Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

v3.21.2
Property Portfolio (Tables)
9 Months Ended
Sep. 30, 2021
Schedule of Properties Acquired

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2021 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, 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

Forsyth – 7/28/21

1,554

9,627

348

456

7,439

19,424

North Charleston – 7/29/21

927

4,248

106

801

1,098

7,180

Munster – 9/15/21

780

4,451

161

391

953

6,736

Hialeah – 9/30/21

9,633

264

716

1,231

11,844

Athens – 9/30/21

564

4,106

58

63

548

5,339

Capitalized costs(1)

1,140

261

133

1,534

Total Additions:

 

20,392

 

112,742

 

2,834

 

6,952

 

25,684

 

168,604

Balances as of September 30, 2021

$

149,249

$

964,169

$

18,017

$

56,156

$

123,918

$

1,311,509

(1) Represents capital projects that were completed and placed in service during the nine months ended September 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:

    

    

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.

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 September 30, 2021

Accumulated

    

Cost

    

Amortization

    

Net

Assets

In-place leases

$

67,968

$

(21,131)

$

46,837

Above market leases

 

22,013

 

(5,704)

 

16,309

Leasing costs

 

33,937

 

(9,123)

 

24,814

$

123,918

$

(35,958)

$

87,960

Liability

Below market leases

$

11,546

$

(3,213)

$

8,333

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

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

    

Amortization expense related to in-place leases

$

2,281

$

1,800

$

6,539

$

4,796

Amortization expense related to leasing costs

$

1,000

$

744

$

2,839

$

2,017

Decrease in rental revenue related to above market leases

$

648

$

421

$

1,681

$

1,199

Increase in rental revenue related to below market leases

$

475

$

352

$

1,363

$

727

Schedule of net amortization acquired lease intangible assets and liabilities

As of September 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 (three months remaining)

$

(204)

$

3,510

2022

 

(830)

 

13,893

2023

 

(864)

 

12,939

2024

 

(708)

 

10,875

2025

 

(1,074)

 

7,579

Thereafter

 

(4,296)

 

22,855

Total

$

(7,976)

$

71,651

Summary of unaudited pro forma information

Nine Months Ended

    

September 30, 2020

(unaudited, in thousands)

Pro forma total revenue

$

68,801

Pro forma net income attributable to common stockholders

$

4,469

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

Forsyth Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,902

Building and tenant improvements

 

10,083

In-place leases

 

1,456

Above-market lease intangibles

4,946

Leasing costs

1,037

Below-market lease intangibles

(164)

Total purchase price

$

19,260

North Charleston Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

1,033

Building and tenant improvements

 

5,049

In-place leases

 

534

Leasing costs

564

Total purchase price

$

7,180

Munster Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

941

Building and tenant improvements

 

4,842

In-place leases

 

385

Above-market lease intangibles

292

Leasing costs

276

Below-market lease intangibles

(57)

Total purchase price

$

6,679

Hialeah Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

264

Building and tenant improvements

 

10,349

In-place leases

 

931

Leasing costs

300

Below-market lease intangibles

(150)

Total purchase price

$

11,694

Athens Facility [Member]  
Schedule of tangible and intangible assets

Land and site improvements

    

$

622

Building and tenant improvements

 

4,169

In-place leases

 

472

Leasing costs

76

Total purchase price

$

5,339

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