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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2019
Real Estate [Abstract] |
Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of March 31, 2019 and December 31, 2018, excluding real estate held for sale as of December 31, 2018 (dollars in thousands):
|  | March 31, 2019 |  | December 31, 2018
Real estate: |  |  |  |
Land |  | $ | 126,698 |  |  | $ | 125,905 |
Building and improvements |  | 762,026 |  |  | 755,584 |
Tenant improvements |  | 65,254 |  |  | 65,160 |
Accumulated depreciation |  | (186,107 | ) |  | (178,257 | )
Real estate, net |  | $ | 767,871 |  |  | $ | 768,392 |
Acquisitions | We acquired two properties during the three months ended March 31, 2019, and one property during the three months ended March 31, 2018. The acquisitions are summarized below (dollars in thousands):
Three Months Ended |  | Square Footage |  | Lease Term |  | Purchase Price |  | Acquisition Expenses |  | Annualized GAAP Rent
March 31, 2019 | (1) | 60,850 |  |  | 12.2 Years |  | $ | 6,315 |  |  | $ | 130 |  | (3) | $ | 516 |
March 31, 2018 | (2) | 127,444 |  |  | 9.8 Years |  | 14,341 |  |  | 91 |  | (3) | 1,087 |
(1) | On February 8, 2019, we acquired a 26,050 square foot property in a suburb of Philadelphia, Pennsylvania, for $2.7 million. The annualized GAAP rent on the 15.1 year lease is $0.2 million. On February 28, 2019, we acquired a 34,800 square foot property in Indianapolis, Indiana for $3.6 million. The annualized GAAP rent on the 10.0 year lease is $0.3 million.
(2) | On March 9, 2018, we acquired a 127,444 square foot property in Vance, Alabama for $14.3 million. The annualized GAAP rent on the 9.8 year lease is $1.1 million.
(3) | We accounted for these transactions under ASU 2017-01, “Clarifying the Definition of a Business.” As a result, we treated our acquisitions during the three months ended March 31, 2019 and 2018 as asset acquisitions rather than business combinations. As a result of this treatment, we capitalized $0.1 million and $0.1 million, respectively, of acquisition costs that would otherwise have been expensed under business combination treatment.
Fair Value of Assets Acquired and Liabilities Assumed | We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the three months ended March 31, 2019 and 2018 as follows (dollars in thousands):
|  | Three months ended March 31, 2019 |  | Three months ended March 31, 2018
Acquired assets and liabilities |  | Purchase price |  | Purchase price
Land |  | $ | 723 |  |  | $ | 459 |
Building |  | 4,541 |  |  | 11,609 |
Tenant Improvements |  | 93 |  |  | 615 |
In-place Leases |  | 432 |  |  | 509 |
Leasing Costs |  | 307 |  |  | 534 |
Customer Relationships |  | 196 |  |  | 566 |
Above Market Leases |  | 23 |  |  | 49 |
Total Purchase Price |  | $ | 6,315 |  |  | $ | 14,341 |
Summary of Lease on Property | During the three months ended March 31, 2019 and 2018, we executed two and one new leases, respectively, which are summarized below (dollars in thousands):
Three Months Ended |  | Aggregate Square Footage |  | Weighted Average Remaining Lease Term |  | Aggregate Annualized GAAP Rent |  | Aggregate Leasing Commissions
March 31, 2019 |  | 130,240 |  |  | 6.2 years |  | $ | 1,187 |  |  | $ | 71 |
March 31, 2018 |  | 34,441 |  |  | 3.6 years |  | 97 |  |  | 14 |
Future Operating Lease Payments from Tenants under Non-Cancelable Leases | Future minimum lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses and excluding real estate held for sale as of December 31, 2018, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
2019 | $ | 103,322 |
2020 | 97,302 |
2021 | 89,057 |
2022 | 82,336 |
2023 | 74,337 |
Thereafter | 279,424 |
| $ | 725,778 |
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2019 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
Nine Months Ending 2019 | $ | 77,289 |
2020 | 97,758 |
2021 | 90,374 |
2022 | 83,723 |
2023 | 75,744 |
2024 | 66,554 |
Thereafter | 217,638 |
| $ | 709,080 |
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 March 31, 2019 and December 31, 2018, excluding real estate held for sale as of December 31, 2018 (dollars in thousands):
|  | March 31, 2019 |  | December 31, 2018
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 84,326 |  |  | $ | (42,388 | ) |  | $ | 83,894 |  |  | $ | (40,445 | )
Leasing costs |  | 60,049 |  |  | (29,436 | ) |  | 59,671 |  |  | (28,092 | )
Customer relationships |  | 60,650 |  |  | (25,154 | ) |  | 60,455 |  |  | (24,035 | )
|  | $ | 205,025 |  |  | $ | (96,978 | ) |  | $ | 204,020 |  |  | $ | (92,572 | )
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 14,575 |  |  | $ | (9,208 | ) |  | $ | 14,551 |  |  | $ | (8,981 | )
Below market leases and deferred revenue |  | (30,822 | ) |  | 13,051 |  |  | (29,807 | ) |  | 12,502 |
|  | $ | (16,247 | ) |  | $ | 3,843 |  |  | $ | (15,256 | ) |  | $ | 3,521 |
Weighted Average Amortization Periods | The weighted average amortization periods in years for the intangible assets acquired during the three months ended March 31, 2019 and 2018 were as follows:
Intangible Assets & Liabilities |  | 2019 |  | 2018
In-place leases |  | 13.0 |  | 9.8
Leasing costs |  | 13.0 |  | 9.8
Customer relationships |  | 17.9 |  | 14.8
Above market leases |  | 10.0 |  | 9.8
All intangible assets & liabilities |  | 14.5 |  | 11.1

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