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Real Estate Business Park Acquisitions | 12 Months Ended
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Sep. 30, 2015
Business Combinations [Abstract] |
Real Estate Business Park Acquisitions |
| 18. | Real Estate Business Park Acquisitions.
TRANSIT BUSINESS PARK - On June 20, 2013, the Company purchased for approximately $8 million, Transit Business Park in Baltimore, Maryland which consists of 5 buildings on 14.5 acres totaling 232,318 square feet. The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the property, through the use of a third party valuation, based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. Based on the third party valuation performed, the purchase price has been allocated to the fair value of the in-place leases, above market leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. The Company will recognize the amortization related to Transit Business Park intangible assets according to the following schedule (in thousands):
|  |  |  |  | In-place |  |  |  | Above Market |  |  |  | Below Market |
|  |  |  |  | Leases |  |  |  | Leases |  |  |  | Leases |
| Initial Values |  |  | $ | 806 |  |  |  | 48 |  |  |  | 156 |
| Annual Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
| 2013 |  |  | $ | 121 |  |  |  | 3 |  |  |  | 24 |
| 2014 |  |  |  | 369 |  |  |  | 12 |  |  |  | 86 |
| 2015 |  |  |  | 63 |  |  |  | 4 |  |  |  | 37 |
| 2016 |  |  |  | 44 |  |  |  | 4 |  |  |  | 9 |
| 2017 |  |  |  | 44 |  |  |  | 4 |  |  |  | — |
| 2018 |  |  |  | 43 |  |  |  | 4 |  |  |  | — |
| 2019 |  |  |  | 43 |  |  |  | 4 |  |  |  | — |
| 2020 |  |  |  | 43 |  |  |  | 4 |  |  |  | — |
| 2021 |  |  |  | 17 |  |  |  | 3 |  |  |  | — |
| 2022 |  |  |  | 9 |  |  |  | 3 |  |  |  | — |
| 2023 |  |  |  | 9 |  |  |  | 3 |  |  |  | — |
| 2024 |  |  |  | 1 |  |  |  | — |  |  |  | — |
KELSO BUSINESS PARK - On June 6, 2014, the Company purchased for approximately $4.8 million, the Kelso property in Baltimore, Maryland which consists of 2 buildings on 10.2 acres totaling 69,680 square feet. The Company accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the property, through the use of a third party valuation, based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. Based on the third party valuation performed, $579,000 and $64,000 of the purchase price was allocated to the fair value of the in-place leases and below market in-place leases, respectively. These intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets as of September 30, 2015. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease term. The fair value assigned pertaining to the below-market in-place leases will be amortized to rental revenue over the remaining non-cancelable terms of the respective leases. The Company will recognize the amortization related to Kelso Business Park intangible assets according to the following schedule (in thousands):
|  |  |  |  | In-place |  |  |  |  | Below Market |
|  |  |  |  | Leases |  |  |  |  | Leases |
| Initial Values |  |  | $ | 579 |  |  |  |  | 64 |
| Annual Amortization: |  |  |  |  |  |  |  |  |  |
| 2014 |  |  |  | 80 |  |  |  |  | 8 |
| 2015 |  |  |  | 203 |  |  |  |  | 21 |
| 2016 |  |  |  | 136 |  |  |  |  | 21 |
| 2017 |  |  |  | 100 |  |  |  |  | 12 |
| 2018 |  |  |  | 28 |  |  |  |  | 2 |
| 2019 |  |  |  | 21 |  |  |  |  | — |
| 2020 |  |  |  | 11 |  |  |  |  | — |

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- Definition The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. + References No definition available. + Details
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- References No definition available. + Details
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