Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

v3.20.2
Property Portfolio (Tables)
9 Months Ended
Sep. 30, 2020
Schedule of Properties Acquired

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2020 resulting from these acquisitions is as follows:

    

    

Site

    

Tenant

    

Acquired Lease

    

Gross Investment in

    

Land

    

Building

    

Improvements

    

Improvements

    

Intangible Assets

    

Real Estate

Balances as of December 31, 2019

$

95,381

$

693,533

$

9,912

$

33,909

$

72,794

$

905,529

Facility Acquired – Date Acquired:

 

  

 

  

 

  

 

  

 

  

 

  

High Point – 2/13/20

 

1,749

 

20,367

 

440

 

869

 

1,656

 

25,081

Clinton – 2/27/20

 

664

 

6,551

 

342

 

1,578

 

2,484

 

11,619

West Allis – 3/4/20

 

974

 

7,687

 

137

 

98

 

461

 

9,357

Grand Rapids – 3/20/20

 

2,947

 

17,341

 

470

 

450

 

1,582

 

22,790

Dumfries – 4/27/20

2,597

10,047

289

4,815

4,292

22,040

Centerville – 7/16/20

4,202

160

208

501

5,071

Fairfax – 7/17/20

6,731

6,642

381

2,979

3,012

19,745

Rosedale – 7/31/20

2,856

16,204

567

1,443

2,821

23,891

Lancaster – 9/18/20

696

4,269

110

116

1,114

6,305

Winston-Salem – 9/30/20

1,524

6,407

254

307

748

9,240

Capitalized costs(1)

4

309

206

193

712

Total Additions:

 

20,742

 

100,026

 

3,356

 

13,056

 

18,671

 

155,851

Balances as of September 30, 2020

$

116,123

$

793,559

$

13,268

$

46,965

$

91,465

$

1,061,380

(1) Represents capital projects that were completed and placed in service during the nine months ended September 30, 2020 related to the Company’s existing facilities.

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2019 resulting from these acquisitions is as follows:

Site 

Tenant

Acquired Lease

Gross Investment in 

    

Land

    

Building

Improvements

    

Improvements

    

Intangible Assets

    

Real Estate

Balances as of December 31, 2018

$

63,710

$

518,451

    

$

6,880

$

15,357

$

43,152

$

647,550

Facility Acquired – Date Acquired:

Zachary – 2/28/19

 

 

3,336

 

103

409

 

835

 

4,683

Gilbert and Chandler – 3/19/19

 

4,616

 

11,643

 

 

 

16,259

Las Vegas – 4/15/19

2,479

15,277

244

2,205

2,297

22,502

Oklahoma Northwest – 4/15/19

2,364

19,501

143

3,044

3,155

28,207

Mishawaka – 4/15/19

1,924

10,084

74

1,798

2,223

16,103

Surprise – 4/15/19

1,738

18,737

228

4,119

3,860

28,682

San Marcos – 7/12/19

2,322

6,934

126

404

2,188

11,974

Lansing – 8/1/19

1,202

7,681

185

667

1,633

11,368

Bannockburn – 8/5/19

763

3,566

132

1,134

1,382

6,977

Aurora – 8/6/19

1,521

7,446

308

603

2,679

12,557

Livonia – 8/14/19

980

7,629

201

442

1,340

10,592

Gilbert – 8/23/19

2,408

2,027

62

362

733

5,592

Morgantown – 9/26/19

883

5,286

373

506

902

7,950

Beaumont – 10/1/19

3,022

24,836

399

1,036

4,446

33,739

Bastrop – 10/25/19

1,975

8,436

64

276

1,314

12,065

Panama City – 10/31/19

1,559

8,682

220

1,036

1,479

12,976

Jacksonville – 11/15/19

1,023

7,846

8,869

Greenwood – 12/17/19

892

4,956

5,848

ASC Topic 842 Reclassification

(824)

(824)

Capitalized costs(1)

1,179

170

511

1,860

Total Additions:

 

31,671

 

175,082

 

3,032

18,552

29,642

 

257,979

Balances as of December 31, 2019

$

95,381

$

693,533

$

9,912

$

33,909

$

72,794

$

905,529

(1)

Represents capital projects that were completed and placed in service during the year ended December 31, 2019 related to the Company’s existing facilities.

Summary of Carrying amount of intangible assets and liabilities

The following is a summary of the carrying amount of intangible assets and liabilities as of the dates presented:

As of September 30, 2020

Accumulated

    

Cost

    

Amortization

    

Net

Assets

In-place leases

$

51,451

$

(12,647)

$

38,804

Above market leases

 

14,384

 

(3,565)

 

10,819

Leasing costs

 

25,630

 

(5,475)

 

20,155

$

91,465

$

(21,687)

$

69,778

Liability

Below market leases

$

10,045

$

(1,424)

$

8,621

As of December 31, 2019

    

    

Accumulated

    

Cost

Amortization

Net

Assets

 

  

 

  

 

  

In-place leases

$

39,429

$

(7,851)

$

31,578

Above market leases

 

12,246

 

(2,366)

 

9,880

Leasing costs

 

21,119

 

(3,458)

 

17,661

$

72,794

$

(13,675)

$

59,119

Liability

 

 

 

Below market leases

$

3,861

$

(697)

$

3,164

Summary of the acquired lease intangible amortization

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

    

Amortization expense related to in-place leases

$

1,800

$

1,033

$

4,796

$

2,562

Amortization expense related to leasing costs

$

744

$

467

$

2,017

$

1,195

Decrease in rental revenue related to above market leases

$

421

$

343

$

1,199

$

895

Increase in rental revenue related to below market leases

$

352

$

114

$

727

$

261

Schedule of net amortization acquired lease intangible assets and liabilities

As of September 30, 2020, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below:

    

Net (Decrease)

    

Increase

Net Increase

in Revenue

in Expenses

2020 (three months remaining)

$

(22)

$

2,644

2021

 

(91)

 

9,970

2022

 

(107)

 

9,554

2023

 

(145)

 

8,633

2024

 

51

 

7,343

Thereafter

 

(1,884)

 

20,815

Total

$

(2,198)

$

58,959

High Point Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

2,189

Building and tenant improvements

 

21,236

In-place leases

 

1,207

Leasing costs

 

449

Total purchase price

$

25,081

Clinton Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,006

Building and tenant improvements

 

8,129

In-place leases

 

2,115

Leasing costs

 

369

Total purchase price

$

11,619

West Allis Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,111

Building and tenant improvements

 

7,785

In-place leases

 

263

Leasing costs

 

198

Below-market lease intangibles

 

(264)

Total purchase price

$

9,093

Grand Rapids Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

3,417

Building and tenant improvements

 

17,791

In-place leases

 

761

Above-market lease intangibles

 

685

Leasing costs

 

136

Below-market lease intangibles

 

(125)

Total purchase price

$

22,665

Dumfries Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

2,886

Building and tenant improvements

 

14,862

In-place leases

 

3,255

Leasing costs

 

1,037

Below-market lease intangibles

 

(2,419)

Total purchase price

$

19,621

Centerville Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

160

Building and tenant improvements

 

4,410

In-place leases

 

216

Leasing costs

 

285

Total purchase price

$

5,071

Fairfax Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

7,112

Building and tenant improvements

 

9,621

In-place leases

 

2,314

Leasing costs

 

698

Below-market lease intangibles

 

(1,866)

Total purchase price

$

17,879

Rosedale Facilities [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

3,423

Building and tenant improvements

 

17,647

In-place leases

 

1,063

Leasing costs

 

892

Above-market lease intangibles

866

Below-market lease intangibles

 

(785)

Total purchase price

$

23,106

Lancaster Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

806

Building and tenant improvements

 

4,385

In-place leases

 

244

Leasing costs

 

283

Above-market lease intangibles

 

587

Total purchase price

$

6,305

Winston-Salem Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,778

Building and tenant improvements

 

6,714

In-place leases

 

581

Leasing costs

 

167

Below-market lease intangibles

 

(725)

Total purchase price

$

8,515

Zachary Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

103

Building and tenant improvements

3,745

In-place leases

305

Above-market lease intangibles

117

Leasing costs

413

Below-market lease intangibles

(34)

Total purchase price

$

4,649

IRF Portfolio [Member]  
Schedule of tangible and intangible assets

    

    

    

Oklahoma

    

Las Vegas

Surprise

City

Mishawaka

Land and site improvements

$

2,723

$

1,966

$

2,507

$

1,998

Building and tenant improvements

 

17,482

 

22,856

 

22,545

 

11,882

In-place leases

 

1,778

 

1,845

 

1,890

 

1,465

Above-market lease intangibles

 

 

938

 

367

 

236

Leasing costs

 

519

 

1,077

 

898

 

522

Below-market lease intangibles

 

(863)

 

 

 

Total purchase price

$

21,639

$

28,682

$

28,207

$

16,103

San Marcos [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

2,448

Building and tenant improvements

 

7,338

In-place leases

 

698

Above-market lease intangibles

 

1,101

Leasing costs

 

389

Total purchase price

$

11,974

Lansing [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,387

Building and tenant improvements

 

8,348

In-place leases

 

953

Above-market lease intangibles

 

130

Leasing costs

 

550

Below-market lease intangibles

 

(248)

Total purchase price

$

11,120

Bannockburn [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

895

Building and tenant improvements

 

4,700

In-place leases

 

796

Above-market lease intangibles

 

250

Leasing costs

 

336

Below-market lease intangibles

 

(144)

Total purchase price

$

6,833

Aurora [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,829

Building and tenant improvements

 

8,049

In-place leases

 

1,417

Above-market lease intangibles

 

861

Leasing costs

 

401

Total purchase price

$

12,557

Livonia [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,181

Building and tenant improvements

 

8,071

In-place leases

 

1,252

Above-market lease intangibles

 

53

Leasing costs

 

35

Below-market lease intangibles

 

(236)

Total purchase price

$

10,356

Gilbert [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

2,470

Building and tenant improvements

 

2,389

In-place leases

 

121

Above-market lease intangibles

 

300

Leasing costs

 

312

Total purchase price

$

5,592

Morgantown [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,256

Building and tenant improvements

 

5,792

In-place leases

 

457

Leasing costs

 

445

Total purchase price

$

7,950

Beaumont [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

3,421

Building and tenant improvements

25,872

In-place leases

3,304

Leasing costs

1,142

  Total purchase price

$

33,739

Bastrop [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

2,039

Building and tenant improvements

8,712

In-place leases

990

Leasing costs

324

  Total purchase price

$

12,065

Panama City [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,779

Building and tenant improvements

 

9,718

In-place leases

 

405

Leasing costs

 

1,074

  Total purchase price

$

12,976

Jacksonville [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,023

Building and tenant improvements

7,846

  Total purchase price

$

8,869

Greenwood [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

892

Building and tenant improvements

4,956

  Total purchase price

$

5,848