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REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended
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Dec. 31, 2018
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS |
Schedule of the Company's acquisitions of real estate | The following charts detail the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands):
|  |  |  |  |  |  |  |  | Capitalized
|  |  |  | Contract |  |  |  | Third Party
|  | Date |  | Purchase |  | Terms of |  | Real Estate
Description of Property |  | Acquired |  | Price |  | Payment |  | Acquisition Costs
Campania International/U.S. Tape industrial facility, |  |  |  |  |  |  |  |  |  |
Pennsburg, Pennsylvania |  | March 28, 2018 |  | $ | 12,675 |  | All cash (a) |  | $ | 226
Plymouth Industries industrial facility, |  |  |  |  |  |  |  |  |  |
Plymouth, Minnesota |  | June 7, 2018 |  |  | 5,500 |  | All cash (b) |  |  | 50
Applied Control industrial facility, |  |  |  |  |  |  |  |  |  |
Englewood, Colorado |  | October 19, 2018 |  |  | 12,800 |  | All cash |  |  | 62
Xerimis industrial facility, |  |  |  |  |  |  |  |  |  |
Moorestown, New Jersey |  | November 1, 2018 |  |  | 7,350 |  | All cash (c) |  |  | 147
Multi-tenant industrial facility, |  |  |  |  |  |  |  |  |  |
Moorestown, New Jersey |  | November 28, 2018 |  |  | 13,498 |  | All cash |  |  | 110
Men’s Warehouse industrial facility, |  |  |  |  |  |  |  |  |  |
Bakersfield, California |  | December 6, 2018 |  |  | 10,850 |  | All cash |  |  | 63
Dufresne Spencer Group industrial facility, |  |  |  |  |  |  |  |  |  |
Green Park, Missouri |  | December 11, 2018 |  |  | 10,000 |  | All cash |  |  | 63
Transcendia industrial facility, |  |  |  |  |  |  |  |  |  |
Greenville, South Carolina |  | December 21, 2018 |  |  | 6,830 |  | All cash |  |  | 66
Totals for 2018 |  |  |  | $ | 79,503 |  |  |  | $ | 787
Forbo industrial facility, |  |  |  |  |  |  |  |  |  |
Huntersville, North Carolina |  | May 25, 2017 |  | $ | 8,700 |  | Cash and $5,190 mortgage(d) |  | $ | 72
Saddle Creek Logistics industrial facility, |  |  |  |  |  |  |  |  |  |
Pittston, Pennsylvania |  | June 9, 2017 |  |  | 11,750 |  | All cash (e) |  |  | 199
Corporate Woods industrial facility, |  |  |  |  |  |  |  |  |  |
Ankeny, Iowa |  | June 20, 2017 |  |  | 14,700 |  | All cash (f) |  |  | 29
Dufresne Spencer Group industrial facility, |  |  |  |  |  |  |  |  |  |
Memphis, Tennessee |  | October 10, 2017 |  |  | 8,000 |  | All cash |  |  | 87
Totals for 2017 |  |  |  | $ | 43,150 |  |  |  | $ | 387
| (a) |  | In July 2018, the Company obtained new mortgage debt of $8,238.
| (b) |  | In September 2018, the Company obtained new mortgage debt of $3,325.
| (c) |  | In November 2018, the Company obtained new mortgage debt of $4,000.
| (d) |  | New mortgage debt was obtained simultaneously with the acquisition of the property.
| (e) |  | In August 2017, the Company obtained new mortgage debt of $7,200.
| (f) |  | In July 2017, the Company obtained new mortgage debt of $8,820.
Schedule of allocation of the purchase price for the company's acquisitions of real estate | The following charts detail the allocation of the purchase price for the Company’s acquisitions of real estate during 2018 and 2017 (amounts in thousands):
|  |  |  |  |  |  |  | Building |  | Intangible Lease |  |  |
Description of Property |  | Land |  | Building |  | Improvements |  | Asset |  | Liability |  | Total
Campania International/U.S. Tape industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pennsburg, Pennsylvania |  | $ | 1,776 |  | $ | 10,398 |  | $ | 727 |  | $ | — |  | $ | — |  | $ | 12,901
Plymouth Industries industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plymouth, Minnesota |  |  | 1,121 |  |  | 4,306 |  |  | 123 |  |  | — |  |  | — |  |  | 5,550
Applied Control industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Englewood, Colorado |  |  | 1,562 |  |  | 11,027 |  |  | 273 |  |  | — |  |  | — |  |  | 12,862
Xerimis industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Moorestown, New Jersey |  |  | 1,822 |  |  | 4,899 |  |  | 157 |  |  | 707 |  |  | (88) |  |  | 7,497
Multi-tenant industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Moorestown, New Jersey |  |  | 1,443 |  |  | 10,670 |  |  | 228 |  |  | 1,469 |  |  | (202) |  |  | 13,608
Men’s Warehouse industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bakersfield, California |  |  | 1,988 |  |  | 9,696 |  |  | 300 |  |  | 1,127 |  |  | (2,198) |  |  | 10,913
Dufresne Spencer Group industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Green Park, Missouri |  |  | 1,420 |  |  | 7,696 |  |  | 137 |  |  | 810 |  |  | — |  |  | 10,063
Transcendia industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greenville, South Carolina |  |  | 186 |  |  | 6,337 |  |  | 70 |  |  | 322 |  |  | (19) |  |  | 6,896
Totals for 2018 |  | $ | 11,318 |  | $ | 65,029 |  | $ | 2,015 |  | $ | 4,435 |  | $ | (2,507) |  | $ | 80,290
Forbo industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Huntersville, North Carolina |  | $ | 1,046 |  | $ | 6,452 |  | $ | 222 |  | $ | 1,052 |  | $ | — |  | $ | 8,772
Saddle Creek Logistics industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pittston, Pennsylvania |  |  | 999 |  |  | 9,675 |  |  | 247 |  |  | 1,028 |  |  | — |  |  | 11,949
Corporate Woods industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ankeny, Iowa |  |  | 1,351 |  |  | 11,420 |  |  | 187 |  |  | 1,929 |  |  | (158) |  |  | 14,729
Dufresne Spencer Group industrial facility, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Memphis, Tennessee |  |  | 135 |  |  | 7,750 |  |  | 202 |  |  | — |  |  | — |  |  | 8,087
Totals for 2017 |  | $ | 3,531 |  | $ | 35,297 |  | $ | 858 |  | $ | 4,009 |  | $ | (158) |  | $ | 43,537
Schedule of amortization of intangible lease assets as a result of acquired above market leases | The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2018 will be deducted from rental income through 2032 as follows (amounts in thousands):
2019 |  | $ | 677
2020 |  |  | 651
2021 |  |  | 645
2022 |  |  | 479
2023 |  |  | 286
Thereafter |  |  | 956
Total |  | $ | 3,694
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases | The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2018 will be added to rental income through 2055 as follows (amounts in thousands):
2019 |  | $ | 1,668
2020 |  |  | 1,531
2021 |  |  | 1,492
2022 |  |  | 1,380
2023 |  |  | 984
Thereafter |  |  | 6,958
Total |  | $ | 14,013
Schedule of amortization of origination costs associated with in-place leases | The unamortized balance of origination costs associated with in‑place leases at December 31, 2018 will be charged to amortization expense through 2055 as follows (amounts in thousands):
2019 |  | $ | 3,733
2020 |  |  | 3,498
2021 |  |  | 3,376
2022 |  |  | 2,919
2022 |  |  | 2,414
Thereafter |  |  | 6,907
Total |  | $ | 22,847
Schedule of minimum future contractual rents to be received | The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2018 are as follows (amounts in thousands):
2019 |  | $ | 66,959
2020 |  |  | 66,691
2021 |  |  | 65,130
2022 |  |  | 56,444
2023 |  |  | 47,644
Thereafter |  |  | 208,923
Total |  | $ | 511,791

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