v3.19.3.a.u2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Significant Accounting Policies [Line Items] |
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 improvements |  | 15 to 39 years
Equipment |  | 7 years
Summary of Restricted Cash | Restricted cash consisted of the following:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Escrow funds and other |  | $ | 2,311 |  |  | $ | 377 |
Undistributed 1031 proceeds |  |  | 5,545 |  |  |  | — |
|  | $ | 7,856 |  |  | $ | 377 |
Summary of Rents Received in Advance | Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Consolidated Balance Sheets. Rent received in advance is as follows:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Rents received in advance |  | $ | 13,368 |  |  | $ | 7,832 |
Summary of Changes in the Allowance for Doubtful Accounts | The following table summarizes the changes in the allowance for doubtful accounts:
|  | For the years ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Balance as of January 1 |  | $ | 2,086 |  |  | $ | 742 |  |  | $ | 323 |
Provision for doubtful accounts |  |  | 441 |  |  |  | 1,521 |  |  |  | 419 |
Write-offs |  |  | (2,527 | ) |  |  | (177 | ) |  |  | — |
Balance as of December 31 |  | $ | — |  |  | $ | 2,086 |  |  | $ | 742 |
Summary of Tenant and Capital Reserves | The balances of the tenant and capital reserves are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are as follows:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Tenant reserve |  | $ | 922 |  |  | $ | 774 |
Capital reserve |  |  | 872 |  |  |  | 362 |
|  | $ | 1,794 |  |  | $ | 1,136 |
Summary of Debt Issuance Costs on Consolidated Balance Sheets | The following table summarizes debt issuance costs:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Unsecured revolving credit facility: |  |  |  |  |  |  |  |
Debt issuance costs |  | $ | 4,692 |  |  | $ | 3,431 |
Less accumulated amortization |  |  | (2,312 | ) |  |  | (1,170 | )
|  | $ | 2,380 |  |  | $ | 2,261 |
Mortgages and notes payable: |  |  |  |  |  |  |  |
Debt issuance costs |  | $ | 667 |  |  | $ | 834 |
Less accumulated amortization |  |  | (309 | ) |  |  | (335 | )
|  | $ | 358 |  |  | $ | 499 |
Unsecured term notes: |  |  |  |  |  |  |  |
Debt issuance costs |  | $ | 9,898 |  |  | $ | 6,997 |
Less accumulated amortization |  |  | (1,979 | ) |  |  | (2,770 | )
|  | $ | 7,919 |  |  | $ | 4,227 |
Balances of Financial Instruments Measured at Fair Value on Recurring Basis | The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 11):
|  | December 31, 2019 |
(in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, assets |  | $ | 2,911 |  |  | $ | — |  |  | $ | 2,911 |  |  | $ | — |
Interest rate swap, liabilities |  |  | (24,471 | ) |  |  | — |  |  |  | (24,471 | ) |  |  | — |
|  | $ | (21,560 | ) |  | $ | — |  |  | $ | (21,560 | ) |  | $ | — |
|  | December 31, 2018 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, assets |  | $ | 17,633 |  |  | $ | — |  |  | $ | 17,633 |  |  | $ | — |
Interest rate swap, liabilities |  |  | (1,820 | ) |  |  | — |  |  |  | (1,820 | ) |  |  | — |
|  | $ | 15,813 |  |  | $ | — |  |  | $ | 15,813 |  |  | $ | — |
Summary of Carrying Amount Reported on Consolidated Balance | The following table summarizes the carrying amount reported on the Consolidated Balance Sheets and the Company’s estimate of the fair value of the Mortgages and notes payable, net, Unsecured term notes, net, and Unsecured revolving credit facility:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Carrying amount |  | $ | 1,989,451 |  |  | $ | 1,450,551 |
Fair value |  |  | 2,047,860 |  |  |  | 1,439,264 |
Summary of Right-of-Use Assets And Lease Liabilities Associated With Ground Leases Included In Consolidated Balance Sheets | Right-of-use assets and lease liabilities associated with ground leases were included in the accompanying Consolidated Balance Sheets as follows:
|  |  |  | December 31, |
(in thousands) |  | Financial Statement Presentation |  | 2019 |
Right-of-use assets |  | Prepaid expenses and other assets |  | $ | 1,614 |
Lease liabilities |  | Accounts payable and other liabilities |  |  | 1,209 |
ASC 842 |
Significant Accounting Policies [Line Items] |
Summary of Reclassifications of Components of Revenue | Certain prior period amounts have been reclassified to conform with the current period’s presentation, including certain items described below which resulted from the adoption of ASC 842. Components of revenue that were previously reported as Rental income from operating leases, Earned income from direct financing leases, Operating expenses reimbursed from tenants, and Other income from real estate transactions, on the Consolidated Statements of Income and Comprehensive Income, have been combined and reported as Lease revenues on the Consolidated Statements of Income and Comprehensive Income as follows:
As originally reported |  | For the years ended December 31, |
(in thousands) |  | 2018 |  |  | 2017 |
Revenues |  |  |  |  |  |  |  |
Rental income from operating leases |  | $ | 222,208 |  |  | $ | 170,493 |
Earned income from direct financing leases |  |  | 3,941 |  |  |  | 4,141 |
Operating expenses reimbursed from tenants |  |  | 11,221 |  |  |  | 6,721 |
Other income from real estate transactions |  |  | 109 |  |  |  | 208 |
Total revenues |  | $ | 237,479 |  |  | $ | 181,563 |
As revised |  | For the years ended December 31, |
(in thousands) |  | 2018 |  |  | 2017 |
Revenues |  |  |  |  |  |  |  |
Lease revenues |  | $ | 237,479 |  |  | $ | 181,563 |

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