XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Note 4 - Property Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 4. Property Acquisitions: Acquisition/Consolidation of Operating Properties During the year ended December 31, 2021, in addition to the properties acquired in the Merger (see Footnote 2 of the Notes to Consolidated Financial Statements), the Company acquired the following operating properties, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired/ Consolidated |  | Cash |  |  | Debt |  |  | Other |  |  | Total |  |  | GLA* |
Distribution Center #1 (1) | Lancaster, CA | Jan-21 |  | $ | 58,723 |  |  | $ | - |  |  | $ | 11,277 |  |  | $ | 70,000 |  |  |  | 927 |
Distribution Center #2 (1) | Woodland, CA | Jan-21 |  |  | 27,589 |  |  |  | - |  |  |  | 6,411 |  |  |  | 34,000 |  |  |  | 508 |
Jamestown Portfolio (6 properties) (2) | Various | Oct-21 |  |  | 172,899 |  |  |  | 170,000 |  |  |  | 87,094 |  |  |  | 429,993 |  |  |  | 1,226 |
KimPru Portfolio (2 properties) (2) | Various | Oct-21 |  |  | 61,705 |  |  |  | 64,169 |  |  |  | 15,212 |  |  |  | 141,086 |  |  |  | 478 |
Columbia Crossing Parcel | Columbia, MD | Oct-21 |  |  | 12,600 |  |  |  | - |  |  |  | - |  |  |  | 12,600 |  |  |  | 45 |
Centro Arlington (2) | Arlington, VA | Nov-21 |  |  | 24,178 |  |  |  | - |  |  |  | 184,850 |  |  |  | 209,028 |  |  |  | 72 |
|  |  |  | $ | 357,694 |  |  | $ | 234,169 |  |  | $ | 304,844 |  |  | $ | 896,707 |  |  |  | 3,256 |
* Gross leasable area ("GLA")
(1) | Other 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 Consolidated Statements of Operations. See Footnote 16 of the Company’s Consolidated Financial Statements for additional discussion regarding fair value allocation of partnership interest for noncontrolling interests.
(2) | Other includes the Company’s previously held equity investments and net gains on change in control. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized net gains on change in control of interests of $5.0 million, in aggregate, resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income. The Company previously held an ownership interest of 30.0% in Jamestown Portfolio, 15.0% in KimPru Portfolio and 90.0% in Centro Arlington.
During the year ended December 31, 2020, the Company acquired the following operating property, through a direct asset purchase (in thousands):
|  |  |  | Purchase Price |  |  |  |  |
Property Name | Location | Month Acquired |  | Cash |  |  | GLA |
North Valley Parcel | Peoria, AZ | Feb-20 |  | $ | 7,073 |  |  |  | 9 |
Included in the Company’s Consolidated Statements of Income are $10.3 million and $0.4 million in total revenues from the date of acquisition through December 31, 2021 and 2020, respectively, for operating properties acquired during each of the respective years. Purchase Price Allocations The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the years ended December 31, 2021 and 2020, are as follows (in thousands):
|  | Allocation as of December 31, 2021 |  |  | Weighted- Average Useful Life (in Years) |  |  | Allocation as of December 31, 2020 |  |  | Weighted- Average Useful Life (in Years) |
Land |  | $ | 154,320 |  |  |  | n/a |  |  | $ | 935 |  |  |  | n/a |
Buildings |  |  | 679,646 |  |  |  | 50.0 |  |  |  | 4,610 |  |  |  | 50.0 |
Building improvements |  |  | 18,476 |  |  |  | 45.0 |  |  |  | 221 |  |  |  | 45.0 |
Tenant improvements |  |  | 16,391 |  |  |  | 8.5 |  |  |  | 382 |  |  |  | 19.4 |
In-place leases |  |  | 48,648 |  |  |  | 9.1 |  |  |  | 925 |  |  |  | 19.4 |
Above-market leases |  |  | 6,581 |  |  |  | 6.5 |  |  |  | - |  |  |  | - |
Below-market leases |  |  | (39,712 | ) |  |  | 38.9 |  |  |  | - |  |  |  | - |
Other assets |  |  | 21,331 |  |  |  | n/a |  |  |  | - |  |  |  | n/a |
Other liabilities |  |  | (8,974 | ) |  |  | n/a |  |  |  | - |  |  |  | n/a |
Net assets acquired/consolidated |  | $ | 896,707 |  |  |  |  |  |  | $ | 7,073 |  |  |  |  |

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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