Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of details of deferred costs, net of amortization and other assets |
Deferred costs, net of amortization and other assets are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
(unaudited) |
|
|
Leases in place, net |
$ |
19,836 |
|
|
$ |
21,785 |
|
Tenant relationships, net |
3,228 |
|
|
3,764 |
|
Ground lease sandwich interest, net |
2,420 |
|
|
2,488 |
|
Lease origination costs, net |
1,192 |
|
|
1,261 |
|
Legal and marketing costs, net |
54 |
|
|
59 |
|
Other |
1,273 |
|
|
716 |
|
Total deferred costs and other assets, net |
$ |
28,003 |
|
|
$ |
30,073 |
|
|
| Schedule of future amortization of lease origination costs, financing costs and in place leases |
Future amortization of lease origination costs, leases in place, legal and marketing costs, tenant relationships, and ground lease sandwich interests is as follows (in thousands, unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leases In
Place, net
|
|
Tenant
Relationships, net
|
|
Ground Lease Sandwich Interest, net |
|
Lease
Origination
Costs, net
|
|
Legal &
Marketing
Costs, net
|
|
Total |
For the remaining nine months ending December 31, 2019 |
$ |
4,486 |
|
|
$ |
1,040 |
|
|
$ |
205 |
|
|
$ |
169 |
|
|
$ |
9 |
|
|
$ |
5,909 |
|
For the years ending: |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
4,539 |
|
|
863 |
|
|
274 |
|
|
188 |
|
|
11 |
|
|
5,875 |
|
December 31, 2021 |
2,840 |
|
|
451 |
|
|
274 |
|
|
175 |
|
|
9 |
|
|
3,749 |
|
December 31, 2022 |
2,172 |
|
|
357 |
|
|
274 |
|
|
134 |
|
|
6 |
|
|
2,943 |
|
December 31, 2023 |
1,691 |
|
|
230 |
|
|
274 |
|
|
116 |
|
|
6 |
|
|
2,317 |
|
December 31, 2024 |
1,177 |
|
|
130 |
|
|
274 |
|
|
101 |
|
|
3 |
|
|
1,685 |
|
Thereafter |
2,931 |
|
|
157 |
|
|
845 |
|
|
309 |
|
|
10 |
|
|
4,252 |
|
|
$ |
19,836 |
|
|
$ |
3,228 |
|
|
$ |
2,420 |
|
|
$ |
1,192 |
|
|
$ |
54 |
|
|
$ |
26,730 |
|
|
| 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, unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Compensation and benefits |
|
$ |
676 |
|
|
$ |
1,001 |
|
Professional fees |
|
599 |
|
|
861 |
|
Corporate administration |
|
305 |
|
|
342 |
|
Capital related costs |
|
74 |
|
|
53 |
|
Taxes and licenses |
|
62 |
|
|
165 |
|
Other |
|
98 |
|
|
122 |
|
|
|
1,814 |
|
|
2,544 |
|
Less: Allocation of CG&A to Non-REIT management and leasing services |
|
— |
|
|
(36 |
) |
Total |
|
$ |
1,814 |
|
|
$ |
2,508 |
|
|
| Schedule of disaggregation of Company's revenue |
The below table disaggregates the Company’s revenue by type of service for the three months ended March 31, 2019 and 2018 (in thousands, unaudited):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
2019 |
|
2018 |
|
|
|
|
Minimum rent |
$ |
12,461 |
|
|
$ |
12,610 |
|
Tenant reimbursements - variable lease revenue |
3,287 |
|
|
3,222 |
|
Percentage rent - variable lease revenue |
112 |
|
|
87 |
|
Lease termination fees |
49 |
|
|
246 |
|
Asset management fees |
13 |
|
|
125 |
|
Commissions |
42 |
|
|
14 |
|
Other |
121 |
|
|
87 |
|
Subtotal |
16,085 |
|
|
16,391 |
|
Credit losses on operating lease receivables |
(90 |
) |
|
(98 |
) |
Total |
$ |
15,995 |
|
|
$ |
16,293 |
|
|