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Real Estate and Intangible Assets (Tables)

3 Months Ended

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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