XML 56 R44.htm IDEA: XBRL DOCUMENT v3.21.2
REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
ft²
Jun. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
ft²
Jun. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
ft²
Property Acquisition [Line Items]          
Amortization expense for lease intangibles $ 1,307,000 $ 1,372,000 $ 2,738,000 $ 2,706,000  
Above and below market leases Increase (decrease) rental Income $ 245,000 $ 372,000 $ 474,000 $ 746,000  
Percentage of acquisition price to be spent on capital items to qualify as value-add property     20.00%   20.00%
Percentage of occupancy to qualify as value-add property     75.00%   75.00%
Speed Distribution Center          
Property Acquisition [Line Items]          
Square Footage of Real Estate Property | ft² 519,000   519,000    
2020 Acquisitions [Member]          
Property Acquisition [Line Items]          
Cost of Property Acquired         $ 76,518,000
Square Footage of Real Estate Property | ft²         509,000
Acquired Assets and Assumed Liabilities [Line Items]          
Land         $ 23,565,000
Buildings         42,024,000
Tenant Improvements         7,971,000
Total Real Estate Properties         73,560,000
Total assets acquired, net of liabilities assumed         $ 76,518,000
Weighted Average Remaining Lease Term of Acquired Properties         3 years 10 months 24 days
2020 Acquisitions [Member] | Leases, Acquired-in-Place [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [1]         $ 3,257,000
2020 Acquisitions [Member] | Above Market Leases [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [1]         104,000
2020 Acquisitions [Member] | Below market lease [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [2]         (403,000)
2021 operating property acquisitions | Southpark Distribution Center II          
Property Acquisition [Line Items]          
Cost of Property Acquired [3] $ 9,177,000   $ 9,177,000    
Square Footage of Real Estate Property | ft² [3] 79,000   79,000    
Date of Acquisition [3]     Jun. 10, 2021    
2021 Value-add Property Acquisitions          
Property Acquisition [Line Items]          
Cost of Property Acquired [4] $ 36,597,000   $ 36,597,000    
Square Footage of Real Estate Property | ft² [4] 499,000   499,000    
2021 Value-add Property Acquisitions | Access Point I          
Property Acquisition [Line Items]          
Cost of Property Acquired [4] $ 10,501,000   $ 10,501,000    
Square Footage of Real Estate Property | ft² [4] 156,000   156,000    
Date of Acquisition [4]     Jan. 15, 2021    
2021 Value-add Property Acquisitions | Northpoint 200          
Property Acquisition [Line Items]          
Cost of Property Acquired [4] $ 6,516,000   $ 6,516,000    
Square Footage of Real Estate Property | ft² [4] 79,000   79,000    
Date of Acquisition [4]     Jan. 21, 2021    
2021 Value-add Property Acquisitions | Access Point 2          
Property Acquisition [Line Items]          
Cost of Property Acquired [4] $ 10,743,000   $ 10,743,000    
Square Footage of Real Estate Property | ft² [4] 159,000   159,000    
Date of Acquisition [4]     May 19, 2021    
2021 Value-add Property Acquisitions | Cherokee 75 Business Center          
Property Acquisition [Line Items]          
Cost of Property Acquired [4] $ 8,837,000   $ 8,837,000    
Square Footage of Real Estate Property | ft² [4] 105,000   105,000    
Date of Acquisition [4]     Jun. 17, 2021    
2021 Acquisitions          
Property Acquisition [Line Items]          
Cost of Property Acquired $ 45,774,000   $ 45,774,000    
Square Footage of Real Estate Property | ft² 578,000   578,000    
Acquired Assets and Assumed Liabilities [Line Items]          
Land $ 6,131,000   $ 6,131,000    
Buildings 38,655,000   38,655,000    
Tenant Improvements 108,000   108,000    
Total Real Estate Properties 44,894,000   44,894,000    
Total assets acquired, net of liabilities assumed $ 45,774,000   $ 45,774,000    
Weighted Average Remaining Lease Term of Acquired Properties 2 years 2 months 12 days   2 years 2 months 12 days    
2021 Acquisitions | Leases, Acquired-in-Place [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [1] $ 880,000   $ 880,000    
2021 Acquisitions | Above Market Leases [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [1] 0   0    
2021 Acquisitions | Below market lease [Member]          
Acquired Assets and Assumed Liabilities [Line Items]          
Intangible acquired associated with purchase of real estate [2] $ 0   $ 0    
2020 operating property acquisitions          
Property Acquisition [Line Items]          
Cost of Property Acquired [3]         $ 48,656,000
Square Footage of Real Estate Property | ft² [3]         347,000
2020 operating property acquisitions | Wells Point One          
Property Acquisition [Line Items]          
Cost of Property Acquired [3]         $ 6,231,000
Square Footage of Real Estate Property | ft² [3]         50,000
Date of Acquisition [3]         Feb. 28, 2020
2020 operating property acquisitions | Cherokee 75 Business Center I          
Property Acquisition [Line Items]          
Cost of Property Acquired [3]         $ 8,323,000
Square Footage of Real Estate Property | ft² [3]         85,000
Date of Acquisition [3]         Dec. 15, 2020
2020 operating property acquisitions | The Rock          
Property Acquisition [Line Items]          
Cost of Property Acquired [3]         $ 34,102,000
Square Footage of Real Estate Property | ft² [3]         212,000
Date of Acquisition [3]         Dec. 17, 2020
2020 Value-Add Property Acquisitions | Rancho Distribution Center [Member]          
Property Acquisition [Line Items]          
Cost of Property Acquired [4]         $ 27,862,000
Square Footage of Real Estate Property | ft² [4]         162,000
Date of Acquisition [4]         Oct. 15, 2020
[1] In-place lease intangibles and above market leases are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
[2] Below market leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
[3] Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.
[4] Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.