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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables) | 3 Months Ended
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Mar. 31, 2020
Real Estate [Abstract] |
Schedule of real estate properties by category | The following tables present additional detail related to our real estate portfolio, net, including foreclosed properties ($ in thousands):
| March 31, 2020 |  | December 31, 2019
Land | $ | 227,070 |  |  | $ | 209,955 |
Building | 867,985 |  |  | 883,005 |
In-place leases and other intangibles | 159,055 |  |  | 161,203 |
Less: Accumulated depreciation and amortization | (206,692 | ) |  | (206,082 | )
Real estate and related lease intangibles, net | $ | 1,047,418 |  |  | $ | 1,048,081 |
Below market lease intangibles, net (other liabilities) | $ | (38,744 | ) |  | $ | (39,067 | )
Schedule of depreciation and amortization expense recorded | The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):
| Three Months Ended March 31,
| 2020 |  | 2019
Depreciation expense(1) | $ | 8,273 |  |  | $ | 7,685 |
Amortization expense | 1,711 |  |  | 2,517 |
Total real estate depreciation and amortization expense | $ | 9,984 |  |  | $ | 10,202 |
(1) Depreciation expense on the consolidated statements of income also includes $25 thousand of depreciation on corporate fixed assets for the three months ended March 31, 2020 and 2019.
Schedule of lease intangible assets | The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to our intangible assets ($ in thousands):
| March 31, 2020 |  | December 31, 2019
Gross intangible assets(1) | $ | 159,054 |  |  | $ | 161,203 |
Accumulated amortization | 61,327 |  |  | 62,773 |
Net intangible assets | $ | 97,727 |  |  | $ | 98,430 |
(1) | Includes $4.4 million and $4.5 million of unamortized above market lease intangibles which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively.
| Three Months Ended March 31,
| 2020 |  | 2019
Reduction in operating lease income for amortization of above market lease intangibles acquired | $ | (92 | ) |  | $ | (425 | )
Increase in operating lease income for amortization of below market lease intangibles acquired | 752 |  |  | 569 |
Schedule of expected amortization expense related to the acquired in-place lease intangibles, for property owned | The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of March 31, 2020 ($ in thousands):
Period Ending December 31, |  | Adjustment to Operating Lease Income |  | Amortization Expense
2020 (last 9 months) |  | $ | 943 |  |  | $ | 4,442 |
2021 |  | 1,070 |  |  | 5,504 |
2022 |  | 1,070 |  |  | 5,504 |
2023 |  | 1,070 |  |  | 5,504 |
2024 |  | 1,070 |  |  | 5,504 |
Thereafter |  | 29,077 |  |  | 66,785 |
Total |  | $ | 34,300 |  |  | $ | 93,243 |
Schedule of contractual future minimum rent under leases | The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at March 31, 2020 ($ in thousands):
Period Ending December 31, |  | Amount
2020 (last 9 months) |  | $ | 63,389 |
2021 |  | 72,729 |
2022 |  | 68,139 |
2023 |  | 66,703 |
2024 |  | 65,173 |
Thereafter |  | 504,234 |
Total |  | $ | 840,367 |
Schedule of real estate properties acquired | During the three months ended March 31, 2020, the Company acquired the following properties ($ in thousands):
Acquisition Date |  | Type |  | Primary Location(s) |  | Purchase Price/Fair Value on the Date of Foreclosure | Ownership Interest (1)
Purchases of real estate |  |  |  |  |
Aggregate purchases of net leased real estate |  | $ | 6,239 |  | 100.0%
Real estate acquired via foreclosure |  |  |
March 2020 |  | Diversified |  | Los Angeles, CA |  | 21,535 |  | 100.0%
Total real estate acquired via foreclosure |  | 21,535 |  |
Total real estate acquisitions |  |  |  | $ | 27,774 |  |
(1) | Properties were consolidated as of acquisition date.
The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the three months ended March 31, 2020, all acquisitions were determined to be asset acquisitions. The purchase prices were allocated to the asset acquisitions during the three months ended March 31, 2020, as follows ($ in thousands):
|  | Purchase Price Allocation
Land |  | $ | 22,450 |
Building |  | 4,418 |
Intangibles |  | 1,201 |
Below Market Lease Intangibles |  | (295 | )
Total purchase price |  | $ | 27,774 |
The weighted average amortization period for intangible assets acquired during the three months ended March 31, 2020 was 39.8 years. The Company recorded $44 thousand in revenues from its 2020 acquisitions for the three months ended March 31, 2020, which is included in its consolidated statements of income. The Company recorded $(0.1) million in earnings (losses) from its 2020 acquisitions for the three months ended March 31, 2020, which is included in its consolidated statements of income. During the three months ended March 31, 2019, the Company acquired the following properties ($ in thousands):
Acquisition Date |  | Type |  | Primary Location(s) |  | Purchase Price/Fair Value on the Date of Foreclosure | Ownership Interest (1)
Purchases of real estate |  |  |  |  |
Aggregate purchases of net leased real estate |  | $ | 2,406 |  | 100.0%
Real estate acquired via foreclosure |  |  |
February 2019 |  | Diversified |  | Omaha, NE |  | 18,200 |  | 100.0%
Total real estate acquired via foreclosure |  | 18,200 |  |
Total real estate acquisitions |  |  |  | $ | 20,606 |  |
(1) | Properties were consolidated as of acquisition date.
The purchase prices were allocated to the asset acquisitions during the three months ended March 31, 2019, as follows ($ in thousands):
|  | Purchase Price Allocation
Land |  | $ | 3,483 |
Building |  | 16,804 |
Intangibles |  | 442 |
Below Market Lease Intangibles |  | (123 | )
Total purchase price |  | $ | 20,606 |
Schedule of properties sold | The Company sold the following properties during the three months ended March 31, 2020 ($ in thousands):
Sales Date |  | Type |  | Primary Location(s) |  | Net Sales Proceeds |  | Net Book Value |  | Realized Gain/(Loss) |  | Properties |  | Units Sold |  | Units Remaining
Various |  | Condominium |  | Miami, FL |  | $ | 665 |  |  | $ | 658 |  |  | $ | 7 |  |  | — |  |  | 2 |  |  | 4 |
March 2020 |  | Diversified |  | Richmond, VA |  | 22,526 |  |  | 14,829 |  |  | 7,697 |  |  | 7 |  |  | — |  |  | — |
March 2020 |  | Diversified |  | Richmond, VA |  | 6,933 |  |  | 4,109 |  |  | 2,824 |  |  | 1 |  |  | — |  |  | — |
Totals |  |  |  |  |  | $ | 30,124 |  |  | $ | 19,596 |  |  | $ | 10,528 |  |  |  |  |  |  |
Realized gain on the sale of real estate, net on the consolidated statements of income also includes $10.5 million of realized loss on the disposal of fixed assets for the three months ended March 31, 2020 The Company sold the following properties during the three months ended March 31, 2019 ($ in thousands):
Sales Date |  | Type |  | Primary Location(s) |  | Net Sales Proceeds |  | Net Book Value |  | Realized Gain/(Loss) |  | Properties |  | Units Sold |  | Units Remaining
N/A |  | Condominium |  | Las Vegas, NV |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | — |  |  | 1 |
Various |  | Condominium |  | Miami, FL |  | 1,688 |  |  | 1,503 |  |  | 185 |  |  | — |  |  | 6 |  |  | 16 |
Totals |  |  |  |  |  | $ | 1,688 |  |  | $ | 1,503 |  |  | $ | 185 |  |  |  |  |  |  |

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