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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, 2023 |  | December 31, 2022
Real estate: |  |  |  |
Land (1) |  | $ | 152,695 |  |  | $ | 152,916 |
Building and improvements |  | 1,067,950 |  |  | 1,069,407 |
Tenant improvements |  | 64,894 |  |  | 64,974 |
Accumulated depreciation |  | (294,773) |  |  | (286,994) |
Real estate, net |  | $ | 990,766 |  |  | $ | 1,000,303 |
(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 did not acquire any properties during the three months ended March 31, 2023, and acquired two industrial properties during the three months ended March 31, 2022. The acquisitions are summarized below (dollars in thousands):
Three Months Ended |  | Aggregate Square Footage |  | Weighted Average Lease Term |  | Aggregate Purchase Price |  | Aggregate Capitalized Acquisition Costs |  |  |  |  |
March 31, 2022 | (1) | 136,000 |  |  | 10.2 years |  | $ | 13,463 |  |  | $ | 163 |  |  |  |  |  |
(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.
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 three months ended March 31, 2022 as follows (dollars in thousands):
|  |  |  | Three Months Ended March 31, 2022 |
Acquired assets and liabilities |  |  |  | Purchase price |
Land |  |  |  | $ | 816 |  |
Building |  |  |  | 10,250 |  |
Tenant Improvements |  |  |  | 196 |  |
In-place Leases |  |  |  | 847 |  |
Leasing Costs |  |  |  | 525 |  |
Customer Relationships |  |  |  | 567 |  |
Above Market Leases |  |  |  | 279 |  |
Below Market Leases |  |  |  | (17) |  | (1)
Total Purchase Price |  |  |  | $ | 13,463 |  |
(1)This amount includes $17 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 nine months ending December 31, 2023 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of March 31, 2023 (dollars in thousands):
Year | Tenant Lease Payments
Nine Months Ending December 31, 2023 | $ | 87,845 |
2024 | 112,991 |
2025 | 109,942 |
2026 | 102,756 |
2027 | 85,936 |
2028 | 70,416 |
Thereafter | 299,003 |
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 months ended March 31, 2023 and 2022, respectively (dollars in thousands):
|  | For the three months ended March 31,
|  | (Dollars in Thousands)
Lease revenue reconciliation |  | 2023 |  | 2022 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 32,141 |  |  | $ | 31,332 |  |  | $ | 809 |  |  | 2.6 | %
Variable lease payments |  | 4,413 |  |  | 4,199 |  |  | 214 |  |  | 5.1 | %
|  | $ | 36,554 |  |  | $ | 35,531 |  |  | $ | 1,023 |  |  | 2.9 | %
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 March 31, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, 2023 |  | December 31, 2022
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 104,394 |  |  | $ | (64,967) |  |  | $ | 104,394 |  |  | $ | (63,240) |
Leasing costs |  | 85,162 |  |  | (46,807) |  |  | 85,038 |  |  | (45,501) |
Customer relationships |  | 69,485 |  |  | (39,489) |  |  | 69,586 |  |  | (38,655) |
|  | $ | 259,041 |  |  | $ | (151,263) |  |  | $ | 259,018 |  |  | $ | (147,396) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 14,637 |  |  | $ | (11,334) |  |  | $ | 15,371 |  |  | $ | (11,909) |
Below market leases and deferred revenue |  | (64,346) |  |  | 25,547 |  |  | (66,138) |  |  | 26,141 |
Schedule of Weighted Average Amortization Periods | The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the three months ended March 31, 2022, were as follows:
Intangible Assets & Liabilities |  |  |  | March 31, 2022
In-place leases |  |  |  | 10.7
Leasing costs |  |  |  | 10.7
Customer relationships |  |  |  | 16.1
Above market leases |  |  |  | 12.7
Below market leases |  |  |  | 7.1
All intangible assets & liabilities |  |  |  | 11.9

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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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