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Real Estate and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Components of Investments in Real Estate

The following table sets forth the components of our investments in real estate as of September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands):

						September 30, 2021						December 31, 2020
Real estate:
Land (1)						$	146,684					$	142,853
Building and improvements						955,233						916,601
Tenant improvements						70,631						69,229
Accumulated depreciation						(257,050)						(228,468)
Real estate, net						$	915,498					$	900,215

(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.

Acquisitions

We acquired eight properties during the nine months ended September 30, 2021, and six properties during the nine months ended September 30, 2020. The acquisitions are summarized below (dollars in thousands):

Nine Months Ended						Aggregate Square Footage						Weighted Average Lease Term						Aggregate Purchase Price						Aggregate Capitalized Acquisition Costs
September 30, 2021			(1)			367,716						15.5 years						$	46,225					$	370
September 30, 2020			(2)			1,043,638						14.2 years						$	82,599					$	339

(1)On January 22, 2021, we acquired a 180,152 square foot property in Findlay, Ohio for $11.1 million. The property is fully leased to one tenant for 14.2 years at time we acquired the property. On June 17, 2021, we acquired a 25,200 square foot property in Baytown, Texas for $8.2 million. The property is fully leased to one tenant for 12.6 years at time we acquired the property. On July 21, 2021, we acquired an 80,604 square foot, four-property portfolio in Pacific, Missouri for $22.1 million. These properties are fully leased to one tenant for 17.4 years at time we acquired the portfolio. On August 20, 2021, we acquired an 81,760 square foot, two-property portfolio in Peru, Illinois for $4.8 million. These properties are fully leased to one tenant for 15.0 years at time we acquired the portfolio.

(2)On January 8, 2020, we acquired a 64,800 square foot property in Indianapolis, Indiana for $5.3 million. The property is leased to three tenants, with a weighted average lease term of 7.2 years at time we acquired the property. On January 27, 2020, we acquired a 320,838 square foot, three-property portfolio in Houston, Texas, Charlotte, North Carolina, and St. Charles, Missouri for $34.7 million. The portfolio has a weighted average lease term of 20.0 years at time we acquired the portfolio. On March 9, 2020, we acquired a 504,400 square foot property in Crandall, Georgia, for $32.0 million. The property is fully leased to one tenant for 10.5 years at time we acquired the property. On September 1, 2020, we acquired a 153,600 square foot property in Indianapolis, Indiana for $10.6 million. The property is fully leased to one tenant for 9.7 years at time we acquired the property.

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 nine months ended September 30, 2021 and 2020, respectively, as follows (dollars in thousands):

						Nine Months Ended September 30, 2021						Nine Months Ended September 30, 2020
Acquired assets and liabilities						Purchase price						Purchase price
Land						$	4,116					$	7,798		(1)
Building						33,113						61,930
Tenant Improvements						860						1,431
In-place Leases						3,336						5,411
Leasing Costs						3,198						4,664
Customer Relationships						1,458						2,808
Above Market Leases						410						309			(2)
Below Market Leases						(266)						(1,752)			(3)
Total Purchase Price						$	46,225					$	82,599

(1)This amount includes $2,711 of land value subject to a land lease agreement, which we may purchase for a nominal fee.

(2)This amount includes $46 and $53 of loans receivable included in Other assets on the condensed consolidated balance sheets, respectively.

(3)This amount includes $62 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.

Future Lease Payments From Tenants

Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the three months ending December 31, 2021 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

Year			Tenant Lease Payments
Three Months Ending 2021			$	28,699
2022			115,625
2023			108,691
2024			102,252
2025			95,813
2026			86,921
Thereafter			309,507
			$	847,508

Lease Revenue

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and nine months ended September 30, 2021 and 2020, respectively (dollars in thousands):

						For the three months ended September 30,
						(Dollars in Thousands)
Lease revenue reconciliation						2021						2020						$ Change						% Change
Fixed lease payments						$	30,230					$	29,116					$	1,114					3.8		%
Variable lease payments						4,104						4,026						78						1.9		%
						$	34,334					$	33,142					$	1,192					3.6		%

						For the nine months ended September 30,
						(Dollars in Thousands)
Lease revenue reconciliation						2021						2020						$ Change						% Change
Fixed lease payments						$	90,331					$	88,286					$	2,045					2.3		%
Variable lease payments						12,050						12,001						49						0.4		%
						$	102,381					$	100,287					$	2,094					2.1		%

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 September 30, 2021 and December 31, 2020, excluding real estate held for sale as of September 30, 2021 and December 31, 2020, respectively (dollars in thousands):

						September 30, 2021												December 31, 2020
						Lease Intangibles						Accumulated Amortization						Lease Intangibles						Accumulated Amortization
In-place leases						$	102,796					$	(60,713)					$	99,254					$	(54,168)
Leasing costs						78,755						(42,536)						73,707						(37,801)
Customer relationships						70,016						(36,536)						68,268						(31,881)
						$	251,567					$	(139,785)					$	241,229					$	(123,850)
						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion
Above market leases						$	15,460					$	(11,312)					$	15,076					$	(10,670)
Below market leases and deferred revenue						(43,152)						20,693						(38,319)						17,686

Weighted Average Amortization Periods

The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the nine months ended September 30, 2021 and 2020, respectively, were as follows:

Intangible Assets & Liabilities						2021						2020
In-place leases						15.0						15.7
Leasing costs						15.0						15.7
Customer relationships						21.2						18.9
Above market leases						14.0						16.6
Below market leases						17.4						14.2
All intangible assets & liabilities						16.5						16.3

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