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Investments in Real Estate and Real Estate Under Construction | 12 Months Ended
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Dec. 31, 2016
Investments in Real Estate and Real Estate Under Construction [Line Items] |
Investments in Real Estate and Real Estate Under Construction | Investments in Real Estate and Real Estate Under Construction 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.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $28,416 and $28,967, respectively as of December 31, 2016 and 2015. The estimated accretion for the next five years is $2,034 in 2017, $2,026 in 2018, $1,719 in 2019, $1,620 in 2020 and $1,528 in 2021. 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 |
The Company recognized aggregate acquisition and pursuit expenses of $836 and $2,404 in 2016 and 2015, respectively, which are included in property operating expenses within the Company's Consolidated Statements of Operations. The Company is engaged in various forms of acquisition and build-to-suit development activities, including: (1) lending funds to construct build-to-suit projects subject to a single-tenant lease and agree to purchase the properties upon completion of construction and commencement of a single-tenant lease, (2) hiring developers to construct built-to-suit projects on owned properties leased to single tenants, (3) funding the construction of build-to-suit projects on owned properties pursuant to the terms in single-tenant lease agreements and (4) entering into purchase and sale agreements with developers to acquire single-tenant build-to-suit properties upon completion. 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.
The Company has variable interests in certain developer entities constructing its build-to-suit facilities but is not the primary beneficiary of the entities as the Company does not have a controlling financial interest. As of December 31, 2016 and 2015, the Company's aggregate investment in development arrangements was $106,652 and $95,402, respectively, which includes $3,442 and $2,726 of interest capitalized, respectively, and is presented as investments in real estate under construction in the accompanying Consolidated Balance Sheets. 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] |
Investments in Real Estate and Real Estate Under Construction | Investments in Real Estate and Real Estate Under Construction 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.
In addition, the Partnership had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $64 and $96, respectively as of December 31, 2016 and 2015. The estimated accretion for the next five years is $32 in 2017, $32 in 2018, $0 in 2019, $0 in 2020 and $0 in 2021. 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 |
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 |
In addition, during 2015, the Partnership acquired the office property collateral from the borrowers in Westmont, Illinois and Southfield, Michigan on two loans receivable that were impaired. The Partnership sold the Westmont, Illinois property in 2016. The Partnership recognized aggregate acquisition and pursuit expenses of $359 and $85 in 2016 and 2015, respectively. 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 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
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