Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
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