Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Intangible Assets (Tables)

v3.7.0.1
Real Estate and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Components of Investments in Real Estate
The following table sets forth the components of our investments in real estate as of March 31, 2017 and December 31, 2016, respectively, excluding real estate held for sale as of March 31, 2017 and December 31, 2016, respectively (dollars in thousands):
 
 
 
March 31, 2017

December 31, 2016
Real estate:
 
 
 
 
Land
 
$
104,337

 
$
104,719

Building and improvements
 
663,262

 
662,661

Tenant improvements
 
54,322

 
54,369

Accumulated depreciation
 
(138,070
)
 
(131,661
)
Real estate, net
 
$
683,851

 
$
690,088


Summary of Lease on Property
During the three months ended March 31, 2017 and 2016, we executed zero and one lease, respectively, which is aggregated below (dollars in thousands):
 
Three Months Ended
 
Aggregate Square Footage
 
Weighted Average Lease Term
 
Aggregate Annualized GAAP Rent
 
Aggregate Tenant Improvement
 
Aggregate Leasing Commissions
March 31, 2016
 
13,816

 
7.2 years
 
70

 
69

 
28

Carrying Value of Intangible Assets and Accumulated Amortization
The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of March 31, 2017 and December 31, 2016, excluding real estate held for sale as of March 31, 2017 and December 31, 2016, respectively (in thousands):

 
 
March 31, 2017

December 31, 2016
 
 
Lease Intangibles
 
Accumulated Amortization
 
Lease Intangibles
 
Accumulated Amortization
In-place leases
 
$
71,391

 
$
(29,782
)
 
$
71,482

 
$
(28,182
)
Leasing costs
 
48,162

 
(19,669
)
 
48,000

 
(18,599
)
Customer relationships
 
50,201

 
(18,228
)
 
50,252

 
(17,400
)
 
 
$
169,754

 
$
(67,679
)
 
$
169,734

 
$
(64,181
)
 
 
Deferred Rent Receivable/(Liability)
 
Accumulated (Amortization)/Accretion
 
Deferred Rent Receivable/(Liability)
 
Accumulated (Amortization)/Accretion
Above market leases
 
$
10,479

 
$
(7,420
)
 
$
10,479

 
$
(7,296
)
Below market leases and deferred revenue
 
(21,606
)
 
9,290

 
(21,606
)
 
8,959

 
 
$
(11,127
)
 
$
1,870

 
$
(11,127
)
 
$
1,663