Property Portfolio (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Property, Plant and Equipment [Table Text Block] |
A rollforward of the gross investment in land, building and improvements as of March 31, 2018, 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, 2018 | | $ | 42,701 | | $ | 384,338 | | $ | 12,818 | | $ | 31,650 | | $ | 471,507 | | | Facility Acquired Date Acquired: | | | | | | | | | | | | | | | | | | Moline / Silvis 1/24/18 | | | - | | | 4,895 | | | 1,216 | | | 989 | | | 7,100 | | | Freemont 2/9/18 | | | 162 | | | 8,335 | | | - | | | - | | | 8,497 | | | Gainesville 2/23/18 | | | 625 | | | 9,885 | | | - | | | - | | | 10,510 | | | Dallas 3/1/18 | | | 6,272 | | | 17,012 | | | - | | | - | | | 23,284 | | | Orlando 3/22/18 | | | 2,543 | | | 11,720 | | | 756 | | | 1,395 | | | 16,414 | | | Total Additions(1): | | | 9,600 | | | 51,847 | | | 1,973 | | | 2,384 | | | 65,804 | | | Balances as of March 31, 2018 | | $ | 52,301 | | $ | 436,185 | | $ | 14,791 | | $ | 34,034 | | $ | 537,311 | |
(1)An aggregate of $239 of intangible liabilities were acquired from the acquisitions that occurred during the three months ended March 31, 2018, resulting in total gross investments funded using cash of $65,565.
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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 the dates presented: | | | As of March 31, 2018 | | | | | Cost | | Accumulated
Amortization | | Net | | | Assets | | | | | | | | | | | | In-place leases | | $ | 18,212 | | $ | (2,098) | | $ | 16,114 | | | Above market ground lease | | | 707 | | | (10) | | | 697 | | | Above market leases | | | 4,854 | | | (371) | | | 4,483 | | | Leasing costs | | | 10,261 | | | (782) | | | 9,479 | | | | | $ | 34,034 | | $ | (3,261) | | $ | 30,773 | | | Liabilities | | | | | | | | | | | | Below market leases | | $ | 1,628 | | $ | (140) | | $ | 1,488 | | | | | As of 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 | |
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| Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
The following is a summary of the acquired lease intangible amortization: | | | Three Months Ended March 31, | | | | | 2018 | | 2017 | | | Amortization expense related to in-place leases | | $ | 521 | | $ | 281 | | | Amortization expense related to leasing costs | | $ | 244 | | $ | 63 | | | Decrease in rental revenue related to above market ground lease | | $ | 4 | | $ | 1 | | | Decrease in rental revenue related to above market leases | | $ | 151 | | $ | 3 | | | Increase in rental revenue related to below market leases | | $ | 42 | | $ | 12 | |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
As of March 31, 2018, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each fiscal year ended December 31 is listed below: | | | Net Decrease
in Revenue | | Net Increase
in Expenses | | | 2018 (nine months remaining) | | $ | (457) | | $ | 2,554 | | | 2019 | | | (610) | | | 3,406 | | | 2020 | | | (610) | | | 3,406 | | | 2021 | | | (613) | | | 2,791 | | | 2022 | | | (614) | | | 2,526 | | | Thereafter | | | (788) | | | 10,910 | | | Total | | $ | (3,692) | | $ | 25,593 | |
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| Silvis Facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed for this acquisition: | Site improvements | | $ | 249 | | | Building and tenant improvements | | | 5,862 | | | In-place leases | | | 343 | | | Above market lease intangibles | | | 219 | | | Leasing costs | | | 427 | | | Below market lease intangibles | | | (229) | | | Total purchase price | | $ | 6,871 |
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| Orlando Facilities [Member] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: | Land and site improvements | | $ | 3,075 | | | Building and tenant improvements | | | 11,944 | | | In-place leases | | | 808 | | | Above market lease intangibles | | | 229 | | | Leasing costs | | | 358 | | | Below market lease intangibles | | | (10) | | | Total purchase price | | $ | 16,404
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