Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

v3.10.0.1
Property Portfolio (Tables)
 6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Table Text Block]
A rollforward of the gross investment in land, building and improvements as of June 30, 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
 
Belpre – 4/19/18
 
 
3,027
 
 
 
50,581
 
 
 
3,961
 
 
 
7,128
 
 
 
64,697
 
Total Additions
(1)
:
 
 
12,629
 
 
 
102,428
 
 
 
5,933
 
 
 
9,512
 
 
 
130,502
 
Balances as of June 30, 2018
 
$
55,330
 
 
$
486,766
 
 
$
18,751
 
 
$
41,162
 
 
$
602,009
 
 
(1)
The Belpre acquisition included $4,742 of OP Units issued as part of the total consideration. An aggregate of $886 of intangible liabilities were acquired from the acquisitions that occurred during the six months ended June 30, 2018, resulting in total gross investments funded using cash of $124,874.
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 June 30, 2018
 
 
 
Cost
 
 
Accumulated
Amortization
 
 
Net
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
In-place leases
 
$
20,878
 
 
$
(2,727
)
 
$
18,151
 
Above market ground lease
 
 
707
 
 
 
(16
)
 
 
691
 
Above market leases
 
 
7,348
 
 
 
(600
)
 
 
6,748
 
Leasing costs
 
 
12,229
 
 
 
(1,079
)
 
 
11,150
 
 
 
$
41,162
 
 
$
(4,422
)
 
$
36,740
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Below market leases
 
$
2,275
 
 
$
(194
)
 
$
2,081
 
 
 
 
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
 
Finite-lived Intangible Assets Amortization Expense [Table Text Block]
The following is a summary of the acquired lease intangible amortization:
 
 
 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Amortization expense related to in-place leases
 
$
629
 
 
$
353
 
 
$
1,150
 
 
$
634
 
Amortization expense related to leasing costs
 
$
297
 
 
$
106
 
 
$
541
 
 
$
169
 
Decrease in rental revenue related to above market ground lease
 
$
6
 
 
$
2
 
 
$
10
 
 
$
2
 
Decrease in rental revenue related to above market leases
 
$
229
 
 
$
14
 
 
$
380
 
 
$
18
 
Increase in rental revenue related to below market leases
 
$
54
 
 
$
19
 
 
$
96
 
 
$
31
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
As of June 30, 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 (six months remaining)
 
$
(377
)
 
$
1,889
 
2019
 
 
(653
)
 
 
3,669
 
2020
 
 
(602
)
 
 
3,615
 
2021
 
 
(605
)
 
 
3,001
 
2022
 
 
(606
)
 
 
2,691
 
Thereafter
 
 
(2,515
)
 
 
14,436
 
Total
 
$
(5,358
)
 
$
29,301
 
Silvis Facilities [Member]  
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 ground lease intangibles
 
 
219
 
Leasing costs
 
 
427
 
Below market lease intangibles
 
 
(229
)
Total purchase price
 
$
6,871
 
Orlando Facilities [Member]  
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
 
Belpre Portfolio [Member]  
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
 
$
4,000
 
Building and tenant improvements
 
 
53,569
 
In-place leases
 
 
2,666
 
Above market lease intangibles
 
 
2,494
 
Leasing costs
 
 
1,968
 
Below market lease intangibles
 
 
(646
)
Total purchase price
 
$
64,051