XML 31 R19.htm IDEA: XBRL DOCUMENT

Real Estate Investments and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate Investments and Accumulated Depreciation [Abstract]

Real Estate Investments and Accumulated Depreciation

Real Estate Investments and Accumulated Depreciation

As of December 31, 2011

(in thousands)


Property Name		No. of Bldgs.				Location		Encumbrances				Initial Cost to Company								Costs Capitalized Subsequent to Acquisition				Gross Amount Carried at 12/31/11												Accumulated Depreciation				Year Acquired				Year Constructed
Property Name		No. of Bldgs.				Location		Encumbrances				Land				Buildings & Improvements				Costs Capitalized Subsequent to Acquisition				Land				Buildings & Improvements				Total				Accumulated Depreciation				Year Acquired				Year Constructed
Los Angeles
630 Glasgow			1			Inglewood, CA		$	—			$	2,245			$	1,855			$	98			$	2,245			$	1,953			$	4,198			$	25				2011				1988
19601 Hamilton			1			Torrance, CA			6,725				7,409				4,072				—				7,409				4,072				11,481				47				2011				1985
Rialto			2			San Bernardino, CA			—				6,218				5,148				—				6,218				5,148				11,366				166				2010				2002
Northern New Jersey/New York
130 Interstate			1			South Brunswick, NJ			—				8,686				12,135				20				8,686				12,155				20,841				392				2010				1999
620 Division			1			Elizabeth, NJ			—				6,491				3,568				89				6,491				3,657				10,148				19				2011				1980
Belleville			1			Kearny, NJ			14,604				12,845				18,041				14				12,845				18,055				30,900				282				2011				2006
Dell			1			Carlstadt, NJ			—				6,641				771				—				6,641				771				7,412				10				2011				1972
Maltese			1			Totowa, NJ			—				7,231				7,598				—				7,231				7,598				14,829				245				2010				1964
Middlebrook			18			Bound Brook, NJ			14,884				16,442				10,241				2,662				16,442				12,903				29,345				438				2010				1958-1976
San Francisco Bay Area
238/242 Lawrence			2			South San Francisco, CA			1,441				6,674				2,655				357				6,674				3,012				9,686				94				2010				1986
299 Lawrence			1			South San Francisco, CA			—				1,352				1,198				382				1,352				1,580				2,932				43				2010				1968
Ahern			2			Union City, CA			—				3,246				2,749				70				3,246				2,819				6,065				73				2010				1986
Clawiter			1			Hayward, CA			—				5,964				1,159				—				5,964				1,159				7,123				1				2011				1967
Fortune/Qume			1			San Jose, CA			—				2,518				2,484				589				2,518				3,073				5,591				115				2010				1980
Warm Springs I and II			2			Fremont, CA			—				3,664				2,782				507				3,664				3,289				6,953				135				2010				1984
Seattle
Kent 188			1			Kent, WA			—				3,251				4,719				363				3,251				5,082				8,333				123				2010				1979
Valley Corporate			2			Kent, WA			—				5,264				9,108				—				5,264				9,108				14,372				9				2011				1987
Miami
10th Avenue			1			Hialeah, FL			—				6,376				2,624				1,100				6,376				3,724				10,100				79				2010				1957/2005
39th Street			1			Doral, FL			—				1,420				2,717				2				1,420				2,719				4,139				25				2011				2002
48th Avenue			2			Miami Gardens, FL			—				4,322				2,187				—				4,322				2,187				6,509				2				2011				1987
60th Avenue			1			Miami Lakes, FL			—				6,203				1,567				2,511				6,203				4,078				10,281				65				2010				1971
70th Avenue			1			Miami, FL			—				1,434				2,333				2				1,434				2,335				3,769				32				2011				1999
Washington, D.C./Baltimore
8730 Bollman			1			Savage, MD			—				4,361				2,757				—				4,361				2,757				7,118				37				2011				1984
Dorsey			1			Jessup, MD			—				3,207				2,383				670				3,207				3,053				6,260				52				2011				1977

Subtotal			47						37,654				133,464				106,851				9,436				133,464				116,287				249,751				2,509
Unamortized net premiums			—						611				—				—				—				—				—				—				—
Intangible assets			—						—				—				—				—				—				—				14,833				4,554

Total			47					$	38,265			$	133,464			$	106,851			$	9,436			$	133,464			$	116,287			$	264,584			$	7,063

A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2011 and for the period from February 16, 2010 (commencement of operations) to December 31, 2010 is as follows:


		2011				2010
Investment in Properties
Balance at beginning of period		$	136,363			$	—
Acquisition of properties			119,203				136,040
Improvements			9,018				323

Balance at end of period		$	264,584			$	136,363


		2011				2010
Accumulated Depreciation
Balance at beginning of period		$	1,502			$	—
Amortization of lease intangible assets			760				321
Depreciation expense			4,801				1,181

Balance at end of period		$	7,063			$	1,502

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References+ Details