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Real Estate and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2016
Real Estate [Abstract] |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of December 31, 2016 and 2015, respectively, excluding real estate held for sale as of December 31, 2016 and 2015, respectively (dollars in thousands):
|  | December 31, 2016 |  | December 31, 2015
Real estate: |  |  |  |
Land |  | $ | 104,719 |  |  | $ | 97,117 |
Building and improvements |  | 662,661 |  |  | 635,728 |
Tenant improvements |  | 54,369 |  |  | 47,532 |
Accumulated depreciation |  | (131,661 | ) |  | (112,243 | )
Real estate, net |  | $ | 690,088 |  |  | $ | 668,134 |
Summary of Properties Acquired | During the year ended December 31, 2016 and 2015 we acquired three and six properties, respectively, which are summarized below (dollars in thousands):
Year Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Acquisition Costs |  | Aggregate Annualized GAAP Rent |  | Aggregate Debt Issued
December 31, 2016 | (1) | 329,620 |  |  | 10.5 Years |  | $ | 66,570 |  |  | $ | 179 |  |  | $ | 5,589 |  |  | $ | 38,800 |
December 31, 2015 | (2) | 520,053 |  |  | 9.9 Years |  | $ | 77,798 |  |  | $ | 586 |  |  | $ | 7,984 |  |  | $ | 43,379 |
(1) On May 26, 2016 we acquired a 107,062 square foot property in Salt Lake City, UT for $17.0 million. We borrowed $9.9 million to fund the acquisition. The annualized GAAP rent on the 6 years lease is $1.4 million. On September 12, 2016 we acquired a 119,224 square foot property in Fort Lauderdale, FL for $23.9 million. We borrowed $14.1 million to fund the acquisition. The annualized GAAP rent on the 9 years lease is $2.0 million. On December 14, 2016 we acquired a 103,334 square foot property in King of Prussia, PA for $25.7 million, including $0.2 million of acquisition-related costs that were allocated among the identifiable assets acquired. These acquisition-related costs are not included in the aggregated costs in the table above. We borrowed $14.8 million to fund the acquisition. The annualized GAAP rent on the 15 years lease is $2.2 million. Our King of Prussia, PA acquisition in the fourth quarter was accounted for as an asset acquisition under ASC 360. (2) On March 6, 2015 we acquired a 155,984 square foot property in Richardson, TX for $24.7 million. We borrowed $14.6 million to fund the acquisition. The annualized GAAP rent on the 9.5 years lease is $2.7 million. On March 20, 2015 we acquired a 30,850 square foot property in Birmingham, AL for $3.6 million. The annualized GAAP rent on the 8.5 years lease is $0.3 million. On May 28, 2015 we acquired a 78,033 square foot property in Columbus, OH for $7.7 million. We borrowed $4.5 million to fund the acquisition. The annualized GAAP rent on the 15 years lease is $0.6 million. On May 29, 2015 we acquired a 86,409 square foot property in Salt Lake City, UT for $22.2 million. We borrowed $13.0 million to fund the acquisition. The annualized GAAP rent on the 6.5 years lease is $2.4 million. On July 15, 2015 we acquired a 78,151 square foot property in Atlanta, GA for $13.0 million. We borrowed $7.5 million to fund the acquisition. The property is fully leased to one tenant through two leases, with 30% of the building leased for 15 years and the remainder leased for 7 years. The annualized GAAP rent on the leases is $1.3 million. On October 20, 2015 we acquired a 90,626 square foot property in Villa Rica, GA for $6.6 million. We borrowed $3.8 million to fund the acquisition. The annualized GAAP rent on the 18 years lease is $0.6 million.
Fair Value of Acquired Assets and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the year ended December 31, 2016 and 2015, respectively, as follows (dollars in thousands):
Business Combinations |  |  |  |
|  | Year ended December 31, 2016 |  | Year ended December 31, 2015
Acquired assets and liabilities |  | Purchase price |  | Purchase price
Land |  | $ | 7,125 |  |  | $ | 10,528 |
Building and improvements |  | 22,934 |  |  | 42,652 |
Tenant Improvements |  | 3,240 |  |  | 6,996 |
In-place Leases |  | 3,355 |  |  | 7,410 |
Leasing Costs |  | 1,437 |  |  | 4,338 |
Customer Relationships |  | 3,090 |  |  | 5,408 |
Above Market Leases |  | — |  |  | 1,712 |
Below Market Leases |  | (281 | ) |  | (1,246 | )
Total Purchase Price |  | $ | 40,900 |  |  | $ | 77,798 |
Asset Acquisitions |  |  |  |
|  | Year ended December 31, 2016 |  | Year ended December 31, 2015
Acquired assets and liabilities |  | Purchase price |  | Purchase price
Land |  | $ | 3,681 |  |  | $ | — |
Building and improvements |  | 11,682 |  |  | — |
Tenant Improvements |  | 4,057 |  |  | — |
In-place Leases |  | 2,669 |  |  | — |
Leasing Costs |  | 1,987 |  |  | — |
Customer Relationships |  | 1,406 |  |  | — |
Above Market Leases |  | 188 |  |  | — |
Total Purchase Price |  | $ | 25,670 |  |  | $ | — |
Total Purchase Price on all Acquisitions |  | $ | 66,570 |  |  | $ | 77,798 |
Schedule of Revenue and Earnings Recognized on Properties Acquired | Below is a summary of the total revenue and earnings recognized on the 2, 6 and 11 asset acquisitions treated as business combinations completed during the years ended December 31, 2016, 2015, and 2014 respectively (dollars in thousands):
|  | For the year ended December 31, 2016 |  | For the year ended December 31, 2015 |  | For the year ended December 31, 2014
Rental Revenue |  | $ | 1,462 |  |  | $ | 4,919 |  |  | $ | 5,605 |
Earnings |  | (162 | ) |  | (63 | ) |  | 36 |
Pro-Forma Condensed Consolidated Statements of Operations | The following table reflects pro-forma consolidated statements of operations as if the business combinations acquired through December 31, 2016, were acquired as of January 1, 2015, and the properties acquired during 2015, were acquired as of January 1, 2014. The pro-forma earnings for the years ended December 31, 2016, 2015 and 2014 were adjusted to assume that the acquisition-related costs were incurred as of the beginning of the comparative period (dollars in thousands, except per share amounts):
|  | For the year ended December 31, |
|  | (unaudited) |
|  | 2016 |  | 2015 |  | 2014 |
Operating Data: |  |  |  |  |  |  |
Total operating revenue |  | $ | 88,304 |  |  | $ | 89,720 |  |  | $ | 87,439 |  |
Total operating expenses |  | (56,697 | ) |  | (54,480 | ) |  | (66,052 | ) |
Other expenses |  | (27,429 | ) |  | (31,014 | ) |  | (26,014 | ) |
Net income (loss) |  | 4,178 |  |  | 4,226 |  |  | (4,627 | ) |
Dividends attributable to preferred and senior common stock |  | (7,656 | ) |  | (5,101 | ) |  | (4,636 | ) |
Net loss attributable to common stockholders |  | $ | (3,478 | ) |  | $ | (875 | ) |  | $ | (9,263 | ) |
Share and Per Share Data: |  |  |  |  |  |  |
Basic and diluted loss per share of common stock - pro forma |  | $ | (0.15 | ) |  | $ | (0.04 | ) |  | $ | (0.54 | ) |
Basic and diluted loss per share of common stock - actual |  | $ | (0.16 | ) |  | $ | (0.07 | ) |  | $ | (0.61 | ) |
Weighted average shares outstanding-basic and diluted |  | 23,193,962 |  |  | 21,159,597 |  |  | 17,253,503 |  |
Summary of Leased Properties | During the year ended December 31, 2016 and 2015, we executed 9 and 15 leases, respectively, which are aggregated below (dollars in thousands):
Year Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Annualized GAAP Rent |  | Aggregate Tenant Improvement |  | Aggregate Leasing Commissions
December 31, 2016 |  | 551,335 |  |  | 3.9 Years | (1) | $ | 2,478 |  |  | $ | 1,244 |  |  | $ | 436 |
December 31, 2015 |  | 890,092 |  |  | 7.3 Years | (2) | $ | 7,514 |  |  | $ | 2,881 |  |  | $ | 1,925 |
(1) | Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 7.7 years.
(2) | Weighted average lease term is weighted according to the annualized GAAP rent earned by each lease. Our leases have terms ranging from 1 year to 12.4 years.
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and excluding real estate held for sale as of December 31, 2016, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
2017 | $ | 84,787 |
2018 | 85,509 |
2019 | 86,273 |
2020 | 78,683 |
2021 | 69,827 |
Thereafter | 275,938 |
| $ | 681,017 |
Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2016 and 2015, excluding real estate held for sale as of December 31, 2016 and 2015, respectively (in thousands):
|  | December 31, 2016 |  | December 31, 2015
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 71,482 |  |  | $ | (28,182 | ) |  | $ | 66,244 |  |  | $ | (22,679 | )
Leasing costs |  | 48,000 |  |  | (18,599 | ) |  | 44,360 |  |  | (14,774 | )
Customer relationships |  | 50,252 |  |  | (17,400 | ) |  | 46,485 |  |  | (14,722 | )
|  | $ | 169,734 |  |  | $ | (64,181 | ) |  | $ | 157,089 |  |  | $ | (52,175 | )
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 10,479 |  |  | $ | (7,296 | ) |  | $ | 10,176 |  |  | $ | (6,818 | )
Below market leases and deferred revenue |  | (21,606 | ) |  | 8,959 |  |  | (17,951 | ) |  | 8,294 |
|  | $ | (11,127 | ) |  | $ | 1,663 |  |  | $ | (7,775 | ) |  | $ | 1,476 |
Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2016 and 2015, respectively, were as follows:
Intangible Assets & Liabilities |  | 2016 |  | 2015
In-place leases |  | 11.5 |  | 13.0
Leasing costs |  | 11.5 |  | 13.0
Customer relationships |  | 15.8 |  | 17.5
Above market leases |  | 5.2 |  | 18.6
Below market leases |  | 7.9 |  | 13.5
All intangible assets & liabilities |  | 12.5 |  | 14.3
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2016 (dollars in thousands):
Year | Estimated Amortization Expense of In-Place Leases, Leasing Costs and Customer Relationships
2017 | $ | 15,522 |
2018 | 15,459 |
2019 | 15,451 |
2020 | 13,827 |
2021 | 11,879 |
Thereafter | 33,415 |
| $ | 105,553 |
Summary of Estimated Aggregate Rental Income | The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2016 (dollars in thousands):
Year | Net Increase to Rental Income Related to Above and Below Market Leases
2017 | $ | 743 |
2018 | 743 |
2019 | 743 |
2020 | 797 |
2021 | 705 |
Thereafter | 5,594 |
| $ | 9,325 |
(1) Does not include ground lease amortization of $139.

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- Definition Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 + Details
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