Property Portfolio (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of June 30, 2021 resulting from these acquisitions is as follows:
|
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|
|
|
|
|
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|
Site |
|
Tenant |
|
Acquired Lease |
|
Gross Investment in |
|
|
Land |
|
Building |
|
Improvements |
|
Improvements |
|
Intangible Assets |
|
Real Estate |
Balances as of December 31, 2020 |
|
$ |
128,857 |
|
$ |
851,427 |
|
$ |
15,183 |
|
$ |
49,204 |
|
$ |
98,234 |
|
$ |
1,142,905 |
Facility Acquired – Date Acquired: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso – 1/12/21 |
|
|
899 |
|
|
7,549 |
|
|
71 |
|
|
160 |
|
|
1,338 |
|
|
10,017 |
Syracuse – 1/15/21 |
|
|
616 |
|
|
4,745 |
|
|
128 |
|
|
136 |
|
|
772 |
|
|
6,397 |
West El Paso – 1/15/21 |
|
|
851 |
|
|
7,160 |
|
|
144 |
|
|
567 |
|
|
856 |
|
|
9,578 |
Fort Worth – 3/9/21 |
|
|
1,817 |
|
|
13,020 |
|
|
143 |
|
|
395 |
|
|
2,069 |
|
|
17,444 |
Port St. Lucie – 4/6/21 |
|
|
590 |
|
|
3,583 |
|
|
70 |
|
|
185 |
|
|
359 |
|
|
4,787 |
Cape Coral and Fort Myers – 4/13/21 |
|
|
5,623 |
|
|
20,155 |
|
|
480 |
|
|
1,132 |
|
|
4,311 |
|
|
31,701 |
Dallas – 4/16/21 |
|
|
3,101 |
|
|
2,593 |
|
|
63 |
|
|
469 |
|
|
493 |
|
|
6,719 |
East Grand Forks – 4/19/21 |
|
|
845 |
|
|
6,248 |
|
|
278 |
|
|
815 |
|
|
2,092 |
|
|
10,278 |
Coos Bay – 4/21/21 |
|
|
861 |
|
|
5,095 |
|
|
56 |
|
|
50 |
|
|
410 |
|
|
6,472 |
Caledonia – 6/2/21 |
|
|
582 |
|
|
2,669 |
|
|
66 |
|
|
96 |
|
|
497 |
|
|
3,910 |
Tallahassee – 6/2/21 |
|
|
782 |
|
|
6,720 |
|
|
137 |
|
|
387 |
|
|
1,218 |
|
|
9,244 |
Capitalized costs(1) |
|
|
— |
|
|
546 |
|
|
192 |
|
|
134 |
|
|
— |
|
|
872 |
Total Additions: |
|
|
16,567 |
|
|
80,083 |
|
|
1,828 |
|
|
4,526 |
|
|
14,415 |
|
|
117,419 |
Balances as of June 30, 2021 |
|
$ |
145,424 |
|
$ |
931,510 |
|
$ |
17,011 |
|
$ |
53,730 |
|
$ |
112,649 |
|
$ |
1,260,324 |
(1) Represents capital projects that were completed and placed in service during the six months ended June 30, 2021 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, 2020 resulting from these acquisitions is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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: |
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|
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|
|
|
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|
|
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 |
|
|
2,951 |
|
|
17,341 |
|
|
470 |
|
|
450 |
|
|
1,582 |
|
|
22,794 |
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 |
Decatur and Jackson – 10/20/20 |
|
|
2,237 |
|
|
7,140 |
|
|
284 |
|
|
296 |
|
|
955 |
|
|
10,912 |
Sheboygan and Plymouth – 10/27/20 |
|
|
1,088 |
|
|
11,212 |
|
|
253 |
|
|
225 |
|
|
1,046 |
|
|
13,824 |
Spring Hill and Hudson – 11/18/20 |
|
|
3,473 |
|
|
12,520 |
|
|
420 |
|
|
435 |
|
|
1,370 |
|
|
18,218 |
Cape Girardeau – 11/23/20 |
|
|
1,150 |
|
|
4,601 |
|
|
73 |
|
|
264 |
|
|
1,262 |
|
|
7,350 |
Yuma – 12/1/20 |
|
|
1,041 |
|
|
4,715 |
|
|
309 |
|
|
274 |
|
|
640 |
|
|
6,979 |
Las Vegas – 12/14/20 |
|
|
311 |
|
|
6,813 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,124 |
Pensacola – 12/29/20 |
|
|
1,786 |
|
|
5,742 |
|
|
332 |
|
|
411 |
|
|
781 |
|
|
9,052 |
Venice – 12/30/20 |
|
|
1,648 |
|
|
4,204 |
|
|
247 |
|
|
333 |
|
|
543 |
|
|
6,975 |
Capitalized costs(1) |
|
|
— |
|
|
1,230 |
|
|
203 |
|
|
194 |
|
|
172 |
|
|
1,799 |
Total Additions: |
|
|
33,476 |
|
|
157,894 |
|
|
5,271 |
|
|
15,295 |
|
|
25,440 |
|
|
237,376 |
Balances as of December 31, 2020 |
|
$ |
128,857 |
|
$ |
851,427 |
|
$ |
15,183 |
|
$ |
49,204 |
|
$ |
98,234 |
|
$ |
1,142,905 |
(1) Represents capital projects that were completed and placed in service during the year ended December 31, 2020 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 lease intangible assets and liabilities as of the dates presented:
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2021 |
|
|
|
|
|
Accumulated |
|
|
|
|
|
Cost |
|
Amortization |
|
Net |
Assets |
|
|
|
|
|
|
|
|
|
In-place leases |
|
$ |
64,190 |
|
$ |
(18,850) |
|
$ |
45,340 |
Above market leases |
|
|
16,775 |
|
|
(5,056) |
|
|
11,719 |
Leasing costs |
|
|
31,684 |
|
|
(8,123) |
|
|
23,561 |
|
|
$ |
112,649 |
|
$ |
(32,029) |
|
$ |
80,620 |
Liability |
|
|
|
|
|
|
|
|
|
Below market leases |
|
$ |
11,175 |
|
$ |
(2,738) |
|
$ |
8,437 |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 |
|
|
|
|
|
Accumulated |
|
|
|
|
|
Cost |
|
Amortization |
|
Net |
Assets |
|
|
|
|
|
|
|
|
|
In-place leases |
|
$ |
55,561 |
|
$ |
(14,592) |
|
$ |
40,969 |
Above market leases |
|
|
14,972 |
|
|
(4,023) |
|
|
10,949 |
Leasing costs |
|
|
27,701 |
|
|
(6,284) |
|
|
21,417 |
|
|
$ |
98,234 |
|
$ |
(24,899) |
|
$ |
73,335 |
Liability |
|
|
|
|
|
|
|
|
|
Below market leases |
|
$ |
10,072 |
|
$ |
(1,850) |
|
$ |
8,222 |
|
| Summary of the acquired lease intangible amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Amortization expense related to in-place leases |
|
$ |
2,168 |
|
$ |
1,663 |
|
$ |
4,258 |
|
$ |
2,996 |
|
Amortization expense related to leasing costs |
|
$ |
945 |
|
$ |
685 |
|
$ |
1,839 |
|
$ |
1,273 |
|
Decrease in rental revenue related to above market leases |
|
$ |
542 |
|
$ |
403 |
|
$ |
1,033 |
|
$ |
778 |
|
Increase in rental revenue related to below market leases |
|
$ |
457 |
|
$ |
247 |
|
$ |
888 |
|
$ |
375 |
|
|
| Schedule of net amortization acquired lease intangible assets and liabilities |
As of June 30, 2021, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Decrease |
|
Net Increase |
|
|
in Revenue |
|
in Expenses |
2021 (six months remaining) |
|
$ |
(184) |
|
$ |
6,450 |
2022 |
|
|
(385) |
|
|
12,745 |
2023 |
|
|
(419) |
|
|
11,782 |
2024 |
|
|
(199) |
|
|
10,358 |
2025 |
|
|
(561) |
|
|
7,170 |
Thereafter |
|
|
(1,534) |
|
|
20,396 |
Total |
|
$ |
(3,282) |
|
$ |
68,901 |
|
| Summary of unaudited pro forma information |
|
|
|
|
|
|
Six Months Ended |
|
|
June 30, 2020 |
|
|
(unaudited, in thousands) |
|
|
|
|
Pro forma total revenue |
|
$ |
43,704 |
Pro forma net income attributable to common stockholders |
|
$ |
3,003 |
|
| El Paso Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
970 |
Building and tenant improvements |
|
|
7,709 |
In-place leases |
|
|
750 |
Above-market lease intangibles |
|
|
383 |
Leasing costs |
|
|
205 |
Total purchase price |
|
$ |
10,017 |
|
| Syracuse Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
744 |
Building and tenant improvements |
|
|
4,881 |
In-place leases |
|
|
434 |
Leasing costs |
|
|
338 |
Below-market lease intangibles |
|
|
(207) |
Total purchase price |
|
$ |
6,190 |
|
| West El Paso Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
995 |
Building and tenant improvements |
|
|
7,727 |
In-place leases |
|
|
432 |
Leasing costs |
|
|
424 |
Total purchase price |
|
$ |
9,578 |
|
| Fort Worth Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,960 |
Building and tenant improvements |
|
|
13,415 |
In-place leases |
|
|
1,339 |
Leasing costs |
|
|
730 |
Total purchase price |
|
$ |
17,444 |
|
| Port St. Lucie Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
660 |
Building and tenant improvements |
|
|
3,768 |
In-place leases |
|
|
245 |
Leasing costs |
|
|
114 |
Total purchase price |
|
$ |
4,787 |
|
| Cape Coral and Fort Myers Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
6,103 |
Building and tenant improvements |
|
|
21,287 |
In-place leases |
|
|
2,112 |
Above-market lease intangibles |
|
|
1,418 |
Leasing costs |
|
|
781 |
Total purchase price |
|
$ |
31,701 |
|
| Dallas Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
3,164 |
Building and tenant improvements |
|
|
3,062 |
In-place leases |
|
|
275 |
Leasing costs |
|
|
218 |
Below-market lease intangibles |
|
|
(295) |
Total purchase price |
|
$ |
6,424 |
|
| East Grand Forks Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,123 |
Building and tenant improvements |
|
|
7,063 |
In-place leases |
|
|
1,839 |
Leasing costs |
|
|
253 |
Below-market lease intangibles |
|
|
(554) |
Total purchase price |
|
$ |
9,724 |
|
| Coos Bay Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
917 |
Building and tenant improvements |
|
|
5,145 |
In-place leases |
|
|
316 |
Leasing costs |
|
|
94 |
Total purchase price |
|
$ |
6,472 |
|
| Caledonia Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
648 |
Building and tenant improvements |
|
|
2,765 |
In-place leases |
|
|
410 |
Leasing costs |
|
|
87 |
Below-market lease intangibles |
|
|
(47) |
Total purchase price |
|
$ |
3,863 |
|
| Tallahassee Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
919 |
Building and tenant improvements |
|
|
7,107 |
In-place leases |
|
|
708 |
Leasing costs |
|
|
510 |
Total purchase price |
|
$ |
9,244 |
|
| 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 |
|
| Decatur and Jackson Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
2,521 |
Building and tenant improvements |
|
|
7,436 |
In-place leases |
|
|
556 |
Leasing costs |
|
|
264 |
Above-market lease intangibles |
|
|
135 |
Below-market lease intangibles |
|
|
(27) |
Total purchase price |
|
$ |
10,885 |
|
| Sheboygan and Plymouth Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,341 |
Building and tenant improvements |
|
|
11,437 |
In-place leases |
|
|
756 |
Leasing costs |
|
|
290 |
Total purchase price |
|
$ |
13,824 |
|
| Spring Hill and Hudson Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
3,893 |
Building and tenant improvements |
|
|
12,955 |
In-place leases |
|
|
831 |
Leasing costs |
|
|
539 |
Total purchase price |
|
$ |
18,218 |
|
| Cape Girardeau Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,223 |
Building and tenant improvements |
|
|
4,865 |
In-place leases |
|
|
687 |
Leasing costs |
|
|
188 |
Above-market lease intangibles |
|
|
387 |
Total purchase price |
|
$ |
7,350 |
|
| Yuma Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,350 |
Building and tenant improvements |
|
|
4,989 |
In-place leases |
|
|
439 |
Leasing costs |
|
|
136 |
Above-market lease intangibles |
|
|
65 |
Total purchase price |
|
$ |
6,979 |
|
| Las Vegas Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
311 |
Building and tenant improvements |
|
|
6,813 |
Total purchase price |
|
$ |
7,124 |
|
| Pensacola Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
2,118 |
Building and tenant improvements |
|
|
6,153 |
In-place leases |
|
|
456 |
Leasing costs |
|
|
325 |
Total purchase price |
|
$ |
9,052 |
|
| Venice Facility [Member] |
|
| Schedule of tangible and intangible assets |
|
|
|
|
Land and site improvements |
|
$ |
1,895 |
Building and tenant improvements |
|
|
4,537 |
In-place leases |
|
|
387 |
Leasing costs |
|
|
156 |
Total purchase price |
|
$ |
6,975 |
|