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REAL ESTATE AND RELATED LEASE INTANGIBLES, NET (Tables)

3 Months Ended

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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