeiture of employee common shares | 15 | 15 | |||||
Forfeiture of employee common shares (in shares) | (55,562) | ||||||
Dividends/distributions | (109,264) | (106,501) | (2,763) | ||||
Net Income | 285,293 | 279,910 | 5,383 | ||||
Other comprehensive income (loss) | (2,004) | (2,004) | |||||
Reallocation of noncontrolling interests | (973) | 973 | |||||
Balance at end of period at Dec. 31, 2019 | $ 1,724,719 | $ 94,016 | $ 25 | $ 2,976,670 | $ (1,363,676) | $ (1,928) | $ 19,612 |
Ending balance (in shares) at Dec. 31, 2019 | 1,935,400 | 254,770,719 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 285,293 | $ 230,906 | $ 86,629 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 150,440 | 172,088 | 177,561 |
Gains on sales of properties | (250,889) | (252,913) | (63,428) |
Debt satisfaction (gains) charges, net | 4,517 | 2,596 | (6,196) |
Impairment charges and loan losses | 5,329 | 95,813 | 44,996 |
Straight-line rents | (14,264) | (20,207) | (19,568) |
Amortization of right of use assets | 3,645 | ||
Other non-cash (income) expense, net | 6,060 | (3,060) | 8,093 |
Equity in (earnings) losses of non-consolidated entities | (2,890) | (1,708) | 848 |
Distributions of accumulated earnings from non-consolidated entities | 2,571 | 2,083 | 403 |
Unearned contingent acquisition consideration | 0 | 0 | (3,922) |
Change in accounts payable and other liabilities | (270) | (129) | (1,141) |
Change in rent receivable and prepaid rent, net | 3,770 | (3,942) | 2,922 |
Change in accrued interest payable | 3,368 | (891) | 16 |
Other adjustments, net | (4,496) | (2,825) | 657 |
Net cash provided by operating activities: | 192,184 | 217,811 | 227,870 |
Cash flows from investing activities: | |||
Investment in real estate, including intangible assets | (662,010) | (315,959) | (558,571) |
Investment in real estate under construction | (11,332) | 0 | (83,274) |
Capital expenditures | (17,829) | (15,506) | (15,184) |
Net proceeds from sale of properties | 504,118 | 898,514 | 223,853 |
Net proceeds from sale of non-consolidated investment | 0 | 0 | 6,127 |
Principal payments received on loans receivable | 0 | 0 | 139,042 |
Investments in non-consolidated entities, net | (8,018) | (10,206) | (9,898) |
Distributions from non-consolidated entities in excess of accumulated earnings | 17,119 | 3,330 | 531 |
Payments of deferred leasing costs | (8,196) | (4,522) | (6,526) |
Change in real estate deposits | (817) | (760) | 20,826 |
Net cash provided by (used in) investing activities | (186,965) | 554,891 | (283,074) |
Cash flows from financing activities: | |||
Dividends to common and preferred shareholders | (122,843) | (175,537) | (172,101) |
Principal amortization payments | (24,259) | (29,666) | (30,082) |
Principal payments on debt, excluding normal amortization | (89,242) | (14,599) | (50,797) |
Proceeds of mortgages and notes payable | 0 | 26,350 | 45,400 |
Term loan payments | 0 | (300,000) | 0 |
Proceeds from term loans | 0 | 0 | 95,000 |
Revolving credit facility borrowings | 110,000 | 150,000 | 270,000 |
Revolving credit facility payments | (110,000) | (310,000) | (110,000) |
Payment of early extinguishment of debt charges | (3,505) | (5) | (1,326) |
Payments of deferred financing costs | (5,456) | (690) | (2,124) |
Cash distributions to noncontrolling interests | (2,763) | (3,429) | (3,242) |
Cash contributions from noncontrolling interests | 867 | 0 | 0 |
Redemption of a noncontrolling interest | 0 | 0 | 7,951 |
Repurchase of common shares | (3,598) | (47,217) | 0 |
Issuance of common shares, net of costs and repurchases to settle tax obligations | 197,643 | (2,818) | 16,804 |
Net cash provided by (used in) financing activities | (53,156) | (707,611) | 49,581 |
Change in cash, cash equivalents and restricted cash | (47,937) | 65,091 | (5,623) |
Cash, cash equivalents and restricted cash, at beginning of year | 177,247 | 112,156 | 117,779 |
Cash, cash equivalents and restricted cash, at end of year | $ 129,310 | $ 177,247 | $ 112,156 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company Lexington Realty Trust (together with its consolidated subsidiaries, except when the context only applies to the parent entity, the “Company”) is a Maryland statutory real estate investment trust (“REIT”) that owns a diversified portfolio of equity investments in single-tenant commercial properties. As of December 31, 2019 , the Company had equity ownership interests in approximately 130 consolidated properties located in 31 states. The properties in which the Company has an interest are primarily net-leased to tenants in various industries. The Company believes it has qualified as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Company will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code. As such, the TRS are subject to federal income taxes on the income from these activities. The Company conducts its operations either directly or indirectly through (1) property owner subsidiaries and lender subsidiaries, which are single purpose entities, (2) an operating partnership, Lepercq Corporate Income Fund L.P. (“LCIF”), in which the Company is the sole unit holder of the general partner and the sole unit holder of the limited partner that holds a majority of the limited partner interests, (3) a wholly-owned TRS, Lexington Realty Advisors, Inc. (“LRA”), and (4) investments in joint ventures. References to “OP Units” refer to units of limited partner interests in LCIF. Property owner subsidiaries are landlords under leases for properties in which the Company has an interest and/or borrowers under loan agreements secured by properties in which the Company has an interest and lender subsidiaries are lenders under loan agreements where the Company made an investment in a loan asset, but in all cases are separate and distinct legal entities. Each property owner subsidiary is a separate legal entity that maintains separate books and records. The assets and credit of each property owner subsidiary with a property subject to a mortgage loan are not available to creditors to satisfy the debt and other obligations of any other person, including any other property owner subsidiary or any other affiliate. Consolidated entities that are not property owner subsidiaries do not directly own any of the assets of a property owner subsidiary (or the general partner, member or managing member of such property owner subsidiary), but merely hold partnership, membership or beneficial interest therein, which interests are subordinate to the claims of such property owner subsidiary's (or its general partner's, member's or managing member's) creditors. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. The Company is the primary beneficiary of certain VIEs as it has a controlling financial interest in these entities. LCIF, which is consolidated and in which the Company has an approximate 96% interest, is a VIE. In December 2019, the Company acquired a 90% interest in a joint venture with a developer, which acquired a land parcel in the Atlanta, Georgia market to develop an industrial property. Based upon the facts and circumstances at the formation of the joint venture, the Company determined that the joint venture is a variable interest entity in accordance with the applicable accounting guidance. As a result, the Company used the VIE model under the accounting standard for consolidation in order to determine whether to consolidate the joint venture. Based upon the fact that the Company controls the activities that most significantly impact the performance of the joint venture under the operating and related agreements of the joint venture, the joint venture is consolidated in the Company's financial statements. The assets of each VIE are only available to satisfy such VIE's respective liabilities. As of December 31, 2019 and 2018 , the VIEs' mortgages and notes payable were non-recourse to the Company. Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Real estate, net $ 592,372 $ 509,916 Total assets $ 645,623 $ 607,963 Mortgages and notes payable, net $ 82,978 $ 192,791 Total liabilities $ 101,901 $ 203,322 In addition, the Company acquires, from time to time, properties using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange") and, as such, the properties are in the possession of an Exchange Accommodation Titleholder ("EAT") until the reverse 1031 exchange is completed. The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance and can collapse the reverse 1031 exchange structure at any time. The assets of the EAT primarily consist of leased property (net real estate and intangibles). Earnings Per Share . Basic net income (loss) per share is computed by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options and non-vested common shares, OP units and put options of certain convertible securities. Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee and the useful lives of long-lived assets. Actual results could differ materially from those estimates. Revenue Recognition. The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred on the Consolidated Balance Sheets. Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Prior to January 1, 2018, acquisition and pursuit costs were expensed as incurred and were included in property operating expense in the accompanying Consolidated Statement of Operations, which were $2,171 for 2017. Effective January 1, 2018, the Company's acquisitions are primarily considered asset acquisitions and acquisition costs are now capitalized. The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. Management generally retains a third party to assist in the allocations. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years . Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. Investments in Non-Consolidated Entities . The Company accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as recent sale contracts (Level 2 inputs) or recent sale offers or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under-estimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or over-estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Company records capitalized interest during the construction period. In arrangements where the Company engages a developer to construct a property or provide funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations only if the sale of these assets represents a strategic shift in operations; if not, the operating results are included in continuing operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. Deferred Expenses. Deferred expenses consist primarily of revolving line of credit debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. Derivative Financial Instruments . The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging ("Topic 815"). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an ongoing basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. Options granted under the plan in 2010 vested over a five -year period and expire ten years from the date of grant. Options granted under the plan in 2008 vested upon attainment of certain market performance measures and expired ten years from the date of grant. All share-based payments to employees, including grants of employee stock options, are recognized in the Consolidated Statements of Operations based on their fair values. The Company has made an accounting policy election to account for share-based award forfeitures in compensation costs when they occur. Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Cash and Cash Equivalents. The Company considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow by lenders. Environmental Matters. Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines, penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. Although most of the tenants of properties in which the Company has an interest are primarily responsible for any environmental damage and claims related to the leased premises, in the event of the bankruptcy or inability of the tenant of such premises to satisfy any obligations with respect to such environmental liability, or if the tenant is not responsible, the Company's property owner subsidiary may be required to satisfy any such obligations, should they exist. In addition, the property owner subsidiary, as the owner of such a property, may be held directly liable for any such damages or claims irrespective of the provisions of any lease. As of December 31, 2019 , the Company was not aware of any environmental matter relating to any of its investments that would have a material impact on the consolidated financial statements. Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. Reclassifications . Certain amounts included in prior years' financial statements have been reclassified to conform to the current year's presentation. Upon adoption of ASC 842, the Company reclassified certain amounts on the Consolidated Statements of Operations, primarily the reclassification of tenant reimbursements to rental revenue. As a result, rental revenue increased in 2018 and 2017 by $30,608 and $31,809 , respectively, for the reclassification of tenant reimbursements to conform with the current year presentation of rental revenue. New Accounting Standards Adopted in 2019. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. The Company adopted this guidance effective January 1, 2019 on a prospective basis. The Company's adoption of this guidance did not have a material impact on its financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in Topic 815. The ASU is effective for reporting periods beginning after December 15, 2018. The Company adopted this guidance effective January 1, 2019 on a prospective basis. The Company's adoption of this guidance did not have a material impact on its financial statements. Additionally, the Company adopted ASU No. 2016-02, Leases (Topic 842) effective January 1, 2019. Topic 842 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The Company adopted Topic 842 using the modified retrospective transition approach with January 1, 2019 as the Company's date of initial application, thus periods prior to January 1, 2019 conform to ASC Topic 840. The Company has elected other practical expedients permitted under the transition guidance including: • a package of practical expedients that allows the Company to carryforward its assessment of whether a contract is or contains a lease, whether costs incurred qualify as initial direct costs, and historical lease classification for any leases that existed prior to the adoption; • to account for lease and non-lease components as a single component if the (i) timing and patterns of transfer are the same for the lease and non-lease component and (ii) related lease component and the combined single lease component would be classified as an operating lease; • to exclude from the consideration in the contract and variable lease payments all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected by the lessor from the lessee. Taxes assessed on the Company’s total gross receipts are excluded from this accounting policy election; • to not assess if existing land easements in place prior to adoption meet the definition of a lease; and • to not recognize leases with a term of 12 months or less on the balance sheet. The Company did not elect the hindsight practical expedient to determine lease term. The adoption of Topic 842 required the Company to record right-of-use assets and lease liabilities on the Company's Consolidated Balance Sheet. The Company did not recognize a cumulative adjustment to equity upon adoption. The adoption of this guidance did not have a material impact on the Company's Consolidated Statement of Operations and Consolidated Statement of Cash Flows. See note 11, “Leases” for further disclosures. Recently Issued Accounting Guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of an allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019. The Company analyzed its accounts receivable using an aging methodology and determined that there have been no historical credit losses related its outstanding accounts receivable. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40). This ASU addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The standard is effective for fiscal years beginning after December 15, 2019. The adoption of this guidance on January 1, 2020, did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) .” ASU 2018-13 amends certain disclosure requirements regarding the fair value hierarchy of investments in accordance with GAAP, particularly the significant unobservable inputs used to value investments within Level 3 of the fair value hierarchy. The standard is effective on January 1, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on the Company's consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share A significant portion of the Company's non-vested share-based payment awards are considered participating securities and as such, the Company is required to use the two-class method for the computation of basic and diluted earnings per share. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The non-vested share-based payment awards are not allocated losses as the awards do not have a contractual obligation to share in losses of the Company. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2019 : 2019 2018 2017 BASIC Net income attributable to common shareholders $ 273,225 $ 220,838 $ 79,067 Weighted-average number of common shares outstanding 237,642,048 236,666,375 237,758,408 Net income attributable to common shareholders - per common share basic $ 1.15 $ 0.93 $ 0.33 DILUTED: Net income attributable to common shareholders - basic $ 273,225 $ 220,838 $ 79,067 Impact of assumed conversions — 2,528 147 Net income attributable to common shareholders $ 273,225 $ 223,366 $ 79,214 Weighted-average common shares outstanding - basic 237,642,048 236,666,375 237,758,408 Effect of dilutive securities: Unvested share-based payment awards and options 292,467 528,495 86,285 Operating Partnership Units — 3,616,120 3,693,144 Weighted-average common shares outstanding - diluted 237,934,515 240,810,990 241,537,837 Net income attributable to common shareholders - per common share diluted $ 1.15 $ 0.93 $ 0.33 For per common share amounts, all incremental shares are considered anti-dilutive for periods that have a loss from continuing operations attributable to common shareholders. In addition, other common share equivalents may be anti-dilutive in certain periods. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2019 and 2018 : 2019 2018 Real estate, at cost: Buildings and building improvements $ 2,962,982 $ 2,746,446 Land, land estates and land improvements 355,697 341,848 Construction in progress 1,895 1,840 Real estate intangibles: In-place lease values 339,154 331,607 Tenant relationships 42,396 54,662 Above-market leases 28,206 33,343 Investments in real estate under construction 13,313 — 3,743,643 3,509,746 Accumulated depreciation and amortization (1) (887,629 ) (954,087 ) Real estate, net $ 2,856,014 $ 2,555,659 (1) Includes accumulated amortization of real estate intangible assets of $212,033 and $231,443 in 2019 and 2018 , respectively. The estimated amortization of the above real estate intangible assets for the next five years is $28,634 in 2020 , $26,647 in 2021 , $24,640 in 2022 , $23,487 in 2023 and $18,270 in 2024 . The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $ 19,090 and $ 17,923 , respectively, as of December 31, 2019 and 2018 . The estimated accretion for the next five years is $ 2,550 in 2020 , $ 2,210 in 2021 , $ 1,931 in 2022 , $ 1,931 in 2023 and $ 1,931 in 2024 . The Company completed the following acquisitions during 2019 and 2018 : 2019 : Real Estate Intangibles Property Type Market Acquisition Date Initial Cost Basis Lease Expiration Land Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Indianapolis, IN January 2019 $ 20,809 07/2025 $ 1,954 $ 16,820 $ 2,035 $ — Industrial Atlanta, GA February 2019 37,182 10/2023 3,253 30,951 2,978 — Industrial Dallas, TX April 2019 28,201 08/2023 2,420 23,330 2,451 — Industrial Greenville/Spartanburg, SC April 2019 33,253 01/2024 1,615 27,829 3,809 — Industrial Memphis, TN May 2019 49,395 04/2024 2,646 40,452 6,297 — Industrial Memphis, TN May 2019 18,316 05/2023 851 15,465 2,000 — Industrial Atlanta, GA June 2019 45,441 05/2020 3,251 40,023 2,167 — Industrial Atlanta, GA June 2019 27,353 05/2024 2,536 22,825 1,992 — Industrial Cincinnati, OH September 2019 13,762 12/2023 544 12,376 842 — Industrial Cincinnati, OH September 2019 100,288 06/2030 3,950 88,427 7,911 — Industrial Cincinnati, OH September 2019 65,763 08/2027 3,123 60,703 5,392 (3,455 ) Industrial Greenville/Spartanburg, SC October 2019 16,817 01/2024 1,406 14,272 1,139 — Industrial Greenville/Spartanburg, SC October 2019 15,583 04/2025 1,257 13,252 1,074 — Industrial Phoenix, AZ October 2019 21,020 09/2026 3,311 16,013 1,696 — Industrial Phoenix, AZ November 2019 67,079 09/2030 11,970 48,924 6,185 — Industrial Chicago, IL December 2019 49,348 09/2029 3,432 40,947 4,969 — Industrial Greenville/Spartanburg, SC December 2019 94,233 12/2034 6,959 78,364 8,910 — $ 703,843 $ 54,478 $ 590,973 $ 61,847 $ (3,455 ) Weighted-average life of intangible assets (years) 8.4 8.0 In 2019, the Company invested $3,225 in a 23.6 -acre land parcel in the Columbus, Ohio market and commenced construction of a 320,000 square foot warehouse/distribution facility. Also in 2019, the Company acquired an interest in a newly-formed joint venture, ATL Fairburn JV, LLC, that invested $10,088 in an 81 -acre land parcel in the Atlanta, Georgia market to construct a 910,000 square foot warehouse/distribution facility. The Company has a 90% interest in the joint venture and consolidates the joint venture. 2018 : Real Estate Intangibles Property Type Location Acquisition Date Initial Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Olive Branch, MS April 2018 $ 44,090 07/2029 $ 1,958 $ 38,687 $ 3,445 $ — Industrial Olive Branch, MS April 2018 48,575 06/2021 2,500 42,538 5,151 (1,614 ) Industrial Edwardsville, IL June 2018 44,178 05/2030 3,649 41,292 3,467 (4,230 ) Industrial Spartanburg, SC August 2018 27,632 07/2024 1,447 23,744 2,441 — Industrial Pasadena, TX August 2018 23,868 08/2023 4,057 17,810 2,001 — Industrial Carrollton, TX September 2018 19,564 12/2033 3,228 15,766 1,247 (677 ) Industrial Goodyear, AZ November 2018 41,372 04/2026 5,247 36,115 2,014 (2,004 ) Industrial Chester, VA December 2018 66,311 06/2030 8,544 53,067 6,832 (2,132 ) $ 315,590 $ 30,630 $ 269,019 $ 26,598 $ (10,657 ) Weighted-average life of intangible assets (years) 8.4 9.4 In addition, the Company acquired a 57 -acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant that is developing a distribution facility. |
Dispositions and Impairment
Dispositions and Impairment | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Impairment | Dispositions and Impairment For the years ended December 31, 2019 , 2018 and 2017 , the Company disposed of its interests in certain properties generating aggregate net proceeds of $504,118 , $898,514 and $223,853 , respectively, which resulted in gains on sales of $250,889 , $252,913 and $63,428 , respectively, including, in 2018, the disposition of 21 office assets to a newly-formed joint venture, NNN Office JV L.P. (“NNN JV”), with an unaffiliated third-party. See note 7. For the years ended December 31, 2019 , 2018 and 2017 , the Company recognized net debt satisfaction gains (charges) relating to properties sold of $(4,415) , $(1,698) and $5,938 , respectively. The Company had no properties classified as held for sale at December 31, 2019 and two properties classified as held for sale at December 31, 2018 . Assets and liabilities of the held for sale properties as of December 31, 2018 consisted of the following: December 31, 2018 Assets: Real estate, at cost $ 63,639 Real estate, intangible assets 14,498 Accumulated depreciation and amortization (16,873 ) Rent receivable - deferred 2,439 Other 165 $ 63,868 Liabilities: Other $ 386 $ 386 The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant financial instability, change in the estimated holding period of an asset and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value and the Company estimates that its cost will not be recovered. During 2019 , 2018 and 2017 , the Company recognized aggregate impairment charges on real estate properties of $5,329 , $95,813 and $39,702 , respectively. Included in the impairment charges recognized during 2019 are impairment charges of $2,106 recognized on a vacant retail property in Watertown, New York, which was sold in 2019, $249 recognized on a vacant retail property in Albany, Georgia, which was sold in August 2019 and a held for use impairment of $2,974 recognized on an office property in Baton Rouge, Louisiana due to a reduction of the anticipated holding period and leasing prospects. During 2018 , $36,620 of the impairment charges of $95,813 were recognized on properties held at December 31, 2018, including an aggregate of $23,496 of impairment charges recognized on the Company's office assets in Overland Park, Kansas and Kansas City, Missouri due to a reduction in the anticipated holding period and leasing prospects. During 2017, $18,023 of the impairment charges of $39,702 were recognized on properties held at December 31, 2017. The Company's office asset in Florence, South Carolina and industrial asset in Memphis, Tennessee incurred an aggregate $15,008 of the impairment charges due to a reduction in anticipated holding period. In February 2017, the Company recognized a $5,294 loan loss on the assignment of a loan receivable secured by a hospital in Kennewick, Washington. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2019 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (1,928 ) $ — $ (1,928 ) $ — Impaired real estate assets* $ 4,846 $ — $ — $ 4,846 Fair Value Measurements Using Description 2018 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 76 $ — $ 76 $ — Impaired real estate assets* $ 35,036 $ — $ — $ 35,036 *Represents a non-recurring fair value measurement. Fair value as of the date of impairment. The majority of the inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, such as observable market interest rate curves; however, the credit valuation associated with the interest rate swaps utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2019 and 2018 , the Company determined that the credit valuation adjustment relative to the overall interest rate swaps was not significant. As a result, all interest rate swaps have been classified in Level 2 of the fair value hierarchy. The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2019 and 2018 : As of December 31, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Debt $ 1,311,977 $ 1,276,589 $ 1,492,483 $ 1,409,773 The fair value of the Company's debt is primarily estimated utilizing Level 3 inputs by using a discounted cash flow analysis, based upon estimates of market interest rates. The Company determines the fair value of its Senior Notes using market prices. The inputs used in determining the fair value of these notes are categorized as Level 1 due to the fact that the Company uses quoted market rates to value these instruments. However, the inputs used in determining the fair value could be categorized as Level 2 if trading volumes are low. Fair values cannot be determined with precision, may not be substantiated by comparison to quoted prices in active markets and may not be realized upon sale. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including discount rates, liquidity risks and estimates of future cash flows, could significantly affect the fair value measurement amounts. Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable . The Company estimates that the fair value of cash equivalents, restricted cash, accounts receivable and accounts payable approximates carrying value due to the relatively short maturity of the instruments. |
Investments in Non-Consolidated
Investments in Non-Consolidated Entities | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Non-Consolidated Entities | Investments in Non-Consolidated Entities Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Investment December 31, 2019 December 31, 2019 December 31, 2018 NNN JV (1) 20% $ 39,288 $ 53,144 Etna Park 70 LLC (2) 90% 8,352 4,774 Etna Park 70 East LLC (3) 90% 4,310 — Other (4) 15% to 25% 5,218 8,265 $ 57,168 $ 66,183 (1) During 2018, the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653 , were contributed to NNN JV along with cash of $8,053 . The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one -year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years . (2) Joint venture formed in 2017 with a developer entity to acquire a 151 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The Company determined it is not the primary beneficiary. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57 -acre parcel with a historical cost of $3,008 . The Company acquired control of the parcel via the purchase of the Company's joint venture partners' interest. (3) Joint venture formed in 2019 with a developer entity to acquire a 129.6 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The Company determined it is not the primary beneficiary. (4) At December 31, 2019 , represents one joint venture investment, which owns a single-tenant, net-leased asset. In February 2019, a non-consolidated real estate entity, in which the Company owned a 15% ownership interest, sold its only asset and the Company received $2,317 of proceeds. The Company recognized a gain on the transaction of $824 , which is included in equity in earnings of non-consolidated entities in its Consolidated Statement of Operations. During 2019, NNN JV sold four assets and the Company recognized aggregate gains on the transactions of $3,529 within equity in earnings of non-consolidated entities in its consolidated statement of operations. In conjunction with these property sales, NNN JV received aggregate net proceeds of $45,208 after satisfaction of an aggregate of $101,520 of its non-recourse mortgage indebtedness. The NNN JV distributed $7,549 of the net proceeds to the Company as a result of the property sales. In December 2018, the Company received $4,312 from a non-consolidated investment in connection with its sale of a six -property office portfolio. In February 2017, the Company sold its 40% tenant-in-common interest in its Oklahoma City, Oklahoma office property for $6,198 . The Company recognized gains of $1,777 and $1,452 , respectively, in connection with these sales, which are included in equity in earnings of non-consolidated entities. During 2017, the Company recognized an impairment charge of $3,512 on its investment in a retail property in Palm Beach Gardens, Florida due to the bankruptcy of its tenant. This impairment charge reduced the Company's investment balance to zero . During 2018, the property was sold in a foreclosure sale. The Company earns advisory fees from certain of these non-consolidated entities for services related to acquisitions, asset management and debt placement. Advisory fees earned from these non-consolidated investments were $3,596 , $1,443 and $807 for the years ended December 31, 2019 , 2018 and 2017 . |
Mortgages and Notes Payable
Mortgages and Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgages and Notes Payable | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Mortgages and notes payable $ 393,872 $ 575,514 Unamortized debt issuance costs (3,600 ) (5,094 ) $ 390,272 $ 570,420 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 6.5% and 2.2% to 6.5% at December 31, 2019 and 2018 , respectively, and all mortgages and notes payable mature between 2020 and 2036 , as of December 31, 2019 . The weighted-average interest rate at December 31, 2019 and 2018 was approximately 4.5% . As of December 31, 2019 , the Company had two non-recourse mortgage loans that were in default with an outstanding aggregate principal balance of $38,942 . Each mortgage loan is secured by an office property (Overland Park, Kansas and Charleston, South Carolina), which was vacant or mostly vacant at December 31, 2019 . The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2019 , are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) February 2023 LIBOR + 0.90% $300,000 Term Loan (1)(2) January 2025 LIBOR + 1.00% (1) In February 2019, the Company: (i) increased the total commitment of the revolving credit facility from $505,000 to $600,000 ; (ii) extended the maturity date of the revolving credit facility from August 2019 to February 2023 and allowed for the extension to February 2024 at the Company's option; and (iii) reduced the applicable margin rates. In July 2019, the Company extended the maturity of the $300,000 term loan from January 2021 to January 2025 and swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum. The Company recognized $93 of debt satisfaction charges in connection with these transactions. At December 31, 2019 , the revolving credit facility had no borrowings outstanding and availability of $600,000 , subject to covenant compliance. (2) The aggregate unamortized debt issuance costs for the term loan was $2,561 and $1,267 as of December 31, 2019 and 2018 , respectively. The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2019 . Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ 71,099 2021 36,597 2022 18,564 2023 20,136 2024 13,856 Thereafter 533,620 693,872 Unamortized debt issuance costs (6,161 ) $ 687,711 Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(9) , $(898) and $258 for the years ended December 31, 2019 , 2018 and 2017 , respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $410 , $15 and $1,174 in interest for the years ended 2019 , 2018 and 2017 , respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2019 and 2018 : Issue Date December 31, 2019 December 31, 2018 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (963 ) (1,235 ) Unamortized debt issuance cost (2,167 ) (2,731 ) $ 496,870 $ 496,034 Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 1.7 basis points through maturity. The interest rate at December 31, 2019 was 3.636% . As of December 31, 2019 and 2018 , there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,724 and $1,824 , respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ — 2021 — 2022 — 2023 250,000 2024 250,000 Thereafter 129,120 629,120 Unamortized debt discounts (963 ) Unamortized debt issuance costs (3,891 ) $ 624,266 |
Senior Notes, Convertible Notes
Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Senior Notes, Convertible Notes and Trust Preferred Securities | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Mortgages and notes payable $ 393,872 $ 575,514 Unamortized debt issuance costs (3,600 ) (5,094 ) $ 390,272 $ 570,420 Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 6.5% and 2.2% to 6.5% at December 31, 2019 and 2018 , respectively, and all mortgages and notes payable mature between 2020 and 2036 , as of December 31, 2019 . The weighted-average interest rate at December 31, 2019 and 2018 was approximately 4.5% . As of December 31, 2019 , the Company had two non-recourse mortgage loans that were in default with an outstanding aggregate principal balance of $38,942 . Each mortgage loan is secured by an office property (Overland Park, Kansas and Charleston, South Carolina), which was vacant or mostly vacant at December 31, 2019 . The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2019 , are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) February 2023 LIBOR + 0.90% $300,000 Term Loan (1)(2) January 2025 LIBOR + 1.00% (1) In February 2019, the Company: (i) increased the total commitment of the revolving credit facility from $505,000 to $600,000 ; (ii) extended the maturity date of the revolving credit facility from August 2019 to February 2023 and allowed for the extension to February 2024 at the Company's option; and (iii) reduced the applicable margin rates. In July 2019, the Company extended the maturity of the $300,000 term loan from January 2021 to January 2025 and swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum. The Company recognized $93 of debt satisfaction charges in connection with these transactions. At December 31, 2019 , the revolving credit facility had no borrowings outstanding and availability of $600,000 , subject to covenant compliance. (2) The aggregate unamortized debt issuance costs for the term loan was $2,561 and $1,267 as of December 31, 2019 and 2018 , respectively. The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2019 . Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ 71,099 2021 36,597 2022 18,564 2023 20,136 2024 13,856 Thereafter 533,620 693,872 Unamortized debt issuance costs (6,161 ) $ 687,711 Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(9) , $(898) and $258 for the years ended December 31, 2019 , 2018 and 2017 , respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $410 , $15 and $1,174 in interest for the years ended 2019 , 2018 and 2017 , respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2019 and 2018 : Issue Date December 31, 2019 December 31, 2018 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (963 ) (1,235 ) Unamortized debt issuance cost (2,167 ) (2,731 ) $ 496,870 $ 496,034 Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 1.7 basis points through maturity. The interest rate at December 31, 2019 was 3.636% . As of December 31, 2019 and 2018 , there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,724 and $1,824 , respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ — 2021 — 2022 — 2023 250,000 2024 250,000 Thereafter 129,120 629,120 Unamortized debt discounts (963 ) Unamortized debt issuance costs (3,891 ) $ 624,266 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives . The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the type, amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. Cash Flow Hedges of Interest Rate Risk . The Company's objectives in using interest rate derivatives are to add stability to interest expense, to manage its exposure to interest rate movements and therefore manage its cash outflows as it relates to the underlying debt instruments. To accomplish these objectives the Company primarily uses interest rate swaps as part of its interest rate risk management strategy relating to certain of its variable rate debt instruments. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For 2018 and 2017, the ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company did not incur any ineffectiveness during 2018 and 2017 . During July 2019, the Company entered into four interest rate swap agreements with its counterparties. The swaps were designated as cash flow hedges of the risk of variability attributable to changes in the LIBOR swap rates on its $300,000 LIBOR-indexed variable-rate unsecured term loan. Accordingly, changes in fair value of the swaps are recorded in other comprehensive income (loss) and reclassified to earnings as interest becomes receivable or payable. The swaps expire coterminous with the extended maturity of the term loan in January 2025. During the next 12 months, the Company estimates that an additional $366 will be reclassified as an increase to interest expense if the swaps remain outstanding. As of December 31, 2019 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2019 and 2018 . As of December 31, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swap Asset/Liability Other liabilities $ (1,928 ) Other assets $ 76 The table below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for 2019 and 2018 : Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income Reclassified from Accumulated OCI into Income Amount of Income Hedging Relationships 2019 2018 2019 2018 Interest Rate Swap $ (1,625 ) $ 597 Interest expense $ (379 ) $ (1,586 ) Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded was $65,095 and $79,880 for 2019 and 2018, respectively. The Company's agreements with the swap derivative counterparties contain provisions whereby if the Company defaults on the underlying indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of the swap derivative obligation. As of December 31, 2019 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessor Lexington’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectable, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease payments were considered not probable. During 2019 , rental revenue was reduced by $352 for accounts receivable deemed uncollectable primarily related to the tenant in Thompson, Georgia filing for bankruptcy. In August 2019, the tenant of the Columbus, Indiana property began paying rent into a court administered account. See note 17. The litigation was in an early stage and discovery was ongoing. Due to the inherent uncertainty of, and the early stage of this, litigation, the Company did not recognize rental revenue of $1,100 , representing rental revenue for August and September 2019. On December 19, 2019, the Company sold its interest in the Columbus, Indiana property to the tenant for a gross purchase price of $46,915 and terminated the tenant's lease as part of the settlement of the litigation. At closing of the sale, the tenant paid rent for the period from August 1, 2019 to December 18, 2019 in the amount of $1,885 and reimbursed the Company for $700 in expenses under the indemnity provision in the lease. The Company determined that the lease and non-lease components in its leases are a single lease component and is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease services that are included within rental revenue are CAM services provided as part of the Company’s real estate leases. Topic 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of December 31, 2019 , the Company incurred $191 of costs that were not incremental to the execution of leases, which are included in property operating expenses on its consolidated statements of operations. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. The following table presents the Company’s classification of rental revenue for its operating leases for the year ended December 31, 2019 : Classification Fixed Variable (1) Total Rental revenue $ 291,892 $ 28,730 $ 320,622 (1) Primarily comprised of tenant reimbursements. Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of December 31, 2019 were as follows: 2020 $ 269,701 2021 258,937 2022 245,527 2023 242,009 2024 210,765 Thereafter 1,399,068 Total $ 2,626,007 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably assured. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Minimum future lease payments under the non-cancellable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter in accordance with ASC Topic 840 as of December 31, 2018 were as follows: Year ending December 31, Total 2019 $ 270,557 2020 253,660 2021 233,192 2022 212,893 2023 211,387 Thereafter 1,619,848 $ 2,801,537 Lessee The Company has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2019 . The leases have remaining lease terms of up to 43 years , some of which include options to extend the leases in 5 to 10-year increments for up to 53 years . Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. Minimum lease payments for leases that commenced before the date of adoption of ASC 842 were determined based on previous leases guidance under ASC 840. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. As the Company does not know the rate implicit in the respective leases, the Company used its incremental borrowing rate based on the information available at the transition date for such existing leases. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases as of December 31, 2019 is as follows: Weighted-average remaining lease term Operating leases (years) 12.3 Weighted-average discount rate Operating leases 4.1 % The components of lease expense for the year ended December 31, 2019 were as follows: Income Statement Classification Fixed Variable Total Property operating $ 3,982 $ — $ 3,982 General and administrative 1,343 112 1,455 Total $ 5,325 $ 112 $ 5,437 The Company recognized sublease income of $3,764 in 2019. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2019 : Operating Leases 2020 $ 5,236 2021 5,060 2022 5,135 2023 5,279 2024 5,301 Thereafter 25,621 Total lease payments $ 51,632 Less: Imputed interest (12,190 ) Present value of lease liabilities $ 39,442 The Company leases its corporate headquarters. The lease expires March 2026. The Company is responsible for its proportionate share of operating expenses and real estate taxes above a base year. In addition, the Company leases office space for its regional offices. The minimum rent payments for the Company's offices are $1,296 for 2020, $1,325 for 2021, $1,335 for 2022, $1,305 for 2023 and $1,305 for 2024 and $1,631 thereafter, which are included in the table above. Rent expense for 2019, 2018 and 2017 was $1,312 , $1,274 and $1,256 , respectively. The following table shows the Company's future minimum lease rental payments under non-cancellable leasehold interests in accordance with ASC Topic 840 as of December 31, 2018: Year ending December 31, Total 2019 $ 3,826 2020 3,827 2021 3,769 2022 3,834 2023 4,008 Thereafter 28,326 $ 47,590 Rent expense for the leasehold interests was $597 and $690 in 2018 and 2017, respectively. |
Leases | Leases Lessor Lexington’s lease portfolio as a lessor primarily includes general purpose, single-tenant net-leased real estate assets. Most of the Company’s leases require tenants to pay fixed annual rental payments that escalate on an annual basis and variable payments for other operating expenses, such as real estate taxes, insurance, common area maintenance ("CAM"), and utilities, that are based on the actual expenses incurred. Certain leases allow for the tenant to renew the lease term upon expiration or earlier. Periods covered by a renewal option are included within the lease term only when renewals are deemed to be reasonably certain. Certain leases allow for the tenant to terminate the lease before the expiration of lease term and certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price upon expiration of the lease term or before. Accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease and determining the lease term when the contract has renewal, purchase or early termination provisions. The Company analyzes its accounts receivable, customer creditworthiness and current economic trends when evaluating the adequacy of the collectability of the lessee's total accounts receivable balance on a lease by lease basis. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected pre-petition and post-petition claims. If a lessee's accounts receivable balance is considered uncollectable, the Company will write-off the receivable balances associated with the lease to rental revenue and cease to recognize lease income, including straight-line rent, unless cash is received. If the Company subsequently determines that it is probable it will collect substantially all of the lessee's remaining lease payments under the lease term; the Company will reinstate the straight-line balance adjusting for the amount related to the period when the lease payments were considered not probable. During 2019 , rental revenue was reduced by $352 for accounts receivable deemed uncollectable primarily related to the tenant in Thompson, Georgia filing for bankruptcy. In August 2019, the tenant of the Columbus, Indiana property began paying rent into a court administered account. See note 17. The litigation was in an early stage and discovery was ongoing. Due to the inherent uncertainty of, and the early stage of this, litigation, the Company did not recognize rental revenue of $1,100 , representing rental revenue for August and September 2019. On December 19, 2019, the Company sold its interest in the Columbus, Indiana property to the tenant for a gross purchase price of $46,915 and terminated the tenant's lease as part of the settlement of the litigation. At closing of the sale, the tenant paid rent for the period from August 1, 2019 to December 18, 2019 in the amount of $1,885 and reimbursed the Company for $700 in expenses under the indemnity provision in the lease. The Company determined that the lease and non-lease components in its leases are a single lease component and is, therefore, being recognized as rental revenue in its consolidated statements of operations. The primary non-lease services that are included within rental revenue are CAM services provided as part of the Company’s real estate leases. Topic 842 requires that the Company capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. As of December 31, 2019 , the Company incurred $191 of costs that were not incremental to the execution of leases, which are included in property operating expenses on its consolidated statements of operations. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities . The Company does not have residual value guarantees on specific properties. The following table presents the Company’s classification of rental revenue for its operating leases for the year ended December 31, 2019 : Classification Fixed Variable (1) Total Rental revenue $ 291,892 $ 28,730 $ 320,622 (1) Primarily comprised of tenant reimbursements. Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of December 31, 2019 were as follows: 2020 $ 269,701 2021 258,937 2022 245,527 2023 242,009 2024 210,765 Thereafter 1,399,068 Total $ 2,626,007 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably assured. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Minimum future lease payments under the non-cancellable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter in accordance with ASC Topic 840 as of December 31, 2018 were as follows: Year ending December 31, Total 2019 $ 270,557 2020 253,660 2021 233,192 2022 212,893 2023 211,387 Thereafter 1,619,848 $ 2,801,537 Lessee The Company has ground leases, corporate leases for office space, and office equipment leases. All leases were classified as operating leases as of December 31, 2019 . The leases have remaining lease terms of up to 43 years , some of which include options to extend the leases in 5 to 10-year increments for up to 53 years . Renewal periods are included in the lease term only when renewal is deemed to be reasonably certain. The lease term also includes periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the termination option. The Company measures its lease payments by including fixed rental payments and variable rental payments that tie to an index or a rate, such as CPI. Minimum lease payments for leases that commenced before the date of adoption of ASC 842 were determined based on previous leases guidance under ASC 840. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term and variable lease expense not included in the lease payment measurement as incurred. The accounting guidance under Topic 842 requires the Company to make certain assumptions and judgments in applying the guidance, including determining whether an arrangement includes a lease, determining the term of a lease when the contract has renewal or termination provisions and determining the discount rate. The Company determines whether an arrangement is or includes a lease at contract inception by evaluating whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If the Company has the right to obtain substantially all of the economic benefits from and can direct the use of, the identified asset for a period of time, the Company accounts for the contract as a lease. As the Company does not know the rate implicit in the respective leases, the Company used its incremental borrowing rate based on the information available at the transition date for such existing leases. The Company uses the information available at the lease commencement date to determine the discount rate for any new leases. The Company used a portfolio approach to determine its incremental borrowing rate. Lease contracts were grouped based on similar lease terms and economic environments in a manner in which the Company reasonably expects that the outcome from applying a portfolio approach does not differ materially from an individual lease approach. The Company estimated a collateralized discount rate for each portfolio of leases. Supplemental information related to operating leases as of December 31, 2019 is as follows: Weighted-average remaining lease term Operating leases (years) 12.3 Weighted-average discount rate Operating leases 4.1 % The components of lease expense for the year ended December 31, 2019 were as follows: Income Statement Classification Fixed Variable Total Property operating $ 3,982 $ — $ 3,982 General and administrative 1,343 112 1,455 Total $ 5,325 $ 112 $ 5,437 The Company recognized sublease income of $3,764 in 2019. The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2019 : Operating Leases 2020 $ 5,236 2021 5,060 2022 5,135 2023 5,279 2024 5,301 Thereafter 25,621 Total lease payments $ 51,632 Less: Imputed interest (12,190 ) Present value of lease liabilities $ 39,442 The Company leases its corporate headquarters. The lease expires March 2026. The Company is responsible for its proportionate share of operating expenses and real estate taxes above a base year. In addition, the Company leases office space for its regional offices. The minimum rent payments for the Company's offices are $1,296 for 2020, $1,325 for 2021, $1,335 for 2022, $1,305 for 2023 and $1,305 for 2024 and $1,631 thereafter, which are included in the table above. Rent expense for 2019, 2018 and 2017 was $1,312 , $1,274 and $1,256 , respectively. The following table shows the Company's future minimum lease rental payments under non-cancellable leasehold interests in accordance with ASC Topic 840 as of December 31, 2018: Year ending December 31, Total 2019 $ 3,826 2020 3,827 2021 3,769 2022 3,834 2023 4,008 Thereafter 28,326 $ 47,590 Rent expense for the leasehold interests was $597 and $690 in 2018 and 2017, respectively. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk The Company seeks to reduce its operating and leasing risks through the geographic diversification of its properties, tenant industry diversification, avoidance of dependency on a single asset and the creditworthiness of its tenants. For the years ended December 31, 2019 , 2018 and 2017 , no single tenant represented greater than 10% of rental revenues. Cash and cash equivalent balances at certain institutions may exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Shareholders' Equity: The Company maintains an At-The-Market offering program ("ATM program") under which the Company can issue common shares. Under the ATM program, the Company may enter into forward sales agreements with agents. As of December 31, 2019, the Company has not entered into any forward sale agreements. During 2019, the Company issued 9,668,748 common shares under the ATM program and generated net proceeds of $102,299 . As of December 31, 2019 , $296,076 in common shares remain available for issuance under the ATM program. During 2018, the Company did no t issue common shares under its ATM program. During 2017, the Company issued 1,593,603 common shares under the ATM program and generated aggregate gross proceeds of $17,362 . The proceeds from these issuances were primarily used for general working capital, to fund investments and retire indebtedness. During 2019, the Company issued 10,000,000 common shares at $10.09 per common share in an underwritten offering and generated net proceeds of $100,749 . The proceeds were used for working capital and for general corporate purposes, including acquisitions. The Company had 1,935,400 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred”) outstanding at December 31, 2019 . The shares have a dividend of $3.25 per share per annum, have a liquidation preference of $96,770 , and the Company, if certain common share prices are achieved, can force conversion into common shares of the Company. As of December 31, 2019 , each share was convertible into 2.4339 common shares. This conversion ratio may increase over time if the Company's common share dividend exceeds certain quarterly thresholds. If certain fundamental changes occur, holders may require the Company, in certain circumstances, to repurchase all or part of their shares of Series C Preferred. In addition, upon the occurrence of certain fundamental changes, the Company will, under certain circumstances, increase the conversion rate by a number of additional common shares or, in lieu thereof, may in certain circumstances elect to adjust the conversion rate upon the shares of Series C Preferred becoming convertible into shares of the public acquiring or surviving company. The Company may, at the Company's option, cause shares of Series C Preferred to be automatically converted into that number of common shares that are issuable at the then prevailing conversion rate. The Company may exercise its conversion right only if, at certain times, the closing price of the Company's common shares equals or exceeds 125% of the then prevailing conversion price of the Series C Preferred. Investors in shares of Series C Preferred generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters and under certain other circumstances. Upon conversion, the Company may choose to deliver the conversion value to investors in cash, common shares, or a combination of cash and common shares. During 2019 , 2018 and 2017 , the Company issued 896,807 , 965,932 and 835,234 of its common shares, respectively, to certain employees and trustees. Typically, trustee share grants vest immediately. Employee share grants generally vest ratably, on anniversaries of the grant date, however, in certain situations vesting is cliff-based after a specific number of years and/or subject to meeting certain performance criteria (see note 14). In July 2015, the Company's Board of Trustees authorized the repurchase of up to 10,000,000 common shares and increased this authorization by 10,000,000 common shares in 2018. This share repurchase program has no expiration date. During 2019 and 2018, the Company repurchased and retired 441,581 and 5,851,252 common shares, respectively, at an average price of $8.13 and $8.05 , respectively, per common share under this share repurchase program. No shares were repurchased in 2017. As of December 31, 2019, 10,306,255 common shares remain available for repurchase under this authorization. The Company records a liability for repurchases that have not yet been settled as of period end. There were no unsettled repurchases as of December 31, 2019 . During 2019, the Company settled $2,641 of shares repurchased as of December 31, 2018. A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Twelve months ended December 31, 2019 2018 Balance at beginning of period $ 76 $ 1,065 Other comprehensive income (loss) before reclassifications (1,625 ) 597 Amounts of income reclassified from accumulated other comprehensive income (loss) to interest expense (379 ) (1,586 ) Balance at end of period $ (1,928 ) $ 76 Noncontrolling Interests: In conjunction with several of the Company's acquisitions in prior years, sellers were issued OP units as a form of consideration. All OP units, other than OP units owned by the Company, are redeemable for common shares at certain times, at the option of the holders, and are generally not otherwise mandatorily redeemable by the Company. The OP units are classified as a component of permanent equity as the Company has determined that the OP units are not redeemable securities as defined by GAAP. Each OP unit is currently redeemable for approximately 1.13 common shares, subject to future adjustments. During 2019 , 2018 and 2017 , 391,993 , 53,388 and 140,746 common shares, respectively, were issued by the Company, in connection with OP unit redemptions, for an aggregate value of $1,655 , $189 and $584 , respectively. As of December 31, 2019 , there were approximately 2,829,000 OP units outstanding other than OP units owned by the Company. All OP units receive distributions in accordance with the LCIF partnership agreement. To the extent that the Company's dividend per common share is less than the stated distribution per OP unit per the LCIF partnership agreement, the distributions per OP unit are reduced by the percentage reduction in the Company's dividend per common share. No OP units have a liquidation preference. The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests 2019 2018 2017 Net income attributable to Lexington Realty Trust shareholders $ 279,910 $ 227,415 $ 85,583 Transfers (to) from noncontrolling interests: Decrease in additional paid-in-capital for reallocation of noncontrolling interests (973 ) — — Increase in additional paid-in-capital for redemption of noncontrolling OP units 1,655 189 584 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 280,592 $ 227,604 $ 86,167 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Benefit Plans | Benefit Plans The Company maintains an equity award plan pursuant to which qualified and non-qualified options may be issued. No common share options were issued in 2019 , 2018 and 2017 . The Company granted 1,248,501 , 1,265,500 and 2,000,000 common share options on December 31, 2010 (“2010 options”), January 8, 2010 (“2009 options”) and December 31, 2008 (“2008 options”), respectively, at an exercise price of $7.95 , $6.39 and $5.60 , respectively. The 2010 options (1) vested 20% annually on each December 31, 2011 through 2015 and (2) terminate on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2020. The 2009 options (1) vested 20% annually on each December 31, 2010 through 2014 and (2) terminated on the earlier of (x) six months of termination of service with the Company and (y) December 31, 2019. The 2008 options (1) vested 50% following a 20 -day trading period where the average closing price of a common share of the Company on the New York Stock Exchange (“NYSE”) was $8.00 or higher and vested 50% following a 20 -day trading period where the average closing price of a common share of the Company on the NYSE was $10.00 or higher, and (2) terminated on the earlier of (x) termination of service with the Company or (y) December 31, 2018. As a result of the share dividends paid in 2009, each of the 2008 options were exchangeable for approximately 1.13 common shares at an exercise price of $4.97 per common share. The Company engaged third parties to value the options as of each option's respective grant date. The third parties determined the value to be $2,422 and $2,771 for the 2010 options and 2009 options, respectively, using the Black-Scholes model and $2,480 for the 2008 options using the Monte Carlo model. The options are considered equity awards as they are settled through the issuance of common shares. As such, the options were valued as of the grant date and do not require subsequent remeasurement. There were several assumptions used to fair value the options including the expected volatility in the Company's common share price based upon the fluctuation in the Company's historical common share price. The more significant assumptions underlying the determination of fair value for options granted were as follows: 2010 Options 2009 Options 2008 Options Weighted-average fair value of options granted $ 1.94 $ 2.19 $ 1.24 Weighted-average risk-free interest rate 2.54 % 3.29 % 1.33 % Weighted-average expected option lives (in years) 6.50 6.70 3.60 Weighted-average expected volatility 49.00 % 59.08 % 59.94 % Weighted-average expected dividend yield 7.40 % 6.26 % 14.40 % The Company recognized compensation expense relating to these options over an average of 5.0 years for the 2010 options and 2009 options and 3.6 years for the 2008 options. All deferred compensation costs relating to the outstanding options were fully amortized by December 31, 2015. The intrinsic value of an option is the amount by which the market value of the underlying common share at the date the option is exercised exceeds the exercise price of the option. The total intrinsic value of options exercised for the years ended December 31, 2019 and 2018 were $271 and $26 , respectively. Share option activity during the years indicated is as follows: Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2017 134,790 $ 7.39 Exercised (16,390 ) 6.99 Balance at December 31, 2018 118,400 7.44 Exercised (84,400 ) 7.24 Balance at December 31, 2019 34,000 $ 7.95 As of December 31, 2019 , the aggregate intrinsic value of options that were outstanding and exercisable was $91 . Non-vested share activity for the years ended December 31, 2019 and 2018 , is as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Balance at December 31, 2017 3,767,298 $ 7.79 Granted 899,614 6.55 Vested (618,383 ) 9.70 Forfeited (593,452 ) 6.59 Balance at December 31, 2018 3,455,077 7.34 Granted 829,581 5.97 Vested (151,447 ) 5.06 Forfeited (1,191,799 ) 6.76 Balance at December 31, 2019 2,941,412 $ 7.30 During 2019 and 2018 , the Company granted common shares to certain employees and trustees as follows: 2019 2018 Performance Shares (1) Shares issued: Index 276,063 331,025 Peer 276,058 331,019 Grant date fair value per share: (2) Index $5.05 $5.81 Peer $4.67 $5.37 Non-Vested Common Shares: (3) Shares issued 277,460 237,570 Grant date fair value $2,270 $2,190 (1) The shares vest based on the Company's total shareholder return growth after a three -year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2019, 713,044 of the 808,929 performance shares issued in 2016 vested. During 2018, 116,926 of the 642,029 performance shares issued in 2015 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three -year service period. In addition, during 2019 , 2018 and 2017 , the Company issued 67,226 , 66,318 , and 57,334 , respectively, of fully vested common shares to non-management members of the Company's Board of Trustees with a fair value of $595 , $599 , and $596 , respectively. As of December 31, 2019 , of the remaining 2,941,412 non-vested shares, 1,274,506 are subject to time-based vesting and 1,666,906 are subject to performance-based vesting. At December 31, 2019 , there are 3,116,063 awards available for grant. The Company has $6,800 in unrecognized compensation costs relating to the non-vested shares that will be charged to compensation expense over an average of approximately 1.7 years . The Company has established a trust for certain officers in which vested common shares granted for the benefit of the officers are deposited. The officers exert no control over the common shares in the trust and the common shares are available to the general creditors of the Company. As of December 31, 2019 and 2018 , there were 130,863 and 427,531 common shares, respectively, in the trust. The Company sponsors a 401(k) retirement savings plan covering all eligible employees. The Company makes a discretionary matching contribution on a portion of employee participant salaries and, based on its profitability, may make an additional discretionary contribution at each fiscal year end to all eligible employees. These discretionary contributions are subject to vesting under a schedule providing for 25% annual vesting starting with the first year of employment and 100% vesting after four years of employment. Approximately $403 , $397 and $439 of contributions are applicable to 2019 , 2018 and 2017 , respectively. During 2019 , 2018 and 2017 , the Company recognized $5,831 , $6,901 and $8,333 , respectively, in expense relating to scheduled vesting and issuance of common share grants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company had an indemnity obligation to Vornado Realty Trust ("VNO"), one of its significant shareholders until March 1, 2019, with respect to actions by the Company that affect VNO's status as a REIT. The indemnity obligation lapsed in 2019. All related party transactions are approved by the independent members of the Company's Board of Trustees or the Audit Committee as provided for in the Company's Code of Business Conduct and Ethics. The Company leased a property to an entity in which VNO has an interest. During 2017 , the Company recognized $234 , in rental revenue from this property. This property was sold in 2017. The Company leases its corporate office from an affiliate of VNO. Rent expense for this property was $1,128 , $1,192 and $1,179 in 2019 , 2018 and 2017 , respectively. In connection with efforts, on a non-binding basis, to procure non-recourse mezzanine financing from an affiliate of the Company's former Chairman, pursuant to the terms of the EB-5 visa program administered by the United States Citizenship and Immigration Services (“USCIS”), for a joint venture investment in Houston, Texas, in which the Company has an investment, the Company executed a guaranty in favor of an affiliate of its former Chairman. The guaranty provided that the Company will reimburse investors providing the funds for such financing if the following occurs: (1) the joint venture receives such funds, (2) the USCIS denies the financing solely because the project is not permitted under the EB-5 visa program, and (3) the joint venture fails to return such funds. During 2017, USCIS approved the project, and the guaranty terminated by its terms. In 2018, the joint venture obtained $8,500 of EB-5 mezzanine financing from an affiliate of the Company's former Chairman. The joint venture reimbursed the former Chairman's affiliate $150 for its expenses. Under an indemnity agreement, the joint venture is required to pay an affiliate of the Company's former Chairman 0.625% of the outstanding principal amount of the EB-5 mezzanine financing per annum. In addition, during 2017, the Company obtained non-recourse mezzanine financing in the initial amount of $8,000 from an affiliate of the Company's former Chairman, pursuant to the terms of the EB-5 visa program administered by the USCIS, for an investment in Charlotte, North Carolina. In January 2018, the Company obtained an additional $500 of financing proceeds. The Company reimbursed the former Chairman's affiliate approximately $105 for its expenses and paid a $128 structuring fee to the former Chairman's affiliate. The property was subsequently contributed to, and the financing assumed by, NNN JV. In 2019, the joint venture obtained an additional $1,000 of EB-5 mezzanine financing from an affiliate of the Company's former Chairman. The joint venture reimbursed the former Chairman's affiliate $15 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The Company's provision for income taxes for the years ended December 31, 2019 , 2018 and 2017 is summarized as follows: 2019 2018 2017 Current: Federal $ (70 ) $ (60 ) $ (107 ) State and local (1,309 ) (1,668 ) (1,810 ) $ (1,379 ) $ (1,728 ) $ (1,917 ) The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2019 2018 2017 Federal provision at statutory tax rate (21% for 2019 and 2018 and 34% for 2017) $ (73 ) $ (65 ) $ (182 ) State and local taxes, net of federal benefit (10 ) (11 ) (40 ) Other (1,296 ) (1,652 ) (1,695 ) $ (1,379 ) $ (1,728 ) $ (1,917 ) For the years ended December 31, 2019 , 2018 and 2017 , the “other” amount is comprised primarily of state franchise taxes of $1,289 , $1,679 and $1,598 , respectively. A summary of the average taxable nature of the Company's common dividends for each of the years in the three -year period ended December 31, 2019 , is as follows: 2019 2018 2017 Total dividends per share $ 0.485 $ 0.710 $ 0.700 Ordinary income 61.07 % 87.89 % 59.93 % Qualifying dividend 0.22 % 0.14 % 0.15 % Capital gain — — — Return of capital 38.71 % 11.97 % 39.92 % 100.00 % 100.00 % 100.00 % A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three -year period ended December 31, 2019 , is as follows: 2019 2018 2017 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 99.64 % 99.84 % 99.75 % Qualifying dividend 0.36 % 0.16 % 0.25 Capital gain — — — Return of capital — — — 100.00 % 100.00 % 100.00 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In addition to the commitments and contingencies disclosed elsewhere, the Company has the following commitments and contingencies. The Company is obligated under certain tenant leases, including its proportionate share for leases for non-consolidated entities, to fund the expansion of the underlying leased properties. The Company, under certain circumstances, may guarantee to tenants the completion of base building improvements and the payment of tenant improvement allowances and lease commissions on behalf of its subsidiaries. The Company had four development projects as of December 31, 2019, which are described in "Properties" in Part I, Item 2 of this Annual Report. Due to the early stage of development of each project and the uncertainty of construction schedules at such stage, the Company is unable to estimate the timing of the required fundings for development projects. The Company and LCIF are parties to a funding agreement under which the Company may be required to fund distributions made on account of LCIF's OP units. Pursuant to the funding agreement, the parties agreed that, if LCIF does not have sufficient cash available to make a quarterly distribution to its limited partners in an amount in accordance with the partnership agreement, Lexington will fund the shortfall. Payments under the agreement will be made in the form of loans to LCIF and will bear interest at prevailing rates as determined by the Company in its discretion but, no less than the applicable federal rate. LCIF's right to receive these loans will expire if no OP units remain outstanding and all such loans are repaid. No amounts have been advanced under this agreement. From time to time, the Company is directly or indirectly involved in legal proceedings arising in the ordinary course of business. Management believes, based on currently available information, and after consultation with legal counsel, that although the outcomes of those normal course proceedings are uncertain, the results of such proceedings, in the aggregate, will not have a material adverse effect on the Company's business, financial condition and results of operations. Cummins Inc. v. Lexington Columbus (Jackson Street) L.P. and Wells Fargo Trust Company, N.A. (State of Indiana, County of Bartholomew, in the Bartholomew Superior Court). On October 25, 2018, Cummins Inc., the tenant in the Columbus, Indiana office building, filed a complaint for declaratory relief against Lexington Columbus (Jackson Street) L.P. (“Lex Columbus”), the Company's property owner subsidiary, and Wells Fargo Trust Company, N.A., the trustee for the noteholders with a security interest in the office building. Despite failing to timely provide notice of intent to exercise a $5,000 purchase option for the office building that was expressly due by July 15, 2018, where time was of the essence, Cummins Inc. asked the court for a declaration that it is entitled to purchase the building at the option price and to terminate the lease effective July 31, 2019. Cummins Inc. did not dispute that it failed to comply with the requirements of the purchase option, but alleged that it is entitled to relief under several equitable theories. Under the subject lease, as a result of the failure of Cummins Inc. to exercise its purchase option and to give notice of non-renewal, Cummins Inc.’s tenancy extended through July 31, 2024, with options to further extend for additional time periods. On December 19, 2019, Lex Columbus sold its interest in the Columbus, Indiana office building to Cummins Inc. for a gross purchase price of $46,915 and terminated the Cummins lease as part of a settlement of the litigation. At the closing of the sale, Cummins Inc. paid rent for the period August 1, 2019 through December 18, 2019 in the amount of $1,885 and reimbursed Lex Columbus for $700 in expenses under the indemnity provision in the lease. The litigation was dismissed with prejudice on December 20, 2019. As of December 31, 2019, the Company maintained an executive severance policy and entered into related agreements with certain of its executive officers whereby the Company's executives are entitled to severance benefits upon certain events. In January 2018, the Company entered into retirement agreements with two of its then executive officers. One of the retirement agreements provides for contingent payments, not to exceed $795 , in 2020 following the receipt of certain incentive fees by the Company, if any. As of December 31, 2019, $140 of these contingent payments was earned. |
Supplemental Disclosure of Stat
Supplemental Disclosure of Statement of Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Statement of Cash Flow Information | Supplemental Disclosure of Statement of Cash Flow Information 2019 2018 2017 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 168,750 $ 107,762 $ 86,637 Restricted cash at beginning of period 8,497 4,394 31,142 Cash, cash equivalents and restricted cash at beginning of period $ 177,247 $ 112,156 $ 117,779 Cash and cash equivalents at end of period $ 122,666 $ 168,750 $ 107,762 Restricted cash at end of period 6,644 8,497 4,394 Cash, cash equivalents and restricted cash at end of period $ 129,310 $ 177,247 $ 112,156 In addition to disclosures discussed elsewhere, during 2019 , 2018 and 2017 , the Company paid $59,018 , $76,562 and $75,069 , respectively, for interest and $1,482 , $2,025 and $2,340 , respectively, for income taxes. During 2019, the Company assumed a $41,877 non-recourse mortgage debt upon the acquisition of a property. In addition, in 2019, the Company sold its interest in a property, which included the assumption by the buyer of the related non-recourse mortgage debt of $110,000 . During 2017 , the Company conveyed its interests in certain properties to its lenders in full satisfaction of $12,616 non-recourse mortgage notes payable. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Total gross revenues $ 81,248 $ 80,135 $ 81,550 $ 83,036 Net income $ 28,280 $ 23,769 $ 147,821 $ 85,423 Net income attributable to common shareholders $ 26,405 $ 21,721 $ 141,560 $ 83,574 Net income attributable to common shareholders - basic per share $ 0.11 $ 0.09 $ 0.60 $ 0.34 Net income attributable to common shareholders - diluted per share $ 0.11 $ 0.09 $ 0.59 $ 0.33 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Total gross revenues $ 102,821 $ 105,673 $ 100,295 $ 88,182 Net income (loss) $ (14,823 ) $ (795 ) $ 220,850 $ 25,674 Net income (loss) attributable to common shareholders $ (15,957 ) $ (3,327 ) $ 216,190 $ 23,796 Net income (loss) attributable to common shareholders - basic per share $ (0.07 ) $ (0.01 ) $ 0.91 $ 0.10 Net income (loss) attributable to common shareholders - diluted per share $ (0.07 ) $ (0.01 ) $ 0.90 $ 0.10 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2019 and in addition to disclosures elsewhere in the financial statements, the Company: – acquired four industrial properties for an aggregate purchase price of approximately $195,000 , partially funded through borrowings on the revolving credit facility. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation. The Company's consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial statements reflect the accounts of the Company and its consolidated subsidiaries. The Company consolidates its wholly-owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under appropriate GAAP. |
Earnings Per Share | Earnings Per Share . Basic net income (loss) per share is computed by dividing net income (loss) reduced by preferred dividends and amounts allocated to certain non-vested share-based payment awards, if applicable, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share amounts are similarly computed but include the effect, when dilutive, of in-the-money common share options and non-vested common shares, OP units and put options of certain convertible securities. |
Use of Estimates | Use of Estimates. Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the economic environment. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets and equity method investments, valuation of derivative financial instruments, valuation of awards granted under compensation plans, the determination of the incremental borrowing rate for leases where the Company is the lessee and the useful lives of long-lived assets. Actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition. The Company recognizes lease revenue on a straight-line basis over the term of the lease unless another systematic and rational basis is more representative of the time pattern in which the use benefit is derived from the leased property. Revenue is recognized on a contractual basis for leases with escalations tied to a consumer price index with no floor. Renewal options in leases with rental terms that are lower than those in the primary term are excluded from the calculation of straight-line rent if the renewals are not reasonably assured. If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. The Company recognizes lease termination fees as rental revenue in the period received and writes off unamortized lease-related intangible and other lease-related account balances, provided there are no further Company obligations under the lease. Otherwise, such fees and balances are recognized on a straight-line basis over the remaining obligation period with the termination payments being recorded as a component of rent receivable-deferred on the Consolidated Balance Sheets. |
Acquisition of Real Estate | Acquisition of Real Estate. The fair value of the real estate acquired, which includes the impact of fair value adjustments for assumed mortgage debt related to property acquisitions, is allocated to the acquired tangible assets, consisting of land, building and improvements and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases and value of tenant relationships, based in each case on their fair values. Prior to January 1, 2018, acquisition and pursuit costs were expensed as incurred and were included in property operating expense in the accompanying Consolidated Statement of Operations, which were $2,171 for 2017. Effective January 1, 2018, the Company's acquisitions are primarily considered asset acquisitions and acquisition costs are now capitalized. The fair value of the tangible assets of an acquired property (which includes land, building and improvements and fixtures and equipment) is determined by valuing the property as if it were vacant. The “as-if-vacant” value is then allocated to land and building and improvements based on management's determination of relative fair values of these assets. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions. Management generally retains a third party to assist in the allocations. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market lease values are recorded based on the difference between the current in-place lease rent and management's estimate of current market rents. Below-market lease intangibles are recorded as part of deferred revenue and amortized into rental revenue over the non-cancelable periods and bargain renewal periods of the respective leases. Above-market leases are recorded as part of intangible assets and amortized as a direct charge against rental revenue over the non-cancelable portion of the respective leases. The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationship values, is measured by the excess of (1) the purchase price paid for a property over (2) the estimated fair value of the property as if vacant, determined as set forth above. This aggregate value is allocated between in-place lease values and tenant relationship values based on management's evaluation of the specific characteristics of each tenant's lease. The value of in-place leases is amortized to expense over the remaining non-cancelable periods and any bargain renewal periods of the respective leases. The value of tenant relationships is amortized to expense over the applicable lease term plus expected renewal periods. Depreciation is determined by the straight-line method over the remaining estimated economic useful lives of the properties. The Company generally depreciates its real estate assets over periods ranging up to 40 years . |
Impairment of Real Estate | Impairment of Real Estate. The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The Company considers the strategic decisions regarding the future plans to sell properties and other market factors. The Company regularly updates significant estimates and assumptions including rental rates, capitalization rates and discount rates, which are included in the anticipated future undiscounted cash flows derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. |
Investments in Non-Consolidated Entities | Investments in Non-Consolidated Entities . The Company accounts for its investments in 50% or less owned entities under the equity method, unless consolidation is required. If the Company's investment in the entity is insignificant and the Company has no influence over the control of the entity then the entity is accounted for under the cost method. |
Impairment of Equity Method Investments | Impairment of Equity Method Investments. The Company assesses whether there are indicators that the value of its equity method investments may be impaired. An impairment charge is recognized only if the Company determines that a decline in the value of the investment below its carrying value is other-than-temporary. The assessment of impairment is highly subjective and involves the application of significant assumptions and judgments about the Company's intent and ability to recover its investment given the nature and operations of the underlying investment, including the level of the Company's involvement therein, among other factors. To the extent an impairment is deemed to be other-than-temporary, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. |
Fair Value Measurements | Fair Value Measurements. The Company follows the guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. Topic 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and Level 3 - unobservable inputs, which are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The Company has formally elected to apply the portfolio exception within Topic 820 with respect to measuring counterparty risk for all of its derivative transactions subject to master netting arrangements. The Company estimates the fair value of its real estate assets, including non-consolidated real estate assets, by using income and market valuation techniques. The Company may estimate fair values using market information such as recent sale contracts (Level 2 inputs) or recent sale offers or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under-estimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or over-estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated. |
Acquisition, Development and Construction Arrangements | Acquisition, Development and Construction Arrangements. The Company evaluates loans receivable where the Company participates in residual profits through loan provisions or other contracts to ascertain whether the Company has the same risks and rewards as an owner or a joint venture partner. Where the Company concludes that such arrangements are more appropriately treated as an investment in real estate, the Company reflects such loan receivable as an equity investment in real estate under construction in the Consolidated Balance Sheets. In these cases, no interest income is recorded on the loan receivable and the Company records capitalized interest during the construction period. In arrangements where the Company engages a developer to construct a property or provide funds to a tenant to develop a property, the Company will capitalize the funds provided to the developer/tenant and internal costs of interest and real estate taxes, if applicable, during the construction period. |
Properties Held For Sale | Properties Held For Sale. Assets and liabilities of properties that meet various held for sale criteria, including whether it is probable that a sale will occur within 12 months, are presented separately in the Consolidated Balance Sheets. The operating results of these properties are reflected as discontinued operations in the Consolidated Statements of Operations only if the sale of these assets represents a strategic shift in operations; if not, the operating results are included in continuing operations. Properties classified as held for sale are carried at the lower of net carrying value or estimated fair value less costs to sell and depreciation and amortization are no longer recognized. Properties that do not meet the held for sale criteria are accounted for as operating properties. |
Deferred Expenses | Deferred Expenses. Deferred expenses consist primarily of revolving line of credit debt and leasing costs. Debt costs are amortized using the straight-line method, which approximates the interest method, over the terms of the debt instruments and leasing costs are amortized over the term of the related lease. |
Derivative Financial Instruments | Derivative Financial Instruments . The Company accounts for its interest rate swap agreements in accordance with FASB ASC Topic 815, Derivatives and Hedging ("Topic 815"). In accordance with Topic 815, these agreements are carried on the balance sheet at their respective fair values, as an asset if fair value is positive, or as a liability if fair value is negative. If the interest rate swap is designated as a cash flow hedge, the portion of the interest rate swap's change in fair value is reported as a component of other comprehensive income (loss). Upon entering into hedging transactions, the Company documents the relationship between the interest rate swap agreement and the hedged item. The Company also documents its risk-management policies, including objectives and strategies, as they relate to its hedging activities. The Company assesses, both at inception of a hedge and on an ongoing basis, whether or not the hedge is highly effective. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (1) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (2) it is no longer probable that the forecasted transaction will occur or (3) it is determined that designating the derivative as an interest rate swap is no longer appropriate. The Company does and may continue to utilize interest rate swap and cap agreements to manage interest rate risk, but does not anticipate entering into derivative transactions for speculative trading purposes. |
Stock Compensation | Stock Compensation. The Company maintains an equity participation plan. Non-vested share grants generally vest either based upon (1) time, (2) performance and/or (3) market conditions. Options granted under the plan in 2010 vested over a five -year period and expire ten years |
Tax Status | Tax Status. The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes, primarily related to the Company's taxable REIT subsidiaries, are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid instruments with maturities of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash is comprised primarily of cash balances held in escrow by lenders. |
Environmental Matters | Environmental Matters. |
Segment Reporting | Segment Reporting. The Company operates generally in one industry segment, single-tenant real estate assets. |
Reclassification | Reclassifications |
Recently Issued Accounting Guidance | New Accounting Standards Adopted in 2019. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. The Company adopted this guidance effective January 1, 2019 on a prospective basis. The Company's adoption of this guidance did not have a material impact on its financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting recognition and presentation requirements in Topic 815. The ASU is effective for reporting periods beginning after December 15, 2018. The Company adopted this guidance effective January 1, 2019 on a prospective basis. The Company's adoption of this guidance did not have a material impact on its financial statements. Additionally, the Company adopted ASU No. 2016-02, Leases (Topic 842) effective January 1, 2019. Topic 842 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The Company adopted Topic 842 using the modified retrospective transition approach with January 1, 2019 as the Company's date of initial application, thus periods prior to January 1, 2019 conform to ASC Topic 840. The Company has elected other practical expedients permitted under the transition guidance including: • a package of practical expedients that allows the Company to carryforward its assessment of whether a contract is or contains a lease, whether costs incurred qualify as initial direct costs, and historical lease classification for any leases that existed prior to the adoption; • to account for lease and non-lease components as a single component if the (i) timing and patterns of transfer are the same for the lease and non-lease component and (ii) related lease component and the combined single lease component would be classified as an operating lease; • to exclude from the consideration in the contract and variable lease payments all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected by the lessor from the lessee. Taxes assessed on the Company’s total gross receipts are excluded from this accounting policy election; • to not assess if existing land easements in place prior to adoption meet the definition of a lease; and • to not recognize leases with a term of 12 months or less on the balance sheet. The Company did not elect the hindsight practical expedient to determine lease term. The adoption of Topic 842 required the Company to record right-of-use assets and lease liabilities on the Company's Consolidated Balance Sheet. The Company did not recognize a cumulative adjustment to equity upon adoption. The adoption of this guidance did not have a material impact on the Company's Consolidated Statement of Operations and Consolidated Statement of Cash Flows. See note 11, “Leases” for further disclosures. Recently Issued Accounting Guidance. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of an allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019. The Company analyzed its accounts receivable using an aging methodology and determined that there have been no historical credit losses related its outstanding accounts receivable. The adoption of this guidance on January 1, 2020 did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40). This ASU addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The standard is effective for fiscal years beginning after December 15, 2019. The adoption of this guidance on January 1, 2020, did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) .” ASU 2018-13 amends certain disclosure requirements regarding the fair value hierarchy of investments in accordance with GAAP, particularly the significant unobservable inputs used to value investments within Level 3 of the fair value hierarchy. The standard is effective on January 1, 2020, with early adoption permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of selected financial data of consolidated VIEs for which the Company is the primary beneficiary included in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Real estate, net $ 592,372 $ 509,916 Total assets $ 645,623 $ 607,963 Mortgages and notes payable, net $ 82,978 $ 192,791 Total liabilities $ 101,901 $ 203,322 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2019 : 2019 2018 2017 BASIC Net income attributable to common shareholders $ 273,225 $ 220,838 $ 79,067 Weighted-average number of common shares outstanding 237,642,048 236,666,375 237,758,408 Net income attributable to common shareholders - per common share basic $ 1.15 $ 0.93 $ 0.33 DILUTED: Net income attributable to common shareholders - basic $ 273,225 $ 220,838 $ 79,067 Impact of assumed conversions — 2,528 147 Net income attributable to common shareholders $ 273,225 $ 223,366 $ 79,214 Weighted-average common shares outstanding - basic 237,642,048 236,666,375 237,758,408 Effect of dilutive securities: Unvested share-based payment awards and options 292,467 528,495 86,285 Operating Partnership Units — 3,616,120 3,693,144 Weighted-average common shares outstanding - diluted 237,934,515 240,810,990 241,537,837 Net income attributable to common shareholders - per common share diluted $ 1.15 $ 0.93 $ 0.33 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Net Real Estate | The Company's real estate, net, consists of the following at December 31, 2019 and 2018 : 2019 2018 Real estate, at cost: Buildings and building improvements $ 2,962,982 $ 2,746,446 Land, land estates and land improvements 355,697 341,848 Construction in progress 1,895 1,840 Real estate intangibles: In-place lease values 339,154 331,607 Tenant relationships 42,396 54,662 Above-market leases 28,206 33,343 Investments in real estate under construction 13,313 — 3,743,643 3,509,746 Accumulated depreciation and amortization (1) (887,629 ) (954,087 ) Real estate, net $ 2,856,014 $ 2,555,659 (1) Includes accumulated amortization of real estate intangible assets of $212,033 and $231,443 in 2019 and 2018 , respectively. The estimated amortization of the above real estate intangible assets for the next five years is $28,634 in 2020 , $26,647 in 2021 , $24,640 in 2022 , $23,487 in 2023 and $18,270 in 2024 . |
Schedule of Acquired Properties | The Company completed the following acquisitions during 2019 and 2018 : 2019 : Real Estate Intangibles Property Type Market Acquisition Date Initial Cost Basis Lease Expiration Land Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Indianapolis, IN January 2019 $ 20,809 07/2025 $ 1,954 $ 16,820 $ 2,035 $ — Industrial Atlanta, GA February 2019 37,182 10/2023 3,253 30,951 2,978 — Industrial Dallas, TX April 2019 28,201 08/2023 2,420 23,330 2,451 — Industrial Greenville/Spartanburg, SC April 2019 33,253 01/2024 1,615 27,829 3,809 — Industrial Memphis, TN May 2019 49,395 04/2024 2,646 40,452 6,297 — Industrial Memphis, TN May 2019 18,316 05/2023 851 15,465 2,000 — Industrial Atlanta, GA June 2019 45,441 05/2020 3,251 40,023 2,167 — Industrial Atlanta, GA June 2019 27,353 05/2024 2,536 22,825 1,992 — Industrial Cincinnati, OH September 2019 13,762 12/2023 544 12,376 842 — Industrial Cincinnati, OH September 2019 100,288 06/2030 3,950 88,427 7,911 — Industrial Cincinnati, OH September 2019 65,763 08/2027 3,123 60,703 5,392 (3,455 ) Industrial Greenville/Spartanburg, SC October 2019 16,817 01/2024 1,406 14,272 1,139 — Industrial Greenville/Spartanburg, SC October 2019 15,583 04/2025 1,257 13,252 1,074 — Industrial Phoenix, AZ October 2019 21,020 09/2026 3,311 16,013 1,696 — Industrial Phoenix, AZ November 2019 67,079 09/2030 11,970 48,924 6,185 — Industrial Chicago, IL December 2019 49,348 09/2029 3,432 40,947 4,969 — Industrial Greenville/Spartanburg, SC December 2019 94,233 12/2034 6,959 78,364 8,910 — $ 703,843 $ 54,478 $ 590,973 $ 61,847 $ (3,455 ) Weighted-average life of intangible assets (years) 8.4 8.0 In 2019, the Company invested $3,225 in a 23.6 -acre land parcel in the Columbus, Ohio market and commenced construction of a 320,000 square foot warehouse/distribution facility. Also in 2019, the Company acquired an interest in a newly-formed joint venture, ATL Fairburn JV, LLC, that invested $10,088 in an 81 -acre land parcel in the Atlanta, Georgia market to construct a 910,000 square foot warehouse/distribution facility. The Company has a 90% interest in the joint venture and consolidates the joint venture. 2018 : Real Estate Intangibles Property Type Location Acquisition Date Initial Lease Expiration Land and Land Estate Building and Improvements Lease in-place Value Intangible Below Market Lease Intangible Industrial Olive Branch, MS April 2018 $ 44,090 07/2029 $ 1,958 $ 38,687 $ 3,445 $ — Industrial Olive Branch, MS April 2018 48,575 06/2021 2,500 42,538 5,151 (1,614 ) Industrial Edwardsville, IL June 2018 44,178 05/2030 3,649 41,292 3,467 (4,230 ) Industrial Spartanburg, SC August 2018 27,632 07/2024 1,447 23,744 2,441 — Industrial Pasadena, TX August 2018 23,868 08/2023 4,057 17,810 2,001 — Industrial Carrollton, TX September 2018 19,564 12/2033 3,228 15,766 1,247 (677 ) Industrial Goodyear, AZ November 2018 41,372 04/2026 5,247 36,115 2,014 (2,004 ) Industrial Chester, VA December 2018 66,311 06/2030 8,544 53,067 6,832 (2,132 ) $ 315,590 $ 30,630 $ 269,019 $ 26,598 $ (10,657 ) Weighted-average life of intangible assets (years) 8.4 9.4 In addition, the Company acquired a 57 -acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant that is developing a distribution facility. |
Dispositions and Impairment (Ta
Dispositions and Impairment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Assets and Liabilities of Held for Sale Properties | Assets and liabilities of the held for sale properties as of December 31, 2018 consisted of the following: December 31, 2018 Assets: Real estate, at cost $ 63,639 Real estate, intangible assets 14,498 Accumulated depreciation and amortization (16,873 ) Rent receivable - deferred 2,439 Other 165 $ 63,868 Liabilities: Other $ 386 $ 386 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurement Inputs | The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2019 and 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall: Fair Value Measurements Using Description 2019 (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ (1,928 ) $ — $ (1,928 ) $ — Impaired real estate assets* $ 4,846 $ — $ — $ 4,846 Fair Value Measurements Using Description 2018 (Level 1) (Level 2) (Level 3) Interest rate swap assets $ 76 $ — $ 76 $ — Impaired real estate assets* $ 35,036 $ — $ — $ 35,036 *Represents a non-recurring fair value measurement. Fair value as of the date of impairment. |
Schedule of Carrying Amounts and Fair Value of Financial Instruments | The table below sets forth the carrying amounts and estimated fair values of the Company's financial instruments as of December 31, 2019 and 2018 : As of December 31, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Debt $ 1,311,977 $ 1,276,589 $ 1,492,483 $ 1,409,773 |
Investments in Non-Consolidat_2
Investments in Non-Consolidated Entities Investments in Non-Consolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Affiliates | Below is a schedule of the Company's investments in non-consolidated entities: Percentage Ownership at Investment Balance as of Investment December 31, 2019 December 31, 2019 December 31, 2018 NNN JV (1) 20% $ 39,288 $ 53,144 Etna Park 70 LLC (2) 90% 8,352 4,774 Etna Park 70 East LLC (3) 90% 4,310 — Other (4) 15% to 25% 5,218 8,265 $ 57,168 $ 66,183 (1) During 2018, the Company disposed of 21 office assets to NNN JV for an aggregate gross disposition price of $725,800 and acquired a 20% interest in NNN JV. Two of the 21 properties, with a combined estimated fair value of $45,653 , were contributed to NNN JV along with cash of $8,053 . The Company recognized a gain of $14,645 in connection with the contribution of the two office assets to NNN JV, and in addition, NNN JV assumed an aggregate of $103,400 of non-recourse mortgage debt in the transaction. NNN JV obtained an aggregate of $362,800 of non-recourse mortgage financing which bears interest at LIBOR plus 200 basis points and has an initial term of three years but can be extended for two additional terms of one -year each. There is a rate increase of 15 basis points upon each extension. NNN JV entered into interest rate agreements which cap the LIBOR component of the $362,800 mortgage financing at 4.0% for two years . (2) Joint venture formed in 2017 with a developer entity to acquire a 151 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The Company determined it is not the primary beneficiary. In December 2018, the parcel was subdivided and the Company received a distribution of an ownership interest in a 57 -acre parcel with a historical cost of $3,008 . The Company acquired control of the parcel via the purchase of the Company's joint venture partners' interest. (3) Joint venture formed in 2019 with a developer entity to acquire a 129.6 -acre parcel of developable land and pursue industrial build-to-suit opportunities. The Company determined it is not the primary beneficiary. (4) At December 31, 2019 , represents one joint venture investment, which owns a single-tenant, net-leased asset. |
Mortgages and Notes Payable (Ta
Mortgages and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company had the following mortgages and notes payable outstanding as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 Mortgages and notes payable $ 393,872 $ 575,514 Unamortized debt issuance costs (3,600 ) (5,094 ) $ 390,272 $ 570,420 |
Schedule of Line of Credit Facilities | A summary of the significant terms, as of December 31, 2019 , are as follows: Maturity Date Interest Rate $600,000 Revolving Credit Facility (1) February 2023 LIBOR + 0.90% $300,000 Term Loan (1)(2) January 2025 LIBOR + 1.00% |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ 71,099 2021 36,597 2022 18,564 2023 20,136 2024 13,856 Thereafter 533,620 693,872 Unamortized debt issuance costs (6,161 ) $ 687,711 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ — 2021 — 2022 — 2023 250,000 2024 250,000 Thereafter 129,120 629,120 Unamortized debt discounts (963 ) Unamortized debt issuance costs (3,891 ) $ 624,266 |
Senior Notes, Convertible Not_2
Senior Notes, Convertible Notes and Trust Preferred Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Instrument Redemption | The Company had the following Senior Notes outstanding as of December 31, 2019 and 2018 : Issue Date December 31, 2019 December 31, 2018 Interest Rate Maturity Date Issue Price May 2014 $ 250,000 $ 250,000 4.40 % June 2024 99.883 % June 2013 250,000 250,000 4.25 % June 2023 99.026 % 500,000 500,000 Unamortized debt discount (963 ) (1,235 ) Unamortized debt issuance cost (2,167 ) (2,731 ) $ 496,870 $ 496,034 |
Schedule of Maturities of Long-term Debt | Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ 71,099 2021 36,597 2022 18,564 2023 20,136 2024 13,856 Thereafter 533,620 693,872 Unamortized debt issuance costs (6,161 ) $ 687,711 Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows: Year ending December 31, Total 2020 $ — 2021 — 2022 — 2023 250,000 2024 250,000 Thereafter 129,120 629,120 Unamortized debt discounts (963 ) Unamortized debt issuance costs (3,891 ) $ 624,266 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of December 31, 2019 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Interest Rate Swaps 4 $300,000 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2019 and 2018 . As of December 31, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest Rate Swap Asset/Liability Other liabilities $ (1,928 ) Other assets $ 76 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for 2019 and 2018 : Derivatives in Cash Flow Amount of Income (Loss) Recognized Location of Income Reclassified from Accumulated OCI into Income Amount of Income Hedging Relationships 2019 2018 2019 2018 Interest Rate Swap $ (1,625 ) $ 597 Interest expense $ (379 ) $ (1,586 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating leases for the year ended December 31, 2019 : Classification Fixed Variable (1) Total Rental revenue $ 291,892 $ 28,730 $ 320,622 (1) Primarily comprised of tenant reimbursements. |
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for leases, assuming no new or re-negotiated leases as of December 31, 2019 were as follows: 2020 $ 269,701 2021 258,937 2022 245,527 2023 242,009 2024 210,765 Thereafter 1,399,068 Total $ 2,626,007 The above minimum lease payments do not include reimbursements to be received from tenants for certain operating expenses and real estate taxes and do not include early termination payments provided for in certain leases, if not reasonably assured. Certain leases allow for the tenant to terminate the lease if the property is deemed obsolete, as defined, and upon payment of a termination fee to the landlord, as stipulated in the lease. In addition, certain leases provide the tenant with the right to purchase the leased property at fair market value or a stipulated price. Minimum future lease payments under the non-cancellable portion of tenant leases, assuming no new or re-negotiated leases, for the next five years and thereafter in accordance with ASC Topic 840 as of December 31, 2018 were as follows: Year ending December 31, Total 2019 $ 270,557 2020 253,660 2021 233,192 2022 212,893 2023 211,387 Thereafter 1,619,848 $ 2,801,537 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases as of December 31, 2019 is as follows: Weighted-average remaining lease term Operating leases (years) 12.3 Weighted-average discount rate Operating leases 4.1 % |
Lease, Cost | The components of lease expense for the year ended December 31, 2019 were as follows: Income Statement Classification Fixed Variable Total Property operating $ 3,982 $ — $ 3,982 General and administrative 1,343 112 1,455 Total $ 5,325 $ 112 $ 5,437 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of December 31, 2019 : Operating Leases 2020 $ 5,236 2021 5,060 2022 5,135 2023 5,279 2024 5,301 Thereafter 25,621 Total lease payments $ 51,632 Less: Imputed interest (12,190 ) Present value of lease liabilities $ 39,442 |
Future Minimum Rental Payments | The following table shows the Company's future minimum lease rental payments under non-cancellable leasehold interests in accordance with ASC Topic 840 as of December 31, 2018: Year ending December 31, Total 2019 $ 3,826 2020 3,827 2021 3,769 2022 3,834 2023 4,008 Thereafter 28,326 $ 47,590 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income Loss | A summary of the changes in accumulated other comprehensive income (loss) related to the Company's cash flow hedges is as follows: Twelve months ended December 31, 2019 2018 Balance at beginning of period $ 76 $ 1,065 Other comprehensive income (loss) before reclassifications (1,625 ) 597 Amounts of income reclassified from accumulated other comprehensive income (loss) to interest expense (379 ) (1,586 ) Balance at end of period $ (1,928 ) $ 76 |
Effects of Changes in the Company's Ownership Interests in Noncontrolling Interests | The following discloses the effects of changes in the Company's ownership interests in its noncontrolling interests: Net Income Attributable to Shareholders and Transfers from Noncontrolling Interests 2019 2018 2017 Net income attributable to Lexington Realty Trust shareholders $ 279,910 $ 227,415 $ 85,583 Transfers (to) from noncontrolling interests: Decrease in additional paid-in-capital for reallocation of noncontrolling interests (973 ) — — Increase in additional paid-in-capital for redemption of noncontrolling OP units 1,655 189 584 Change from net income attributable to shareholders and transfers from noncontrolling interests $ 280,592 $ 227,604 $ 86,167 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The more significant assumptions underlying the determination of fair value for options granted were as follows: 2010 Options 2009 Options 2008 Options Weighted-average fair value of options granted $ 1.94 $ 2.19 $ 1.24 Weighted-average risk-free interest rate 2.54 % 3.29 % 1.33 % Weighted-average expected option lives (in years) 6.50 6.70 3.60 Weighted-average expected volatility 49.00 % 59.08 % 59.94 % Weighted-average expected dividend yield 7.40 % 6.26 % 14.40 % |
Schedule of Share-based Compensation, Stock Options, Activity | Share option activity during the years indicated is as follows: Number of Shares Weighted-Average Exercise Price Per Share Balance at December 31, 2017 134,790 $ 7.39 Exercised (16,390 ) 6.99 Balance at December 31, 2018 118,400 7.44 Exercised (84,400 ) 7.24 Balance at December 31, 2019 34,000 $ 7.95 |
Schedule of Nonvested Share Activity | Non-vested share activity for the years ended December 31, 2019 and 2018 , is as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Balance at December 31, 2017 3,767,298 $ 7.79 Granted 899,614 6.55 Vested (618,383 ) 9.70 Forfeited (593,452 ) 6.59 Balance at December 31, 2018 3,455,077 7.34 Granted 829,581 5.97 Vested (151,447 ) 5.06 Forfeited (1,191,799 ) 6.76 Balance at December 31, 2019 2,941,412 $ 7.30 |
Schedule of Share-based Compensation, Activity | During 2019 and 2018 , the Company granted common shares to certain employees and trustees as follows: 2019 2018 Performance Shares (1) Shares issued: Index 276,063 331,025 Peer 276,058 331,019 Grant date fair value per share: (2) Index $5.05 $5.81 Peer $4.67 $5.37 Non-Vested Common Shares: (3) Shares issued 277,460 237,570 Grant date fair value $2,270 $2,190 (1) The shares vest based on the Company's total shareholder return growth after a three -year measurement period relative to an index and a group of Company peers. Dividends will not be paid on these grants until earned. Once the performance criteria are met and the actual number of shares earned is determined, such shares vest immediately. During 2019, 713,044 of the 808,929 performance shares issued in 2016 vested. During 2018, 116,926 of the 642,029 performance shares issued in 2015 vested. (2) The fair value of grants was determined at the grant date using a Monte Carlo simulation model. (3) The shares vest ratably over a three |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The Company's provision for income taxes for the years ended December 31, 2019 , 2018 and 2017 is summarized as follows: 2019 2018 2017 Current: Federal $ (70 ) $ (60 ) $ (107 ) State and local (1,309 ) (1,668 ) (1,810 ) $ (1,379 ) $ (1,728 ) $ (1,917 ) |
Statutory Accounting Practices Disclosure | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows: 2019 2018 2017 Federal provision at statutory tax rate (21% for 2019 and 2018 and 34% for 2017) $ (73 ) $ (65 ) $ (182 ) State and local taxes, net of federal benefit (10 ) (11 ) (40 ) Other (1,296 ) (1,652 ) (1,695 ) $ (1,379 ) $ (1,728 ) $ (1,917 ) |
Summary of Average Taxable Nature of Dividends | A summary of the average taxable nature of the Company's common dividends for each of the years in the three -year period ended December 31, 2019 , is as follows: 2019 2018 2017 Total dividends per share $ 0.485 $ 0.710 $ 0.700 Ordinary income 61.07 % 87.89 % 59.93 % Qualifying dividend 0.22 % 0.14 % 0.15 % Capital gain — — — Return of capital 38.71 % 11.97 % 39.92 % 100.00 % 100.00 % 100.00 % A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three -year period ended December 31, 2019 , is as follows: 2019 2018 2017 Total dividends per share $ 3.25 $ 3.25 $ 3.25 Ordinary income 99.64 % 99.84 % 99.75 % Qualifying dividend 0.36 % 0.16 % 0.25 Capital gain — — — Return of capital — — — 100.00 % 100.00 % 100.00 % |
Supplemental Disclosure of St_2
Supplemental Disclosure of Statement of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | 2019 2018 2017 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents at beginning of period $ 168,750 $ 107,762 $ 86,637 Restricted cash at beginning of period 8,497 4,394 31,142 Cash, cash equivalents and restricted cash at beginning of period $ 177,247 $ 112,156 $ 117,779 Cash and cash equivalents at end of period $ 122,666 $ 168,750 $ 107,762 Restricted cash at end of period 6,644 8,497 4,394 Cash, cash equivalents and restricted cash at end of period $ 129,310 $ 177,247 $ 112,156 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Total gross revenues $ 81,248 $ 80,135 $ 81,550 $ 83,036 Net income $ 28,280 $ 23,769 $ 147,821 $ 85,423 Net income attributable to common shareholders $ 26,405 $ 21,721 $ 141,560 $ 83,574 Net income attributable to common shareholders - basic per share $ 0.11 $ 0.09 $ 0.60 $ 0.34 Net income attributable to common shareholders - diluted per share $ 0.11 $ 0.09 $ 0.59 $ 0.33 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Total gross revenues $ 102,821 $ 105,673 $ 100,295 $ 88,182 Net income (loss) $ (14,823 ) $ (795 ) $ 220,850 $ 25,674 Net income (loss) attributable to common shareholders $ (15,957 ) $ (3,327 ) $ 216,190 $ 23,796 Net income (loss) attributable to common shareholders - basic per share $ (0.07 ) $ (0.01 ) $ 0.91 $ 0.10 Net income (loss) attributable to common shareholders - diluted per share $ (0.07 ) $ (0.01 ) $ 0.90 $ 0.10 |
- The Company (Details)
- The Company (Details) | Dec. 31, 2019Propertystate |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of consolidated properties | Property | 130 |
Number of states in which entity has interests | state | 31 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Acquisition Costs Expensed | $ 2,171 | ||
Vesting period (in years) | 5 years | ||
Expiration period of options (in years) | 10 years | ||
Number of operating segments | segment | 1 | ||
Rental revenue | $ 320,622 | $ 395,339 | 391,641 |
NNN Office Joint Venture | |||
Property, Plant and Equipment [Line Items] | |||
VIE, ownership percentage | 90.00% | ||
Accounting Standards Update 2018-11 | |||
Property, Plant and Equipment [Line Items] | |||
Rental revenue | $ 30,608 | $ 31,809 | |
Building and Building Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Maximum useful life of PPE (in years) | 40 years | ||
Variable Interest Entity, Primary Beneficiary | |||
Property, Plant and Equipment [Line Items] | |||
VIE, ownership percentage | 96.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Real estate, net | $ 2,856,014 | $ 2,555,659 |
Total assets | 3,180,260 | 2,953,840 |
Mortgages and notes payable, net | 390,272 | 570,420 |
Total liabilities | 1,455,541 | 1,607,162 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Real estate, net | 592,372 | 509,916 |
Total assets | 645,623 | 607,963 |
Mortgages and notes payable, net | 82,978 | 192,791 |
Total liabilities | $ 101,901 | $ 203,322 |
- Earnings Per Share (Details)
- Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
BASIC | |||||||||||
Net income attributable to common shareholders | $ 83,574 | $ 141,560 | $ 21,721 | $ 26,405 | $ 23,796 | $ 216,190 | $ (3,327) | $ (15,957) | $ 273,225 | $ 220,838 | $ 79,067 |
Weighted-average common shares outstanding - basic (in shares) | 237,642,048 | 236,666,375 | 237,758,408 | ||||||||
Net income attributable to common shareholders - basic (usd per share) | $ 0.34 | $ 0.60 | $ 0.09 | $ 0.11 | $ 0.10 | $ 0.91 | $ (0.01) | $ (0.07) | $ 1.15 | $ 0.93 | $ 0.33 |
DILUTED: | |||||||||||
Impact of assumed conversions | $ 0 | $ 2,528 | $ 147 | ||||||||
Net income attributable to common shareholders | $ 273,225 | $ 223,366 | $ 79,214 | ||||||||
Weighted-average common shares outstanding - basic (in shares) | 237,642,048 | 236,666,375 | 237,758,408 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested share-based payment awards and options (in shares) | 292,467 | 528,495 | 86,285 | ||||||||
Operating Partnership Units (in shares) | 0 | 3,616,120 | 3,693,144 | ||||||||
Weighted-average common shares outstanding (in shares) | 237,934,515 | 240,810,990 | 241,537,837 | ||||||||
Net income (loss) attributable to common shareholders - per common share diluted (usd per share) | $ 0.33 | $ 0.59 | $ 0.09 | $ 0.11 | $ 0.10 | $ 0.90 | $ (0.01) | $ (0.07) | $ 1.15 | $ 0.93 | $ 0.33 |
Investments in Real Estate - S
Investments in Real Estate - Schedule of Net Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Line Items] | ||
Buildings and building improvements | $ 2,962,982 | $ 2,746,446 |
Land, land estates and land improvements | 355,697 | 341,848 |
Construction in progress | 1,895 | 1,840 |
Real estate - intangible assets | 409,756 | 419,612 |
Investments in real estate under construction | 13,313 | 0 |
Real estate, gross | 3,743,643 | 3,509,746 |
Accumulated depreciation and amortization | (887,629) | (954,087) |
Real estate, net | 2,856,014 | 2,555,659 |
Accumulated amortization | 212,033 | 231,443 |
Amortization expense, next 12 months | 28,634 | |
Amortization expense, year 2 | 26,647 | |
Amortization expense, year 3 | 24,640 | |
Amortization expense, year 4 | 23,487 | |
Amortization expense, year 5 | 18,270 | |
In-place lease values | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 339,154 | 331,607 |
Tenant relationships | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | 42,396 | 54,662 |
Above-market leases | ||
Real Estate [Line Items] | ||
Real estate - intangible assets | $ 28,206 | $ 33,343 |
Investments in Real Estate - A
Investments in Real Estate - Additional Information (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)aft² | Dec. 31, 2018USD ($) | |
Real Estate [Line Items] | ||
Below-market leases, net of accretion | $ 19,090 | $ 17,923 |
Future accretion, year 1 | 2,550 | |
Future accretion, year 2 | 2,210 | |
Future accretion, year 3 | 1,931 | |
Future accretion, year 4 | 1,931 | |
Future accretion, year 5 | $ 1,931 | |
Area of Real Estate Property | a | 57 | |
ALT Fairburn JV | ||
Real Estate [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | |
Columbus, Ohio | ||
Real Estate [Line Items] | ||
Payments to acquire land | $ 3,225 | |
Area of Real Estate Property | a | 23.6 | |
Speculative Distribution Facility | ft² | 320 | |
ALT Fairburn JV | ||
Real Estate [Line Items] | ||
Area of Real Estate Property | a | 81 | |
Speculative Distribution Facility | ft² | 910 | |
Payments to Acquire Businesses and Interest in Affiliates | $ 10,088 |
Investments in Real Estate -_2
Investments in Real Estate - Schedule of Acquired Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | ||
Initial Cost Basis | $ 703,843 | $ 315,590 |
Land and Land Estate | 54,478 | 30,630 |
Building and Improvements | 590,973 | 269,019 |
Lease in-place Value | 61,847 | 26,598 |
Below Market Lease | $ (3,455) | $ (10,657) |
In-place lease values | ||
Real Estate [Line Items] | ||
Weighted-average life of intangible assets (years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Leases, Acquired-in-Place, Market Adjustment [Member] | ||
Real Estate [Line Items] | ||
Weighted-average life of intangible assets (years) | 8 years | 9 years 4 months 24 days |
Office Property | Olive Branch, Mississippi | Olive Branch, Mississippi, Industrial Property Expiring 2029 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | $ 44,090 | |
Land and Land Estate | 1,958 | |
Building and Improvements | 38,687 | |
Lease in-place Value | 3,445 | |
Below Market Lease | 0 | |
Office Property | Spartanburg, South Carolina | ||
Real Estate [Line Items] | ||
Land and Land Estate | 1,447 | |
Building and Improvements | 23,744 | |
Lease in-place Value | 2,441 | |
Below Market Lease | 0 | |
Office Property | Spartanburg, South Carolina | Spartanburg, SC Property Expiring July 2024 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 27,632 | |
Industrial Property | Olive Branch, Mississippi | Olive Branch, Mississippi, Industrial Property Expiring 2021 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 48,575 | |
Land and Land Estate | 2,500 | |
Building and Improvements | 42,538 | |
Lease in-place Value | 5,151 | |
Below Market Lease | (1,614) | |
Industrial Property | Edwardsville, Illinois | Edwardsville, IL Industrial Property Expiring 2030 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 44,178 | |
Land and Land Estate | 3,649 | |
Building and Improvements | 41,292 | |
Lease in-place Value | 3,467 | |
Below Market Lease | (4,230) | |
Industrial Property | Pasadena, Texas | Pasadena, TX Industrial Property Expiring 2023 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 23,868 | |
Land and Land Estate | 4,057 | |
Building and Improvements | 17,810 | |
Lease in-place Value | 2,001 | |
Below Market Lease | 0 | |
Industrial Property | Carrollton, Texas | Carrollton, Texas | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 19,564 | |
Land and Land Estate | 3,228 | |
Building and Improvements | 15,766 | |
Lease in-place Value | 1,247 | |
Below Market Lease | (677) | |
Industrial Property | Goodyear, Arizona | Goodyear, Arizona Industrial Property Expiring 2026 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 41,372 | |
Land and Land Estate | 5,247 | |
Building and Improvements | 36,115 | |
Lease in-place Value | 2,014 | |
Below Market Lease | (2,004) | |
Industrial Property | Chester, Virginia | ||
Real Estate [Line Items] | ||
Land and Land Estate | 8,544 | |
Industrial Property | Chester, Virginia | Chester, VA Industrial Property Expiring 2030 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 66,311 | |
Building and Improvements | 53,067 | |
Lease in-place Value | 6,832 | |
Below Market Lease | $ (2,132) | |
Indianapolis, Indiana | Industrial Property | Indianapolis, IN, Industrial Property Expiring 2025 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | $ 20,809 | |
Land and Land Estate | 1,954 | |
Building and Improvements | 16,820 | |
Lease in-place Value | 2,035 | |
Atlanta, Georgia | Industrial Property | Atlanta, GA Property Expiring 2023 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 37,182 | |
Land and Land Estate | 3,253 | |
Building and Improvements | 30,951 | |
Lease in-place Value | 2,978 | |
Atlanta, Georgia | Industrial Property | Atlanta, GA Industrial Property Expiring 2020 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 45,441 | |
Land and Land Estate | 3,251 | |
Building and Improvements | 40,023 | |
Lease in-place Value | 2,167 | |
Atlanta, Georgia | Industrial Property | Atlanta, GA Industrial Property Expiring 2024 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 27,353 | |
Land and Land Estate | 2,536 | |
Building and Improvements | 22,825 | |
Lease in-place Value | 1,992 | |
Cincinnati, Ohio | Industrial Property | Cincinnati, Ohio, Industrial Property Expiring 2023 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 13,762 | |
Land and Land Estate | 544 | |
Building and Improvements | 12,376 | |
Lease in-place Value | 842 | |
Cincinnati, Ohio | Industrial Property | Cincinnati, Ohio, Industrial Property Expiring 2030 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 100,288 | |
Land and Land Estate | 3,950 | |
Building and Improvements | 88,427 | |
Lease in-place Value | 7,911 | |
Cincinnati, Ohio | Industrial Property | Cincinnati, Ohio, Industrial Property Expiring 2027 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 65,763 | |
Land and Land Estate | 3,123 | |
Building and Improvements | 60,703 | |
Lease in-place Value | 5,392 | |
Below Market Lease | (3,455) | |
Dallas, Texas | Industrial Property | Dallas, TX Property Expiring 2023 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 28,201 | |
Land and Land Estate | 2,420 | |
Building and Improvements | 23,330 | |
Lease in-place Value | 2,451 | |
Greenville/Spartanburg, South Carolina | Industrial Property | Greenville/Spartanburg, SC Property Expiring 2024 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 33,253 | |
Land and Land Estate | 1,615 | |
Building and Improvements | 27,829 | |
Lease in-place Value | 3,809 | |
Greenville/Spartanburg, South Carolina | Industrial Property | Greenville/Spartanburg, SC Property Expiring July 2024 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 16,817 | |
Land and Land Estate | 1,406 | |
Building and Improvements | 14,272 | |
Lease in-place Value | 1,139 | |
Greenville/Spartanburg, South Carolina | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring 2025 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 15,583 | |
Land and Land Estate | 1,257 | |
Building and Improvements | 13,252 | |
Lease in-place Value | 1,074 | |
Greenville/Spartanburg, South Carolina | Industrial Property | Greenville/Spartanburg, SC Industrial Property Expiring 2034 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 94,233 | |
Land and Land Estate | 6,959 | |
Building and Improvements | 78,364 | |
Lease in-place Value | 8,910 | |
Memphis, Tennessee | Industrial Property | Memphis, Tennessee, Industrial Property Expiring 2024 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 49,395 | |
Land and Land Estate | 2,646 | |
Building and Improvements | 40,452 | |
Lease in-place Value | 6,297 | |
Memphis, Tennessee | Industrial Property | Memphis, Tennessee, Industrial Property Expiring 2023 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 18,316 | |
Land and Land Estate | 851 | |
Building and Improvements | 15,465 | |
Lease in-place Value | 2,000 | |
Phoenix, Arizona | Industrial Property | Phoenix, AZ Industrial Property Expiring 2026 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 21,020 | |
Land and Land Estate | 3,311 | |
Building and Improvements | 16,013 | |
Lease in-place Value | 1,696 | |
Phoenix, Arizona | Industrial Property | Phoenix, AZ Industrial Property Expiring 2030 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 67,079 | |
Land and Land Estate | 11,970 | |
Building and Improvements | 48,924 | |
Lease in-place Value | 6,185 | |
Chicago, Illinois | Industrial Property | Chicago, IL Industrial Property Expiring 2029 | ||
Real Estate [Line Items] | ||
Initial Cost Basis | 49,348 | |
Land and Land Estate | 3,432 | |
Building and Improvements | 40,947 | |
Lease in-place Value | $ 4,969 |
Dispositions and Impairment - A
Dispositions and Impairment - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 28, 2019USD ($) | Dec. 31, 2018Propertyproperty | Feb. 28, 2017USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)buildingProperty | Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of property | $ 504,118 | $ 898,514 | $ 223,853 | ||||
Aggregate gain on sale of properties | 250,889 | 252,913 | 63,428 | ||||
Gain (loss) on debt extinguishment on sale of properties | $ (4,415) | $ (1,698) | 5,938 | ||||
Properties classified as held-for-sale (in number of properties) | Property | 2 | 0 | 2 | ||||
Other asset impairment charges | $ 5,329 | $ 95,813 | 39,702 | ||||
Impairment charges and loan losses | 2,974 | 36,620 | |||||
Impairment losses related to real estate partnerships | $ 5,294 | ||||||
Office Building | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate gain on sale of properties | $ 1,777 | ||||||
Number of properties sold | property | 6 | ||||||
Asset impairment charges | 23,496 | 15,008 | |||||
NNN Office Joint Venture Properties | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate gain on sale of properties | $ 824 | 3,529 | |||||
NNN Office Joint Venture Properties | Transferred Property | Office Building | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of property | $ 725,800 | ||||||
Number of properties sold | building | 21 | ||||||
Watertown, New York | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 2,106 | $ 18,023 | |||||
Albany, Georgia | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 249 |
Dispositions and Impairment - S
Dispositions and Impairment - Schedule of Properties Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Real estate, at cost | $ 63,639 | |
Real estate, intangible assets | 14,498 | |
Accumulated depreciation and amortization | (16,873) | |
Rent receivable - deferred | 2,439 | |
Other | 165 | |
Assets held for sale | $ 0 | 63,868 |
Other | 386 | |
Liabilities held for sale | $ 0 | $ 386 |
Fair Value Measurements - Sche
Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | $ (1,928) | |
Interest rate swap assets | $ 76 | |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 4,846 | 35,036 |
Fair Value Measurements Using Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | 0 | |
Interest rate swap assets | 0 | |
Fair Value Measurements Using Level 1 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | 0 |
Fair Value Measurements Using Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | (1,928) | |
Interest rate swap assets | 76 | |
Fair Value Measurements Using Level 2 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | 0 | 0 |
Fair Value Measurements Using Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | 0 | |
Interest rate swap assets | 0 | |
Fair Value Measurements Using Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired real estate assets | $ 4,846 | $ 35,036 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - Fair Value Measurements Using Level 3 - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Amount | ||
Liabilities | ||
Debt, Carrying Amount | $ 1,311,977 | $ 1,492,483 |
Fair Value | ||
Liabilities | ||
Debt, Fair Value | $ 1,276,589 | $ 1,409,773 |
Investments in Non-Consolidat_3
Investments in Non-Consolidated Entities - Schedule of Investments in and Non-consolidated Entities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)atermproperty | Dec. 31, 2019USD ($)aoffice_assetpartnership | Dec. 31, 2018USD ($)abuildingterm | Dec. 31, 2017USD ($)a | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 66,183 | $ 57,168 | $ 66,183 | |
Proceeds from sale of property | 504,118 | 898,514 | $ 223,853 | |
Real estate, at cost | 3,090,134 | $ 3,320,574 | 3,090,134 | |
Mortgages | NNN Office Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Non-recourse debt | $ 362,800 | $ 362,800 | ||
Long-term debt, term | 3 years | 3 years | ||
Number of additional extensions available | term | 2 | 2 | ||
Term of additional extensions | 1 year | |||
Term of contract | 2 years | |||
Mortgages | NNN Office Joint Venture | London Interbank Offered Rate (LIBOR) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Basis spread on variable rate | 200.00% | |||
Basis spread rate increase per extension | 15.00% | |||
Cap interest rate | 4.00% | 4.00% | ||
Office Building | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | property | 6 | |||
NNN Office Joint Venture Properties | Office Building | Transferred Property | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | building | 21 | |||
Proceeds from sale of property | $ 725,800 | |||
Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 15.00% | |||
Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 25.00% | |||
NNN Office Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | 20.00% | 20.00% | |
Etna Park 70 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 90.00% | |||
Etna Park 70 East LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 90.00% | |||
Etna Park 70 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 4,774 | $ 8,352 | $ 4,774 | |
Etna Park 70 East LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | 0 | 4,310 | 0 | |
Other Joint Ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 8,265 | $ 5,218 | $ 8,265 | |
Number of joint venture interests | partnership | 1 | |||
Etna GL 66 LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of land (in acres) | a | 57 | 129.6 | 57 | 151 |
Real estate, at cost | $ 3,008 | $ 3,008 | ||
NNN Office Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 53,144 | $ 39,288 | 53,144 | |
NNN Office Joint Venture | NNN Office Joint Venture Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties sold | office_asset | 4 | |||
NNN Office Joint Venture | 2 of 21 Transferred Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Contribution of property | 45,653 | |||
Payments to acquire interest in joint venture | 8,053 | |||
Gain (loss) on disposition of assets | 14,645 | |||
Transfer mortgage payable | $ 103,400 |
Investments in Non-Consolidat_4
Investments in Non-Consolidated Entities - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($)property | Feb. 28, 2017USD ($) | Dec. 31, 2019USD ($)office_asset | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 01, 2019 | Jan. 31, 2017 | |
Investments in and Advances to Affiliates [Line Items] | ||||||||
Aggregate gain on sale of properties | $ 250,889,000 | $ 252,913,000 | $ 63,428,000 | |||||
Proceeds from sale of property | 504,118,000 | 898,514,000 | 223,853,000 | |||||
Distribution of net proceeds | 2,571,000 | 2,083,000 | 403,000 | |||||
Impairment charges and loan losses | 2,974,000 | 36,620,000 | ||||||
Investments | 0 | |||||||
Investment advisory fees | 5,347,000 | 1,632,000 | 1,049,000 | |||||
Lexington Reality Advisors Inc | Investment Advice | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Investment advisory fees | $ 3,596,000 | $ 1,443,000 | 807,000 | |||||
Palm Beach Gardens, Florida | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Impairment charges and loan losses | $ 3,512,000 | |||||||
Oklahoma City, Oklahoma | Tenant-in-Common | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Co-venture equity ownership percentage | 40.00% | |||||||
Proceeds from divestiture of interest in joint venture | $ 6,198,000 | |||||||
Aggregate gain on sale of properties | 1,452,000 | |||||||
Office Building | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Proceeds from divestiture of interest in joint venture | $ 2,317,000 | $ 4,312,000 | ||||||
Aggregate gain on sale of properties | $ 1,777,000 | |||||||
Number of properties sold | property | 6 | |||||||
Non-consolidated Real Estate Entity | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Co-venture equity ownership percentage | 15.00% | |||||||
NNN Office Joint Venture | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Co-venture equity ownership percentage | 20.00% | 20.00% | 20.00% | |||||
NNN Office Joint Venture Properties | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Aggregate gain on sale of properties | $ 824,000 | $ 3,529,000 | ||||||
Mortgages | NNN Office Joint Venture | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Non-recourse debt | $ 362,800,000 | $ 362,800,000 | ||||||
NNN Office Joint Venture | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Proceeds received | 45,208,000 | |||||||
Distribution of net proceeds | $ 7,549,000 | |||||||
NNN Office Joint Venture | NNN Office Joint Venture Properties | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Number of properties sold | office_asset | 4 | |||||||
NNN Office Joint Venture | Mortgages | ||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||
Extinguishment of debt | $ 101,520,000 |
Mortgages and Notes Payable - S
Mortgages and Notes Payable - Schedule of Mortgages and Notes Payable (Details) - Mortgages and Notes Payable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Mortgages and notes payable | $ 393,872 | $ 575,514 |
Unamortized debt issuance costs | (3,600) | (5,094) |
Long-term debt | $ 390,272 | $ 570,420 |
Mortgages and Notes Payable - A
Mortgages and Notes Payable - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Debt Default, Number of Loans | loan | 2 | |||
Debt satisfaction gains (charges), net | $ (4,517) | $ (2,596) | $ 6,196 | |
Interest paid, capitalized | $ 410 | $ 15 | 1,174 | |
Debt Instrument, Debt Default, Amount | $ 38,942 | |||
Mortgages and Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate | 4.50% | 4.50% | ||
Debt satisfaction gains (charges), net | $ (9) | $ (898) | $ 258 | |
Minimum | Mortgages and Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Debt interest rate percentage | 3.50% | |||
Effective interest percentage | 2.20% | |||
Maximum | Mortgages and Notes Payable | ||||
Debt Instrument [Line Items] | ||||
Debt interest rate percentage | 6.50% | |||
Effective interest percentage | 6.50% |
Mortgages and Notes Payable - C
Mortgages and Notes Payable - Credit Agreement Terms (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 01, 2019 | Jul. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | |
Debt Instrument [Line Items] | ||||||||
Debt satisfaction gains (charges), net | $ (4,517,000) | $ (2,596,000) | $ 6,196,000 | |||||
Unsecured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs, gross | 2,561,000 | $ 1,267,000 | ||||||
Unsecured Revolving Credit Facility, Expiring August 2019 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 600,000,000 | |||||||
Line of credit maximum borrowing capacity | $ 600,000,000 | |||||||
Debt satisfaction gains (charges), net | $ (93,000) | |||||||
Revolving credit facility borrowings | 0 | |||||||
Line of credit remaining borrowing capacity | 600,000,000 | $ 505,000,000 | ||||||
Unsecured Term Loan, Expiring January 2025 | Unsecured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate percentage | 2.732% | |||||||
Unsecured Term Loan, Expiring January 2021 | Unsecured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 300,000,000 | |||||||
London Interbank Offered Rate (LIBOR) | Unsecured Revolving Credit Facility, Expiring August 2019 | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate stated percentage rate range minimum excluding LIBOR | 0.90% | |||||||
London Interbank Offered Rate (LIBOR) | Unsecured Term Loan, Expiring January 2021 | Unsecured Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate stated percentage rate range minimum excluding LIBOR | 1.00% | |||||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative notional amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 |
Mortgages and Notes Payable - M
Mortgages and Notes Payable - Maturities of Long-term Debt (Details) - Mortgages, Notes Payable, Credit Facility Borrowings, and Term Loans $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 71,099 |
2021 | 36,597 |
2022 | 18,564 |
2023 | 20,136 |
2024 | 13,856 |
Thereafter | 533,620 |
Long-term debt, gross | 693,872 |
Unamortized debt issuance costs | (6,161) |
Long-term debt | $ 687,711 |
Senior Notes, Convertible Not_3
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Long-term Debt Instruments (Details) - Senior Notes - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Principal amount of debt component | $ 500,000,000 | $ 500,000,000 |
Unamortized debt discounts | (963,000) | (1,235,000) |
Unamortized debt issuance costs | (2,167,000) | (2,731,000) |
Long-term debt | 496,870,000 | 496,034,000 |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Principal amount of debt component | $ 250,000,000 | 250,000,000 |
Debt interest rate percentage | 4.40% | |
Issue Price | 99.883% | |
Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Principal amount of debt component | $ 250,000,000 | $ 250,000,000 |
Debt interest rate percentage | 4.25% | |
Issue Price | 99.026% |
Senior Notes, Convertible Not_4
Senior Notes, Convertible Notes and Trust Preferred Securities - Narrative (Details) - 6.804% Trust Preferred Securities - USD ($) | 12 Months Ended | ||
Dec. 31, 2007 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Face amount | $ 200,000,000 | ||
Debt interest rate percentage | 6.804% | ||
Effective interest percentage | 3.636% | ||
Principal amount outstanding on Trust Preferred Securities | $ 129,120,000 | $ 129,120,000 | |
Debt issuance costs, gross | $ 1,724,000 | $ 1,824,000 | |
London Interbank Offered Rate (LIBOR) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Basis spread on variable rate | 1.70% |
Senior Notes, Convertible Not_5
Senior Notes, Convertible Notes and Trust Preferred Securities - Schedule of Maturities of Long-term Debt (Details) - Senior Notes, Convertible Notes, and Trust Preferred Securities $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 0 |
2021 | 0 |
2022 | 0 |
2023 | 250,000 |
2024 | 250,000 |
Thereafter | 129,120 |
Long-term debt, gross | 629,120 |
Unamortized debt discounts | (963) |
Unamortized debt issuance costs | (3,891) |
Long-term debt | $ 624,266 |
- Derivatives and Hedging Activ
- Derivatives and Hedging Activities (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Financial_Instrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 01, 2019USD ($) | Jul. 31, 2019USD ($)derivative_instrument | |
Derivative [Line Items] | |||||
Amount reclassified as increase to interest expense | $ 366 | ||||
Interest expense | $ 65,095 | $ 79,880 | $ 77,883 | ||
Interest Rate Swap | Designated as Hedging Instrument | Other Assets | |||||
Derivative [Line Items] | |||||
Derivative asset | $ (1,928) | 76 | |||
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Number of derivative instruments held | 4 | 4 | |||
Derivative notional amount | $ 300,000 | $ 300,000 | $ 300,000 | ||
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | Interest Expense | |||||
Derivative [Line Items] | |||||
Amount of Gain (Loss) recognized in OCI on Derivative | (1,625) | 597 | |||
Amount of (Income) Loss Reclassified from AOCI into Income | $ (379) | $ (1,586) |
Leases - Additional information
Leases - Additional information (Details) - USD ($) $ in Thousands | Dec. 19, 2019 | Dec. 18, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Aug. 31, 2019 |
Lessee, Lease, Description [Line Items] | |||||||
Receivable reduced | $ 352 | ||||||
Rental revenue not recognized | $ 1,100 | ||||||
Rent expense | 320,622 | ||||||
Non incremental costs incurred | $ 191 | ||||||
Remaining lease term | 43 years | ||||||
Renewal term | 53 years | ||||||
Sublease Income | $ 3,764 | ||||||
Impairment of Leasehold | $ 597 | $ 690 | |||||
Minimum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Renewal term | 5 years | ||||||
Maximum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Renewal term | 10 years | ||||||
Settled Litigation | Cummins Inc. V Lexington Columbus L.P. And Wells Fargo Trust Company | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Purchase price | $ 46,915 | ||||||
Rent expense | $ 1,885 | ||||||
Operating lease, reimbursed expenses | $ 700 |
Leases - Lease Income (Details)
Leases - Lease Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Fixed | $ 291,892 |
Variable | 28,730 |
Total | $ 320,622 |
Leases - Future Fixed Rental Re
Leases - Future Fixed Rental Receipts (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 269,701 |
2021 | 258,937 |
2022 | 245,527 |
2023 | 242,009 |
2024 | 210,765 |
Thereafter | 1,399,068 |
Total | $ 2,626,007 |
Leases - Minimum Future Rentals
Leases - Minimum Future Rentals Under Topic 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 270,557 |
2020 | 253,660 |
2021 | 233,192 |
2022 | 212,893 |
2023 | 211,387 |
Thereafter | 1,619,848 |
Total | $ 2,801,537 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term, operating leases (years) | 12 years 3 months 18 days |
Weighted-average discount rate, operating leases | 4.10% |
Leases - Components of Leases E
Leases - Components of Leases Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Fixed | $ 5,325 |
Variable | 112 |
Total | 5,437 |
Operating Expense | |
Lessee, Lease, Description [Line Items] | |
Fixed | 3,982 |
Variable | 0 |
Total | 3,982 |
General and Administrative Expense | |
Lessee, Lease, Description [Line Items] | |
Fixed | 1,343 |
Variable | 112 |
Total | $ 1,455 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liabilities Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
2020 | $ 5,236 | ||
2021 | 5,060 | ||
2022 | 5,135 | ||
2023 | 5,279 | ||
2024 | 5,301 | ||
Thereafter | 25,621 | ||
Total lease payments | 51,632 | ||
Less: Imputed interest | (12,190) | ||
Operating lease liabilities | 39,442 | ||
2020 | 3,826 | ||
2021 | 3,827 | ||
2022 | 3,769 | ||
2023 | 3,834 | ||
2024 | 4,008 | ||
Thereafter | 28,326 | ||
Rent expense | 1,312 | $ 1,274 | $ 1,256 |
Building | |||
Lessee, Lease, Description [Line Items] | |||
2020 | 1,296 | ||
2021 | 1,325 | ||
2022 | 1,335 | ||
2023 | 1,305 | ||
2024 | 1,305 | ||
Thereafter | $ 1,631 |
Leases - Operating Lease Liab_2
Leases - Operating Lease Liabilities Maturity Under Topic 840 (Details) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 3,826 |
2020 | 3,827 |
2021 | 3,769 |
2022 | 3,834 |
2023 | 4,008 |
Thereafter | 28,326 |
Future Minimum Payments Due | $ 47,590 |
Equity - Additional Informatio
Equity - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Jul. 31, 2015shares | |
Equity [Line Items] | ||||
Common stock, shares, issued | 254,770,719 | 235,008,554 | ||
Proceeds from issuance of common shares | $ | $ 197,643,000 | $ (2,818,000) | $ 16,804,000 | |
Preferred shares outstanding (in shares) | 1,935,400 | 1,935,400 | ||
Shares issued, net of forfeitures (in shares) | 896,807 | 965,932 | 835,234 | |
Remaining authorized repurchase amount | $ | $ 10,306,255 | |||
OP unit equivalent in common shares (in unit per share) | 1.13 | |||
Shares issued for units redeemed (in shares) | 391,993 | 53,388 | 140,746 | |
Partners' capital account, exchanges and conversions | $ | $ 1,655,000 | $ 189,000 | $ 584,000 | |
OP units outstanding (in units) | 2,829,000 | |||
Unsettled repurchases | $ | $ 2,641,000 | |||
Common Stock | ||||
Equity [Line Items] | ||||
Number of shares authorized to be repurchased (in shares) | 10,000,000 | 10,000,000 | ||
Repurchase of common shares (in shares) | 441,581 | 5,851,252 | 0 | |
Average cost per share (usd per share) | $ / shares | $ 8.13 | $ 8.05 | ||
Series C | ||||
Equity [Line Items] | ||||
Preferred shares outstanding (in shares) | 1,935,400 | |||
Dividend rate (usd per share) | $ / shares | $ 3.25 | |||
Preferred shares, liquidation preference | $ | $ 96,770,000 | |||
Preferred shares to common shares conversion ratio | 2.4339 | |||
Series C | Minimum | ||||
Equity [Line Items] | ||||
Common share closing price percent of conversion price | 125.00% | |||
At The Market | ||||
Equity [Line Items] | ||||
Common stock, shares, issued | 9,668,748 | 0 | 1,593,603 | |
Proceeds from issuance of common shares | $ | $ 102,299,000 | $ 17,362,000 | ||
Sale of stock, amount available for issuance | $ | $ 296,076,000 | |||
Underwritten Offering | ||||
Equity [Line Items] | ||||
Common stock, shares, issued | 10,000,000 | |||
Proceeds from issuance of common shares | $ | $ 100,749,000 | |||
Underwritten Offering | Common Stock | ||||
Equity [Line Items] | ||||
Shares issued, price per share | $ / shares | $ 10.09 |
Equity - Schedule of Changes i
Equity - Schedule of Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | $ 1,346,678 | $ 1,340,835 |
Balance at end of period | 1,724,719 | 1,346,678 |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in Accumulated Other Comprehensive Income | ||
Balance at beginning of period | 76 | 1,065 |
Balance at end of period | (1,928) | 76 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Changes in Accumulated Other Comprehensive Income | ||
Other comprehensive income (loss) before reclassifications | (1,625) | |
Amounts of income reclassified from accumulated other comprehensive income (loss) to interest expense | $ (379) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Changes in Accumulated Other Comprehensive Income | ||
Other comprehensive income (loss) before reclassifications | 597 | |
Amounts of income reclassified from accumulated other comprehensive income (loss) to interest expense | $ (1,586) |
Equity - Schedule of Effects o
Equity - Schedule of Effects of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Net income (loss) attributable to common shareholders | $ 279,910 | $ 227,415 | $ 85,583 |
Decrease in additional paid-in-capital for reallocation of noncontrolling interests | (973) | ||
Increase in additional paid-in-capital for redemption of noncontrolling OP units | 1,655 | 189 | 584 |
Change from net income attributable to shareholders and transfers from noncontrolling interests | $ 280,592 | $ 227,604 | $ 86,167 |
Benefit Plans - Additional Inf
Benefit Plans - Additional Information (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2010USD ($)$ / sharesshares | Jan. 08, 2010USD ($)$ / sharesshares | Dec. 31, 2008USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 0 | 0 | 0 | |||
Exercises in period, intrinsic value | $ | $ 271 | $ 26 | ||||
Options, exercisable, intrinsic value | $ | $ 91 | |||||
Shares held in employee trust (in shares) | 130,863 | 427,531 | ||||
Initial vesting percentage | 25.00% | |||||
Vesting percentage | 100.00% | |||||
Vesting period (in years) | 4 years | |||||
Cost recognized | $ | $ 403 | $ 397 | $ 439 | |||
Allocated share-based compensation expense | $ | $ 5,831 | $ 6,901 | $ 8,333 | |||
Options 2010 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 1,248,501 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 7.95 | |||||
Expiration period after termination (in months) | 6 months | |||||
Deferred compensation equity | $ | $ 2,422 | |||||
Recognized compensation expense average period (in years) | 5 years | |||||
Options 2010 | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 | Share-based Payment Arrangement, Tranche Three | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 | Share-based Compensation Award, Tranche Four | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2010 | Share-based Compensation Award, Tranche Five | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 1,265,500 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 6.39 | |||||
Expiration period after termination (in months) | 6 months | |||||
Deferred compensation equity | $ | $ 2,771 | |||||
Recognized compensation expense average period (in years) | 5 years | |||||
Options 2009 | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 | Share-based Payment Arrangement, Tranche Three | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 | Share-based Compensation Award, Tranche Four | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2009 | Share-based Compensation Award, Tranche Five | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 20.00% | |||||
Options 2008 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Common share options granted (in shares) | 2,000,000 | |||||
Common share options exercise price (usd per share) | $ / shares | $ 5.60 | |||||
Number of trading period days (in days) | 20 days | |||||
Options convertible to common shares | 1.13 | |||||
Options converted to common shares exercise price (usd per share) | $ / shares | $ 4.97 | |||||
Deferred compensation equity | $ | $ 2,480 | |||||
Recognized compensation expense average period (in years) | 3 years 7 months 6 days | |||||
Options 2008 | Minimum | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Average closing price, lower limit (usd per share) | $ / shares | $ 8 | |||||
Options 2008 | Maximum | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Average closing price, lower limit (usd per share) | $ / shares | $ 10 | |||||
Options 2008 | Share Based Compensation Arrangement By Share Based Payment Award Vesting Rate First Vesting Trigger | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Award vesting rights, percentage | 50.00% | |||||
Non-Management Award Grant | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Shares issued for services (in shares) | 67,226 | 66,318 | 57,334 | |||
Shares issued for services, value | $ | $ 595 | $ 599 | $ 596 | |||
Non-vested Shares | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Shares issued for services (in shares) | 277,460 | 237,570 | ||||
Shares issued for services, value | $ | $ 2,270 | $ 2,190 | ||||
Non-options, nonvested, number (in shares) | 2,941,412 | 3,455,077 | 3,767,298 | |||
Number of shares available for grant (in shares) | 3,116,063 | |||||
Compensation cost not yet recognized | $ | $ 6,800 | |||||
Total compensation cost not yet recognized, period for recognition (in years) | 1 year 8 months 12 days | |||||
Shares Subject to Time | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Non-options, nonvested, number (in shares) | 1,274,506 | |||||
Shares Subject to Performance | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||||
Non-options, nonvested, number (in shares) | 1,666,906 |
Benefit Plans - Assumptions Us
Benefit Plans - Assumptions Used (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Options 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of options granted (usd per share) | $ 1.94 |
Weighted-average risk-free interest rate | 2.54% |
Weighted-average expected option lives (in years) | 6 years 6 months |
Weighted-average expected volatility | 49.00% |
Weighted-average expected dividend yield | 7.40% |
Options 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of options granted (usd per share) | $ 2.19 |
Weighted-average risk-free interest rate | 3.29% |
Weighted-average expected option lives (in years) | 6 years 8 months 12 days |
Weighted-average expected volatility | 59.08% |
Weighted-average expected dividend yield | 6.26% |
Options 2008 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of options granted (usd per share) | $ 1.24 |
Weighted-average risk-free interest rate | 1.33% |
Weighted-average expected option lives (in years) | 3 years 7 months 6 days |
Weighted-average expected volatility | 59.94% |
Weighted-average expected dividend yield | 14.40% |
Benefit Plans - Share Option A
Benefit Plans - Share Option Activity (Details) - Share Options - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of shares outstanding, beginning (in shares) | 118,400 | 134,790 |
Number of shares exercised (in shares) | (84,400) | (16,390) |
Number of shares outstanding, ending (in shares) | 34,000 | 118,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Price per share outstanding, beginning (usd per share) | $ 7.44 | $ 7.39 |
Price per share exercised (usd per share) | 7.24 | 6.99 |
Price per share outstanding, ending (usd per share) | $ 7.95 | $ 7.44 |
Benefit Plans - Non-Vested Sha
Benefit Plans - Non-Vested Share Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of shares forfeited (in shares) | (1,191,799) | |
Non-vested Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of shares outstanding, beginning (in shares) | 3,455,077 | 3,767,298 |
Number of shares granted (in shares) | 829,581 | 899,614 |
Number of shares vested (in shares) | (151,447) | (618,383) |
Number of shares forfeited (in shares) | (593,452) | |
Number of shares outstanding, ending (in shares) | 2,941,412 | 3,455,077 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Value per share outstanding, beginning (usd per share) | $ 7.34 | $ 7.79 |
Value per share granted (usd per share) | 5.97 | 6.55 |
Value per share vested (usd per share) | 5.06 | 9.70 |
Value per share forfeited (usd per share) | 6.76 | 6.59 |
Value per share outstanding, ending (usd per share) | $ 7.30 | $ 7.34 |
Benefit Plans - Shares Granted
Benefit Plans - Shares Granted to Certain Employees and Trustees (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 5 years | |||
Non-vested Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued for services (in shares) | 277,460 | 237,570 | ||
Value per share granted (usd per share) | $ 5.97 | $ 6.55 | ||
Shares issued for services, value | $ 2,270 | $ 2,190 | ||
Vesting period (in years) | 3 years | |||
Number of shares vested (in shares) | 151,447 | 618,383 | ||
Number of shares granted (in shares) | 829,581 | 899,614 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Measurement period (in years) | 3 years | |||
Number of shares vested (in shares) | 713,044 | 116,926 | ||
Number of shares granted (in shares) | 808,929 | 642,029 | ||
Share-based Payment Arrangement, Tranche One | Index Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued for services (in shares) | 276,063 | 331,025 | ||
Value per share granted (usd per share) | $ 5.05 | $ 5.81 | ||
Share-based Payment Arrangement, Tranche One | Peer Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued for services (in shares) | 276,058 | 331,019 | ||
Value per share granted (usd per share) | $ 4.67 | $ 5.37 |
- Related Party Transactions (D
- Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Rent revenue | $ 320,622 | $ 395,339 | $ 391,641 | |
Rent expense for corporate headquarters | 1,312 | 1,274 | 1,256 | |
Vorando Realty Trust | ||||
Related Party Transaction [Line Items] | ||||
Rent revenue | 234 | |||
Rent expense for corporate headquarters | 1,128 | 1,192 | 1,179 | |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Notes payable, related parties | $ 500 | $ 1,000 | 8,500 | $ 8,000 |
Related party transaction, rate | 0.625% | |||
Affiliated Entity | Expense Reimbursement | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 105 | $ 15 | $ 150 | |
Affiliated Entity | Structuring Fee | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | $ 128 |
Income Taxes - Components of I
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (70) | $ (60) | $ (107) |
State and local | (1,309) | (1,668) | (1,810) |
Benefit (provision) for income taxes | $ (1,379) | $ (1,728) | $ (1,917) |
Income Taxes - Additional Info
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
State taxes paid | $ 1,289 | $ 1,679 | $ 1,598 |
Income Taxes - Statutory Feder
Income Taxes - Statutory Federal Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal provision at statutory tax rate (21% for 2019 and 2018 and 34% for 2017) | $ (73) | $ (65) | $ (182) |
State and local taxes, net of federal benefit | (10) | (11) | (40) |
Other | (1,296) | (1,652) | (1,695) |
Benefit (provision) for income taxes | $ (1,379) | $ (1,728) | $ (1,917) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 34.00% |
Income Taxes - Summary of Aver
Income Taxes - Summary of Average Taxable Nature of Dividends (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, common (usd per share) | $ 0.485 | $ 0.710 | $ 0.700 |
Taxable percentage allocation on dividends | 100.00% | 100.00% | 100.00% |
Common Stock | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 61.07% | 87.89% | 59.93% |
Common Stock | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.22% | 0.14% | 0.15% |
Common Stock | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Common Stock | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 38.71% | 11.97% | 39.92% |
Series C | |||
Income Tax Contingency [Line Items] | |||
Total dividends per share, preferred (usd per share) | $ 3.25 | $ 3.25 | $ 3.25 |
Taxable percentage allocation on dividends | 100.00% | 100.00% | 100.00% |
Series C | Ordinary income | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 99.64% | 99.84% | 99.75% |
Series C | Qualifying dividend | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.36% | 0.16% | 0.25% |
Series C | Capital gain | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Series C | Return of capital | |||
Income Tax Contingency [Line Items] | |||
Taxable percentage allocation on dividends | 0.00% | 0.00% | 0.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 19, 2019 | Dec. 18, 2019 | Dec. 31, 2019 | Oct. 25, 2018 |
Loss Contingencies [Line Items] | ||||
Rent expense | $ 320,622 | |||
Officer | ||||
Loss Contingencies [Line Items] | ||||
Maximum retirement agreement amount | 795 | |||
Retirement obligation earned | $ 140 | |||
Cummins Inc. V Lexington Columbus L.P. And Wells Fargo Trust Company | ||||
Loss Contingencies [Line Items] | ||||
Purchase option | $ 5,000 | |||
Cummins Inc. V Lexington Columbus L.P. And Wells Fargo Trust Company | Settled Litigation | ||||
Loss Contingencies [Line Items] | ||||
Purchase price | $ 46,915 | |||
Rent expense | $ 1,885 | |||
Operating lease, reimbursed expenses | $ 700 |
Supplemental Disclosure of St_3
Supplemental Disclosure of Statement of Cash Flow Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Significant Noncash Transactions [Line Items] | ||||
Cash and cash equivalents at beginning of period | $ 168,750,000 | $ 168,750,000 | $ 107,762,000 | $ 86,637,000 |
Cash and cash equivalents at end of period | 122,666,000 | 168,750,000 | 107,762,000 | |
Restricted cash at beginning of period | 8,497,000 | 8,497,000 | 4,394,000 | 31,142,000 |
Restricted cash at end of period | 6,644,000 | 8,497,000 | 4,394,000 | |
Cash, cash equivalents and restricted cash, at beginning of year | 177,247,000 | 177,247,000 | 112,156,000 | 117,779,000 |
Cash, cash equivalents and restricted cash, at end of year | 129,310,000 | 177,247,000 | 112,156,000 | |
Interest paid | 59,018,000 | 76,562,000 | 75,069,000 | |
Income taxes paid, net | 1,482,000 | $ 2,025,000 | 2,340,000 | |
Conveyed Interest | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Mortgage loans on real estate, foreclosures | $ 12,616,000 | |||
Non-Recourse Mortgage | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Face amount | $ 41,877,000 | |||
Richland, Washington | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Extinguishment of debt | $ 110,000,000 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 83,036 | $ 81,550 | $ 80,135 | $ 81,248 | $ 88,182 | $ 100,295 | $ 105,673 | $ 102,821 | $ 325,969 | $ 396,971 | $ 392,690 |
Net income (loss) | 85,423 | 147,821 | 23,769 | 28,280 | 25,674 | 220,850 | (795) | (14,823) | 285,293 | 230,906 | 86,629 |
Net income attributable to common shareholders | $ 83,574 | $ 141,560 | $ 21,721 | $ 26,405 | $ 23,796 | $ 216,190 | $ (3,327) | $ (15,957) | $ 273,225 | $ 220,838 | $ 79,067 |
Net income attributable to common shareholders - basic (usd per share) | $ 0.34 | $ 0.60 | $ 0.09 | $ 0.11 | $ 0.10 | $ 0.91 | $ (0.01) | $ (0.07) | $ 1.15 | $ 0.93 | $ 0.33 |
Net income (loss) attributable to common shareholders - per common share diluted (usd per share) | $ 0.33 | $ 0.59 | $ 0.09 | $ 0.11 | $ 0.10 | $ 0.90 | $ (0.01) | $ (0.07) | $ 1.15 | $ 0.93 | $ 0.33 |
Subsequent Events Narrative (De
Subsequent Events Narrative (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 20, 2020USD ($)properties | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | ||||
Payments to acquire real estate | $ 662,010 | $ 315,959 | $ 558,571 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of real estate properties acquired | properties | 4 | |||
Payments to acquire real estate | $ 195,000 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 390,272 | |||
Land and Land Estates | 355,697 | |||
Buildings and Improvements | 2,962,982 | |||
Total | 3,320,574 | $ 3,090,134 | $ 3,936,459 | $ 3,533,172 |
Accumulated Depreciation and Amortization | 675,596 | $ 722,644 | $ 890,969 | $ 844,931 |
Deferred loan costs, net | $ 3,600 | |||
Building and Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 40 years | |||
Land Estates | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life computing depreciation in latest income statement (years) | 51 years | |||
Industrial Property | Anniston, Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Land and Land Estates | 1,201 | |||
Buildings and Improvements | 16,771 | |||
Total | 17,972 | |||
Accumulated Depreciation and Amortization | 3,948 | |||
Industrial Property | Opelika, Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 142 | |||
Buildings and Improvements | 31,734 | |||
Total | 31,876 | |||
Accumulated Depreciation and Amortization | 3,280 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Nov-18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,247 | |||
Buildings and Improvements | 36,115 | |||
Total | 41,362 | |||
Accumulated Depreciation and Amortization | 1,788 | |||
Industrial Property | Goodyear, Arizona | Goodyear, AZ Industrial Acquired Nov-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 41,877 | |||
Land and Land Estates | 11,970 | |||
Buildings and Improvements | 48,924 | |||
Total | 60,894 | |||
Accumulated Depreciation and Amortization | 183 | |||
Industrial Property | Tolleson, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,311 | |||
Buildings and Improvements | 16,013 | |||
Total | 19,324 | |||
Accumulated Depreciation and Amortization | 177 | |||
Industrial Property | Orlando, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,030 | |||
Buildings and Improvements | 10,869 | |||
Total | 11,899 | |||
Accumulated Depreciation and Amortization | 3,984 | |||
Industrial Property | Tampa, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,160 | |||
Buildings and Improvements | 8,526 | |||
Total | 10,686 | |||
Accumulated Depreciation and Amortization | 7,041 | |||
Industrial Property | Austell, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,251 | |||
Buildings and Improvements | 40,035 | |||
Total | 43,286 | |||
Accumulated Depreciation and Amortization | 882 | |||
Industrial Property | Lavonia, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 171 | |||
Buildings and Improvements | 7,657 | |||
Total | 7,828 | |||
Accumulated Depreciation and Amortization | 1,588 | |||
Industrial Property | McDonough, Georgia | McDonough, GA Industrial Acquired Aug-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,441 | |||
Buildings and Improvements | 52,790 | |||
Total | 58,231 | |||
Accumulated Depreciation and Amortization | 5,293 | |||
Industrial Property | McDonough, Georgia | McDonough, GA Industrial Acquired Feb-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,253 | |||
Buildings and Improvements | 30,956 | |||
Total | 34,209 | |||
Accumulated Depreciation and Amortization | 1,237 | |||
Industrial Property | McDonough, Georgia | McDonough, GA Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,463 | |||
Buildings and Improvements | 24,811 | |||
Total | 27,274 | |||
Accumulated Depreciation and Amortization | 8,453 | |||
Industrial Property | Union City, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,536 | |||
Buildings and Improvements | 22,830 | |||
Total | 25,366 | |||
Accumulated Depreciation and Amortization | 504 | |||
Industrial Property | Edwardsville, Illinois | Edwardsville, IL Industrial Acquired Dec-16 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,593 | |||
Buildings and Improvements | 34,362 | |||
Total | 38,955 | |||
Accumulated Depreciation and Amortization | 4,268 | |||
Industrial Property | Edwardsville, Illinois | Edwardsville, IL Industrial Acquired Jun- 18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,649 | |||
Buildings and Improvements | 41,310 | |||
Total | 44,959 | |||
Accumulated Depreciation and Amortization | 2,796 | |||
Industrial Property | Minooka, Illinois | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,432 | |||
Buildings and Improvements | 40,947 | |||
Total | 44,379 | |||
Accumulated Depreciation and Amortization | 0 | |||
Industrial Property | Rantoul, Illinois | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,304 | |||
Buildings and Improvements | 32,562 | |||
Total | 33,866 | |||
Accumulated Depreciation and Amortization | 5,368 | |||
Industrial Property | Rockford, Illinois | Rockford, IL Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 371 | |||
Buildings and Improvements | 2,633 | |||
Total | 3,004 | |||
Accumulated Depreciation and Amortization | 938 | |||
Industrial Property | Rockford, Illinois | Rockford, IL Industrial Acquired Dec-06, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 509 | |||
Buildings and Improvements | 5,921 | |||
Total | 6,430 | |||
Accumulated Depreciation and Amortization | 1,900 | |||
Industrial Property | Romeoville, Illinois | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 7,524 | |||
Buildings and Improvements | 40,167 | |||
Total | 47,691 | |||
Accumulated Depreciation and Amortization | 5,118 | |||
Industrial Property | Lafayette, Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 662 | |||
Buildings and Improvements | 15,578 | |||
Total | 16,240 | |||
Accumulated Depreciation and Amortization | 1,800 | |||
Industrial Property | Lebanon, Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,100 | |||
Buildings and Improvements | 29,443 | |||
Total | 31,543 | |||
Accumulated Depreciation and Amortization | 3,526 | |||
Industrial Property | Whitestown, Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,954 | |||
Buildings and Improvements | 16,821 | |||
Total | 18,775 | |||
Accumulated Depreciation and Amortization | 719 | |||
Industrial Property | New Century, Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,330 | |||
Total | 13,330 | |||
Accumulated Depreciation and Amortization | 1,680 | |||
Industrial Property | Dry Ridge, Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 560 | |||
Buildings and Improvements | 12,553 | |||
Total | 13,113 | |||
Accumulated Depreciation and Amortization | 6,325 | |||
Industrial Property | Elizabethtown, Kentucky | Elizabethtown, KY Industrial Acquired Jun-05 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 890 | |||
Buildings and Improvements | 26,868 | |||
Total | 27,758 | |||
Accumulated Depreciation and Amortization | 13,538 | |||
Industrial Property | Elizabethtown, Kentucky | Elizabethtown, KY Industrial Acquired Jun-05, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 352 | |||
Buildings and Improvements | 4,862 | |||
Total | 5,214 | |||
Accumulated Depreciation and Amortization | 2,450 | |||
Industrial Property | Hopkinsville, Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 631 | |||
Buildings and Improvements | 16,154 | |||
Total | 16,785 | |||
Accumulated Depreciation and Amortization | 8,673 | |||
Industrial Property | Owensboro, Kentucky | Owensboro, KY Industrial Acquired Jun-05 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 393 | |||
Buildings and Improvements | 11,956 | |||
Total | 12,349 | |||
Accumulated Depreciation and Amortization | 6,971 | |||
Industrial Property | Owensboro, Kentucky | Owensboro, KY Industrial Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 819 | |||
Buildings and Improvements | 2,439 | |||
Total | 3,258 | |||
Accumulated Depreciation and Amortization | 1,169 | |||
Industrial Property | Shreveport, Louisiana | Shreveport, LA Industrial Acquired Mar-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 860 | |||
Buildings and Improvements | 21,840 | |||
Total | 22,700 | |||
Accumulated Depreciation and Amortization | 6,984 | |||
Industrial Property | Shreveport, Louisiana | Shreveport, LA Industrial Acquired Jun-12 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,078 | |||
Buildings and Improvements | 10,134 | |||
Total | 11,212 | |||
Accumulated Depreciation and Amortization | 2,796 | |||
Industrial Property | North Berwick, Maine | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,383 | |||
Buildings and Improvements | 35,659 | |||
Total | 37,042 | |||
Accumulated Depreciation and Amortization | 11,603 | |||
Industrial Property | Detroit, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,133 | |||
Buildings and Improvements | 25,009 | |||
Total | 26,142 | |||
Accumulated Depreciation and Amortization | 5,204 | |||
Industrial Property | Kalamazoo, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,942 | |||
Buildings and Improvements | 14,169 | |||
Total | 16,111 | |||
Accumulated Depreciation and Amortization | 4,175 | |||
Industrial Property | Marshall, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 143 | |||
Buildings and Improvements | 4,302 | |||
Total | 4,445 | |||
Accumulated Depreciation and Amortization | 3,271 | |||
Industrial Property | Plymouth, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,296 | |||
Buildings and Improvements | 15,772 | |||
Total | 18,068 | |||
Accumulated Depreciation and Amortization | 6,912 | |||
Industrial Property | Romulus, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,438 | |||
Buildings and Improvements | 33,786 | |||
Total | 36,224 | |||
Accumulated Depreciation and Amortization | 3,842 | |||
Industrial Property | Warren, Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,850 | |||
Land and Land Estates | 972 | |||
Buildings and Improvements | 42,521 | |||
Total | 43,493 | |||
Accumulated Depreciation and Amortization | 3,851 | |||
Industrial Property | Minneapolis, Minnesota | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,886 | |||
Buildings and Improvements | 1,922 | |||
Total | 3,808 | |||
Accumulated Depreciation and Amortization | 440 | |||
Industrial Property | Byhalia, Mississippi | Byhalia, MS Industrial Property Acquired May-11 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,006 | |||
Buildings and Improvements | 35,795 | |||
Total | 36,801 | |||
Accumulated Depreciation and Amortization | 7,350 | |||
Industrial Property | Byhalia, Mississippi | Byhalia, MS Industrial Property Acquired Sep-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,751 | |||
Buildings and Improvements | 31,236 | |||
Total | 32,987 | |||
Accumulated Depreciation and Amortization | 4,094 | |||
Industrial Property | Canton, Mississippi | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,077 | |||
Buildings and Improvements | 71,289 | |||
Total | 76,366 | |||
Accumulated Depreciation and Amortization | 16,402 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired Apr- 18 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,500 | |||
Buildings and Improvements | 42,556 | |||
Total | 45,056 | |||
Accumulated Depreciation and Amortization | 3,432 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired Dec- 04 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 198 | |||
Buildings and Improvements | 10,276 | |||
Total | 10,474 | |||
Accumulated Depreciation and Amortization | 7,794 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired May-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,646 | |||
Buildings and Improvements | 40,446 | |||
Total | 43,092 | |||
Accumulated Depreciation and Amortization | 1,016 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired Apr- 18, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,958 | |||
Buildings and Improvements | 38,702 | |||
Total | 40,660 | |||
Accumulated Depreciation and Amortization | 3,131 | |||
Industrial Property | Olive Branch, Mississippi | Olive Branch, MS Industrial Acquired May-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 851 | |||
Buildings and Improvements | 15,464 | |||
Total | 16,315 | |||
Accumulated Depreciation and Amortization | 384 | |||
Industrial Property | Lumberton, North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 405 | |||
Buildings and Improvements | 12,049 | |||
Total | 12,454 | |||
Accumulated Depreciation and Amortization | 5,039 | |||
Industrial Property | Shelby, North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,421 | |||
Buildings and Improvements | 18,862 | |||
Total | 20,283 | |||
Accumulated Depreciation and Amortization | 6,007 | |||
Industrial Property | Statesville, North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 891 | |||
Buildings and Improvements | 16,771 | |||
Total | 17,662 | |||
Accumulated Depreciation and Amortization | 6,148 | |||
Industrial Property | Durham, New Hampshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,464 | |||
Buildings and Improvements | 18,094 | |||
Total | 21,558 | |||
Accumulated Depreciation and Amortization | 7,563 | |||
Industrial Property | North Las Vegas, Nevada | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,244 | |||
Buildings and Improvements | 21,732 | |||
Total | 24,976 | |||
Accumulated Depreciation and Amortization | 3,582 | |||
Industrial Property | Erwin, New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,648 | |||
Buildings and Improvements | 12,514 | |||
Total | 14,162 | |||
Accumulated Depreciation and Amortization | 3,504 | |||
Industrial Property | Long Island City, New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,449 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 42,759 | |||
Total | 42,759 | |||
Accumulated Depreciation and Amortization | 19,432 | |||
Industrial Property | Chillicothe, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 735 | |||
Buildings and Improvements | 9,021 | |||
Total | 9,756 | |||
Accumulated Depreciation and Amortization | 3,406 | |||
Industrial Property | Cincinnati, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,049 | |||
Buildings and Improvements | 8,784 | |||
Total | 9,833 | |||
Accumulated Depreciation and Amortization | 3,364 | |||
Industrial Property | Columbus, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,990 | |||
Buildings and Improvements | 10,893 | |||
Total | 12,883 | |||
Accumulated Depreciation and Amortization | 4,573 | |||
Industrial Property | Glenwillow, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,228 | |||
Buildings and Improvements | 24,530 | |||
Total | 26,758 | |||
Accumulated Depreciation and Amortization | 8,373 | |||
Industrial Property | Hebron, Ohio | Hebron, OH Industrial, Acquired Dec-97 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,063 | |||
Buildings and Improvements | 4,947 | |||
Total | 6,010 | |||
Accumulated Depreciation and Amortization | 2,198 | |||
Industrial Property | Hebron, Ohio | Hebron, OH Industrial, Acquired Dec-01 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,681 | |||
Buildings and Improvements | 8,179 | |||
Total | 9,860 | |||
Accumulated Depreciation and Amortization | 3,863 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 544 | |||
Buildings and Improvements | 12,370 | |||
Total | 12,914 | |||
Accumulated Depreciation and Amortization | 177 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,123 | |||
Buildings and Improvements | 60,702 | |||
Total | 63,825 | |||
Accumulated Depreciation and Amortization | 903 | |||
Industrial Property | Monroe, Ohio | Monroe, OH Industrial Acquired Sep-19, Property 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,950 | |||
Buildings and Improvements | 88,422 | |||
Total | 92,372 | |||
Accumulated Depreciation and Amortization | 1,267 | |||
Industrial Property | Pataskala, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,628 | |||
Buildings and Improvements | 0 | |||
Total | 3,628 | |||
Accumulated Depreciation and Amortization | 0 | |||
Industrial Property | Streetsboro, Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,441 | |||
Buildings and Improvements | 25,282 | |||
Total | 27,723 | |||
Accumulated Depreciation and Amortization | 10,426 | |||
Industrial Property | Wilsonville, Oregon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,815 | |||
Buildings and Improvements | 32,424 | |||
Total | 39,239 | |||
Accumulated Depreciation and Amortization | 4,606 | |||
Industrial Property | Bristol, Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,508 | |||
Buildings and Improvements | 15,863 | |||
Total | 18,371 | |||
Accumulated Depreciation and Amortization | 8,248 | |||
Industrial Property | Chester, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,763 | |||
Land and Land Estates | 1,629 | |||
Buildings and Improvements | 8,470 | |||
Total | 10,099 | |||
Accumulated Depreciation and Amortization | 2,269 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Oct-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,406 | |||
Buildings and Improvements | 14,272 | |||
Total | 15,678 | |||
Accumulated Depreciation and Amortization | 155 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Oct-19, Property 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,257 | |||
Buildings and Improvements | 13,252 | |||
Total | 14,509 | |||
Accumulated Depreciation and Amortization | 144 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Apr-19 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,615 | |||
Buildings and Improvements | 27,830 | |||
Total | 29,445 | |||
Accumulated Depreciation and Amortization | 821 | |||
Industrial Property | Duncan, South Carolina | Duncan, SC Industrial Acquired Jun-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 884 | |||
Buildings and Improvements | 8,749 | |||
Total | 9,633 | |||
Accumulated Depreciation and Amortization | 2,818 | |||
Industrial Property | Greer, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 6,959 | |||
Buildings and Improvements | 78,364 | |||
Total | 85,323 | |||
Accumulated Depreciation and Amortization | 0 | |||
Industrial Property | Laurens, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,552 | |||
Buildings and Improvements | 21,908 | |||
Total | 27,460 | |||
Accumulated Depreciation and Amortization | 8,465 | |||
Industrial Property | Spartanburg, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,447 | |||
Buildings and Improvements | 23,758 | |||
Total | 25,205 | |||
Accumulated Depreciation and Amortization | 1,706 | |||
Industrial Property | Cleveland, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,871 | |||
Buildings and Improvements | 29,743 | |||
Total | 31,614 | |||
Accumulated Depreciation and Amortization | 3,461 | |||
Industrial Property | Crossville, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 545 | |||
Buildings and Improvements | 6,999 | |||
Total | 7,544 | |||
Accumulated Depreciation and Amortization | 4,924 | |||
Industrial Property | Franklin, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 5,673 | |||
Total | 5,673 | |||
Accumulated Depreciation and Amortization | 3,519 | |||
Industrial Property | Jackson, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,454 | |||
Buildings and Improvements | 49,026 | |||
Total | 50,480 | |||
Accumulated Depreciation and Amortization | 4,724 | |||
Industrial Property | Lewisburg, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 173 | |||
Buildings and Improvements | 10,865 | |||
Total | 11,038 | |||
Accumulated Depreciation and Amortization | 1,923 | |||
Industrial Property | Millington, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 723 | |||
Buildings and Improvements | 19,383 | |||
Total | 20,106 | |||
Accumulated Depreciation and Amortization | 13,881 | |||
Industrial Property | Smyrna, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,793 | |||
Buildings and Improvements | 93,940 | |||
Total | 95,733 | |||
Accumulated Depreciation and Amortization | 9,277 | |||
Industrial Property | Arlington, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 589 | |||
Buildings and Improvements | 7,739 | |||
Total | 8,328 | |||
Accumulated Depreciation and Amortization | 1,899 | |||
Industrial Property | Brookshire, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,388 | |||
Buildings and Improvements | 16,614 | |||
Total | 19,002 | |||
Accumulated Depreciation and Amortization | 3,692 | |||
Industrial Property | Carrollton, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,228 | |||
Buildings and Improvements | 15,784 | |||
Total | 19,012 | |||
Accumulated Depreciation and Amortization | 1,319 | |||
Industrial Property | Dallas, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,420 | |||
Buildings and Improvements | 23,330 | |||
Total | 25,750 | |||
Accumulated Depreciation and Amortization | 657 | |||
Industrial Property | Grand Prairie, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,166 | |||
Buildings and Improvements | 17,985 | |||
Total | 21,151 | |||
Accumulated Depreciation and Amortization | 1,950 | |||
Industrial Property | Houston, Texas | Houston, TX Industrial Acquired Mar-15 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,674 | |||
Buildings and Improvements | 19,540 | |||
Total | 24,214 | |||
Accumulated Depreciation and Amortization | 10,153 | |||
Industrial Property | Houston, Texas | Houston, TX Industrial Acquired Mar-13 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 15,055 | |||
Buildings and Improvements | 57,949 | |||
Total | 73,004 | |||
Accumulated Depreciation and Amortization | 12,174 | |||
Industrial Property | Missouri City, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 14,555 | |||
Buildings and Improvements | 5,895 | |||
Total | 20,450 | |||
Accumulated Depreciation and Amortization | 5,895 | |||
Industrial Property | Pasadena, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,057 | |||
Buildings and Improvements | 17,810 | |||
Total | 21,867 | |||
Accumulated Depreciation and Amortization | 1,085 | |||
Industrial Property | San Antonio, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,311 | |||
Buildings and Improvements | 36,644 | |||
Total | 37,955 | |||
Accumulated Depreciation and Amortization | 3,940 | |||
Industrial Property | Chester, Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,544 | |||
Buildings and Improvements | 53,067 | |||
Total | 61,611 | |||
Accumulated Depreciation and Amortization | 2,854 | |||
Industrial Property | Winchester, Virginia | Winchester, VA Industrial Acquired Dec-17 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,988 | |||
Buildings and Improvements | 32,536 | |||
Total | 34,524 | |||
Accumulated Depreciation and Amortization | 2,784 | |||
Industrial Property | Winchester, Virginia | Winchester, VA Industrial Acquired Jun-07 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,823 | |||
Buildings and Improvements | 12,276 | |||
Total | 16,099 | |||
Accumulated Depreciation and Amortization | 4,615 | |||
Industrial Property | Bingen, Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 18,075 | |||
Total | 18,075 | |||
Accumulated Depreciation and Amortization | 5,201 | |||
Industrial Property | Oak Creek, Wisconsin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,015 | |||
Buildings and Improvements | 15,300 | |||
Total | 18,315 | |||
Accumulated Depreciation and Amortization | 3,040 | |||
Industrial properties, Multi-tenant/vacant properties | Moody, Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 654 | |||
Buildings and Improvements | 11,325 | |||
Total | 11,979 | |||
Accumulated Depreciation and Amortization | 7,902 | |||
Industrial properties, Multi-tenant/vacant properties | Thomson, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 909 | |||
Buildings and Improvements | 7,746 | |||
Total | 8,655 | |||
Accumulated Depreciation and Amortization | 2,024 | |||
Industrial properties, Multi-tenant/vacant properties | Henderson, North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,488 | |||
Buildings and Improvements | 5,953 | |||
Total | 7,441 | |||
Accumulated Depreciation and Amortization | 2,698 | |||
Industrial properties, Multi-tenant/vacant properties | Antioch, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,847 | |||
Buildings and Improvements | 12,659 | |||
Total | 16,506 | |||
Accumulated Depreciation and Amortization | 4,036 | |||
Office Building | Tempe, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 13,086 | |||
Total | 13,086 | |||
Accumulated Depreciation and Amortization | 3,537 | |||
Office Building | Tucson, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 681 | |||
Buildings and Improvements | 4,037 | |||
Total | 4,718 | |||
Accumulated Depreciation and Amortization | 1,277 | |||
Office Building | Palo Alto, California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,301 | |||
Land and Land Estates | 12,398 | |||
Buildings and Improvements | 16,977 | |||
Total | 29,375 | |||
Accumulated Depreciation and Amortization | 24,397 | |||
Office Building | Boca Raton, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,465 | |||
Land and Land Estates | 4,290 | |||
Buildings and Improvements | 17,160 | |||
Total | 21,450 | |||
Accumulated Depreciation and Amortization | 7,240 | |||
Office Building | Orlando, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,538 | |||
Buildings and Improvements | 9,353 | |||
Total | 12,891 | |||
Accumulated Depreciation and Amortization | 7,007 | |||
Office Building | McDonough, Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 693 | |||
Buildings and Improvements | 6,405 | |||
Total | 7,098 | |||
Accumulated Depreciation and Amortization | 1,772 | |||
Office Building | Lenexa, Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,828 | |||
Buildings and Improvements | 6,075 | |||
Total | 8,903 | |||
Accumulated Depreciation and Amortization | 2,101 | |||
Office Building | Baton Rouge, Louisiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 760 | |||
Buildings and Improvements | 3,838 | |||
Total | 4,598 | |||
Accumulated Depreciation and Amortization | 0 | |||
Office Building | Oakland, Maine | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 551 | |||
Buildings and Improvements | 8,774 | |||
Total | 9,325 | |||
Accumulated Depreciation and Amortization | 2,642 | |||
Office Building | Kansas City, Missouri | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,525 | |||
Buildings and Improvements | 10,164 | |||
Total | 11,689 | |||
Accumulated Depreciation and Amortization | 582 | |||
Office Building | Wall, New Jersey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,576 | |||
Land and Land Estates | 8,985 | |||
Buildings and Improvements | 26,961 | |||
Total | 35,946 | |||
Accumulated Depreciation and Amortization | 16,773 | |||
Office Building | Whippany, New Jersey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,572 | |||
Land and Land Estates | 4,063 | |||
Buildings and Improvements | 19,711 | |||
Total | 23,774 | |||
Accumulated Depreciation and Amortization | 10,639 | |||
Office Building | Philadelphia, Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 13,209 | |||
Buildings and Improvements | 65,911 | |||
Total | 79,120 | |||
Accumulated Depreciation and Amortization | 44,298 | |||
Office Building | Florence, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 774 | |||
Buildings and Improvements | 3,629 | |||
Total | 4,403 | |||
Accumulated Depreciation and Amortization | 833 | |||
Office Building | Fort Mill, South Carolina | Fort Mill, SC Office, Acquired Nov-04 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,798 | |||
Buildings and Improvements | 26,964 | |||
Total | 28,762 | |||
Accumulated Depreciation and Amortization | 20,373 | |||
Office Building | Fort Mill, South Carolina | Fort Mill, SC Office, Acquired Dec-02 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 3,601 | |||
Buildings and Improvements | 16,306 | |||
Total | 19,907 | |||
Accumulated Depreciation and Amortization | 6,836 | |||
Office Building | Knoxville, Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 621 | |||
Buildings and Improvements | 6,566 | |||
Total | 7,187 | |||
Accumulated Depreciation and Amortization | 1,861 | |||
Office Building | Arlington, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,274 | |||
Buildings and Improvements | 15,359 | |||
Total | 16,633 | |||
Accumulated Depreciation and Amortization | 4,013 | |||
Office Building | Lake Jackson, Texa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 183,077 | |||
Land and Land Estates | 7,435 | |||
Buildings and Improvements | 141,436 | |||
Total | 148,871 | |||
Accumulated Depreciation and Amortization | 18,027 | |||
Office Building | Mission, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,556 | |||
Buildings and Improvements | 2,911 | |||
Total | 5,467 | |||
Accumulated Depreciation and Amortization | 1,172 | |||
Office Building | Westlake, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 2,361 | |||
Buildings and Improvements | 27,788 | |||
Total | 30,149 | |||
Accumulated Depreciation and Amortization | 14,952 | |||
Office Building | Herndon, Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,127 | |||
Buildings and Improvements | 25,293 | |||
Total | 30,420 | |||
Accumulated Depreciation and Amortization | 12,071 | |||
Office Building, Multi-tenant/vacant properties | Phoenix, Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,096 | |||
Buildings and Improvements | 6,228 | |||
Total | 7,324 | |||
Accumulated Depreciation and Amortization | 517 | |||
Office Building, Multi-tenant/vacant properties | Overland Park, Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,112 | |||
Land and Land Estates | 2,025 | |||
Buildings and Improvements | 10,976 | |||
Total | 13,001 | |||
Accumulated Depreciation and Amortization | 4,242 | |||
Office Building, Multi-tenant/vacant properties | Charleston, South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,830 | |||
Land and Land Estates | 1,189 | |||
Buildings and Improvements | 9,419 | |||
Total | 10,608 | |||
Accumulated Depreciation and Amortization | 5,104 | |||
Office Building, Multi-tenant/vacant properties | Houston, Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 1,875 | |||
Buildings and Improvements | 10,959 | |||
Total | 12,834 | |||
Accumulated Depreciation and Amortization | 8,449 | |||
Other Property | Venice, Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,696 | |||
Buildings and Improvements | 11,753 | |||
Total | 16,449 | |||
Accumulated Depreciation and Amortization | 10,517 | |||
Other Property | Baltimore, Maryland | Baltimore, MD Other Acquired Dec-06 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 4,605 | |||
Buildings and Improvements | 0 | |||
Total | 4,605 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other Property | Baltimore, Maryland | Baltimore, MD Other Acquired Dec-15 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 5,000 | |||
Buildings and Improvements | 0 | |||
Total | 5,000 | |||
Accumulated Depreciation and Amortization | 0 | |||
Other properties, Multi-tenant/vacant properties | Honolulu, Hawaii | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 8,259 | |||
Buildings and Improvements | 7,471 | |||
Total | 15,730 | |||
Accumulated Depreciation and Amortization | 7,402 | |||
Construction in Progress | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land and Land Estates | 0 | |||
Buildings and Improvements | 0 | |||
Total | 1,895 | |||
Accumulated Depreciation and Amortization | $ 0 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Total cost basis for federal income tax purposes | $ 3,800,000 | ||
Reconciliation of real estate owned: | |||
Balance at the beginning of year | 3,090,134 | $ 3,936,459 | $ 3,533,172 |
Additions during year | 663,742 | 310,207 | 676,355 |
Properties sold and impaired during the year | (496,730) | (1,091,956) | (270,241) |
Other reclassifications | 63,428 | (64,576) | (2,827) |
Balance at end of year | 3,320,574 | 3,090,134 | 3,936,459 |
Reconciliation of accumulated depreciation and amortization: | |||
Balance at the beginning of year | 722,644 | 890,969 | 844,931 |
Depreciation and amortization expense | 118,525 | 136,571 | 139,493 |
Accumulated depreciation and amortization of properties sold, impaired and held for sale during year | (177,709) | (290,938) | (93,455) |
Other reclassifications | 12,136 | (13,958) | 0 |
Balance at end of year | $ 675,596 | $ 722,644 | $ 890,969 |