REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS - Real Estate Acquisitions (Details)
|
|
|
12 Months Ended |
Oct. 31, 2016 |
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
item
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (interest in joint venture). |
|
|
|
$ 12,686,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
$ 596,000
|
449,000
|
$ 479,000
|
| Contributions from non-controlling interests |
|
|
80,000
|
713,000
|
639,000
|
| Payment to purchase of partner's interest |
|
|
|
6,300,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
35,484,000
|
25,322,000
|
|
| Building |
|
|
79,216,000
|
52,192,000
|
|
| Building Improvements |
|
|
1,983,000
|
2,113,000
|
|
| Intangible Lease Asset |
|
|
8,194,000
|
5,776,000
|
|
| Intangible Lease Liability |
|
|
(6,288,000)
|
(5,365,000)
|
|
| Total |
|
|
118,589,000
|
80,038,000
|
|
| Restricted cash |
|
|
$ 643,000
|
$ 1,074,000
|
|
| Weighted average amortization period for intangible lease assets |
|
|
9 years 3 months 18 days
|
6 years 9 months 18 days
|
|
| Weighted average amortization period for intangible lease liabilities |
|
|
13 years
|
6 years 4 months 24 days
|
|
| Above market lease accumulated amortization |
|
|
$ 16,074,000
|
$ 12,392,000
|
|
| Below market lease accumulated amortization |
|
|
6,386,000
|
5,091,000
|
|
| Net rental income due to amortization of the above/below market leases |
|
|
712,000
|
723,000
|
267,000
|
| Future amortization income of below market leases |
|
|
|
|
|
| Deferred rental income |
|
|
2,379,000
|
1,458,000
|
336,000
|
| Minimum future contractual rents to be received |
|
|
|
|
|
| 2017 |
|
|
61,749,000
|
|
|
| 2018 |
|
|
60,473,000
|
|
|
| 2019 |
|
|
58,200,000
|
|
|
| 2020 |
|
|
55,632,000
|
|
|
| 2021 |
|
|
52,465,000
|
|
|
| Thereafter |
|
|
232,241,000
|
|
|
| Total |
|
|
520,760,000
|
|
|
| Unbilled Rent Receivable |
|
|
|
|
|
| Unbilled rent receivable (including $712 related to properties held-for-sale in 2015) |
|
|
$ 13,797,000
|
13,577,000
|
|
| Period during which amount of unbilled rent receivable is to be billed and received |
|
|
25 years
|
|
|
| Unbilled straight-line rent receivable written off |
|
|
$ 2,060,000
|
120,000
|
|
| Unbilled straight-line rent receivable written off related to lease termination fees |
|
|
|
477,000
|
|
| Rental income |
|
|
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| 2017 |
|
|
1,763,000
|
|
|
| 2018 |
|
|
1,798,000
|
|
|
| 2019 |
|
|
1,785,000
|
|
|
| 2020 |
|
|
1,633,000
|
|
|
| 2021 |
|
|
1,598,000
|
|
|
| Thereafter |
|
|
10,703,000
|
|
|
| Total |
|
|
19,280,000
|
|
|
| Amortization expense |
|
|
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Amortization expense relating to origination costs |
|
|
3,612,000
|
3,467,000
|
$ 2,430,000
|
| Amortization of intangible lease assets |
|
|
|
|
|
| 2017 |
|
|
3,910,000
|
|
|
| 2018 |
|
|
3,676,000
|
|
|
| 2019 |
|
|
3,288,000
|
|
|
| 2020 |
|
|
3,054,000
|
|
|
| 2021 |
|
|
2,765,000
|
|
|
| Thereafter |
|
|
11,265,000
|
|
|
| Total |
|
|
27,958,000
|
|
|
| Intangible lease asset - above market lease | Rental income |
|
|
|
|
|
| Amortization of intangible lease assets |
|
|
|
|
|
| 2017 |
|
|
765,000
|
|
|
| 2018 |
|
|
688,000
|
|
|
| 2019 |
|
|
586,000
|
|
|
| 2020 |
|
|
560,000
|
|
|
| 2021 |
|
|
554,000
|
|
|
| Thereafter |
|
|
1,534,000
|
|
|
| Total |
|
|
4,687,000
|
|
|
| Partial condemnation of land, Greenwood Village, Colorado |
|
|
|
|
|
| Unbilled Rent Receivable |
|
|
|
|
|
| Unbilled straight-line rent receivable written off |
|
|
$ 7,000
|
|
|
| Pathmark supermarket in Philadelphia, Pennsylvania |
|
|
|
|
|
| Unbilled Rent Receivable |
|
|
|
|
|
| Unbilled straight-line rent receivable written off |
|
|
|
89,000
|
|
| Consolidated JV | Minimum |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Ownership interest in consolidated joint venture of the company (as a percent) |
|
|
85.00%
|
|
|
| Multi-tenant industrial facility, Greenville, South Carolina - 1 |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
$ 8,100,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
80,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
693,000
|
|
|
| Building |
|
|
6,718,000
|
|
|
| Building Improvements |
|
|
175,000
|
|
|
| Intangible Lease Asset |
|
|
514,000
|
|
|
| Total |
|
|
8,100,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
8,100,000
|
|
|
| Multi-tenant industrial facility, Greenville, South Carolina - 2 |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
8,950,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
81,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
528,000
|
|
|
| Building |
|
|
7,893,000
|
|
|
| Building Improvements |
|
|
181,000
|
|
|
| Intangible Lease Asset |
|
|
441,000
|
|
|
| Intangible Lease Liability |
|
|
(93,000)
|
|
|
| Total |
|
|
8,950,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
8,950,000
|
|
|
| Toro distribution facility, El Paso, Texas |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
23,695,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
72,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
3,691,000
|
|
|
| Building |
|
|
17,525,000
|
|
|
| Building Improvements |
|
|
379,000
|
|
|
| Intangible Lease Asset |
|
|
2,100,000
|
|
|
| Total |
|
|
23,695,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
23,695,000
|
|
|
| 4 Advanced Auto retail locations, Ohio |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
6,523,000
|
|
|
| Mortgage incurred |
|
|
4,300,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
80,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
653,000
|
|
|
| Building |
|
|
5,012,000
|
|
|
| Building Improvements |
|
|
189,000
|
|
|
| Intangible Lease Asset |
|
|
912,000
|
|
|
| Intangible Lease Liability |
|
|
(243,000)
|
|
|
| Total |
|
|
6,523,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
6,523,000
|
|
|
| Land - The Briarbrook Village Apartments Wheaton, Illinois |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
10,530,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
10,536,000
|
|
|
| Total |
|
|
10,536,000
|
|
|
| Capitalized transaction costs incurred with the asset acquisition |
|
|
6,000
|
|
|
| Amount of mortgage to owner/operator |
|
|
$ 39,411,000
|
|
|
| Number of apartment units in the complex purchased | item |
|
|
342
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
$ 10,530,000
|
|
|
| Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
14,150,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
74,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
3,388,000
|
|
|
| Building |
|
|
12,632,000
|
|
|
| Building Improvements |
|
|
456,000
|
|
|
| Intangible Lease Asset |
|
|
651,000
|
|
|
| Intangible Lease Liability |
|
|
(2,977,000)
|
|
|
| Total |
|
|
14,150,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
14,150,000
|
|
|
| Land - The Vue Apartments, Beachwood, Ohio |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
13,896,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
13,901,000
|
|
|
| Total |
|
|
13,901,000
|
|
|
| Capitalized transaction costs incurred with the asset acquisition |
|
|
5,000
|
|
|
| Amount of mortgage to owner/operator |
|
|
$ 67,444,000
|
|
|
| Number of apartment units in the complex purchased | item |
|
|
348
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
$ 13,896,000
|
|
|
| Famous Footwear distribution facility, Lebanon, Tennessee |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
32,734,000
|
|
|
| Mortgage incurred |
|
|
21,288,000
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
195,000
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
2,094,000
|
|
|
| Building |
|
|
29,436,000
|
|
|
| Building Improvements |
|
|
603,000
|
|
|
| Intangible Lease Asset |
|
|
3,576,000
|
|
|
| Intangible Lease Liability |
|
|
(2,975,000)
|
|
|
| Total |
|
|
32,734,000
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
$ 32,734,000
|
|
|
| Marston Park Plaza retail stores, Littleton, Colorado |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
17,485,000
|
|
| Mortgage incurred |
|
|
|
11,853,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
184,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
6,005,000
|
|
| Building |
|
|
|
10,109,000
|
|
| Building Improvements |
|
|
|
700,000
|
|
| Intangible Lease Asset |
|
|
|
1,493,000
|
|
| Intangible Lease Liability |
|
|
|
(822,000)
|
|
| Total |
|
|
|
17,485,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
17,485,000
|
|
| Marston Park Plaza retail stores, Littleton, Colorado | Consolidated JV |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Ownership interest in consolidated joint venture of the company (as a percent) |
|
|
90.00%
|
|
|
| Ownership interest in consolidated joint venture of non-controlling interest (as a percent) |
|
|
10.00%
|
|
|
| Contributions from non-controlling interests |
|
|
$ 663,000
|
|
|
| Interline Brands distribution facility, Louisville, Kentucky |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
4,400,000
|
|
| Mortgage incurred |
|
|
|
2,640,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
48,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
578,000
|
|
| Building |
|
|
|
3,622,000
|
|
| Building Improvements |
|
|
|
105,000
|
|
| Intangible Lease Asset |
|
|
|
95,000
|
|
| Total |
|
|
|
4,400,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
4,400,000
|
|
| Land - The Meadows Apartments, Lakemoor, Illinois |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
9,300,000
|
9,300,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
9,592,000
|
|
| Total |
|
|
|
9,592,000
|
|
| Capitalized transaction costs incurred with the asset acquisition |
|
|
292,000
|
|
|
| Amount of mortgage to owner/operator |
|
|
$ 43,824,000
|
|
|
| Number of apartment units in the complex purchased | item |
|
|
496
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
$ 9,300,000
|
9,300,000
|
|
| Represents the retail property located in Lincoln, Nebraska acquired by the entity. |
|
|
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
3,768,000
|
|
| Building |
|
|
|
11,262,000
|
|
| Building Improvements |
|
|
|
570,000
|
|
| Intangible Lease Asset |
|
|
|
922,000
|
|
| Intangible Lease Liability |
|
|
|
(3,929,000)
|
|
| Total |
|
|
|
12,593,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Contract price directly paid to the partner of unconsolidated joint venture |
|
$ 2,636,000
|
|
|
|
| payment made to underlying mortgage of the unconsolidated joint venture |
|
$ 3,664,000
|
|
|
|
| Represents the retail property located in Lincoln, Nebraska acquired by the entity. | Consolidated JV |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Percentage of equity method investments control obtained |
|
100.00%
|
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Purchase price fair value adjustment |
|
$ 960,000
|
|
|
|
| Represents the retail property located in Lincoln, Nebraska acquired by the entity. | Unconsolidated joint ventures |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
6,300,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
12,000
|
|
| Percentage of equity method investments acquired |
|
50.00%
|
50.00%
|
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Equity Method Investment Ownership Percentage Acquired |
|
50.00%
|
50.00%
|
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
6,300,000
|
|
| Archway Roofing industrial facility, Louisville, Kentucky |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
300,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
15,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
51,000
|
|
| Building |
|
|
|
221,000
|
|
| Building Improvements |
|
|
|
9,000
|
|
| Intangible Lease Asset |
|
|
|
19,000
|
|
| Total |
|
|
|
300,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
300,000
|
|
| JCIM - Industrial facility, McCalla, Alabama |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
16,618,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
45,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
1,588,000
|
|
| Building |
|
|
|
14,503,000
|
|
| Building Improvements |
|
|
|
179,000
|
|
| Intangible Lease Asset |
|
|
|
470,000
|
|
| Intangible Lease Liability |
|
|
|
(122,000)
|
|
| Total |
|
|
|
16,618,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
16,618,000
|
|
| FedEx And CHEP USA distribution facility, Delport Located In St Louis Missouri |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
|
19,050,000
|
|
| Mortgage incurred |
|
|
|
12,383,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
|
81,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
3,728,000
|
|
| Building |
|
|
|
12,456,000
|
|
| Building Improvements |
|
|
|
550,000
|
|
| Intangible Lease Asset |
|
|
|
2,777,000
|
|
| Intangible Lease Liability |
|
|
|
(461,000)
|
|
| Total |
|
|
|
19,050,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
|
19,050,000
|
|
| Subtotals |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Contract purchase price (real estate) |
|
|
$ 118,578,000
|
73,453,000
|
|
| Third Party Real Estate Acquisition Costs |
|
|
596,000
|
449,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
25,310,000
|
|
| Building |
|
|
|
52,173,000
|
|
| Building Improvements |
|
|
|
2,113,000
|
|
| Intangible Lease Asset |
|
|
|
5,776,000
|
|
| Intangible Lease Liability |
|
|
|
(5,334,000)
|
|
| Total |
|
|
|
80,038,000
|
|
| Future amortization income of below market leases |
|
|
|
|
|
| Payments to Acquire Real Estate |
|
|
118,578,000
|
73,453,000
|
|
| Other |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Third Party Real Estate Acquisition Costs |
|
|
$ 14,000
|
64,000
|
|
| Allocation of purchase price for the company's real estate acquisitions |
|
|
|
|
|
| Land |
|
|
|
12,000
|
|
| Building |
|
|
|
19,000
|
|
| Intangible Lease Liability |
|
|
|
$ (31,000)
|
|
| Deptford, New Jersey | Consolidated JV |
|
|
|
|
|
| Real Estate Acquisitions |
|
|
|
|
|
| Percentage of equity method investments control obtained |
100.00%
|
|
|
|
|