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Real Estate and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Schedule of Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of September 30, 2022 and December 31, 2021, respectively, excluding real estate held for sale as of September 30, 2022 (dollars in thousands):
|  | September 30, 2022 |  | December 31, 2021
Real estate: |  |  |  |
Land (1) |  | $ | 147,706 |  |  | $ | 149,773 |
Building and improvements |  | 1,064,363 |  |  | 1,004,362 |
Tenant improvements |  | 67,386 |  |  | 71,123 |
Accumulated depreciation |  | (284,802) |  |  | (266,672) |
Real estate, net |  | $ | 994,653 |  |  | $ | 958,586 |
(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.
Schedule of Acquisitions | We acquired 11 industrial properties during the nine months ended September 30, 2022, and eight industrial properties during the nine months ended September 30, 2021. 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, 2022 | (1) | 1,105,006 |  |  | 13.8 years |  | $ | 98,276 |  |  | $ | 776 |  |  |  |  |  |
September 30, 2021 | (2) | 367,716 |  |  | 15.5 years |  | $ | 46,225 |  |  | $ | 370 |  |  |  |  |  |
(1)On February 24, 2022, we acquired an 80,000 square foot property in Wilkesboro, North Carolina for $7.5 million. The property is fully leased to one tenant and had 12.7 years of remaining lease term at the time we acquired the property. On March 11, 2022, we acquired a 56,000 square foot property in Oklahoma City, Oklahoma for $6.0 million. The property is fully leased to one tenant and had 7.0 years of remaining lease term at the time we acquired the property. On May 4, 2022, we acquired a two-property, 260,719 square foot portfolio in Cleveland, Ohio and Fort Payne, Alabama for $19.5 million. The properties are fully leased to one tenant and had 11.4 years of remaining lease term at the time we acquired the properties. On May 12, 2022, we acquired a three-property, 345,584 square foot portfolio in Wilmington, North Carolina for $18.9 million. The properties are fully leased to one tenant and had 13.1 years of remaining lease term at the time we acquired the properties. On August 5, 2022, we acquired a two-property, 246,000 square foot portfolio in Bridgeton, New Jersey and Vineland, New Jersey for $32.7 million. The properties are fully leased to one tenant and had 15.1 years of remaining lease term at the time we acquired the properties. On September 16, 2022, we acquired a 67,328 square foot property in Jacksonville, Florida for $8.1 million. The property is fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the property. On September 20, 2022, we acquired a 49,375 square foot property in Fort Payne, Alabama for $5.6 million. The property is fully leased to one tenant and had 14.8 years of remaining lease term at the time we acquired the property. (2)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 and had 14.2 years of remaining lease term at the 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 and had 12.6 years of remaining lease term at the 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.
Schedule of 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, 2022 and 2021, respectively, as follows (dollars in thousands):
|  | Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021 |
Acquired assets and liabilities |  | Purchase price |  | Purchase price |
Land |  | $ | 5,949 |  |  | $ | 4,116 |  |
Building |  | 77,903 |  |  | 33,113 |  |
Tenant Improvements |  | 1,468 |  |  | 860 |  |
In-place Leases |  | 4,907 |  |  | 3,336 |  |
Leasing Costs |  | 5,387 |  |  | 3,198 |  |
Customer Relationships |  | 2,937 |  |  | 1,458 |  |
Above Market Leases |  | 328 |  | (1) | 410 |  | (1)
Below Market Leases |  | (603) |  | (2) | (266) |  |
Total Purchase Price |  | $ | 98,276 |  |  | $ | 46,225 |  |
(1)This amount includes $9 and $46 of loans receivable included in Other assets on the condensed consolidated balance sheets, respectively. (2)This amount includes $32 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
Schedule of 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, 2022 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of September 30, 2022 (dollars in thousands):
Year | Tenant Lease Payments
Three Months Ending 2022 | $ | 30,721 |
2023 | 115,501 |
2024 | 110,495 |
2025 | 106,966 |
2026 | 99,570 |
2027 | 82,711 |
Thereafter | 343,771 |
Schedule of 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, 2022 and 2021, respectively (dollars in thousands):
|  | For the three months ended September 30,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2022 |  | 2021 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 35,752 |  |  | $ | 30,230 |  |  | $ | 5,522 |  |  | 18.3 | %
Variable lease payments |  | 4,082 |  |  | 4,104 |  |  | (22) |  |  | (0.5) | %
|  | $ | 39,834 |  |  | $ | 34,334 |  |  | $ | 5,500 |  |  | 16.0 | %
|  | For the nine months ended September 30,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2022 |  | 2021 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 98,961 |  |  | $ | 90,331 |  |  | $ | 8,630 |  |  | 9.6 | %
Variable lease payments |  | 12,803 |  |  | 12,050 |  |  | 753 |  |  | 6.2 | %
|  | $ | 111,764 |  |  | $ | 102,381 |  |  | $ | 9,383 |  |  | 9.2 | %
Schedule of 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, 2022 and December 31, 2021, respectively, excluding real estate held for sale as of September 30, 2022 (dollars in thousands):
|  | September 30, 2022 |  | December 31, 2021
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 105,827 |  |  | $ | (63,850) |  |  | $ | 105,891 |  |  | $ | (62,604) |
Leasing costs |  | 84,802 |  |  | (45,430) |  |  | 81,487 |  |  | (43,982) |
Customer relationships |  | 71,090 |  |  | (39,446) |  |  | 71,922 |  |  | (38,220) |
|  | $ | 261,719 |  |  | $ | (148,726) |  |  | $ | 259,300 |  |  | $ | (144,806) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 15,371 |  |  | $ | (11,707) |  |  | $ | 15,538 |  |  | $ | (11,520) |
Below market leases and deferred revenue |  | (64,907) |  |  | 24,206 |  |  | (48,241) |  |  | 21,471 |
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Schedule of 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, 2022 and 2021, respectively, were as follows:
Intangible Assets & Liabilities |  | 2022 |  | 2021
In-place leases |  | 14.2 |  | 15.0
Leasing costs |  | 14.2 |  | 15.0
Customer relationships |  | 20.2 |  | 21.2
Above market leases |  | 15.7 |  | 14.0
Below market leases |  | 13.0 |  | 17.4
All intangible assets & liabilities |  | 15.7 |  | 16.5

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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