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Real Estate and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of September 30, 2023 and December 31, 2022 (dollars in thousands):

						September 30, 2023						December 31, 2022
Real estate:
Land (1)						$	143,815					$	152,916
Building and improvements						1,025,384						1,069,407
Tenant improvements						57,262						64,974
Accumulated depreciation						(291,986)						(286,150)
Real estate, net						$	934,475					$	1,001,147

(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 three properties during the nine months ended September 30, 2023 and acquired 11 industrial properties during the nine months ended September 30, 2022. 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, 2023			(1)			183,803						18.7 years						$	17,539					$	349
September 30, 2022			(2)			1,105,006						13.8 years						$	98,276					$	776

(1)On April 14, 2023, we acquired a 76,089 square foot property in Riverdale, Illinois for $5.4 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 July 10, 2023, we acquired a 7,714 square foot property in Dallas-Fort Worth, Texas for $3.0 million. The property is fully leased to one tenant and had 9.9 years of remaining lease term at the time we acquired the property. On July 28, 2023, we acquired a 100,000 square foot property in Dallas-Fort Worth, Texas for $9.2 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.

(2)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.

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, 2023 and 2022 as follows (dollars in thousands):

						Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
Acquired assets and liabilities						Purchase price						Purchase price
Land						$	2,714					$	5,949
Building						11,423						77,903
Tenant Improvements						692						1,468
In-place Leases						1,001						4,907
Leasing Costs						1,270						5,387
Customer Relationships						439						2,937
Above Market Leases						—						328			(1)
Below Market Leases						—						(603)			(2)
Total Purchase Price						$	17,539					$	98,276

(1)This amount includes $9 of loans receivable included in Other assets on the condensed balance sheets.

(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, 2023 and each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of September 30, 2023 (dollars in thousands):

Year			Tenant Lease Payments
Three Months Ending December 31, 2023			$	28,906
2024			112,878
2025			112,342
2026			106,748
2027			90,440
2028			75,223
Thereafter			357,055

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, 2023 and 2022, respectively (dollars in thousands):

						For the three months ended September 30,
						(Dollars in Thousands)
Lease revenue reconciliation						2023						2022						$ Change						% Change
Fixed lease payments						$	31,945					$	35,752					$	(3,807)					(10.6)		%
Variable lease payments						4,519						4,082						437						10.7		%
						$	36,464					$	39,834					$	(3,370)					(8.5)		%

						For the nine months ended September 30,
						(Dollars in Thousands)
Lease revenue reconciliation						2023						2022						$ Change						% Change
Fixed lease payments						$	98,465					$	98,961					$	(496)					(0.5)		%
Variable lease payments						13,210						12,803						407						3.2		%
						$	111,675					$	111,764					$	(89)					(0.1)		%

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, 2023 and December 31, 2022, respectively, excluding real estate held for sale as of September 30, 2023 and December 31, 2022 (dollars in thousands):

						September 30, 2023												December 31, 2022
						Lease Intangibles						Accumulated Amortization						Lease Intangibles						Accumulated Amortization
In-place leases						$	98,904					$	(62,270)					$	104,394					$	(63,240)
Leasing costs						83,075						(45,170)						85,038						(45,501)
Customer relationships						63,614						(35,524)						69,586						(38,655)
						$	245,593					$	(142,964)					$	259,018					$	(147,396)
						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion						Deferred Rent Receivable/(Liability)						Accumulated (Amortization)/Accretion
Above market leases						$	13,431					$	(10,546)					$	15,371					$	(11,909)
Below market leases and deferred revenue						(60,927)						29,113						(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 nine months ended September 30, 2023 and 2022, were as follows:

Intangible Assets & Liabilities						September 30, 2023						September 30, 2022
In-place leases						18.0						14.2
Leasing costs						18.0						14.2
Customer relationships						22.7						20.2
Above market leases						0.0						15.7
Below market leases						0.0						13.0
All intangible assets & liabilities						19.6						15.7

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