XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 4 - Real Estate | 9 Months Ended
--- | ---
Sep. 30, 2021
Notes to Financial Statements |
Real Estate Disclosure [Text Block] | 4. Real Estate Acquisitions During the nine months ended September 30, 2021, the Company acquired the following operating properties, through direct asset purchases (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash |  |  | Other Consideration** |  |  | Total |  |  | GLA* |
Distribution Center #1 | Lancaster, CA | Jan-21 |  | $ | 58,723 |  |  | $ | 11,277 |  |  | $ | 70,000 |  |  |  | 927 |
Distribution Center #2 | Woodland, CA | Jan-21 |  |  | 27,589 |  |  |  | 6,411 |  |  |  | 34,000 |  |  |  | 508 |
|  |  |  | $ | 86,312 |  |  | $ | 17,688 |  |  | $ | 104,000 |  |  |  | 1,435 |
* Gross leasable area ("GLA") ** Consists of the fair value of the assets acquired which exceeded the purchase price upon closing. The transaction was a sale-leaseback with the seller which resulted in the recognition of a prepayment of rent of $17.7 million in accordance with ASC 842, Leases at closing. The prepayment of rent was amortized over the initial term of the lease through Revenues from rental properties, net on the Company's Condensed Consolidated Statements of Operations. See Footnote 12 of the Company’s Condensed Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests. The two distribution centers were purchased through a TRS of the Company during January 2021, and they were subsequently sold in June 2021 and are included in the Dispositions disclosure below. Included in the Company's Condensed Consolidated Statements of Operations is $3.2 million in total revenues from the date of acquisition through the date of disposition for these two operating properties. The purchase price for these acquisitions was allocated to real estate and related intangible assets and liabilities acquired, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocation for properties acquired during the nine months ended September 30, 2021, is as follows (in thousands):
|  | Allocation as of September 30, 2021 |  |  | Weighted Average Amortization Period (in Years) |
Land |  | $ | 19,527 |  |  |  | n/a |
Building |  |  | 87,691 |  |  |  | 50.0 |
Building improvements |  |  | 6,251 |  |  |  | 45.0 |
Tenant improvements |  |  | 711 |  |  |  | 20.0 |
In-place leases |  |  | 11,120 |  |  |  | 20.0 |
Below-market leases |  |  | (21,300 | ) |  |  | 60.0 |
Net assets acquired |  | $ | 104,000 |  |  |  |  |
Dispositions The table below summarizes the Company’s disposition activity relating to consolidated operating properties and parcels (dollars in millions):
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Aggregate sales price |  | $ | 156.6 |  |  | $ | 22.6 |
Gain on sale of properties (1) |  | $ | 30.8 |  |  | $ | 5.7 |
Number of properties sold |  |  | 5 |  |  |  | 3 |
Number of parcels sold |  |  | 9 |  |  |  | 1 |
(1) | Before noncontrolling interests of $3.0 million and taxes of $2.2 million, after utilization of net operating loss carryforwards, for the nine months ended September 30, 2021.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration