XML 55 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Investments in Real Estate and Real Estate Under Construction (Tables)
 12 Months Ended
Dec. 31, 2016
Investments in Real Estate and Real Estate Under Construction [Line Items]  
Schedule of Net Real Estate
The Company's real estate, net, consists of the following at December 31, 2016 and 2015:
 
 
2016
 
2015
Real estate, at cost:
 
 
 
 
Buildings and building improvements
 
$
3,050,082

 
$
3,032,457

Land, land estates and land improvements
 
472,394

 
743,125

Fixtures and equipment
 
5,577

 
5,577

Construction in progress
 
5,119

 
8,552

Real estate intangibles:
 
 
 
 
In-place lease values
 
436,185

 
513,564

Tenant relationships
 
113,839

 
123,796

Above-market leases
 
47,270

 
55,418

Investments in real estate under construction
 
106,652

 
95,402

 
 
4,237,118

 
4,577,891

Accumulated depreciation and amortization(1)
 
(1,208,792
)
 
(1,179,969
)
Real estate, net
 
$
3,028,326

 
$
3,397,922

(1)
Includes accumulated amortization of real estate intangible assets of $363,861 and $367,762 in 2016 and 2015, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $30,919 in 2017, $26,664 in 2018, $21,742 in 2019, $17,598 in 2020 and $16,135 in 2021.
Schedule of Acquired Properties
The Company completed the following acquisitions and build-to-suit transactions during 2016 and 2015:
2016:
 
 
 
 
 
 
 
 
 
Real Estate Intangibles
Property Type
Location
Acquisition Date
Initial
Cost
Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Lease in-place Value
 
Below Market Lease
Industrial
Detroit, MI
January 2016
$
29,697

10/2035
$
1,133

 
$
25,009

 
$
3,555

 
$
—

Industrial
Anderson, SC
June 2016
61,347

06/2036
4,663

 
45,011

 
11,673

 
—

Industrial
Wilsonville, OR
September 2016
43,100

10/2032
6,815

 
32,380

 
5,920

 
(2,015
)
Office
Lake Jackson, TX
November 2016
78,484

10/2036
4,357

 
74,127

 
—

 
—

Industrial
Romeoville, IL
Demember 2016
52,700

10/2031
7,524

 
40,167

 
5,009

 
—

Industrial
Edwardsville, IL
December 2016
44,800

09/2026
4,593

 
34,251

 
5,956

 
—

 
 
 
$
310,128

 
$
29,085

 
$
250,945

 
$
32,113

 
$
(2,015
)
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
 
16.6

 
16.1



2015:
 
 
 
 
 
 
 
 
 
Real Estate Intangible
Property Type
Location
Acquisition/Completion Date
Initial Cost Basis
Lease Expiration
Land and Land Estate
 
Building and Improvements
 
Lease in-place Value
Other
Venice, FL
January 2015
$
16,850

01/2055
$
4,696

 
$
11,753

 
$
401

Office
Auburn Hills, MI
March 2015
40,025

03/2029
4,416

 
30,012

 
5,597

Industrial
Houston, TX
March 2015
28,650

03/2035
4,674

 
19,540

 
4,436

Industrial
Brookshire, TX
March 2015
22,450

03/2035
2,388

 
16,614

 
3,448

Industrial
Canton, MS
March 2015
89,300

02/2027
5,077

 
71,289

 
12,934

Industrial
Thomson, GA
May 2015
10,144

05/2030
909

 
7,746

 
1,489

Industrial
Oak Creek, WI
July 2015
22,139

06/2035
3,015

 
15,300

 
3,824

Industrial
Richland, WA
November 2015
152,000

08/2035
1,293

 
126,947

 
23,760

Office
Richmond, VA
December 2015
109,544

08/2030
7,331

 
88,021

 
14,192

 
 
 
$
491,102

 
$
33,799

 
$
387,222

 
$
70,081

 
 
 
 
 
 
 
 
 
 
Weighted-average life of intangible assets (years)
 
 
 
 
 
16.8
Schedule of Development Arrangements Outstanding
As of December 31, 2016, the Company had the following development arrangements outstanding:
Location
Property Type
Square Feet
 
Maximum Commitment/Estimated Completion Cost
 
Lease Term (Years)
 
Estimated Completion/Acquisition Date
 
GAAP Investment Balance as of 12/31/2016
Lake Jackson, TX(1)
Office
275

 
$
78,447

 
20
 
1Q 17
 
$
55,960

Charlotte, NC
Office
201

 
62,445

 
15
 
2Q 17
 
40,443

Opelika, AL
Industrial
165

 
37,000

 
25
 
2Q 17
 
10,249

 
 
641

 
$
177,892

 
 
 
 
 
$
106,652

(1)
Joint venture arrangement with developer. The Company currently has a 100% economic interest. Three of four buildings completed in 2016. Estimated completion cost and GAAP investment balance at December 31, 2016 reflect the fourth building.
Purchase Commitment, Excluding Long-term Commitment
In addition, as of December 31, 2016, the Company had the following forward purchase commitments:
Location
Sq. Ft.
Property Type
 
Maximum Acquisition Cost
 
Estimated Acquisition Date
 
Approximate Lease Term (Yrs)
Grand Prairie, TX
215

Industrial
 
$
24,725

 
2Q 17
 
20
Warren, MI(1)
260

Industrial
 
47,000

 
3Q 17
 
15
 
475

 
 
$
71,725

 
 
 
 
(1)
The Company issued a $4,600 letter of credit to secure its obligation to purchase the property.
LCIF [Member]  
Investments in Real Estate and Real Estate Under Construction [Line Items]  
Schedule of Net Real Estate
The Partnership's real estate, net, consists of the following at December 31, 2016 and 2015:
 
 
2016
 
2015
Real estate, at cost:
 
 
 
 
Buildings and building improvements
 
$
644,173

 
$
705,547

Land, land estates and land improvements
 
86,120

 
355,608

Fixtures and equipment
 
84

 
84

Construction in progress
 
825

 
367

Real estate intangibles:
 
 
 
 
In-place lease values
 
82,190

 
165,413

Tenant relationships
 
19,943

 
20,256

Above-market leases
 
2,628

 
4,031

Investment in real estate under construction
 
40,443

 
9,223

 
 
876,406

 
1,260,529

Accumulated depreciation and amortization(1)
 
(236,930
)
 
(255,024
)
Real estate, net
 
$
639,476

 
$
1,005,505

(1)
Includes accumulated amortization of real estate intangible assets of $54,425 and $55,334 in 2016 and 2015, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $4,767 in 2017, $4,215 in 2018, $3,466 in 2019, $3,353 in 2020 and $3,339 in 2021.
Schedule of Acquired Properties
The Partnership, through property owner subsidiaries, completed the following build-to-suit transaction during 2015:
Property Type
 
Location
 
Acquisition
 
Initial Cost Basis
 
Lease Expiration
 
Land and Land Estates
 
Building and Improvements
Lease in-place Value
Industrial
 
Richland, WA
 
Nov-15
 
$
152,000

 
08/2035
 
1,293

 
126,947

 
23,760

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life of intangible asset (years)
 
 
 
 
 
 
 
19.8

The Partnership, through property owner subsidiaries, completed the following acquisition during 2016: 
Property Type
 
Location
 
Acquisition
 
Initial Cost Basis
 
Lease Expiration
 
Land
 
Building and Improvements
Lease in-place Value
Industrial
 
Romeoville, IL
 
Dec-16
 
$
52,700

 
10/2031
 
$
7,524

 
$
40,167

 
$
5,009

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life of intangible asset (years)
 
 
 
 
 
 
 
14.9
Schedule of Development Arrangements Outstanding
As of December 31, 2016, the Partnership had the following development arrangement outstanding:

Location
 
Property Type
 
Square Feet
 
Expected Maximum Commitment
 
Lease Term (Years)
 
Estimated Completion Date
 
GAAP Investment Balance as of 12/31/16
Charlotte, NC
 
Office
 
201

 
$
62,445

 
15
 
2Q 17
 
$
40,443