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Real Estate Acquired | 12 Months Ended
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Dec. 31, 2018
Real Estate [Abstract] |
Real Estate Acquired | REAL ESTATE ACQUIRED 700, 726, 730 and 750 N. Glebe Road In August 2014, the Company purchased for $40.0 million, 750 N. Glebe Road and incurred acquisition costs of $0.4 million. In December 2014, the Company purchased for $2.8 million 730 N. Glebe Road and incurred acquisition costs of $40,400. In September 2015, the Company purchased for $4.0 million 726 N. Glebe Road and incurred acquisition costs of $0.1 million. In August 2016, the Company purchased for $7.2 million, including acquisition costs, 700 N. Glebe Road. These properties are contiguous and are located in Arlington, Virginia. Thruway pad In August 2016, the Company purchased for $3.1 million, a retail pad site with an occupied bank building in Winston Salem, North Carolina, and incurred acquisition costs of $60,400. The property is contiguous with and an expansion of the Company's Thruway asset. Beacon Center In the fourth quarter of 2016, the Company purchased for $22.7 million, including acquisition costs, the land underlying Beacon Center. The land was previously leased by the Company with an annual rent of approximately $60,000. The purchase price was funded in part by an $11.25 million increase to the existing mortgage collateralized by Beacon Center and in part by the Company’s revolving credit facility. Southdale In the fourth quarter of 2016, the Company purchased for $15.3 million, including acquisition costs, the land underlying Southdale. The land was previously leased by the Company with an annual rent of approximately $60,000. The purchase price was funded by the Company’s revolving credit facility. Burtonsville Town Square In January 2017, the Company purchased for $76.4 million, including acquisition costs, Burtonsville Town Square located in Burtonsville, Maryland. Olney Shopping Center In March 2017, the Company purchased for $3.1 million, including acquisition costs, the land underlying Olney Shopping Center. The land was previously leased by the Company with an annual rent of approximately $56,000. The purchase price was funded by the revolving credit facility. Ashbrook Marketplace In May 2018, the Company acquired from the Saul Trust, in exchange for 176,680 limited partnership units, approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Loudoun County, Virginia. Based on the closing price of the Company's common stock, the land and the limited partnership units were recorded at a value of $8.8 million. Acquisition costs related to the transaction totaled approximately $0.2 million. 7316 Wisconsin Avenue In September 2018, the Company purchased for $35.5 million, plus $0.7 million of acquisition costs, an office building and the underlying ground located at 7316 Wisconsin Avenue in Bethesda, Maryland. This site has mixed-use development potential of up to 325 apartment units and approximately 10,000 square feet of street level retail pursuant to the approved Bethesda Downtown Plan. In December 2018, the Company purchased for $4.5 million, including acquisition costs, an interest in an adjacent parcel of land and retail building. The Company is evaluating concept plans for the combined property in order to increase the mixed-use development potential by up to 40 additional apartment units. The purchase price was funded through the Company's credit facility. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. See Note 2. Summary of Significant Accounting Policies-Real Estate Investment Properties. During 2018, the Company acquired properties that had an aggregate cost of $49.5 million, including acquisition costs. The purchase price was allocated to assets acquired and liabilities assumed based on their relative fair values as shown in the following table.
(in thousands) | Ashbrook Marketplace |  | 7316 Wisconsin Avenue |  | Total
Land | $ | 8,776 |  |  | $ | 38,662 |  |  | $ | 47,438 |
Buildings | — |  |  | 979 |  |  | 979 |
In-place Leases | — |  |  | 886 |  |  | 886 |
Above Market Rent | — |  |  | 168 |  |  | 168 |
Below Market Rent | — |  |  | (21 | ) |  | (21 | )
Total Purchase Price | $ | 8,776 |  |  | $ | 40,674 |  |  | $ | 49,450 |
During 2017, the Company purchased one property, Burtonsville Town Square, at a cost of $76.4 million, including acquisition costs. Of the total acquisition cost, $28.4 million was allocated to land, $45.8 million was allocated to buildings, $2.2 million was allocated to in-place leases, $0.6 million was allocated to above-market rent, and $(0.6) million was allocated to below-market rent, based on their relative fair values. During 2016, the Company purchased properties that had an aggregate cost of $10.3 million, and incurred acquisition costs totaling $60,400. The purchase price was allocated to the assets acquired and liabilities assumed based on their fair value as shown in the following table.
(in thousands) | 700 N. Glebe Road |  | Thruway Pad |  | Total
Land | $ | 7,236 |  |  | $ | 2,196 |  |  | $ | 9,432 |
Buildings | — |  |  | 874 |  |  | 874 |
In-place Leases | — |  |  | 93 |  |  | 93 |
Above Market Rent | — |  |  | — |  |  | — |
Below Market Rent | — |  |  | (63 | ) |  | (63 | )
Total Purchase Price | $ | 7,236 |  |  | $ | 3,100 |  |  | $ | 10,336 |
The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2018 and 2017 was $12.5 million and $12.3 million, respectively, and accumulated amortization was $8.1 million and $7.5 million, respectively. Amortization expense totaled $1.3 million, $1.1 million and $1.0 million, for the years ended December 31, 2018, 2017, and 2016, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2018 and 2017 was $24.8 million and $25.1 million, respectively, and accumulated amortization was $13.1 million and $11.8 million, respectively. Accretion income totaled $1.7 million, $1.7 million, and $1.8 million, for the years ended December 31, 2018, 2017, and 2016, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2018 and 2017 was $0.8 million and $0.6 million, respectively, and accumulated amortization was $0.1 million and $39,500, respectively. Amortization expense totaled $110,500, $31,600 and $1,500, for the years ended December 31, 2018, 2017 and 2016, respectively. The remaining weighted-average amortization period as of December 31, 2018 is 4.1 years, 7.2 years, and 5.5 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2018, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands) | Lease acquisition costs |  | Above market leases |  | Below market leases
2019 | $ | 1,141 |  |  | $ | 102 |  |  | $ | 1,533 |
2020 | 785 |  |  | 52 |  |  | 1,434 |
2021 | 538 |  |  | 36 |  |  | 1,409 |
2022 | 383 |  |  | 33 |  |  | 1,306 |
2023 | 316 |  |  | 33 |  |  | 1,297 |
Thereafter | 1,197 |  |  | 376 |  |  | 4,731 |
Total | $ | 4,360 |  |  | $ | 632 |  |  | $ | 11,710 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18511-111553 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=114775070&loc=d3e18551-111553 + Details
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