Property Portfolio (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Schedule of Properties Acquired |
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,951 |
|
|
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. |
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. |
|
| Schedule of tangible and intangible assets |
We performed a qualitative analysis during the fourth quarter of the fiscal year and determined that it was more likely than not that the fair value of the reporting unit was in excess of the reporting units carrying value, and as a result, a quantitative step one analysis was not necessary.
The following table summarizes the consideration paid, the fair value of the assets and liabilities assumed, and the resulting Goodwill balance:
|
|
|
Total consideration paid |
|
$ 17,746 |
|
|
|
Internalization expense - settlement of a preexisting contractual relationship |
|
12,094 |
|
|
|
Recognized amounts of identifiable assets acquired and liabilities assumed: |
|
|
Cash |
|
559 |
Software intangible |
|
263 |
Fixed assets |
|
87 |
Prepaids and other assets |
|
101 |
Accrued wages and expenses |
|
(883) |
Income tax liability |
|
(378) |
Total identifiable net liabilities |
|
(251) |
Goodwill |
|
$ 5,903 |
|
| 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 December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
The following is a summary of the acquired lease intangible amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
Amortization expense related to in-place leases |
|
$ |
6,741 |
|
$ |
3,814 |
|
$ |
2,460 |
Amortization expense related to leasing costs |
|
$ |
2,826 |
|
$ |
1,755 |
|
$ |
1,165 |
Decrease in rental revenue related to above market ground leases |
|
$ |
— |
|
$ |
— |
|
$ |
22 |
Decrease in rental revenue related to above market leases |
|
$ |
1,657 |
|
$ |
1,270 |
|
$ |
876 |
Increase in rental revenue related to below market leases |
|
$ |
(1,153) |
|
$ |
(389) |
|
$ |
(210) |
|
| Schedule of net amortization acquired lease intangible assets and liabilities |
Future aggregate net amortization of the acquired lease intangible assets and liabilities as of December 31, 2020, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Decrease |
|
Net Increase |
|
|
in Revenue |
|
in Expenses |
2021 |
|
$ |
(194) |
|
$ |
11,010 |
2022 |
|
|
(211) |
|
|
10,587 |
2023 |
|
|
(246) |
|
|
9,626 |
2024 |
|
|
(49) |
|
|
8,290 |
2025 |
|
|
(463) |
|
|
5,472 |
Thereafter |
|
|
(1,564) |
|
|
17,401 |
Total |
|
$ |
(2,727) |
|
$ |
62,386 |
|
| Summary of unaudited pro forma information |
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2020 |
|
2019 |
|
2018 |
|
|
|
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
Pro forma total revenue |
|
$ |
93,730 |
|
$ |
70,726 |
|
$ |
53,192 |
Pro forma net income attributable to common stockholders |
|
$ |
5,524 |
|
$ |
4,500 |
|
$ |
5,952 |
|
| 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 |
|
| 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 |
|