Property Portfolio (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Property, Plant and Equipment [Table Text Block] |
A rollforward of the gross investment in land, building and improvements as of December 31, 2017, resulting from these acquisitions is as follows: | | | Land | | Building | | Site &; Tenant
Improvements | | Acquired Lease
Intangibles | | Gross Investment in
Real Estate | | | Balances as of January 1, 2017 | | $ | 17,786 | | $ | 179,253 | | $ | 2,651 | | $ | 7,187 | | $ | 206,877 | | | Facility Acquired Date Acquired: | | | | | | | | | | | | | | | | | | Cape Coral 1/10/17 | | | 352 | | | 7,017 | | | - | | | - | | | 7,369 | | | Lewisburg 1/12/17 | | | 471 | | | 5,819 | | | 505 | | | 505 | | | 7,300 | | | Las Cruces 2/1/17 | | | 396 | | | 4,618 | | | - | | | - | | | 5,014 | | | Prescott 2/9/17 | | | 791 | | | 3,821 | | | - | | | - | | | 4,612 | | | Clermont 3/1/17 | | | - | | | 4,361 | | | 206 | | | 868 | | | 5,435 | | | Sandusky 3/10/17 | | | 409 | | | 3,998 | | | - | | | - | | | 4,407 | | | Great Bend 3/31/17 | | | 837 | | | 23,801 | | | - | | | - | | | 24,638 | | | Oklahoma City 3/31/17 | | | 2,087 | | | 37,714 | | | 1,876 | | | 7,823 | | | 49,500 | | | Sandusky 4/21/17 | | | 98 | | | 978 | | | - | | | - | | | 1,076 | | | Brockport 6/27/17 | | | 413 | | | 6,885 | | | 492 | | | 1,295 | | | 9,085 | | | Flower Mound 6/27/17 | | | 581 | | | 2,922 | | | 382 | | | 407 | | | 4,292 | | | Sherman facility 6/30/17 | | | 1,601 | | | 25,011 | | | - | | | - | | | 26,612 | | | Sandusky facility 8/15/17 | | | 56 | | | 1,215 | | | - | | | - | | | 1,271 | | | Lubbock facility 8/18/17 | | | 1,303 | | | 5,042 | | | 947 | | | 908 | | | 8,200 | | | Germantown 8/30/17 | | | 2,700 | | | 8,078 | | | 657 | | | 4,505 | | | 15,940 | | | Austin 9/25/17 | | | 6,958 | | | 28,508 | | | 1,373 | | | 3,811 | | | 40,650 | | | Fort Worth 11/10/17 | | | 1,487 | | | 3,334 | | | 643 | | | 786 | | | 6,250 | | | Albertville 11/10/17 | | | 866 | | | 3,486 | | | 1,246 | | | 1,202 | | | 6,800 | | | Moline 11/10/17 | | | 722 | | | 8,175 | | | 1,194 | | | 1,916 | | | 12,007 | | | Lee’s Summit 12/18/17 | | | 428 | | | 2,426 | | | 646 | | | 437 | | | 3,937 | | | Amarillo 12/20/17 | | | 1,437 | | | 7,254 | | | - | | | - | | | 8,691 | | | Wyomissing 12/21/17 | | | 487 | | | 5,250 | | | - | | | - | | | 5,737 | | | Saint George 12/22/17 | | | 435 | | | 5,372 | | | - | | | - | | | 5,807 | | | Total Additions1: | | | 24,915 | | | 205,085 | | | 10,167 | | | 24,463 | | | 264,630 | | | Balances as of December 31, 2017 | | $ | 42,701 | | $ | 384,338 | | $ | 12,818 | | $ | 31,650 | | $ | 471,507 | | | | 1 | The Lubbock and Moline facility acquisitions included an aggregate of approximately $11,300 of OP Units issued as part of the total consideration. Additionally, an aggregate of $1,110 of intangible liabilities were acquired from the acquisitions that occurred during the year ended December 31, 2017, resulting in total gross investments funded using cash of $252,220
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A rollforward of the gross investment in land, building and improvements as of December 31, 2016, resulting from these acquisitions is as follows: | | | Land | | Building | | Site &; Tenant
Improvements | | Acquired Lease
Intangibles | | Gross Investment in
Real Estate | | | Balances as of January 1, 2016 | | $ | 4,564 | | $ | 51,574 | | $ | - | | $ | - | | $ | 56,138 | | | Facility Acquired Date Acquired: | | | | | | | | | | | | | | | | | | Plano 1/28/16 | | | 1,050 | | | 16,696 | | | - | | | - | | | 17,746 | | | Westland 3/31/16 | | | 230 | | | 4,520 | | | - | | | - | | | 4,750 | | | Melbourne 3/31/16 | | | 1,200 | | | 14,250 | | | - | | | - | | | 15,450 | | | Reading 7/20/16 | | | 1,440 | | | 7,940 | | | - | | | - | | | 9,380 | | | East Orange 9/29/16 | | | 2,150 | | | 10,112 | | | - | | | - | | | 12,262 | | | Watertown 9/30/16 | | | 1,100 | | | 8,002 | | | - | | | - | | | 9,102 | | | Sandusky 10/7/16 | | | 229 | | | 4,519 | | | - | | | - | | | 4,748 | | | Carson City 10/31/16 | | | 761 | | | 3,268 | | | - | | | - | | | 4,029 | | | Ellijay 12/16/16 | | | 777 | | | 2,929 | | | 544 | | | 870 | | | 5,120 | | | HealthSouth 12/20/16 | | | 4,285 | | | 55,443 | | | 2,107 | | | 6,317 | | | 68,152 | | | Total Additions 1: | | | 13,222 | | | 127,679 | | | 2,651 | | | 7,187 | | | 150,739 | | | Balances as of December 31, 2016 | | $ | 17,786 | | $ | 179,253 | | $ | 2,651 | | $ | 7,187 | | $ | 206,877 | | | 1 | An aggregate of $280 of intangible liabilities were acquired from the acquisitions that occurred during the year ended December 31, 2016, resulting in total gross investments funded using cash of $150,459. |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 2,953 | | | Building and tenant improvements | | | 38,724 | | | Above market lease intangibles | | | 759 | | | In place leases | | | 4,392 | | | Leasing costs | | | 2,672 | | | Total purchase price | | $ | 49,500 | |
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| Business Acquisition, Pro Forma Information [Table Text Block] |
The businesses acquired in 2017 and 2016 that were accounted for as business combinations were included in our results of operations from the dates of acquisition. The following table provides summary unaudited pro forma information as if the Company’s acquisitions during the years ended December 31, 2017 and 2016 that were accounted for as business combinations had occurred as of January 1, 2016: | | | Year Ended December 31, | | | | | 2017 | | 2016 | | | | | (unaudited) | | | | | | | | | | | | Revenue | | $ | 38,140 | | $ | 28,559 | | | Net income (loss) | | $ | 1,828 | | $ | (1,191) | | | Net income (loss) attributable to common stockholders | | $ | 41 | | $ | (1,191) | | | Income (loss) attributable to common stockholders per share basic and diluted | | $ | - | | $ | (0.13) | | | Weighted average shares outstanding basic and diluted | | $ | 19,617 | | $ | 9,302 | |
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| Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2017 and 2016: | | | Year Ended December 31, 2017 | | | | | Cost | | Accumulated
Amortization | | Net | | | Assets | | | | | | | | | | | | In-place leases | | $ | 17,061 | | $ | (1,577) | | $ | 15,484 | | | Above market ground lease | | | 488 | | | (6) | | | 482 | | | Above market leases | | | 4,625 | | | (220) | | | 4,405 | | | Leasing costs | | | 9,476 | | | (538) | | | 8,938 | | | | | $ | 31,650 | | $ | (2,341) | | $ | 29,309 | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 1,389 | | $ | (98) | | $ | 1,291 | | | | | Year Ended December 31, 2016 | | | | | Cost | | Accumulated
Amortization | | Net | | | Assets | | | | | | | | | | | | In-place leases | | $ | 5,827 | | $ | (35) | | $ | 5,792 | | | Above market leases | | | 74 | | | - | | | 74 | | | Leasing costs | | | 1,286 | | | (8) | | | 1,278 | | | | | $ | 7,187 | | $ | (43) | | $ | 7,144 | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 279 | | $ | (1) | | $ | 278 | |
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| Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
The following is a summary of the acquired lease intangible amortization: | | | Year Ended December 31, | | | | | 2017 | | 2016 | | | Amortization expense related to in-place leases | | $ | 1,542 | | $ | 35 | | | Amortization expense related to leasing costs | | $ | 530 | | $ | 8 | | | Decrease in rental revenue related to above market ground lease | | $ | 6 | | $ | - | | | Decrease in rental revenue related to above market leases | | $ | 220 | | $ | - | | | Increase in rental revenue related to below market leases | | $ | (97) | | $ | (1) | |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Future aggregate net amortization of the acquired lease intangible as of December 31, 2017, is as follows: | | | Net Decrease
in Revenue | | Net Increase
in Expenses | | | 2018 | | $ | (449) | | $ | 3,019 | | | 2019 | | | (449) | | | 3,019 | | | 2020 | | | (449) | | | 3,019 | | | 2021 | | | (452) | | | 2,404 | | | 2022 | | | (453) | | | 2,096 | | | Thereafter | | | (1,344) | | | 10,865 | | | Total | | $ | (3,596) | | $ | 24,422 | |
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| Oklahoma City Facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 2,953 | | | Building and tenant improvements | | | 38,724 | | | Above market lease intangibles | | | 759 | | | In place leases | | | 4,392 | | | Leasing costs | | | 2,672 | | | Total purchase price | | $ | 49,500 | | |
| Brockport Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 693 | | | Building and tenant improvements | | | 7,097 | | | In place leases | | | 841 | | | Leasing costs | | | 454 | | | Below market lease intangible | | | (415) | | | Total purchase price | | $ | 8,670 | |
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| Flower Mound Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 730 | | | Building and tenant improvements | | | 3,155 | | | In place leases | | | 222 | | | Leasing costs | | | 185 | | | Below market lease intangible | | | (242) | | | Total purchase price | | $ | 4,050 | | |
| Lubbock Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 1,567 | | | Building and tenant improvements | | | 5,725 | | | In-place leases | | | 414 | | | Leasing costs | | | 494 | | | Total purchase price | | $ | 8,200 | | |
| Germantown Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 3,050 | | | Building and tenant improvements | | | 8,385 | | | Above market lease intangible | | | 3,284 | | | In-place leases | | | 587 | | | Leasing costs | | | 634 | | | Total purchase price | | $ | 15,940 | | |
| Austin Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 7,223 | | | Building and tenant improvements | | | 29,616 | | | Above market lease intangible | | | 246 | | | In-place leases | | | 1,680 | | | Leasing costs | | | 1,885 | | | Total purchase price | | $ | 40,650 | | |
| Albertville Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 1,154 | | | Building and tenant improvements | | | 4,444 | | | Above market lease intangible | | | 103 | | | In-place leases | | | 802 | | | Leasing costs | | | 297 | | | Total purchase price | | $ | 6,800 | | |
| Moline Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 854 | | | Building and tenant improvements | | | 9,237 | | | Above market lease intangible | | | 33 | | | In-place leases | | | 1,050 | | | Leasing costs | | | 833 | | | Below market lease intangible | | | (107) | | | Total purchase price | | $ | 11,900 | | |
| Lees Summit Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
| Land and site improvements | | $ | 571 | | | Building and tenant improvements | | | 2,929 | | | In-place leases | | | 303 | | | Leasing costs | | | 134 | | | Below market lease intangible | | | (137) | | | Total purchase price | | $ | 3,800 | |
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| Ellijay Facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 913 | | | Building and tenant improvements | | | 3,337 | | | In place leases | | | 672 | | | Leasing commissions and legal fees | | | 198 | | | Below market lease intangibles | | | (220) | | | Total purchase price | | $ | 4,900 | | |
| Fort Worth Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 1,738 | | | Building and tenant improvements | | | 3,726 | | | Above market lease intangible | | | 126 | | | In-place leases | | | 314 | | | Leasing costs | | | 346 | | | Total purchase price | | $ | 6,250 | |
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| Lewisburg facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Land and site improvements | | $ | 681 | | | Building and tenant improvements | | | 6,114 | | | In place leases | | | 373 | | | Leasing costs | | | 132 | | | Total purchase price | | $ | 7,300 | | |
| Clermont Facility [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation: | Site improvements | | $ | 145 | | | Building and tenant improvements | | | 4,422 | | | In place leases | | | 255 | | | Above market lease intangibles | | | 488 | | | Leasing costs | | | 125 | | | Below market lease intangibles | | | (210) | | | Total purchase price | | $ | 5,225 | | |
| Encompass facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the preliminary purchase price allocation:
| Land and site improvements | | $ | 5,615 | | | Building and tenant improvements | | | 56,221 | | | In place leases | | | 5,154 | | | Above market lease intangibles | | | 74 | | | Leasing costs | | | 1,088 | | | Below market lease intangibles | | | (59) | | | Total purchase price | | $ | 68,093 | | |