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Real Estate | 3 Months Ended
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Mar. 31, 2019
Real Estate [Abstract] |
Real Estate | Real Estate As of March 31, 2019, the Company's real estate portfolio consisted of 27 properties (35 buildings) in 17 states consisting of office, industrial, distribution, and data center facilities with a combined acquisition value of $1.1 billion including the allocation of the purchase price to above and below-market lease valuation, encompassing approximately 7.3 million square feet. Depreciation expense for buildings and improvements for the three months ended March 31, 2019 was $5.1 million. Amortization expense for intangibles, including, but not limited to, tenant origination and absorption costs, for the three months ended March 31, 2019 was $6.0 million. Future Minimum Contractual Rent Payments The future minimum contractual rent payments pursuant to the current lease terms are shown in the table below. The Company's current leases have expirations ranging from 2021 to 2044.
| As of March 31, 2019
Remaining 2019 | $ | 59,269 |
2020 | 80,495 |
2021 | 72,680 |
2022 | 73,541 |
2023 | 71,311 |
Thereafter | 457,574 |
Total | $ | 814,870 |
Intangibles The Company allocated a portion of the acquired real estate asset value to in-place lease valuation and tenant origination and absorption cost. The in-place lease was measured against comparable leasing information and the present value of the difference between the contractual, in-place rent and the fair market rent was calculated using, as the discount rate, the capitalization rate utilized to compute the value of the real estate at acquisition.
| March 31, 2019 |  | December 31, 2018
In-place lease valuation (above market) | $ | 4,046 |  |  | $ | 4,046 |
In-place lease valuation (above market), accumulated amortization | (1,215 | ) |  | (1,123 | )
Intangible assets, net | $ | 2,831 |  |  | $ | 2,923 |
In-place lease valuation (below market) | $ | (62,070 | ) |  | $ | (62,070 | )
In-place lease valuation (below market) - accumulated amortization | 17,091 |  |  | 15,841 |
In-place lease valuation (below market), net | $ | (44,979 | ) |  | $ | (46,229 | )
Tenant origination and absorption cost | $ | 240,364 |  |  | $ | 240,364 |
Tenant origination and absorption cost - accumulated amortization | (77,331 | ) |  | (71,364 | )
Tenant origination and absorption cost, net | $ | 163,033 |  |  | $ | 169,000 |
The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation and tenant origination and absorption costs as of March 31, 2019 for the next five years:
Year |  | In-Place Lease Valuation |  | Tenant Origination and Absorption Costs
Remaining 2019 |  | $ | (3,537 | ) |  | $ | 18,232 |
2020 |  | $ | (4,695 | ) |  | $ | 24,198 |
2021 |  | $ | (3,799 | ) |  | $ | 19,715 |
2022 |  | $ | (3,774 | ) |  | $ | 19,256 |
2023 |  | $ | (2,901 | ) |  | $ | 16,502 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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