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Real Estate Business Park Acquisitions | 12 Months Ended
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Sep. 30, 2016
Business Combinations [Abstract] |
Real Estate Business Park Acquisitions |
| 17. | Real Estate Business Park Acquisitions.
The Company has allocated the purchase price of the property acquisitions, 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. 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 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: |  |  |  |  |  |  |  |  |  |  |  |  |
| 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 |  |  |  | — |
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 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 |  |  |  |  | — |
PORT CAPITAL PROPERTY - On October 19, 2015, the Company purchased for approximately $9.9 million, 7700 Port Capital Drive in Elkridge, Maryland which consists of 1 building on 6.39 acres totaling 91,218 square feet plus approximately 29,558 square feet of mezzanine space. The Company will recognize the amortization related to the Port Capital Drive property intangible assets according to the following schedule (in thousands):
|  |  |  |  | In-place |  |
|  |  |  |  | Leases |  |
| Initial Values |  |  | $ | 1,126 |  |
| Annual Amortization: |  |  |  |  |  |
| 2016 |  |  | $ | 104 |  |
| 2017 |  |  |  | 114 |  |
| 2018 |  |  |  | 114 |  |
| 2019 |  |  |  | 114 |  |
| 2020 |  |  |  | 114 |  |
| 2021 |  |  |  | 114 |  |
GILROY ROAD PROPERTY – On July 1, 2016, the Company purchased for approximately $8.3 million, 10820 Gilroy Road in Hunt Valley, Maryland which consists of 1 building on 7 acres totaling 116,338 square feet inclusive of 8,900 square feet of second floor mezzanine office space (107,438 sf footprint). The Company will recognize the amortization related to the Port Capital Drive property intangible assets according to the following schedule (in thousands):
|  |  |  |  | In-place |  |
|  |  |  |  | Leases |  |
| Initial Values |  |  | $ | 277 |  |
| Annual Amortization: |  |  |  |  |  |
| 2016 |  |  | $ | 55 |  |
| 2017 |  |  |  | 222 |  |

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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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