Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.10.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of details of deferred costs, net of amortization and other assets
Details of these deferred costs, net of amortization, and other assets are as follows (in thousands):
 
September 30, 2018
 
December 31, 2017
 
(unaudited)
 
 
Leases in place, net
$
24,032

 
$
25,118

Tenant relationships, net
4,328

 
6,804

Ground lease sandwich interest, net
2,557

 

Lease origination costs, net
1,180

 
1,077

Other
657

 
810

Deposits

 
547

Legal and marketing costs, net
60

 
76

    Total Deferred Costs and Other Assets, net
$
32,814

 
$
34,432

Schedule of future amortization of lease origination costs, financing costs and in place leases
As of September 30, 2018, the Company's annual amortization for its lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands):
 
Leases In
Place, net
 
Tenant
Relationships, net
 
Legal &
Marketing
Costs, net
 
Ground Lease Sandwich Interest, net
 
Lease
Origination
Costs, net
 
Total
For the remaining three months ending December 31, 2018
$
2,074

 
$
564

 
$
3

 
$
68

 
$
63

 
$
2,772

For the years ending:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
6,498

 
1,567

 
12

 
274

 
214

 
8,565

December 31, 2020
4,615

 
865

 
11

 
274

 
175

 
5,940

December 31, 2021
2,855

 
453

 
9

 
274

 
162

 
3,753

December 31, 2022
2,181

 
359

 
6

 
274

 
121

 
2,941

December 31, 2023
1,696

 
232

 
6

 
274

 
103

 
2,311

Thereafter
4,113

 
288

 
13

 
1,119

 
342

 
5,875

 
$
24,032

 
$
4,328

 
$
60

 
$
2,557

 
$
1,180

 
$
32,157

Schedule of corporate general and administrative expenses
A detail for the "corporate general & administrative" ("CG&A") line item from the condensed consolidated statements of operations is presented below (in thousands):
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Professional fees
 
$
638

 
$
361

 
$
2,309

 
$
1,499

Compensation and benefits
 
554

 
639

 
2,001

 
2,009

Corporate administration
 
299

 
267

 
968

 
858

Capital related costs
 
110

 
82

 
408

 
468

Acquisition and development costs
 
82

 
233

 
346

 
832

Taxes and licenses
 
23

 
29

 
227

 
113

Advertising
 
36

 
52

 
194

 
195

Travel
 
50

 
52

 
177

 
196

 
 
1,792

 
1,715

 
6,630

 
6,170

Less: Allocation of CG&A to Non-REIT management and leasing services
 
(89
)
 
(409
)
 
(151
)
 
(1,315
)
    Total Corporate General & Administrative
 
$
1,703

 
$
1,306

 
$
6,479

 
$
4,855

Schedule of disaggregation of Company's revenue
The below table disaggregates the Company’s revenue by type of service for the three and nine months ended September 30, 2018 and 2017 (unaudited, in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
Minimum rent
$
12,703

 
$
11,079

 
$
38,186

 
$
33,100

Tenant reimbursements
3,150

 
2,711

 
9,337

 
8,127

Lease termination fees
(15
)
 
470

 
1,269

 
491

Percentage rent
51

 
30

 
176

 
165

Asset management fees
48

 
145

 
143

 
807

Commissions
52

 
449

 
102

 
758

Development income

 
155

 

 
454

Other
233

 
159

 
429

 
337

Total
$
16,222

 
$
15,198

 
$
49,642

 
$
44,239