Quarterly report pursuant to Section 13 or 15(d)

Property Portfolio (Tables)

v3.22.2
Property Portfolio (Tables)
6 Months Ended
Jun. 30, 2022
Property Portfolio  
Schedule of Properties Acquired

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of June 30, 2022 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, 2021

$

152,060

$

985,091

$

19,021

$

58,900

$

127,931

$

1,343,003

Facility Acquired – Date Acquired:

 

  

 

  

 

  

 

  

 

  

 

  

Gainesville – 2/4/22

555

3,899

76

199

575

5,304

Grand Rapids – 2/28/22

1,238

4,976

221

270

595

7,300

Sarasota – 3/29/22

747

3,703

84

331

1,263

6,128

Greenwood – 3/30/22

929

4,332

194

360

426

6,241

Fairbanks – 4/1/22

1,782

12,262

215

753

7,946

22,958

Rocky Point – 4/8/22

613

6,243

223

317

589

7,985

Fairfax – 5/11/22

4,012

13,238

399

310

3,304

21,263

Lee's Summit – 5/19/22

1,349

4,101

83

410

674

6,617

Lexington – 5/27/22

1,760

11,350

289

556

3,036

16,991

Capitalized costs(1)

681

94

775

Total Additions:

 

12,985

 

64,785

 

1,784

 

3,600

 

18,408

 

101,562

Balances as of June 30, 2022

$

165,045

$

1,049,876

$

20,805

$

62,500

$

146,339

$

1,444,565

(1)   Represents capital projects that were completed and placed in service during the six months ended June 30, 2022 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, 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

Lemoyne – 12/3/21

 

299

3,661

113

359

904

 

5,336

Athens 200 – 12/13/21

 

327

1,336

42

134

204

 

2,043

Mentor – 12/16/21

 

2,249

6,291

354

253

1,322

 

10,469

Oklahoma City – 12/20/21

 

727

5,839

261

495

1,583

 

8,905

Capitalized costs(1)

 

8,756

(2)

495

1,636

 

10,887

Total Additions:

 

23,994

 

137,485

 

3,838

 

9,696

 

29,697

 

204,710

Disposition of Prescott – 10/13/21

 

(791)

(3,821)

 

(4,612)

Balances as of December 31, 2021

$

152,060

$

985,091

$

19,021

$

58,900

$

127,931

$

1,343,003

(1) Represents capital projects that were completed and placed in service during the year ended December 31, 2021 related to the Company’s existing facilities.
(2) During the year ended December 31, 2021, the Company completed and funded a $6,814 expansion at its Oklahoma City facility that was acquired in April 2019 with Mercy Rehabilitation Hospital as the tenant.
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, 2022

Accumulated

    

Cost

    

Amortization

    

Net

Assets

In-place leases

$

79,661

$

(29,172)

$

50,489

Above market leases

 

28,061

 

(7,998)

 

20,063

Leasing costs

 

38,617

 

(12,538)

 

26,079

$

146,339

$

(49,708)

$

96,631

Liability

Below market leases

$

12,694

$

(4,791)

$

7,903

As of December 31, 2021

    

    

Accumulated

    

Cost

Amortization

Net

Assets

 

  

 

  

 

  

In-place leases

$

70,527

$

(23,638)

$

46,889

Above market leases

 

22,615

 

(6,407)

 

16,208

Leasing costs

 

34,789

 

(10,201)

 

24,588

$

127,931

$

(40,246)

$

87,685

Liability

 

 

 

Below market leases

$

11,842

$

(3,714)

$

8,128

Summary of the acquired lease intangible amortization

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

    

Amortization expense related to in-place leases

$

2,895

$

2,168

$

5,534

$

4,258

Amortization expense related to leasing costs

$

1,221

$

945

$

2,337

$

1,839

Decrease in rental revenue related to above market leases

$

866

$

542

$

1,591

$

1,033

Increase in rental revenue related to below market leases

$

551

$

457

$

1,077

$

888

Schedule of net amortization acquired lease intangible assets and liabilities

As of June 30, 2022, 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

2022 (six months remaining)

$

(742)

$

8,366

2023

 

(1,515)

 

15,823

2024

 

(1,356)

 

13,693

2025

 

(1,745)

 

10,219

2026

 

(1,822)

 

8,500

Thereafter

 

(4,980)

 

19,967

Total

$

(12,160)

$

76,568