Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

v3.19.1
Property Portfolio (Tables)
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Table Text Block]
A rollforward of the gross investment in land, building and improvements as of March 31, 2019 resulting from these acquisitions as well as other tenant improvements is as follows:
 
 
 
Land
 
 
Building
 
 
Site & Tenant

Improvements
 
 
Acquired Lease

Intangibles
 
 
Gross Investment in

Real Estate
 
Balances as of December 31, 2018
 
$
63,710
 
 
$
518,451
 
 
$
22,237
 
 
$
43,152
 
 
$
647,550
 
Facility Acquired – Date Acquired:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Zachary – 2/28/19
 
 
-
 
 
 
3,336
 
 
 
512
 
 
 
835
 
 
 
4,683
 
Gilbert and Chandler – 3/19/19
 
 
4,616
 
 
 
11,643
 
 
 
-
 
 
 
-
 
 
 
16,259
 
Tenant improvements
(1)
 
 
-
 
 
 
-
 
 
 
439
 
 
 
-
 
 
 
439
 
Total Additions
(2)
:
 
 
4,616
 
 
 
14,979
 
 
 
951
 
 
 
835
 
 
 
21,381
 
Balances as of March 31, 2019
 
$
68,326
 
 
$
533,430
 
 
$
23,188
 
 
$
43,987
 
 
$
668,931
 
 
(1)
Represents tenant improvements that were completed and placed in service during the three months ended March 31, 2019 related to the Sherman facility that was acquired in June 2017.
(2)
The Zachary facility acquisition included OP Units with a value of $506 that were issued as part of the total consideration for that transaction. Additionally, an aggregate of $34 of intangible liabilities were acquired from the acquisitions that occurred during the three months ended March 31, 2019. Accordingly, the total addition to gross investment in real estate funded with cash was $20,841.
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, 2019
 
 
 
Cost
 
 
Accumulated
Amortization
 
 
Net
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
In-place leases
 
$
22,058
 
 
$
(4,714
)
 
$
17,344
 
Above market ground lease
 
 
708
 
 
 
(33
)
 
 
675
 
Above market leases
 
 
8,126
 
 
 
(1,368
)
 
 
6,758
 
Leasing costs
 
 
13,095
 
 
 
(2,028
)
 
 
11,067
 
 
 
$
43,987
 
 
$
(8,143
)
 
$
35,844
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Below market leases
 
$
2,370
 
 
$
(366
)
 
$
2,004
 
 
 
 
As of December 31, 2018
 
 
 
Cost
 
 
Accumulated
Amortization
 
 
Net
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
In-place leases
 
$
21,753
 
 
$
(4,037
)
 
$
17,716
 
Above market ground lease
 
 
707
 
 
 
(28
)
 
 
679
 
Above market leases
 
 
8,009
 
 
 
(1,096
)
 
 
6,913
 
Leasing costs
 
 
12,683
 
 
 
(1,703
)
 
 
10,980
 
 
 
$
43,152
 
 
$
(6,864
)
 
$
36,288
 
Liability
 
 
 
 
 
 
 
 
 
 
 
 
Below market leases
 
$
2,336
 
 
$
(308
)
 
$
2,028
 
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,
 
 
 
2019
 
 
2018
 
Amortization expense related to in-place leases
 
$
677
 
 
$
521
 
Amortization expense related to leasing costs
 
$
325
 
 
$
244
 
Decrease in rental revenue related to above market ground lease
 
$
5
 
 
$
4
 
Decrease in rental revenue related to above market leases
 
$
272
 
 
$
151
 
Increase in rental revenue related to below market leases
 
$
58
 
 
$
42
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
As of March 31, 2019, 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
 
2019 (nine months remaining)
 
$
(557
)
 
$
2,918
 
2020
 
 
(726
)
 
 
3,873
 
2021
 
 
(729
)
 
 
3,258
 
2022
 
 
(730
)
 
 
2,949
 
2023
 
 
(708
)
 
 
2,668
 
Thereafter
 
 
(1,979
)
 
 
12,745
 
Total
 
$
(5,429
)
 
$
28,411
 
Zachary Facility [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
 
$
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