Property Portfolio (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of March 31, 2020 resulting from these acquisitions is as follows:
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Site
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Tenant
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Acquired Lease
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Gross Investment in
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Land
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Building
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Improvements
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Improvements
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Intangibles Assets
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Real Estate
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Balances as of December 31, 2019
|
|
$
|
95,381
|
|
$
|
693,533
|
|
$
|
9,912
|
|
$
|
33,909
|
|
$
|
72,794
|
|
$
|
905,529
|
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Facility Acquired – Date Acquired:
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High Point – 2/13/20
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1,749
|
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20,367
|
|
|
440
|
|
|
869
|
|
|
1,656
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25,081
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Clinton – 2/27/20
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664
|
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6,551
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|
342
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1,578
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|
|
2,484
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11,619
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West Allis – 3/4/20
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974
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7,687
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|
137
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|
98
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|
461
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|
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9,357
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Grand Rapids – 3/20/20
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2,947
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17,341
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|
470
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|
|
450
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|
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1,582
|
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22,790
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|
Capitalized costs(1)
|
|
|
—
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|
170
|
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2
|
|
|
140
|
|
|
—
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|
312
|
|
Total Additions:
|
|
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6,334
|
|
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52,116
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1,391
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|
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3,135
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6,183
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69,159
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Balances as of March 31, 2020
|
|
$
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101,715
|
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$
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745,649
|
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$
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11,303
|
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$
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37,044
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$
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78,977
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$
|
974,688
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(1)Represents capital projects that were completed and placed in service during the three months ended March 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:
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Site
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Tenant
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Acquired Lease
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Gross Investment in
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Land
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Building
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Improvements
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Improvements
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Intangible Assets
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Real Estate
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Balances as of December 31, 2018
|
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$
|
63,710
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$
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518,451
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$
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6,880
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$
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15,357
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$
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43,152
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$
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647,550
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Facility Acquired – Date Acquired:
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Zachary – 2/28/19
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—
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3,336
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103
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409
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835
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|
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4,683
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Gilbert and Chandler – 3/19/19
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4,616
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11,643
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—
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—
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—
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16,259
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Las Vegas – 4/15/19
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2,479
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15,277
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244
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2,205
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2,297
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22,502
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Oklahoma Northwest – 4/15/19
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2,364
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19,501
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143
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3,044
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3,155
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28,207
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Mishawaka – 4/15/19
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1,924
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10,084
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74
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1,798
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2,223
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16,103
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Surprise – 4/15/19
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1,738
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18,737
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228
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4,119
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3,860
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28,682
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San Marcos – 7/12/19
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2,322
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6,934
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126
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404
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2,188
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11,974
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Lansing – 8/1/19
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1,202
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7,681
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|
185
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667
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1,633
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11,368
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Bannockburn – 8/5/19
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763
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3,566
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132
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1,134
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1,382
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6,977
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Aurora – 8/6/19
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1,521
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7,446
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308
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603
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2,679
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12,557
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Livonia – 8/14/19
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980
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7,629
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201
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442
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1,340
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10,592
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Gilbert – 8/23/19
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2,408
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2,027
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62
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362
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733
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5,592
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Morgantown – 9/26/19
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883
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5,286
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373
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506
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902
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7,950
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Beaumont – 10/1/19
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3,022
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24,836
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|
399
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1,036
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4,446
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33,739
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Bastrop – 10/25/19
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1,975
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8,436
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64
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276
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1,314
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12,065
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Panama City – 10/31/19
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1,559
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8,682
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|
220
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|
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1,036
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1,479
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|
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12,976
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Jacksonville – 11/15/19
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1,023
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7,846
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—
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—
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|
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—
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|
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8,869
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Greenwood – 12/17/19
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892
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4,956
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—
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—
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—
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5,848
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|
ASC Topic 842 Reclassification
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—
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—
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—
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—
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(824)
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(824)
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Capitalized costs(1)
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—
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|
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1,179
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|
|
170
|
|
|
511
|
|
|
—
|
|
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1,860
|
|
Total Additions:
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31,671
|
|
|
175,082
|
|
|
3,032
|
|
|
18,552
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|
|
29,642
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|
|
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.
|
| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of intangible assets and liabilities as of the dates presented:
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As of March 31, 2020
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Accumulated
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Cost
|
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Amortization
|
|
Net
|
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Assets
|
|
|
|
|
|
|
|
|
|
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In-place leases
|
|
$
|
43,776
|
|
$
|
(9,184)
|
|
$
|
34,592
|
|
Above market leases
|
|
|
12,931
|
|
|
(2,741)
|
|
|
10,190
|
|
Leasing costs
|
|
|
22,270
|
|
|
(4,046)
|
|
|
18,224
|
|
|
|
$
|
78,977
|
|
$
|
(15,971)
|
|
$
|
63,006
|
|
Liability
|
|
|
|
|
|
|
|
|
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Below market leases
|
|
$
|
4,250
|
|
$
|
(825)
|
|
$
|
3,425
|
|
|
|
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|
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|
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|
As of December 31, 2019
|
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Accumulated
|
|
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|
|
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 |
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Three Months Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2020
|
|
2019
|
|
|
Amortization expense related to in-place leases
|
|
$
|
1,333
|
|
$
|
677
|
|
|
Amortization expense related to leasing costs
|
|
$
|
588
|
|
$
|
325
|
|
|
Decrease in rental revenue related to above market ground lease
|
|
$
|
—
|
|
$
|
5
|
|
|
Decrease in rental revenue related to above market leases
|
|
$
|
375
|
|
$
|
272
|
|
|
Increase in rental revenue related to below market leases
|
|
$
|
128
|
|
$
|
58
|
|
|
| Schedule of net amortization acquired lease intangible assets and liabilities |
As of March 31, 2020, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each fiscal year ended December 31 is listed below:
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|
|
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|
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Net Decrease
|
|
Net Increase
|
|
|
|
in Revenue
|
|
in Expenses
|
|
2020 (nine months remaining)
|
|
$
|
(749)
|
|
$
|
6,531
|
|
2021
|
|
|
(1,002)
|
|
|
8,089
|
|
2022
|
|
|
(1,020)
|
|
|
7,661
|
|
2023
|
|
|
(1,054)
|
|
|
6,750
|
|
2024
|
|
|
(674)
|
|
|
5,785
|
|
Thereafter
|
|
|
(2,266)
|
|
|
18,000
|
|
Total
|
|
$
|
(6,765)
|
|
$
|
52,816
|
|
| Zachary Facility [Member] |
|
| Schedule of tangible and intangible assets |
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
|
|
| IRF Portfolio [Member] |
|
| Schedule of tangible and intangible assets |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible assets acquired:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible assets acquired:
|
|
|
|
|
|
Land and site improvements
|
|
$
|
892
|
|
Building and tenant improvements
|
|
|
4,956
|
|
Total purchase price
|
|
$
|
5,848
|
|
| High Point Facility [Member] |
|
| Schedule of tangible and intangible assets |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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 |
The following table presents the details of the tangible and intangible assets acquired and liabilities assumed:
|
|
|
|
|
|
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
|
|