Quarterly report pursuant to Section 13 or 15(d)

Acquisition of Rental Property (Tables)

v3.5.0.2
Acquisition of Rental Property (Tables)
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table illustrates the fair value of the total consideration transferred to acquire the equity interest at the acquisition date (in thousands):
Cash transferred for equity interest
$
39,000

Fair value of our previously held interest
58,500

Fair value of net assets
$
97,500

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table illustrates the fair value of the amounts of the identifiable assets acquired and liabilities assumed recognized at the acquisition date:

 
 
Fair Value
 (in thousands)
 
Weighted-Average Amortization Period (in years)
Cash
 
$
4,813

 
 
Land
 
19,187

 
 
Buildings, improvements and fixtures
 
145,900

 
 
Deferred lease costs and other intangibles
 
 
 
 
Above market lease value
 
2,689

 
6.8
Lease in place value
 
7,878

 
5.3
Lease and legal costs
 
2,839

 
5.1
Total deferred lease costs and other intangibles
 
13,406

 
 
Prepaids and other assets
 
227

 
 
Debt
 
(62,000
)
 
 
Accounts payable and accrued expenses
 
(5,040
)
 
 
Other liabilities (Below market lease value)
 
(18,993
)
 
11.4
Total fair value of net assets
 
$
97,500