Annual report pursuant to Section 13 and 15(d)

Acquisition of Rental Property (Tables)

v3.8.0.1
Acquisition of Rental Property (Tables)
12 Months Ended
Dec. 31, 2017
Acquisition of Rental Property [Abstract]  
Schedule of Business Acquisitions
The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the year ended 2016 (in thousands):
Cash transferred for equity interests
$
54,000

Fair value of our previously held interests
145,581

Fair value of net assets
$
199,581

Schedule of Purchase Price Allocation
The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the year ended 2016:
 
 
Fair Value
 (in thousands)
 
Weighted-Average Amortization Period (in years)
Cash
 
$
8,781

 
 
Land
 
27,593

 
 
Buildings, improvements and fixtures
 
308,117

 
 
Deferred lease costs and other intangibles
 
 
 
 
Above market lease value
 
15,882

 
7.2
Lease in place value
 
13,972

 
5.9
Lease and legal costs
 
10,264

 
6.4
Total deferred lease costs and other intangibles
 
40,118

 
 
Prepaids and other assets
 
477

 
 
Debt
 
(158,994
)
 
 
Accounts payable and accrued expenses
 
(7,183
)
 
 
Other liabilities (below market lease value)
 
(19,328
)
 
12.0
Total fair value of net assets
 
$
199,581