REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)

12 Months Ended

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