Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Schedule Showing Reduction of Carrying Value of Impaired Real Estate Assets to Estimated Fair Value

The Company has reduced the carrying value of the impaired real estate assets to the estimated fair value at the measurement date of September 30, 2017, as detailed below:


(in thousands)	Carrying Amount			Allocation of Impairment			Net Carrying Amount
Investments in rental property accounted for using the operating method, net of accumulated depreciation	$	16,159		$	(2,401	)	$	13,758
Intangible lease assets, net		1,263			(204	)		1,059
Leasing fees, net		123			(16	)		107
Intangible lease liabilities, net		(101	)		13			(88	)
	$	17,444		$	(2,608	)	$	14,836

Summary of Estimated Useful Life of Asset

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which are as follows:

Land improvements		15 years
Buildings and other improvements		39 years
Equipment		7 years

Summary of Changes in the Allowance for Doubtful Accounts

The following table summarizes the changes in the allowance for doubtful accounts:

	December 31,
(in thousands)	2017		2016			2015
Balance as of January 1	$	323	$	262		$	631
Provision for doubtful accounts		419		67			647
Write-offs		—		(6	)		(1,016	)
Balance as of December 31	$	742	$	323		$	262

Balances of Financial Instruments Measured at Fair Value on Recurring Basis

The balances of financial instruments measured at fair value on a recurring basis at December 31, 2017 and 2016 are as follows (see Note 11):

	December 31, 2017
(in thousands)	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	11,008		$	—	$	11,008		$	—
Interest rate swap, liabilities		(5,020	)		—		(5,020	)		—
	$	5,988		$	—	$	5,988		$	—

	December 31, 2016
	Total			Level 1		Level 2			Level 3
Interest rate swap, assets	$	9,598		$	—	$	9,598		$	—
Interest rate swap, liabilities		(10,217	)		—		(10,217	)		—
	$	(619	)	$	—	$	(619	)	$	—