XML 33 R12.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Investments in Real Estate | 12 Months Ended
--- | ---
Dec. 31, 2019
Real Estate Investments, Net [Abstract] |
Investments in Real Estate | Investments in Real Estate The Company's real estate, net, consists of the following at December 31, 2019 and 2018:
|  | 2019 |  | 2018
Real estate, at cost: |  |  |  |
Buildings and building improvements |  | $ | 2,962,982 |  |  | $ | 2,746,446 |
Land, land estates and land improvements |  | 355,697 |  |  | 341,848 |
Construction in progress |  | 1,895 |  |  | 1,840 |
Real estate intangibles: |  |  |  |
In-place lease values |  | 339,154 |  |  | 331,607 |
Tenant relationships |  | 42,396 |  |  | 54,662 |
Above-market leases |  | 28,206 |  |  | 33,343 |
Investments in real estate under construction |  | 13,313 |  |  | — |
|  | 3,743,643 |  |  | 3,509,746 |
Accumulated depreciation and amortization(1) |  | (887,629 | ) |  | (954,087 | )
Real estate, net |  | $ | 2,856,014 |  |  | $ | 2,555,659 |
(1) | Includes accumulated amortization of real estate intangible assets of $212,033 and $231,443 in 2019 and 2018, respectively. The estimated amortization of the above real estate intangible assets for the next five years is $28,634 in 2020, $26,647 in 2021, $24,640 in 2022, $23,487 in 2023 and $18,270 in 2024.
The Company had below-market leases, net of accumulated accretion, which are included in deferred revenue, of $19,090 and $17,923, respectively, as of December 31, 2019 and 2018. The estimated accretion for the next five years is $2,550 in 2020, $2,210 in 2021, $1,931 in 2022, $1,931 in 2023 and $1,931 in 2024. The Company completed the following acquisitions during 2019 and 2018: 2019:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Market | Acquisition Date | Initial Cost Basis | Lease Expiration | Land |  | Building and Improvements |  | Lease in-place Value Intangible |  | Below Market Lease Intangible
Industrial | Indianapolis, IN | January 2019 | $ | 20,809 |  | 07/2025 | $ | 1,954 |  |  | $ | 16,820 |  |  | $ | 2,035 |  |  | $ | — |
Industrial | Atlanta, GA | February 2019 | 37,182 |  | 10/2023 | 3,253 |  |  | 30,951 |  |  | 2,978 |  |  | — |
Industrial | Dallas, TX | April 2019 | 28,201 |  | 08/2023 | 2,420 |  |  | 23,330 |  |  | 2,451 |  |  | — |
Industrial | Greenville/Spartanburg, SC | April 2019 | 33,253 |  | 01/2024 | 1,615 |  |  | 27,829 |  |  | 3,809 |  |  | — |
Industrial | Memphis, TN | May 2019 | 49,395 |  | 04/2024 | 2,646 |  |  | 40,452 |  |  | 6,297 |  |  | — |
Industrial | Memphis, TN | May 2019 | 18,316 |  | 05/2023 | 851 |  |  | 15,465 |  |  | 2,000 |  |  | — |
Industrial | Atlanta, GA | June 2019 | 45,441 |  | 05/2020 | 3,251 |  |  | 40,023 |  |  | 2,167 |  |  | — |
Industrial | Atlanta, GA | June 2019 | 27,353 |  | 05/2024 | 2,536 |  |  | 22,825 |  |  | 1,992 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 13,762 |  | 12/2023 | 544 |  |  | 12,376 |  |  | 842 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 100,288 |  | 06/2030 | 3,950 |  |  | 88,427 |  |  | 7,911 |  |  | — |
Industrial | Cincinnati, OH | September 2019 | 65,763 |  | 08/2027 | 3,123 |  |  | 60,703 |  |  | 5,392 |  |  | (3,455 | )
Industrial | Greenville/Spartanburg, SC | October 2019 | 16,817 |  | 01/2024 | 1,406 |  |  | 14,272 |  |  | 1,139 |  |  | — |
Industrial | Greenville/Spartanburg, SC | October 2019 | 15,583 |  | 04/2025 | 1,257 |  |  | 13,252 |  |  | 1,074 |  |  | — |
Industrial | Phoenix, AZ | October 2019 | 21,020 |  | 09/2026 | 3,311 |  |  | 16,013 |  |  | 1,696 |  |  | — |
Industrial | Phoenix, AZ | November 2019 | 67,079 |  | 09/2030 | 11,970 |  |  | 48,924 |  |  | 6,185 |  |  | — |
Industrial | Chicago, IL | December 2019 | 49,348 |  | 09/2029 | 3,432 |  |  | 40,947 |  |  | 4,969 |  |  | — |
Industrial | Greenville/Spartanburg, SC | December 2019 | 94,233 |  | 12/2034 | 6,959 |  |  | 78,364 |  |  | 8,910 |  |  | — |
|  |  | $ | 703,843 |  |  | $ | 54,478 |  |  | $ | 590,973 |  |  | $ | 61,847 |  |  | $ | (3,455 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 8.4 |  |  | 8.0 |
In 2019, the Company invested $3,225 in a 23.6-acre land parcel in the Columbus, Ohio market and commenced construction of a 320,000 square foot warehouse/distribution facility. Also in 2019, the Company acquired an interest in a newly-formed joint venture, ATL Fairburn JV, LLC, that invested $10,088 in an 81-acre land parcel in the Atlanta, Georgia market to construct a 910,000 square foot warehouse/distribution facility. The Company has a 90% interest in the joint venture and consolidates the joint venture. 2018:
|  |  |  |  |  |  |  |  | Real Estate Intangibles
Property Type | Location | Acquisition Date | Initial Cost Basis | Lease Expiration | Land and Land Estate |  | Building and Improvements |  | Lease in-place Value Intangible |  | Below Market Lease Intangible
Industrial | Olive Branch, MS | April 2018 | $ | 44,090 |  | 07/2029 | $ | 1,958 |  |  | $ | 38,687 |  |  | $ | 3,445 |  |  | $ | — |
Industrial | Olive Branch, MS | April 2018 | 48,575 |  | 06/2021 | 2,500 |  |  | 42,538 |  |  | 5,151 |  |  | (1,614 | )
Industrial | Edwardsville, IL | June 2018 | 44,178 |  | 05/2030 | 3,649 |  |  | 41,292 |  |  | 3,467 |  |  | (4,230 | )
Industrial | Spartanburg, SC | August 2018 | 27,632 |  | 07/2024 | 1,447 |  |  | 23,744 |  |  | 2,441 |  |  | — |
Industrial | Pasadena, TX | August 2018 | 23,868 |  | 08/2023 | 4,057 |  |  | 17,810 |  |  | 2,001 |  |  | — |
Industrial | Carrollton, TX | September 2018 | 19,564 |  | 12/2033 | 3,228 |  |  | 15,766 |  |  | 1,247 |  |  | (677 | )
Industrial | Goodyear, AZ | November 2018 | 41,372 |  | 04/2026 | 5,247 |  |  | 36,115 |  |  | 2,014 |  |  | (2,004 | )
Industrial | Chester, VA | December 2018 | 66,311 |  | 06/2030 | 8,544 |  |  | 53,067 |  |  | 6,832 |  |  | (2,132 | )
|  |  | $ | 315,590 |  |  | $ | 30,630 |  |  | $ | 269,019 |  |  | $ | 26,598 |  |  | $ | (10,657 | )
Weighted-average life of intangible assets (years) |  |  |  |  |  |  | 8.4 |  |  | 9.4 |
In addition, the Company acquired a 57-acre parcel of land from a non-consolidated joint venture and leased the parcel to a tenant that is developing a distribution facility.

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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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