Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Entity Registrant Name | Global Medical REIT Inc. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-37815 | |
Entity Tax Identification Number | 46-4757266 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 2 Bethesda Metro Center, Suite 440 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 202 | |
Local Phone Number | 524-6851 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 64,196,919 | |
Entity Central Index Key | 0001533615 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GMRE | |
Security Exchange Name | NYSE | |
Series A Preferred Stock [Member] | ||
Title of 12(b) Security | Series A Preferred Stock, Par value $0.001 per share | |
Trading Symbol | GMRE PrA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment in real estate: | ||
Land | $ 145,424 | $ 128,857 |
Building | 931,510 | 851,427 |
Site improvements | 17,011 | 15,183 |
Tenant improvements | 53,730 | 49,204 |
Acquired lease intangible assets | 112,649 | 98,234 |
Investment in real estate, Total | 1,260,324 | 1,142,905 |
Less: accumulated depreciation and amortization | (117,720) | (94,462) |
Investment in real estate, net | 1,142,604 | 1,048,443 |
Cash and cash equivalents | 5,821 | 5,507 |
Restricted cash | 6,549 | 5,246 |
Tenant receivables, net | 4,886 | 5,596 |
Due from related parties | 265 | 103 |
Escrow deposits | 5,531 | 4,817 |
Deferred assets | 23,050 | 20,272 |
Derivative asset | 137 | |
Goodwill | 5,903 | 5,903 |
Other assets | 5,219 | 5,019 |
Total assets | 1,199,965 | 1,100,906 |
Liabilities: | ||
Credit Facility, net of unamortized debt issuance costs of $8,960 and $3,559 at June 30, 2021 and December 31, 2020, respectively | 442,140 | 521,641 |
Notes payable, net of unamortized debt issuance costs of $706 and $835 at June 30, 2021 and December 31, 2020, respectively | 64,620 | 64,937 |
Accounts payable and accrued expenses | 8,080 | 7,279 |
Dividends payable | 15,251 | 12,470 |
Security deposits and other | 4,385 | 4,340 |
Due to related party | 0 | 0 |
Derivative liability | 13,814 | 18,086 |
Other liability | 5,983 | 6,171 |
Acquired lease intangible liability, net | 8,437 | 8,222 |
Total liabilities | 562,710 | 643,146 |
Equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized; 3,105 issued and outstanding at June 30, 2021 and December 31, 2020, respectively (liquidation preference of $77,625 at June 30, 2021 and December 31, 2020, respectively) | 74,959 | 74,959 |
Common stock, $0.001 par value, 500,000 shares authorized; 64,197 shares and 49,461 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 64 | 49 |
Additional paid-in capital | 700,038 | 504,789 |
Accumulated deficit | (138,088) | (116,773) |
Accumulated other comprehensive loss | (13,784) | (18,219) |
Total Global Medical REIT Inc. stockholders' equity | 623,189 | 444,805 |
Noncontrolling interest | 14,066 | 12,955 |
Total equity | 637,255 | 457,760 |
Total liabilities and equity | $ 1,199,965 | $ 1,100,906 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Net of unamortized debt | $ 706 | $ 835 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 3,105 | 3,105 |
Preferred stock, shares outstanding | 3,105 | 3,105 |
Preferred stock, liquidation preference | $ 77,625 | $ 77,625 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares issued | 64,197 | 49,461 |
Common stock, shares outstanding | 64,197 | 49,461 |
Credit facility [Member] | ||
Net of unamortized debt | $ 8,960 | $ 3,559 |
Notes Payable [Member] | ||
Net of unamortized debt | $ 706 | $ 835 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Rental revenue | $ 28,200 | $ 22,036 | $ 55,525 | $ 43,569 |
Other income | 61 | 19 | 85 | 135 |
Total revenue | 28,261 | 22,055 | 55,610 | 43,704 |
Expenses | ||||
General and administrative | 4,285 | 1,643 | 8,667 | 3,482 |
Operating expenses | 3,303 | 2,336 | 6,991 | 4,639 |
Management fees - related party | 2,021 | 4,024 | ||
Depreciation expense | 8,292 | 6,593 | 16,140 | 12,429 |
Amortization expense | 3,135 | 2,348 | 6,140 | 4,269 |
Interest expense | 5,020 | 4,375 | 10,057 | 8,752 |
Management internalization expense | 920 | 1,424 | ||
Preacquisition expense | 62 | 147 | 128 | 196 |
Total expenses | 24,097 | 20,383 | 48,123 | 39,215 |
Net income | 4,164 | 1,672 | 7,487 | 4,489 |
Less: Preferred stock dividends | (1,455) | (1,455) | (2,911) | (2,911) |
Less: Net loss (income) attributable to noncontrolling interest | (156) | (13) | (268) | (120) |
Net income attributable to common stockholders | $ 2,553 | $ 204 | $ 4,308 | $ 1,458 |
Net income attributable to common stockholders per share - basic and diluted | $ 0.04 | $ 0 | $ 0.08 | $ 0.03 |
Weighted average shares outstanding - basic and diluted | 61,194 | 45,404 | 56,956 | 44,793 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income | $ 4,164 | $ 1,672 | $ 7,487 | $ 4,489 |
Other comprehensive income (loss): | ||||
Increase (decrease) in fair value of interest rate swap agreements | 804 | (1,022) | 4,435 | (14,980) |
Total other comprehensive income (loss) | 804 | (1,022) | 4,435 | (14,980) |
Comprehensive income (loss) | 4,968 | 650 | 11,922 | (10,491) |
Less: Preferred stock dividends | (1,455) | (1,455) | (2,911) | (2,911) |
Less: Comprehensive (income) loss attributable to noncontrolling interest | (202) | 50 | (529) | 928 |
Comprehensive income (loss) attributable to common stockholders | $ 3,311 | $ (755) | $ 8,482 | $ (12,474) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Global Medical REIT Inc. [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] | Total |
Balances at Dec. 31, 2019 | $ 430,270 | $ 44 | $ 74,959 | $ 433,330 | $ (71,389) | $ (6,674) | $ 30,083 | $ 460,353 |
Balance (in shares) at Dec. 31, 2019 | 43,806 | 3,105 | ||||||
Net income | 4,369 | 4,369 | 120 | 4,489 | ||||
Issuance of shares of common stock, net | 13,804 | $ 1 | 13,803 | 13,804 | ||||
Issuance of shares of common stock, net (in shares) | 1,239 | |||||||
LTIP Units and OP Units redeemed for common stock | 15,475 | $ 1 | 15,474 | (15,475) | ||||
LTIP Units and OP Units redeemed for common stock (in shares) | 1,207 | |||||||
Change in fair value of interest rate swap agreements | (14,980) | (14,980) | (14,980) | |||||
Stock-based compensation expense | 1,819 | 1,819 | ||||||
Dividends to common stockholders | (18,106) | (18,106) | (18,106) | |||||
Dividends to preferred stockholders | (2,911) | (2,911) | (2,911) | |||||
Dividends to noncontrolling interest | (1,759) | (1,759) | ||||||
Balances at Jun. 30, 2020 | 427,921 | $ 46 | $ 74,959 | 462,607 | (88,037) | (21,654) | 14,788 | 442,709 |
Balances (in shares) at Jun. 30, 2020 | 46,252 | 3,105 | ||||||
Balances at Mar. 31, 2020 | 415,601 | $ 44 | $ 74,959 | 440,220 | (78,990) | (20,632) | 23,189 | 438,790 |
Balance (in shares) at Mar. 31, 2020 | 44,278 | 3,105 | ||||||
Net income | 1,659 | 1,659 | 13 | 1,672 | ||||
Issuance of shares of common stock, net | 13,804 | $ 1 | 13,803 | 13,804 | ||||
Issuance of shares of common stock, net (in shares) | 1,239 | |||||||
LTIP Units and OP Units redeemed for common stock | 8,585 | $ 1 | 8,584 | (8,585) | ||||
LTIP Units and OP Units redeemed for common stock (in shares) | 735 | |||||||
Change in fair value of interest rate swap agreements | (1,022) | (1,022) | (1,022) | |||||
Stock-based compensation expense | 897 | 897 | ||||||
Dividends to common stockholders | (9,250) | (9,250) | (9,250) | |||||
Dividends to preferred stockholders | (1,456) | (1,456) | (1,456) | |||||
Dividends to noncontrolling interest | (726) | (726) | ||||||
Balances at Jun. 30, 2020 | 427,921 | $ 46 | $ 74,959 | 462,607 | (88,037) | (21,654) | 14,788 | 442,709 |
Balances (in shares) at Jun. 30, 2020 | 46,252 | 3,105 | ||||||
Balances at Dec. 31, 2020 | 444,805 | $ 49 | $ 74,959 | 504,789 | (116,773) | (18,219) | 12,955 | 457,760 |
Balance (in shares) at Dec. 31, 2020 | 49,461 | 3,105 | ||||||
Net income | 7,219 | 7,219 | 268 | 7,487 | ||||
Issuance of shares of common stock, net | 194,513 | $ 15 | 194,498 | 194,513 | ||||
Issuance of shares of common stock, net (in shares) | 14,685 | |||||||
LTIP Units and OP Units redeemed for common stock | 751 | 751 | (751) | |||||
LTIP Units and OP Units redeemed for common stock (in shares) | 51 | |||||||
Change in fair value of interest rate swap agreements | 4,435 | 4,435 | 4,435 | |||||
Stock-based compensation expense | 3,327 | 3,327 | ||||||
Dividends to common stockholders | (25,623) | (25,623) | (25,623) | |||||
Dividends to preferred stockholders | (2,911) | (2,911) | (2,911) | |||||
Dividends to noncontrolling interest | (1,733) | (1,733) | ||||||
Balances at Jun. 30, 2021 | 623,189 | $ 64 | $ 74,959 | 700,038 | (138,088) | (13,784) | 14,066 | 637,255 |
Balances (in shares) at Jun. 30, 2021 | 64,197 | 3,105 | ||||||
Balances at Mar. 31, 2021 | 581,901 | $ 61 | $ 74,959 | 648,949 | (127,480) | (14,588) | 13,918 | 595,819 |
Balance (in shares) at Mar. 31, 2021 | 60,794 | 3,105 | ||||||
Net income | 4,008 | 4,008 | 156 | 4,164 | ||||
Issuance of shares of common stock, net | 50,341 | $ 3 | 50,338 | 50,341 | ||||
Issuance of shares of common stock, net (in shares) | 3,352 | |||||||
LTIP Units and OP Units redeemed for common stock | 751 | 751 | (751) | |||||
LTIP Units and OP Units redeemed for common stock (in shares) | 51 | |||||||
Change in fair value of interest rate swap agreements | 804 | 804 | 804 | |||||
Stock-based compensation expense | 1,612 | 1,612 | ||||||
Dividends to common stockholders | (13,160) | (13,160) | (13,160) | |||||
Dividends to preferred stockholders | (1,456) | (1,456) | (1,456) | |||||
Dividends to noncontrolling interest | (869) | (869) | ||||||
Balances at Jun. 30, 2021 | $ 623,189 | $ 64 | $ 74,959 | $ 700,038 | $ (138,088) | $ (13,784) | $ 14,066 | $ 637,255 |
Balances (in shares) at Jun. 30, 2021 | 64,197 | 3,105 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Condensed Consolidated Statements of Equity | ||||
Dividends to common stockholders | $ 0.205 | $ 0.20 | $ 0.41 | $ 0.40 |
Dividends to preferred stockholders | $ 0.46875 | $ 0.46875 | $ 0.9375 | $ 0.9375 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 7,487 | $ 4,489 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation expense | 16,140 | 12,429 |
Amortization of acquired lease intangible assets | 6,097 | 4,269 |
Amortization of above market leases, net | 145 | 403 |
Amortization of debt issuance costs and other | 930 | 634 |
Stock-based compensation expense | 3,327 | 1,819 |
Capitalized preacquisition costs charged to expense | 84 | 135 |
Reserve for uncollectible receivables | (100) | 627 |
Other | 22 | 46 |
Changes in operating assets and liabilities: | ||
Tenant receivables | 810 | (1,558) |
Deferred assets | (2,778) | (2,921) |
Other assets | 5 | 117 |
Accounts payable and accrued expenses | 862 | 3,620 |
Security deposits and other | 45 | (536) |
Accrued management fees due to related party | 295 | |
Net cash provided by operating activities | 33,076 | 23,868 |
Investing activities | ||
Purchase of land, buildings, and other tangible and intangible assets and liabilities | (115,545) | (76,057) |
Escrow deposits for purchase of properties | 1,020 | 500 |
Loan repayments from (made to) related parties | (162) | (61) |
Capital expenditures on existing real estate investments | (1,284) | (341) |
Net cash used in investing activities | (115,971) | (75,959) |
Financing activities | ||
Net proceeds received from common equity offerings | 194,455 | 13,605 |
Escrow deposits required by third party lenders | (1,734) | (385) |
Repayments of notes payable | (446) | (113) |
Proceeds from Credit Facility | 133,100 | 88,700 |
Repayment of Credit Facility | (207,200) | (20,850) |
Payment of debt issuance costs | (6,177) | (128) |
Dividends paid to common stockholders, and OP Unit and LTIP Unit holders | (24,575) | (19,675) |
Dividends paid to preferred stockholders | (2,911) | (2,911) |
Net cash provided by financing activities | 84,512 | 58,243 |
Net increase in cash and cash equivalents and restricted cash | 1,617 | 6,152 |
Cash and cash equivalents and restricted cash-beginning of period | 10,753 | 7,185 |
Cash and cash equivalents and restricted cash-end of period | 12,370 | 13,337 |
Supplemental cash flow information: | ||
Cash payments for interest | 9,182 | 7,916 |
Noncash financing and investing activities: | ||
Accrued dividends payable | 15,251 | 11,281 |
Interest rate swap agreements fair value change recognized in other comprehensive loss | (4,435) | 14,980 |
LTIP Units and OP Units redeemed for common stock | 751 | 15,475 |
CMBS loan assumed in connection with a facility acquisition | 12,074 | |
Accrued common stock offering costs | $ 22 | $ 70 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
Organization | |
Organization | Note 1 – Organization Global Medical REIT Inc. (the “Company”) is a Maryland corporation engaged primarily in the acquisition of purpose-built healthcare facilities and the leasing of those facilities to strong healthcare systems and groups with leading market share. The Company holds its facilities and conducts its operations through a Delaware limited partnership subsidiary named Global Medical REIT L.P. (the “Operating Partnership”). The Company serves as the sole general partner of the Operating Partnership through a wholly owned subsidiary of the Company named Global Medical REIT GP LLC, a Delaware limited liability company. As of June 30, 2021, the Company was the 94.24% limited partner of the Operating Partnership, with an aggregate of 5.76% of the Operating Partnership owned by holders of long-term incentive plan units (“LTIP Units”) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for common limited partnership units (“OP Units”). Until July 9, 2020, the Company was externally managed and advised by its former advisor. On July 9, 2020, the Company completed its management internalization transaction, whereby the management agreement with the former advisor was terminated, the employees of the former advisor became employees of the Company and the functions previously performed by the former advisor were internalized by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of presentation The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly owned subsidiaries. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP Units and the OP Units held by third parties. Refer to Note 5 – “Equity” and Note 7 – “Stock-Based Compensation” for additional information regarding the OP Units and LTIP Units. The Company classifies noncontrolling interest as a component of consolidated equity on its Condensed Consolidated Balance Sheets, separate from the Company’s total equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Any future issuances of additional LTIP Units or OP Units would change the noncontrolling ownership interest. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Actual results could differ from those estimates. Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification (“ASC”) Topic 805 “Business Combinations” (“ASC Topic 805”), which requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs are capitalized for asset acquisitions and expensed as incurred for business combinations. All our facility acquisitions for the six months ended June 30, 2021 and 2020 have been accounted for as asset acquisitions because substantially all the fair value of the gross assets the Company acquired were concentrated in a single asset or group of similar identifiable assets. For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant), the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions that are not “owner occupied,” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 Inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including preacquisition due diligence, and we routinely utilize the assistance of a third-party appraiser. Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Condensed Consolidated Statements of Operations. Cash and Cash Equivalents and Restricted Cash The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with a maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company related to tenant reimbursements. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Condensed Consolidated Statements of Cash Flows: As of June 30, 2021 2020 Cash and cash equivalents $ 5,821 $ 8,392 Restricted cash 6,549 4,945 Total cash and cash equivalents and restricted cash $ 12,370 $ 13,337 Tenant Receivables, Net The tenant receivable balance as of June 30, 2021 and December 31, 2020 was $4,886 and $5,596, respectively. The balance as of June 30, 2021 consisted of $1,350 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,179 of loans that were made to two of the Company’s tenants, and $2,357 of tenant reimbursements. The balance as of December 31, 2020 consisted of $1,066 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,200 of loans that were made to two of the Company’s tenants, and $3,330 of tenant reimbursements. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant recovery payments at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of June 30, 2021, the Company had a portfolio level reserve of $350 on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated. Escrow Deposits The escrow balance as of June 30, 2021 and December 31, 2020 was $5,531 and $4,817, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. Deferred Assets The deferred assets balance as of June 30, 2021 and December 31, 2020 was $23,050 and $20,272, respectively. The balance as of June 30, 2021 consisted of $22,970 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. The balance as of December 31, 2020 consisted of $20,192 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. Other Assets The other assets balance as of June 30, 2021 and December 31, 2020 was $5,219 and $5,019, respectively. The balance as of June 30, 2021 consisted of $3,451 for right of use assets, $911 in capitalized preacquisition costs, $555 in prepaid assets, and $302 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2020 consisted of $3,598 for right of use assets, $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets. Derivative Instruments - Interest Rate Swaps As of June 30, 2021 and December 31, 2020, the Company's net liability balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was $13,677 and $18,086, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from four counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. Goodwill As of June 30, 2021 and December 31, 2020, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. The Company’s goodwill balance was derived from the acquisition of its former advisor in connection with the management internalization transaction that was completed in July 2020. Goodwill has an indefinite life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit. Recent Accounting Pronouncements Reference Rate Reform Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of June 30, 2021, the Company had previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Property Portfolio
Property Portfolio | 6 Months Ended |
Jun. 30, 2021 | |
Property Portfolio | |
Property Portfolio | Note 3 – Property Portfolio Summary of Properties Acquired During the Six Months Ended June 30, 2021 During the six months ended June 30, 2021 the Company completed 11 acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of June 30, 2021 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 Facility Acquired – Date Acquired: El Paso – 1/12/21 899 7,549 71 160 1,338 10,017 Syracuse – 1/15/21 616 4,745 128 136 772 6,397 West El Paso – 1/15/21 851 7,160 144 567 856 9,578 Fort Worth – 3/9/21 1,817 13,020 143 395 2,069 17,444 Port St. Lucie – 4/6/21 590 3,583 70 185 359 4,787 Cape Coral and Fort Myers – 4/13/21 5,623 20,155 480 1,132 4,311 31,701 Dallas – 4/16/21 3,101 2,593 63 469 493 6,719 East Grand Forks – 4/19/21 845 6,248 278 815 2,092 10,278 Coos Bay – 4/21/21 861 5,095 56 50 410 6,472 Caledonia – 6/2/21 582 2,669 66 96 497 3,910 Tallahassee – 6/2/21 782 6,720 137 387 1,218 9,244 Capitalized costs (1) — 546 192 134 — 872 Total Additions: 16,567 80,083 1,828 4,526 14,415 117,419 Balances as of June 30, 2021 $ 145,424 $ 931,510 $ 17,011 $ 53,730 $ 112,649 $ 1,260,324 (1) Depreciation expense was $8,292 and $16,140 for the three and six months ended June 30, 2021, respectively, and $6,593 and $12,429 for the three and six months ended June 30, 2020, respectively. As of June 30, 2021, the Company had aggregate capital improvement commitments and obligations to improve, expand, and maintain the Company’s existing facilities of approximately $28,400. Many of these amounts are subject to contingencies that make it difficult to predict when they will be utilized, if at all. In accordance with the terms of the Company’s leases, capital improvement obligations in the next twelve months could total up to approximately $18,000. The following is a summary of the acquisitions completed during the six months ended June 30, 2021. El Paso Facility “El Paso Leases”). At acquisition, the El Paso Leases had a weighted-average remaining term of approximately four years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 970 Building and tenant improvements 7,709 In-place leases 750 Above-market lease intangibles 383 Leasing costs 205 Total purchase price $ 10,017 Syracuse Facility Land and site improvements $ 744 Building and tenant improvements 4,881 In-place leases 434 Leasing costs 338 Below-market lease intangibles (207) Total purchase price $ 6,190 West El Paso Facilities On January 15, 2021, the Company purchased two medical office buildings and an ambulatory surgical center located in El Paso, Texas (the “West El Paso Facilities”) for a total purchase price of approximately $9.6 million. Upon closing, the Company entered into two new leases at the medical office buildings with 12-year Land and site improvements $ 995 Building and tenant improvements 7,727 In-place leases 432 Leasing costs 424 Total purchase price $ 9,578 Fort Worth Facility On March 9, 2021, the Company purchased an inpatient psychiatric hospital located in Fort Worth, Texas (the “Fort Worth Facility”) for a purchase price of approximately $17.4 million. Upon closing, the Company assumed the existing lease at the Fort Worth Facility (the “Fort Worth Lease”). At acquisition, the Fort Worth Lease had a remaining term of approximately eight years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,960 Building and tenant improvements 13,415 In-place leases 1,339 Leasing costs 730 Total purchase price $ 17,444 Port St. Lucie Facility On April 6, 2021, the Company purchased a medical office building with an ambulatory surgical center located in Port St. Lucie, Florida (the “Port St. Lucie Facility”) for a purchase price of approximately $4.8 million. Upon closing the Company assumed two existing leases at the Port St. Lucie Facility (the “Port St. Lucie Leases”). At acquisition, the Port St. Lucie Leases had a weighted-average remaining term of approximately six years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 660 Building and tenant improvements 3,768 In-place leases 245 Leasing costs 114 Total purchase price $ 4,787 Cape Coral and Fort Myers Facilities On April 13, 2021, the Company purchased a six-property medical office portfolio located in Cape Coral, Florida and Fort Myers, Florida (the “Cape Coral and Fort Myers Facilities”) for a purchase price of approximately $31.7 million. Upon closing the Company assumed six existing leases at the Cape Coral and Fort Myers Facilities (the “Cape Coral and Fort Myers Leases”). At acquisition, the Cape Coral and Fort Myers Leases had a weighted-average remaining term of approximately five years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 6,103 Building and tenant improvements 21,287 In-place leases 2,112 Above-market lease intangibles 1,418 Leasing costs 781 Total purchase price $ 31,701 Dallas Facility On April 16, 2021, the Company purchased a medical office building with a surgery center located in Dallas, Texas (the “Dallas Facility”) for a purchase price of approximately $6.4 million. Upon closing the Company assumed two existing leases at the Dallas Facility (the “Dallas Leases”). At acquisition, the Dallas Leases had a weighted-average remaining term of approximately seven years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,164 Building and tenant improvements 3,062 In-place leases 275 Leasing costs 218 Below-market lease intangibles (295) Total purchase price $ 6,424 East Grand Forks Facilities On April 19, 2021, the Company purchased two medical office buildings located in East Grand Forks, Minnesota (the “East Grand Forks Facilities”) for a purchase price of approximately $9.7 million. Upon closing the Company assumed two existing leases at the East Grand Forks Facilities (the “East Grand Forks Leases”). At acquisition, the East Grand Forks Leases had a weighted-average remaining term of approximately four years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,123 Building and tenant improvements 7,063 In-place leases 1,839 Leasing costs 253 Below-market lease intangibles (554) Total purchase price $ 9,724 Coos Bay Facility On April 21, 2021, the Company purchased a medical office building in Coos Bay, Oregon (the “Coos Bay Facility”) for a purchase price of approximately $6.5 million. Upon closing the Company assumed the existing lease at the Coos Bay Facility (the “Coos Bay Lease”). At acquisition, the Coos Bay Lease had a remaining lease term of approximately three years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 917 Building and tenant improvements 5,145 In-place leases 316 Leasing costs 94 Total purchase price $ 6,472 Caledonia Facility On June 2, 2021, the Company purchased a medical office building in Caledonia, Michigan (the “Caledonia Facility”) for a purchase price of approximately $3.9 million. Upon closing the Company assumed four existing leases at the Caledonia Facility (the “Caledonia Leases”). At acquisition, the Caledonia Leases had a remaining lease term of approximately four years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 648 Building and tenant improvements 2,765 In-place leases 410 Leasing costs 87 Below-market lease intangibles (47) Total purchase price $ 3,863 Tallahassee Facility On June 2, 2021, the Company purchased a medical office building in Tallahassee, Florida (the “Tallahassee Facility”) for a purchase price of approximately $9.2 million. Upon closing the Company assumed two existing leases at the Tallahassee Facility (the “Tallahassee Leases”). At acquisition, the Tallahassee Leases had a remaining lease term of approximately nine years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 919 Building and tenant improvements 7,107 In-place leases 708 Leasing costs 510 Total purchase price $ 9,244 Summary of Properties Acquired During the Year Ended December 31, 2020 During the year ended December 31, 2020 the Company completed 18 acquisitions. For each acquisition, substantially all of the fair value was concentrated in a single identifiable asset or group of similar identifiable assets and, therefore, each acquisition represents an asset acquisition. Accordingly, transaction costs for these acquisitions were capitalized. A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2020 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 Facility Acquired – Date Acquired: High Point – 2/13/20 1,749 20,367 440 869 1,656 25,081 Clinton – 2/27/20 664 6,551 342 1,578 2,484 11,619 West Allis – 3/4/20 974 7,687 137 98 461 9,357 Grand Rapids – 3/20/20 2,951 17,341 470 450 1,582 22,794 Dumfries – 4/27/20 2,597 10,047 289 4,815 4,292 22,040 Centerville – 7/16/20 — 4,202 160 208 501 5,071 Fairfax – 7/17/20 6,731 6,642 381 2,979 3,012 19,745 Rosedale – 7/31/20 2,856 16,204 567 1,443 2,821 23,891 Lancaster – 9/18/20 696 4,269 110 116 1,114 6,305 Winston-Salem – 9/30/20 1,524 6,407 254 307 748 9,240 Decatur and Jackson – 10/20/20 2,237 7,140 284 296 955 10,912 Sheboygan and Plymouth – 10/27/20 1,088 11,212 253 225 1,046 13,824 Spring Hill and Hudson – 11/18/20 3,473 12,520 420 435 1,370 18,218 Cape Girardeau – 11/23/20 1,150 4,601 73 264 1,262 7,350 Yuma – 12/1/20 1,041 4,715 309 274 640 6,979 Las Vegas – 12/14/20 311 6,813 — — — 7,124 Pensacola – 12/29/20 1,786 5,742 332 411 781 9,052 Venice – 12/30/20 1,648 4,204 247 333 543 6,975 Capitalized costs (1) — 1,230 203 194 172 1,799 Total Additions: 33,476 157,894 5,271 15,295 25,440 237,376 Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 (1) The following is a summary of the acquisitions completed during the year ended December 31, 2020. High Point Facility On February 13, 2020, the Company purchased a medical office building located in High Point, North Carolina (the “High Point Facility”) for a purchase price of approximately $25.1 million. Upon closing, the Company assumed the existing lease of the High Point Facility with Wake Forest Health Network, LLC, as tenant. At acquisition, the lease had approximately three years remaining in the current term, exclusive of a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 2,189 Building and tenant improvements 21,236 In-place leases 1,207 Leasing costs 449 Total purchase price $ 25,081 Clinton Facility On February 27, 2020, the Company purchased a medical office building located in Clinton, Iowa (the “Clinton Facility”) for a purchase price of approximately $11.6 million. Upon closing, the Company assumed the existing lease of the Clinton Facility with MercyOne Clinton Medical Center, as tenant. At acquisition, the lease had approximately four years remaining in the initial term, exclusive of a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,006 Building and tenant improvements 8,129 In-place leases 2,115 Leasing costs 369 Total purchase price $ 11,619 West Allis Facility On March 4, 2020, the Company purchased a medical office building located in West Allis, Wisconsin (the “West Allis Facility”) for a purchase price of approximately Land and site improvements $ 1,111 Building and tenant improvements 7,785 In-place leases 263 Leasing costs 198 Below-market lease intangibles (264) Total purchase price $ 9,093 Grand Rapids Facilities On March 20, 2020, the Company purchased a four-building medical office portfolio located in the greater Grand Rapids, Michigan area (the “Grand Rapids Facilities”) for a total purchase price of approximately $22.7 million. Upon closing, the Company assumed 11 existing leases at the Grand Rapids Facilities (the “Grand Rapids Leases”). At acquisition, the Grand Rapids Leases had a weighted-average remaining term of five years, exclusive of tenant renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,417 Building and tenant improvements 17,791 In-place leases 761 Above-market lease intangibles 685 Leasing costs 136 Below-market lease intangibles (125) Total purchase price $ 22,665 Dumfries Facility On April 27, 2020, the Company purchased a medical office building located in Dumfries, Virginia (the “Dumfries Facility”) for a purchase price of approximately $19.6 million. Upon closing, the Company assumed the existing lease of the Dumfries Facility with Spectrum Healthcare Resources, Inc., as tenant. At acquisition, the lease had approximately nine and a half years Land and site improvements $ 2,886 Building and tenant improvements 14,862 In-place leases 3,255 Leasing costs 1,037 Below-market lease intangibles (2,419) Total purchase price $ 19,621 In connection with this acquisition, the Company assumed an existing $12.1 million commercial mortgage-backed securities (“CMBS”) loan with an interest rate of 4.68% and a term of four years. Centerville Facility On July 16, 2020, the Company purchased a medical office building located in Centerville, Iowa (the “Centerville Facility”) and the seller’s interest, as ground lessee, in an existing ground lease, for a purchase price of approximately $5.1 million. At acquisition, the ground lease had a remaining term of approximately 49 years. Upon closing, the Company assumed the existing lease of the Centerville Facility with Mercy Medical Center-Centerville One St. Joseph Drive, as tenant. At acquisition, the lease had approximately 10.5 years remaining in the initial term, exclusive of renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 160 Building and tenant improvements 4,410 In-place leases 216 Leasing costs 285 Total purchase price $ 5,071 Fairfax Facility Land and site improvements $ 7,112 Building and tenant improvements 9,621 In-place leases 2,314 Leasing costs 698 Below-market lease intangibles (1,866) Total purchase price $ 17,879 Rosedale Facilities Rosedale Leases had a weighted-average remaining lease term of approximately 6.6 years, exclusive of renewal options. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 3,423 Building and tenant improvements 17,647 In-place leases 1,063 Leasing costs 892 Above-market lease intangibles 866 Below-market lease intangibles (785) Total purchase price $ 23,106 In connection with this acquisition, the Company entered into a loan with FVCbank in the amount of $14.8 million with an annual interest rate of 3.85% and a term of five years. Lancaster Facility On September 18, 2020, the Company purchased a medical office building located in Lancaster, Texas (the “Lancaster Facility”) for a purchase price of approximately $6.3 million. Upon closing, the Company assumed the existing lease at the Lancaster Facility with Biomat USA, Inc., as tenant. At acquisition, the lease had approximately eight and a half years Land and site improvements $ 806 Building and tenant improvements 4,385 In-place leases 244 Leasing costs 283 Above-market lease intangibles 587 Total purchase price $ 6,305 Winston-Salem Facility On September 30, 2020, the Company purchased a medical office building located in Winston-Salem, North Carolina (the “Winston-Salem Facility”) for a total purchase price of approximately $8.5 million. Upon closing, the Company assumed five existing leases at the Winston-Salem Facility (the “Winston-Salem Leases”). At acquisition, the Winston-Salem Leases had a weighted-average remaining term of approximately four years, exclusive of a tenant renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,778 Building and tenant improvements 6,714 In-place leases 581 Leasing costs 167 Below-market lease intangibles (725) Total purchase price $ 8,515 Decatur and Jackson Facilities Land and site improvements $ 2,521 Building and tenant improvements 7,436 In-place leases 556 Leasing costs 264 Above-market lease intangibles 135 Below-market lease intangibles (27) Total purchase price $ 10,885 Sheboygan and Plymouth Facilities Land and site improvements $ 1,341 Building and tenant improvements 11,437 In-place leases 756 Leasing costs 290 Total purchase price $ 13,824 Spring Hill and Hudson Facilities Land and site improvements $ 3,893 Building and tenant improvements 12,955 In-place leases 831 Leasing costs 539 Total purchase price $ 18,218 Cape Girardeau Facility On November 23, 2020, Land and site improvements $ 1,223 Building and tenant improvements 4,865 In-place leases 687 Leasing costs 188 Above-market lease intangibles 387 Total purchase price $ 7,350 Yuma Facilities On December 1, 2020, the Company purchased two medical office buildings located in Yuma, Arizona (the “Yuma Facilities”) for a total purchase price of approximately $7.0 million. Upon closing, the Company assumed the two existing leases at the Yuma Facilities with Yuma Regional Medical Center, as tenant. At acquisition, the leases had a weighted-average remaining term of approximately four years , exclusive of a renewal option. The following table presents the details of the tangible and intangible assets acquired and liabilities assumed: Land and site improvements $ 1,350 Building and tenant improvements 4,989 In-place leases 439 Leasing costs 136 Above-market lease intangibles 65 Total purchase price $ 6,979 Las Vegas Facilities Land and site improvements $ 311 Building and tenant improvements 6,813 Total purchase price $ 7,124 Pensacola Facilities Land and site improvements $ 2,118 Building and tenant improvements 6,153 In-place leases 456 Leasing costs 325 Total purchase price $ 9,052 Venice Facilities five Land and site improvements $ 1,895 Building and tenant improvements 4,537 In-place leases 387 Leasing costs 156 Total purchase price $ 6,975 Lease Intangible Assets and Liabilities The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented: As of June 30, 2021 Accumulated Cost Amortization Net Assets In-place leases $ 64,190 $ (18,850) $ 45,340 Above market leases 16,775 (5,056) 11,719 Leasing costs 31,684 (8,123) 23,561 $ 112,649 $ (32,029) $ 80,620 Liability Below market leases $ 11,175 $ (2,738) $ 8,437 As of December 31, 2020 Accumulated Cost Amortization Net Assets In-place leases $ 55,561 $ (14,592) $ 40,969 Above market leases 14,972 (4,023) 10,949 Leasing costs 27,701 (6,284) 21,417 $ 98,234 $ (24,899) $ 73,335 Liability Below market leases $ 10,072 $ (1,850) $ 8,222 The following is a summary of the acquired lease intangible amortization: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amortization expense related to in-place leases $ 2,168 $ 1,663 $ 4,258 $ 2,996 Amortization expense related to leasing costs $ 945 $ 685 $ 1,839 $ 1,273 Decrease in rental revenue related to above market leases $ 542 $ 403 $ 1,033 $ 778 Increase in rental revenue related to below market leases $ 457 $ 247 $ 888 $ 375 As of June 30, 2021, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below: Net Decrease Net Increase in Revenue in Expenses 2021 (six months remaining) $ (184) $ 6,450 2022 (385) 12,745 2023 (419) 11,782 2024 (199) 10,358 2025 (561) 7,170 Thereafter (1,534) 20,396 Total $ (3,282) $ 68,901 As of June 30, 2021, the weighted average amortization periods for asset lease intangibles and liability lease intangibles were 5.3 years and 4.5 years, respectively. |
Credit Facility, Notes Payable
Credit Facility, Notes Payable and Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Credit Facility, Notes Payable and Derivative Instruments | |
Credit Facility, Notes Payable and Derivative Instruments | Note 4 – Credit Facility, Notes Payable and Derivative Instruments Credit Facility On May 3, 2021, the Company, the Operating Partnership, as borrower, and certain of its subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) entered into an amended and restated $750 million unsecured syndicated credit facility with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (the “Credit Facility”). The Credit Facility consists of a $350 million term loan component (the “Term Loan”) and a $400 million revolver component (the “Revolver”). The Credit Facility also includes a $500 million accordion feature. The Term Loan matures in May 2026 and the Revolver matures in May 2025, with two six-month extension options. Amounts outstanding under the Credit Facility bear interest at a floating rate that is based on LIBOR plus a specified margin based on the Company’s leverage. The Operating Partnership is subject to a number of financial covenants under its Credit Facility, including, among other things, the following as of the end of each fiscal quarter, (i) a maximum consolidated unsecured leverage ratio of less than 60%, (ii) a maximum consolidated secured leverage ratio of less than 30%, (iii) a maximum consolidated secured recourse leverage ratio of less than 10%, (iv) a minimum fixed charge coverage ratio of 1.50:1.00, (v) a minimum unsecured interest coverage ratio of 1.50:1.00, (vi) a maximum consolidated leverage ratio of less than 60%, and (vii) a minimum net worth of $345 million plus 75% of all net proceeds raised through equity offerings subsequent to December 31, 2020. As of August 2, 2021, management believed it was in compliance with all of the financial and non-financial covenants contained in the Credit Facility. The Company has entered into interest rate swaps to hedge its interest rate risk on the Term Loan. For additional information related to the interest rate swaps, see the “Derivative Instruments - Interest Rate Swaps” section herein. During the six months ended June 30, 2021, the Company borrowed $133,100 under the Credit Facility and repaid $207,200, for a net amount repaid of $74,100. During the six months ended June 30, 2020, the Company borrowed $88,700 under the Credit Facility and repaid $20,850 for a net amount borrowed of $67,850. Interest expense incurred on the Credit Facility was $3,749 and $7,601 for the three and six months ended June 30, 2021, respectively, and $3,476 and $7,061, for the three and six months ended June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, the Company had the following outstanding borrowings under the Credit Facility: June 30, 2021 December 31, 2020 Revolver $ 101,100 $ 175,200 Term Loan 350,000 350,000 Less: Unamortized debt issuance costs (8,960) (3,559) Credit Facility, net $ 442,140 $ 521,641 Costs incurred related to the Credit Facility, net of accumulated amortization, are netted against the Company’s “Credit Facility, net of unamortized debt issuance costs” balance in the accompanying Condensed Consolidated Balance Sheets. The Company paid $6,177 and $59 related to amendments and modifications to the Credit Facility as well as fees related to adding properties to the borrowing base during the six months ended June 30, 2021 and 2020, respectively. The amount paid during the six months ended June 30, 2021 primarily related to costs incurred in connection with the amendment and restatement of the Credit Facility on May 3, 2021. Amortization expense incurred was $427 and $776 for the three and six months ended June 30, 2021, respectively, and $272 and $541, for the three and six months ended June 30, 2020, respectively, and is included in the “Interest Expense” line item in the accompanying Condensed Consolidated Statements of Operations. Reference Rate Reform On March 5, 2021, the Financial Conduct Authority (“FCA”) announced that USD LIBOR will no longer be published after June 30, 2023. This announcement has several implications, including setting the spread that may be used to automatically convert contracts from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Additionally, banking regulators are encouraging banks to discontinue new LIBOR debt issuances by December 31, 2021. The Company anticipates that LIBOR will continue to be available at least until June 30, 2023. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. The Company has interest rate swaps that are indexed to LIBOR and is monitoring and evaluating the related risks. These risks arise in connection with transitioning contracts to an alternative rate, including any resulting value transfer that may occur, and are likely to vary by contract. The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our current or future indebtedness, may also be impacted if LIBOR is limited or discontinued. For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if the Company cannot agree with the respective counterparty about how to make the transition. While the Company expects LIBOR to be available in substantially its current form until at least the end of June 30, 2023, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified. Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges, such as adjusting interest rate accrual calculations and building a term structure for an alternative rate. The introduction of an alternative rate also may create additional basis risk and increased volatility as alternative rates are phased in and utilized in parallel with LIBOR. Adjustments to systems and mathematical models to properly process and account for alternative rates will be required, which may strain the model risk management and information technology functions and result in substantial incremental costs for the Company. Notes Payable, Net of Debt Issuance Costs The Company’s notes payable, net, includes four loans: (1) the Rosedale Loan, (2) the Dumfries Loan, (3) the Cantor Loan, and (4) the West Mifflin Loan, described in detail herein. The following table sets forth the aggregate balances of these loans as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Notes payable, gross $ 66,349 $ 66,349 Unamortized debt issuance costs (706) (835) Cumulative principal repayments (1,023) (577) Notes payable, net $ 64,620 $ 64,937 Amortization expense incurred related to the debt issuance costs was $66 and $129 for the three and six months ended June 30, 2021, respectively, and $35 and $68 for the three and six months ended June 30, 2020, respectively, Rosedale Loan On July 31, 2020, in connection with its acquisition of the Rosedale Facilities, the Company, through certain of its wholly owned subsidiaries, as borrowers, entered into a loan with FVCbank with a principal balance of $14,800 (the “Rosedale Loan”). The Rosedale Loan has an annual interest rate of 3.85% and matures on July 31, 2025 with principal and interest payable monthly based on a 25-year amortization schedule. The Company, at its option, may prepay the loan, subject to a prepayment fee. The Company made principal payments of $180 during the six months ended June 30, 2021. The loan balance as of June 30, 2021 and December 31, 2020 was $14,511 and $14,691, respectively. Interest expense incurred on this loan was $141 and $282 for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 181 2022 376 2023 391 2024 405 2025 13,158 Total $ 14,511 Dumfries Loan On April 27, 2020, in connection with its acquisition of the Dumfries Facility, the Company, through a wholly-owned subsidiary, assumed a CMBS loan with a principal amount of $12,074 (the “Dumfries Loan”). The Dumfries Loan has an annual interest rate of 4.68% and matures on June 1, 2024 with principal and interest payable monthly based on a ten-year amortization schedule. The Company, at its option, may prepay the loan, subject to a prepayment premium. The Company made principal payments of $136 and $43 during the six months ended June 30, 2021 and 2020, respectively. The loan balance as of June 30, 2021 and December 31, 2020 was $11,763 and $11,899, respectively. Interest expense incurred on this loan was $137 and $275 for the three and six months ended June 30, 2021, respectively, and $46 for the three and six months ended June 30, 2020. As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 139 2022 288 2023 302 2024 11,034 Total $ 11,763 Cantor Loan On March 31, 2016, through certain of its wholly owned subsidiaries (the “GMR Loan Subsidiaries”), the Company entered into a $32,097 CMBS loan (the “Cantor Loan”). The Cantor Loan has a maturity date of April 6, 2026 and an annual interest rate of 5.22%. The Cantor Loan required interest-only payments through March 31, 2021 and following that date, requires principal and interest based on a 30-year The Company made principal payments of $70 during the six months ended June 30, 2021. The loan balance as of June 30, 2021 and December 31, 2020 was $32,027 and $32,097. Interest expense incurred on this loan was $423 and $842 for the three and six months ended June 30, 2021, respectively, and $479 and $902 for the three and six months ended June 30, 2020, respectively. As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 212 2022 447 2023 471 2024 492 2025 523 Thereafter 29,882 Total $ 32,027 West Mifflin Loan On September 25, 2015, the Company, through a wholly-owned subsidiary, as borrower, entered into a $7,378 term loan with Capital One. On September 25, 2020, the Company and Capital One amended the terms of the loan to extend the maturity date to September 25, 2021 and increase the interest rate to 4.25% per annum. The West Mifflin facility serves as collateral for the loan. The Company made principal payments of $60 and $70 during the six months ended June 30, 2021 and 2020, respectively. The loan balance as of June 30, 2021 and December 31, 2020 was $ 7,025 and $7,085 , respectively. Interest expense incurred on this loan was $77 and $152 for the three and six months ended June 30, 2021, respectively, and $67 and $135 for the three and six months ended June 30, 2020, respectively. Derivative Instruments - Interest Rate Swaps The Company has six interest rate swaps with a total notional amount of $350 million that are used to manage its interest rate risk and fix the LIBOR component on the Term Loan. An aggregate of $150 million of the swaps mature in August 2023 and the remaining $200 million mature in August 2024. In addition, the Company has five forward starting interest rate swaps that will be effective on the maturity dates of the existing interest rate swaps. The forward starting swaps each have a maturity date of April 2026 and will fix the LIBOR component on the Term Loan through its maturity. Currently, the interest rate swaps fix the LIBOR component of the Term Loan at a rate of 1.91% through August 2023. Subsequently, from August 2023 to August 2024 the LIBOR component of the Term Loan rate will be fixed at 1.61%. Finally, from August 2024 to April 2026 the LIBOR component of the Term Loan rate will be fixed at 1.45%. The Company records the swaps either as an asset or a liability measured at its fair value at each reporting period. When hedge accounting is applied, the change in the fair value of derivatives designated and that qualify as cash flow hedges is (i) recorded in accumulated other comprehensive loss in the equity section of the Company’s Condensed Consolidated Balance Sheets and (ii) subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transactions affect earnings. If specific hedge accounting criteria are not met, changes in the Company’s derivative instruments’ fair value are recognized currently as an adjustment to net income. The Company’s interest rate swaps are not traded on an exchange. The Company’s interest rate swaps are recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis based on the expected size of future cash flows on a discounted basis and incorporating a measure of non-performance risk. The fair values are based on Level 2 inputs within the framework of ASC Topic 820, “Fair Value Measurement.” The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative instruments. The fair value of the Company’s interest rate swaps was a net liability of $13,677 and $18,086 as of June 30, 2021 and December 31, 2020, respectively. The gross balances are included in the “Derivative Asset” and “Derivative Liability” line items on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss) recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amount of loss (gain) recognized in other comprehensive income (loss) $ 786 $ 2,298 $ (1,296) $ 16,765 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (1,590) (1,276) (3,139) (1,785) Total change in accumulated other comprehensive loss $ (804) $ 1,022 $ (4,435) $ 14,980 During the next twelve months, the Company estimates that an additional $6,206 will be reclassified as an increase to interest expense. Additionally, during the three and six months ended June 30, 2021, the Company recorded total interest expense in its Condensed Consolidated Statements of Operations of $5,020 and $10,057, respectively. Weighted-Average Interest Rate and Term The weighted average interest rate and term of the Company’s debt was 3.09% and 4.71 years at June 30, 2021, compared to 3.17% and 2.79 years as of December 31, 2020. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity | |
Equity | Note 5 – Equity Preferred Stock The Company’s charter authorizes the issuance of 10,000 shares of preferred stock, par value $0.001 per share. As of June 30, 2021 and December 31, 2020, there were 3,105 shares of Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock has a liquidation preference of $25 per share. Preferred stock dividend activity for the six months ended June 30, 2021 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share December 16, 2020 January 15, 2021 Q4 2020 February 1, 2021 $ 1,455 $ 0.46875 March 3, 2021 April 15, 2021 Q1 2021 April 30, 2021 $ 1,455 $ 0.46875 June 10, 2021 July 15, 2021 Q2 2021 August 2, 2021 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at June 30, 2021. The holders of the Series A Preferred Stock are entitled to receive dividend payments only when, as and if declared by the Company’s board of directors (the “Board”) (or a duly authorized committee of the Board). Dividends will accrue or be payable in cash from the original issue date, on a cumulative basis, quarterly in arrears on each dividend payment date at a fixed rate per annum equal to 7.50% of the liquidation preference of $25.00 per share (equivalent to $1.875 per share on an annual basis). Dividends on the Series A Preferred Stock will be cumulative and will accrue whether or not (i) funds are legally available for the payment of those dividends, (ii) the Company has earnings or (iii) those dividends are declared by the Board. The quarterly dividend payment dates on the Series A Preferred Stock are January 31, April 30, July 31 and October 31 of each year. During each of the six-month periods ended June 30, 2021 and 2020, the Company paid preferred dividends of $2,911. Common Stock The Company has 500,000 authorized shares of common stock, $0.001 par value. As of June 30, 2021 and December 31, 2020, there were 64,197 and 49,461 outstanding shares of common stock, respectively. Common stock dividend activity for the six months ended June 30, 2021 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share December 16, 2020 December 28, 2020 Q4 2020 January 11, 2021 $ 10,573 $ 0.20 March 3, 2021 March 24, 2021 Q1 2021 April 8, 2021 $ 13,260 $ 0.205 June 10, 2021 June 24, 2021 Q2 2021 July 8, 2021 $ 13,964 $ 0.205 (1) Includes distributions on outstanding LTIP Units and OP Units. During the six months ended June 30, 2021 and 2020, the Company paid total dividends on its common stock, LTIP Units and OP Units in the aggregate amount of $24,575 and $19,675, respectively. As of June 30, 2021 and December 31, 2020, the Company had accrued dividend balances of $317 and $927 for dividends payable on the aggregate annual and long-term LTIP Units that are subject to retroactive receipt of dividends on the amount of LTIP Units ultimately earned. During the six months ended June 30, 2021, $132 of dividends were accrued and $742 of dividends were paid related to these units. During the six months ended June 30, 2020, $394 of dividends were accrued and $524 of dividends were paid related to these units. The amount of the dividends paid to the Company’s stockholders is determined by the Board and is dependent on a number of factors, including funds available for payment of dividends, the Company’s financial condition and capital expenditure requirements except that, in accordance with the Company’s organizational documents and Maryland law, the Company may not make dividend distributions that would: (i) cause it to be unable to pay its debts as they become due in the usual course of business; (ii) cause its total assets to be less than the sum of its total liabilities plus senior liquidation preferences; or (iii) jeopardize its ability to maintain its qualification as a REIT. Capital Raising Activity On March 18, 2021, the Company closed an underwritten public offering of its common stock, including the related option to purchase additional shares granted to the underwriters. These transactions resulted in the issuance of 8,625 shares of the Company’s common stock at a public offering price of $13.30 per share, resulting in net proceeds to the Company of $109,550. In August 2020, the Company and the Operating Partnership entered into a Sales Agreement with certain sales agents, pursuant to which the Company may offer and sell, from time to time, up to $150 million of its common stock (the “2020 ATM Program”). During the six months ended June 30, 2021, the Company generated net proceeds of $85,300 through equity issuances of 6,061 shares of the Company’s common stock at an average offering price of $14.29 per share through the 2020 ATM Program. As of August 2, 2021, the Company had $23 million remaining under the 2020 ATM Program. OP Units During the six months ended June 30, 2021, two OP Unit holders redeemed an aggregate of 51 OP Units for shares of the Company’s common stock with an aggregate redemption value of $751. During the year ended December 31, 2020, four OP Unit holders redeemed an aggregate of 1,379 OP Units for shares of the Company’s common stock with an aggregate redemption value of $17,882. As of June 30, 2021 and December 31, 2020, there were 1,713 and 1,764 OP Units issued outstanding |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 6 – Related Party Transactions Management Agreement On July 9, 2020, the Company completed the management internalization transaction. Prior to the completion of this transaction, the Company was subject to a management agreement dated July 1, 2016, by and between the Company and its former advisor. Management Fees and Accrued Management Fees For the three and six months ended June 30, 2020, management fees of $2,021 and $4,024 were incurred and expensed by the Company. No incentive management fee was incurred by the Company during the three and six months ended June 30, 2020. Related Party Balances The due from related parties balance as of June 30, 2021 and December 30, 2020 was $265 and $103, respectively. These balances primarily consist of taxes paid on behalf of LTIP Unit holders that are reimbursable to the Company. The Company had no amounts due to related parties as of June 30, 2021 and December 31, 2020. Pro Forma Financial Information On July 9, 2020, the Company acquired all of the outstanding shares of capital stock of the parent company of its former advisor. The accompanying Condensed Consolidated Statements of Operations for the six months ended June 30, 2021 include the operations of the business acquired for the full six-month period. The table below presents the unaudited revenue and net income attributable to common stockholders on a pro forma basis for the six months ended June 30, 2020, as if the transaction occurred on January 1, 2020. The pro forma results are not necessarily indicative of the results that would have occurred if the business combination had occurred on the first day of the period presented, nor does the pro forma information purport to represent the results of operations for future periods. Six Months Ended June 30, 2020 (unaudited, in thousands) Pro forma total revenue $ 43,704 Pro forma net income attributable to common stockholders $ 3,003 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation | |
Stock-Based Compensation | Note 7 – Stock-Based Compensation 2016 Equity Incentive Plan The 2016 Equity Incentive Plan, as amended (the “Plan”), is intended to assist the Company and its affiliates in recruiting and retaining employees of the Company, members of the Board, executive officers of the Company, and individuals who provide services to the Company and its affiliates. The Plan is intended to permit the grant of both qualifying and non-qualified options and the grant of stock appreciation rights, restricted stock, unrestricted stock, awards of restricted stock units, performance awards and other equity-based awards (including LTIP Units). On May 26, 2021, the Company’s stockholders approved an amendment to the Plan to increase the number of authorized shares available for issuance under the Plan by 1,500 shares. Based on the grants outstanding as of June 30, 2021, there were 1,452 shares of common stock that remain available to be granted under the Plan. Units subject to awards under the Plan that are forfeited, cancelled, lapsed, settled in cash or otherwise expired (excluding shares withheld to satisfy exercise prices or tax withholding obligations) are available for grant. Time-Based Grants During the six months ended June 30, 2021, pursuant to the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), the Board approved the following LTIP Unit activity: Number of Date Description Units Issued Vesting Dates March 2, 2021 Final awards under the 2018 Long-Term Incentive Plan 220 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Final awards under the 2020 Annual Incentive Plan 267 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Time-based awards under the 2021 Long-Term Incentive Plan 56 100% on March 2, 2024 May 26, 2021 Annual awards to independent directors 25 100% on May 26, 2022 Vested units 1,295 Unvested units 912 LTIP Units outstanding as of June 30, 2021 2,207 Performance Based Awards The Board has approved annual performance-based LTIP awards (“Annual Awards”) and long-term performance-based LTIP awards (“Long-Term Awards”) to the executive officers and other employees of the Company. As described below, the Annual Awards have one-year performance periods and the Long-Term Awards have three-year performance periods. In addition to meeting specified performance metrics, vesting in both the Annual Awards and the Long-Term Awards is subject to service requirements. A detail of the Company’s Long-Term Awards under the 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2021 program as of June 30, 2021 is as follows: 2019 Long-Term Awards 82 2020 Long-Term Awards 70 2021 Annual Awards (1) 92 2021 Long-Term Awards (2) 76 Total target performance awards as of June 30, 2021 320 (1) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date. (2) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. Annual Awards The Compensation Committee and Board established performance goals for the year ending December 31, 2021, as set forth in the 2021 LTIP Annual Award Agreements (the “Performance Goals”) that will be used to determine the number of LTIP Units earned by each grantee. As of June 30, 2021, management estimated that the Performance Goals would be met at a 100% level and, accordingly, estimated that 100% of the 2021 target Annual Awards were expected to be earned at the end of the performance period, and accordingly, cumulative stock-based compensation expense during the three and six months ended June 30, 2021 reflects management’s estimate that 100% of these awards will be earned. As soon as reasonably practicable following the first anniversary of the Annual Awards grant date, the Compensation Committee and Board will determine the extent to which the Company has achieved each of the Performance Goals (expressed as a percentage) and, based on such determination, will calculate the number of LTIP Units that each grantee is entitled to receive. Each grantee may earn up to 150% of the number of his/her target LTIP Units. Any 2021 Annual Award LTIP Units that are not earned will be forfeited and cancelled. Vesting. Distributions. Long-Term Awards. Units that each grantee earns under the LTIP Long-Term Award Agreements will be determined following the conclusion of a three-year performance period based on the Company’s total stockholder return (“TSR”), which is determined based on a combination of appreciation in stock price and dividends paid during the performance period. Each grantee may earn up to 200% of the number of target LTIP Units covered by the grantee’s Long-Term Award. Any target LTIP Units that are not earned will be forfeited and cancelled. The number of LTIP Units earned under the Long-Term Awards will be determined as soon as reasonably practicable following the end of the applicable three-year performance period based on the Company’s TSR on an absolute basis (as to 75% of the Long-Term Award) and relative to the SNL Healthcare REIT Index (as to 25% of the Long-Term Award). Vesting. Distributions. Stock-Based Compensation Expense The Company’s prospective compensation expense for all unvested LTIP Units, Annual Awards, and Long-Term Awards is recognized using the adoption date fair value of the awards, with no remeasurement required. Compensation expense for future LTIP Unit grants, Annual Awards, and Long-Term Awards is based on the grant date fair value of the units/awards, with no subsequent remeasurement required. As the Long-Term Awards involve market-based performance conditions, the Company utilizes a Monte Carlo simulation to provide a grant date fair value for expense recognition. The Monte Carlo simulation is a generally accepted statistical technique used, in this instance, to simulate a range of possible future stock prices for the Company and the members of the SNL Healthcare REIT Index (the “Index”) over the Performance Periods. The purpose of this modeling is to use a probabilistic approach for estimating the fair value of the performance share award. The assumptions used in the Monte Carlo simulation include beginning average stock price, valuation date stock price, expected volatilities, correlation coefficients, risk-free rate of interest, and expected dividend yield. The beginning average stock price is the beginning average stock price for the Company and each member of the Index for the five trading days leading up to the grant date of the Long-Term Award. The valuation date stock price is the closing stock price of the Company and each of the peer companies in the Index on the grant dates of the Long-Term Awards. The expected volatilities are modeled using the historical volatilities for the Company and the members of the Index. The correlation coefficients are calculated using the same data as the historical volatilities. The risk-free rate of interest is taken from the U.S. Treasury website and relates to the expected life of the remaining performance period on valuation or revaluation. Lastly, the dividend yield assumption is 0.0%, which is mathematically equivalent to reinvesting dividends in the issuing entity, which is part of the Company’s award agreement assumptions. Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: 2021 Long-Term 2020 Long-Term 2019 Long-Term Awards Awards Awards Fair value $ 14.86 $ 13.47 $ 10.07 Target awards 76 70 82 Volatility 42.37 % 28.75 % 31.7 % Risk-free rate 0.26 % 0.72 % 2.5 % Dividend assumption reinvested reinvested reinvested Expected term in years 3 3 3 The Company incurred stock compensation expense of $1,612 and $3,327 for the three and six months ended June 30, 2021, respectively, and $897 and $1,819, for the three and six months ended June 30, 2020, respectively, related to the grants awarded under the Plan. Compensation expense is included within “General and Administrative” expense in the Company’s Condensed Consolidated Statements of Operations. As of June 30, 2021, total unamortized compensation expense related to these awards of approximately $7.6 million is expected to be recognized over a weighted average remaining period of 2.0 years. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | Note 8 – Leases The Company operates as both a lessor and a lessee. As a lessor, the Company is required under ASC Topic 842 to account for leases using an approach that is substantially similar to ASC Topic 840’s guidance for operating leases and other leases such as sales-type leases and direct financing leases. In addition, ASC Topic 842 requires lessors to capitalize and amortize only incremental direct leasing costs. As a lessee, the Company is required under the new standard to apply a dual approach, classifying leases, such as ground leases, as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. ASC Topic 842 also requires lessees to record a right of use asset and a lease liability for all leases with an initial term of greater than a year regardless of their classification. The Company has also elected the practical expedient not to recognize right of use assets and lease liabilities for leases with a term of a year or less. Information as Lessor Under ASC Topic 842 To generate positive cash flow, as a lessor, the Company leases its facilities to tenants in exchange for fixed monthly payments that cover rent, property taxes, insurance and certain cost recoveries, primarily common area maintenance (“CAM”). The Company’s leases were determined to be operating leases and have a portfolio-average-lease-years remaining of approximately 10 years. Payments from the Company’s tenants for CAM are considered nonlease components that are separated from lease components and are generally accounted for in accordance with the revenue recognition standard. However, the Company qualified for and elected the practical expedient related to combining the components because the lease component is classified as an operating lease and the timing and pattern of transfer of CAM income, which is not the predominant component, is the same as the lease component, for all asset classes. As such, consideration for CAM is accounted for as part of the overall consideration in the lease. Payments from customers for property taxes and insurance are considered non-components of the lease and therefore no consideration is allocated to them because they do not transfer a good or service to the customer. Fixed contractual payments from the Company’s leases are recognized on a straight-line basis over the terms of the respective leases. This means that, with respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue is commenced when the tenant assumes control of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Some of the Company’s leases are subject to annual changes in the Consumer Price Index (“CPI”). Although increases in CPI are not estimated as part of the Company’s measurement of straight-line rental revenue, for leases with base rent increases based on CPI, the amount of rent revenue recognized is adjusted in the period the changes in CPI are measured and effective. Additionally, some of the Company’s leases have extension options. Initial direct costs, primarily commissions, related to the leasing of our facilities are capitalized when material as incurred. Capitalized leasing costs are amortized on a straight-line basis over the remaining useful life of the respective leases. All other costs to negotiate or arrange a lease are expensed as incurred. Lease-related receivables, which include accounts receivable and accrued straight-line rents receivable, are reduced for credit losses, if applicable. The Company regularly evaluates the collectability of its lease-related receivables. The Company’s evaluation of collectability primarily consists of reviewing past due account balances and considering such factors as the credit quality of our tenant, historical trends of the tenant and changes in tenant payment terms. If the Company’s assumptions regarding the collectability of lease-related receivables prove incorrect, the Company could experience credit losses in excess of what was recognized in rental and other revenues. The Company recognized $28,200 and $55,525 of rental revenue related to operating lease payments for the three and six months ended June 30, 2021, respectively, and $22,036 and $43,569 of rental revenue related to operating lease payments for the three and six months ended June 30, 2020, respectively. Of these amounts, $1,534 and $2,908 relate to variable rental revenue for the three and six months ended June 30, 2021, respectively, and $1,125 and $2,602 relate to variable rental revenue for the three and six months ended June 30, 2020, respectively. The aggregate annual cash to be received by the Company on the noncancelable operating leases related to its portfolio as of June 30, 2021 is as follows for the subsequent years ended December 31: 2021 (six months remaining) $ 49,602 2022 99,141 2023 96,766 2024 89,408 2025 77,167 Thereafter 397,462 Total $ 809,546 Information as Lessee Under ASC Topic 842 The Company has six buildings located on land that is subject to operating ground leases with a weighted average remaining term of approximately 41 years. Rental payments on these leases are adjusted periodically based on either the CPI or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases. Changes in the CPI are not estimated as part of our measurement of straight-line rental expense. The Company used a weighted average discount rate of approximately 7.5%, which was derived, using a portfolio approach, from our assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors. Some of the Company’s ground leases contain extension options and, where we determined it was reasonably certain that an extension would occur, they were included in our calculation of the right of use asset and liability. The Company recognized approximately $39 and $75 of ground lease expense during the three and six months ended June 30, 2021, respectively, of which $31 and $61 was paid in cash. The Company recognized approximately $39 and $81 of ground lease expense during the three and six months ended June 30, 2020, respectively, of which $18 and $34 was paid in cash. The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at June 30, 2021, and a reconciliation of those cash flows to the operating lease liability at June 30, 2021: 2021 (six months remaining) $ 193 2022 409 2023 174 2024 129 2025 129 Thereafter 4,498 Total 5,532 Discount (2,700) Lease liability $ 2,832 Tenant Concentration |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Litigation The Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company, which if determined unfavorably to the Company, would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Environmental Matters The Company follows a policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its financial position, results of operations, or cash flows. Additionally, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that management believes would require additional disclosure or the recording of a loss contingency. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |
Basis of presentation | Basis of presentation The accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company, including the Operating Partnership and its wholly owned subsidiaries. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual consolidated financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. The Company presents the portion of any equity it does not own but controls (and thus consolidates) as noncontrolling interest. Noncontrolling interest in the Company includes the LTIP Units and the OP Units held by third parties. Refer to Note 5 – “Equity” and Note 7 – “Stock-Based Compensation” for additional information regarding the OP Units and LTIP Units. The Company classifies noncontrolling interest as a component of consolidated equity on its Condensed Consolidated Balance Sheets, separate from the Company’s total equity. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. Any future issuances of additional LTIP Units or OP Units would change the noncontrolling ownership interest. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate The Company determines when an acquisition meets the definition of a business or alternatively should be accounted for as an asset acquisition in accordance with Accounting Standard Codification (“ASC”) Topic 805 “Business Combinations” (“ASC Topic 805”), which requires that, when substantially all of the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets, the asset or group of similar identifiable assets does not meet the definition of a business and therefore is required to be accounted for as an asset acquisition. Transaction costs are capitalized for asset acquisitions and expensed as incurred for business combinations. All our facility acquisitions for the six months ended June 30, 2021 and 2020 have been accounted for as asset acquisitions because substantially all the fair value of the gross assets the Company acquired were concentrated in a single asset or group of similar identifiable assets. For asset acquisitions that are “owner occupied” (meaning that the seller either is the tenant or controls the tenant), the purchase price, including capitalized acquisition costs, will be allocated to land and building based on their relative fair values with no value allocated to intangible assets or liabilities. For asset acquisitions that are not “owner occupied,” the Company will allocate the purchase price to tangible assets and any intangible assets acquired or liabilities assumed based on their relative fair values. Fair value is determined based upon the guidance of ASC Topic 820, “Fair Value Measurements and Disclosures,” and generally are determined using Level 2 inputs, such as rent comparables, sales comparables, and broker indications. Although Level 3 Inputs are utilized, they are minor in comparison to the Level 2 data used for the primary assumptions. The determination of fair value involves the use of significant judgment and estimates. We make estimates to determine the fair value of the tangible and intangible assets acquired and liabilities assumed using information obtained from multiple sources, including preacquisition due diligence, and we routinely utilize the assistance of a third-party appraiser. |
Revenue Recognition | Revenue Recognition The Company’s operations primarily consist of rental revenue earned from tenants under leasing arrangements which provide for minimum rent and escalations. The leases have been accounted for as operating leases. For operating leases with contingent rental escalators, revenue is recorded based on the contractual cash rental payments due during the period. Revenue from leases with fixed annual rental escalators are recognized on a straight-line basis over the initial lease term, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts recorded as a “deferred rent receivable.” Additionally, the Company recognizes “expense recoveries” revenue, which represents revenue recognized related to tenant reimbursement of real estate taxes, insurance, and certain other operating expenses (“tenant reimbursements”). The Company recognizes these reimbursements and related expenses on a gross basis in its Condensed Consolidated Statements of Operations. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all demand deposits, cashier’s checks, money market accounts, and certificates of deposit with a maturity of three months or less to be cash equivalents. Amounts included in restricted cash represent (1) certain security deposits received from tenants at the inception of their leases; (2) cash required to be held by a third-party lender as a reserve for debt service; and (3) funds held by the Company related to tenant reimbursements. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Condensed Consolidated Statements of Cash Flows: As of June 30, 2021 2020 Cash and cash equivalents $ 5,821 $ 8,392 Restricted cash 6,549 4,945 Total cash and cash equivalents and restricted cash $ 12,370 $ 13,337 |
Tenant Receivables, Net | Tenant Receivables, Net The tenant receivable balance as of June 30, 2021 and December 31, 2020 was $4,886 and $5,596, respectively. The balance as of June 30, 2021 consisted of $1,350 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,179 of loans that were made to two of the Company’s tenants, and $2,357 of tenant reimbursements. The balance as of December 31, 2020 consisted of $1,066 in funds owed from the Company’s tenants for rent that the Company had earned but had not yet received, $1,200 of loans that were made to two of the Company’s tenants, and $3,330 of tenant reimbursements. Receivables arising from operating leases are accounted for in accordance with ASC Topic 842 “Leases” (“ASC Topic 842”). The Company assesses the likelihood of losses resulting from tenant defaults, or the inability of tenants to make contractual rent and tenant recovery payments at each reporting date. The Company also monitors the liquidity and creditworthiness of its tenants and operators on a continuous basis. If the likelihood of a tenant paying its lease payments is determined to no longer be probable, all tenant receivables, including deferred rent, are written off against revenue and any future revenue for that tenant is recognized only upon receipt of cash. In addition, as of June 30, 2021, the Company had a portfolio level reserve of $350 on those leases that were probable of collection to ensure that the tenant lease receivables were not overstated. |
Escrow Deposits | Escrow Deposits The escrow balance as of June 30, 2021 and December 31, 2020 was $5,531 and $4,817, respectively. Escrow deposits include funds held in escrow to be used for the acquisition of properties in the future and for the payment of taxes, insurance, and other amounts as stipulated by the Company’s Cantor Loan, as hereinafter defined. |
Deferred Assets | Deferred Assets The deferred assets balance as of June 30, 2021 and December 31, 2020 was $23,050 and $20,272, respectively. The balance as of June 30, 2021 consisted of $22,970 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. The balance as of December 31, 2020 consisted of $20,192 in deferred rent receivables resulting from the recognition of revenue from leases with fixed annual rental escalations on a straight-line basis and $80 of other deferred costs. |
Other Assets | Other Assets The other assets balance as of June 30, 2021 and December 31, 2020 was $5,219 and $5,019, respectively. The balance as of June 30, 2021 consisted of $3,451 for right of use assets, $911 in capitalized preacquisition costs, $555 in prepaid assets, and $302 for net capitalized software costs and miscellaneous assets. The balance as of December 31, 2020 consisted of $3,598 for right of use assets, $484 in capitalized preacquisition costs, $588 in prepaid assets, and $349 for net capitalized software costs and miscellaneous assets. Refer to Note 8 – “Leases” for additional details on right of use assets. |
Derivative Instruments - Interest Rate Swaps | Derivative Instruments - Interest Rate Swaps As of June 30, 2021 and December 31, 2020, the Company's net liability balance related to interest rate swap derivative instruments that were designated as cash flow hedges of interest rate risk was $13,677 and $18,086, respectively. In accordance with the Company’s risk management strategy, the purpose of the interest rate swaps is to manage interest rate risk for certain of the Company’s variable-rate debt. The interest rate swaps involve the Company’s receipt of variable-rate amounts from four counterparties in exchange for the Company making fixed-rate payments over the life of the agreements. The Company accounts for derivative instruments in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” Refer to Note 4 – “Credit Facility, Notes Payable and Derivative Instruments” for additional details. |
Goodwill | Goodwill As of June 30, 2021 and December 31, 2020, the Company’s goodwill balance was $5,903. Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of businesses acquired. The Company’s goodwill balance was derived from the acquisition of its former advisor in connection with the management internalization transaction that was completed in July 2020. Goodwill has an indefinite life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company’s policy is to perform its annual goodwill impairment evaluation as of the first day of the fourth quarter of its fiscal year. The Company has one reporting unit. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Reference Rate Reform Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of June 30, 2021, the Company had previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Schedule of cash and cash equivalents and restricted cash | As of June 30, 2021 2020 Cash and cash equivalents $ 5,821 $ 8,392 Restricted cash 6,549 4,945 Total cash and cash equivalents and restricted cash $ 12,370 $ 13,337 |
Property Portfolio (Tables)
Property Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Properties Acquired | A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of June 30, 2021 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 Facility Acquired – Date Acquired: El Paso – 1/12/21 899 7,549 71 160 1,338 10,017 Syracuse – 1/15/21 616 4,745 128 136 772 6,397 West El Paso – 1/15/21 851 7,160 144 567 856 9,578 Fort Worth – 3/9/21 1,817 13,020 143 395 2,069 17,444 Port St. Lucie – 4/6/21 590 3,583 70 185 359 4,787 Cape Coral and Fort Myers – 4/13/21 5,623 20,155 480 1,132 4,311 31,701 Dallas – 4/16/21 3,101 2,593 63 469 493 6,719 East Grand Forks – 4/19/21 845 6,248 278 815 2,092 10,278 Coos Bay – 4/21/21 861 5,095 56 50 410 6,472 Caledonia – 6/2/21 582 2,669 66 96 497 3,910 Tallahassee – 6/2/21 782 6,720 137 387 1,218 9,244 Capitalized costs (1) — 546 192 134 — 872 Total Additions: 16,567 80,083 1,828 4,526 14,415 117,419 Balances as of June 30, 2021 $ 145,424 $ 931,510 $ 17,011 $ 53,730 $ 112,649 $ 1,260,324 (1) A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2020 resulting from these acquisitions is as follows: Site Tenant Acquired Lease Gross Investment in Land Building Improvements Improvements Intangible Assets Real Estate Balances as of December 31, 2019 $ 95,381 $ 693,533 $ 9,912 $ 33,909 $ 72,794 $ 905,529 Facility Acquired – Date Acquired: High Point – 2/13/20 1,749 20,367 440 869 1,656 25,081 Clinton – 2/27/20 664 6,551 342 1,578 2,484 11,619 West Allis – 3/4/20 974 7,687 137 98 461 9,357 Grand Rapids – 3/20/20 2,951 17,341 470 450 1,582 22,794 Dumfries – 4/27/20 2,597 10,047 289 4,815 4,292 22,040 Centerville – 7/16/20 — 4,202 160 208 501 5,071 Fairfax – 7/17/20 6,731 6,642 381 2,979 3,012 19,745 Rosedale – 7/31/20 2,856 16,204 567 1,443 2,821 23,891 Lancaster – 9/18/20 696 4,269 110 116 1,114 6,305 Winston-Salem – 9/30/20 1,524 6,407 254 307 748 9,240 Decatur and Jackson – 10/20/20 2,237 7,140 284 296 955 10,912 Sheboygan and Plymouth – 10/27/20 1,088 11,212 253 225 1,046 13,824 Spring Hill and Hudson – 11/18/20 3,473 12,520 420 435 1,370 18,218 Cape Girardeau – 11/23/20 1,150 4,601 73 264 1,262 7,350 Yuma – 12/1/20 1,041 4,715 309 274 640 6,979 Las Vegas – 12/14/20 311 6,813 — — — 7,124 Pensacola – 12/29/20 1,786 5,742 332 411 781 9,052 Venice – 12/30/20 1,648 4,204 247 333 543 6,975 Capitalized costs (1) — 1,230 203 194 172 1,799 Total Additions: 33,476 157,894 5,271 15,295 25,440 237,376 Balances as of December 31, 2020 $ 128,857 $ 851,427 $ 15,183 $ 49,204 $ 98,234 $ 1,142,905 (1) |
Summary of Carrying amount of intangible assets and liabilities | The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented: As of June 30, 2021 Accumulated Cost Amortization Net Assets In-place leases $ 64,190 $ (18,850) $ 45,340 Above market leases 16,775 (5,056) 11,719 Leasing costs 31,684 (8,123) 23,561 $ 112,649 $ (32,029) $ 80,620 Liability Below market leases $ 11,175 $ (2,738) $ 8,437 As of December 31, 2020 Accumulated Cost Amortization Net Assets In-place leases $ 55,561 $ (14,592) $ 40,969 Above market leases 14,972 (4,023) 10,949 Leasing costs 27,701 (6,284) 21,417 $ 98,234 $ (24,899) $ 73,335 Liability Below market leases $ 10,072 $ (1,850) $ 8,222 |
Summary of the acquired lease intangible amortization | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amortization expense related to in-place leases $ 2,168 $ 1,663 $ 4,258 $ 2,996 Amortization expense related to leasing costs $ 945 $ 685 $ 1,839 $ 1,273 Decrease in rental revenue related to above market leases $ 542 $ 403 $ 1,033 $ 778 Increase in rental revenue related to below market leases $ 457 $ 247 $ 888 $ 375 |
Schedule of net amortization acquired lease intangible assets and liabilities | As of June 30, 2021, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below: Net Decrease Net Increase in Revenue in Expenses 2021 (six months remaining) $ (184) $ 6,450 2022 (385) 12,745 2023 (419) 11,782 2024 (199) 10,358 2025 (561) 7,170 Thereafter (1,534) 20,396 Total $ (3,282) $ 68,901 |
Summary of unaudited pro forma information | Six Months Ended June 30, 2020 (unaudited, in thousands) Pro forma total revenue $ 43,704 Pro forma net income attributable to common stockholders $ 3,003 |
El Paso Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 970 Building and tenant improvements 7,709 In-place leases 750 Above-market lease intangibles 383 Leasing costs 205 Total purchase price $ 10,017 |
Syracuse Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 744 Building and tenant improvements 4,881 In-place leases 434 Leasing costs 338 Below-market lease intangibles (207) Total purchase price $ 6,190 |
West El Paso Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 995 Building and tenant improvements 7,727 In-place leases 432 Leasing costs 424 Total purchase price $ 9,578 |
Fort Worth Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,960 Building and tenant improvements 13,415 In-place leases 1,339 Leasing costs 730 Total purchase price $ 17,444 |
Port St. Lucie Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 660 Building and tenant improvements 3,768 In-place leases 245 Leasing costs 114 Total purchase price $ 4,787 |
Cape Coral and Fort Myers Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 6,103 Building and tenant improvements 21,287 In-place leases 2,112 Above-market lease intangibles 1,418 Leasing costs 781 Total purchase price $ 31,701 |
Dallas Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,164 Building and tenant improvements 3,062 In-place leases 275 Leasing costs 218 Below-market lease intangibles (295) Total purchase price $ 6,424 |
East Grand Forks Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,123 Building and tenant improvements 7,063 In-place leases 1,839 Leasing costs 253 Below-market lease intangibles (554) Total purchase price $ 9,724 |
Coos Bay Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 917 Building and tenant improvements 5,145 In-place leases 316 Leasing costs 94 Total purchase price $ 6,472 |
Caledonia Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 648 Building and tenant improvements 2,765 In-place leases 410 Leasing costs 87 Below-market lease intangibles (47) Total purchase price $ 3,863 |
Tallahassee Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 919 Building and tenant improvements 7,107 In-place leases 708 Leasing costs 510 Total purchase price $ 9,244 |
High Point Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,189 Building and tenant improvements 21,236 In-place leases 1,207 Leasing costs 449 Total purchase price $ 25,081 |
Clinton Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,006 Building and tenant improvements 8,129 In-place leases 2,115 Leasing costs 369 Total purchase price $ 11,619 |
West Allis Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,111 Building and tenant improvements 7,785 In-place leases 263 Leasing costs 198 Below-market lease intangibles (264) Total purchase price $ 9,093 |
Grand Rapids Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,417 Building and tenant improvements 17,791 In-place leases 761 Above-market lease intangibles 685 Leasing costs 136 Below-market lease intangibles (125) Total purchase price $ 22,665 |
Dumfries Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,886 Building and tenant improvements 14,862 In-place leases 3,255 Leasing costs 1,037 Below-market lease intangibles (2,419) Total purchase price $ 19,621 |
Centerville Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 160 Building and tenant improvements 4,410 In-place leases 216 Leasing costs 285 Total purchase price $ 5,071 |
Fairfax Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 7,112 Building and tenant improvements 9,621 In-place leases 2,314 Leasing costs 698 Below-market lease intangibles (1,866) Total purchase price $ 17,879 |
Rosedale Facilities [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,423 Building and tenant improvements 17,647 In-place leases 1,063 Leasing costs 892 Above-market lease intangibles 866 Below-market lease intangibles (785) Total purchase price $ 23,106 |
Lancaster Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 806 Building and tenant improvements 4,385 In-place leases 244 Leasing costs 283 Above-market lease intangibles 587 Total purchase price $ 6,305 |
Winston-Salem Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,778 Building and tenant improvements 6,714 In-place leases 581 Leasing costs 167 Below-market lease intangibles (725) Total purchase price $ 8,515 |
Decatur and Jackson Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,521 Building and tenant improvements 7,436 In-place leases 556 Leasing costs 264 Above-market lease intangibles 135 Below-market lease intangibles (27) Total purchase price $ 10,885 |
Sheboygan and Plymouth Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,341 Building and tenant improvements 11,437 In-place leases 756 Leasing costs 290 Total purchase price $ 13,824 |
Spring Hill and Hudson Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 3,893 Building and tenant improvements 12,955 In-place leases 831 Leasing costs 539 Total purchase price $ 18,218 |
Cape Girardeau Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,223 Building and tenant improvements 4,865 In-place leases 687 Leasing costs 188 Above-market lease intangibles 387 Total purchase price $ 7,350 |
Yuma Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,350 Building and tenant improvements 4,989 In-place leases 439 Leasing costs 136 Above-market lease intangibles 65 Total purchase price $ 6,979 |
Las Vegas Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 311 Building and tenant improvements 6,813 Total purchase price $ 7,124 |
Pensacola Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 2,118 Building and tenant improvements 6,153 In-place leases 456 Leasing costs 325 Total purchase price $ 9,052 |
Venice Facility [Member] | |
Schedule of tangible and intangible assets | Land and site improvements $ 1,895 Building and tenant improvements 4,537 In-place leases 387 Leasing costs 156 Total purchase price $ 6,975 |
Credit Facility, Notes Payabl_2
Credit Facility, Notes Payable and Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable and Revolving Credit Facility | |
Schedule of Outstanding borrowings | As of June 30, 2021 and December 31, 2020, the Company had the following outstanding borrowings under the Credit Facility: June 30, 2021 December 31, 2020 Revolver $ 101,100 $ 175,200 Term Loan 350,000 350,000 Less: Unamortized debt issuance costs (8,960) (3,559) Credit Facility, net $ 442,140 $ 521,641 |
Schedule of Aggregate balances of loans payable | June 30, 2021 December 31, 2020 Notes payable, gross $ 66,349 $ 66,349 Unamortized debt issuance costs (706) (835) Cumulative principal repayments (1,023) (577) Notes payable, net $ 64,620 $ 64,937 |
Schedule of Comprehensive Income (Loss) | The table below details the components of the amounts presented on the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss) recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amount of loss (gain) recognized in other comprehensive income (loss) $ 786 $ 2,298 $ (1,296) $ 16,765 Amount of loss reclassified from accumulated other comprehensive loss into interest expense (1,590) (1,276) (3,139) (1,785) Total change in accumulated other comprehensive loss $ (804) $ 1,022 $ (4,435) $ 14,980 |
Rosedale Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 181 2022 376 2023 391 2024 405 2025 13,158 Total $ 14,511 |
Dumfries Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 139 2022 288 2023 302 2024 11,034 Total $ 11,763 |
Cantor Loan [Member] | |
Notes Payable and Revolving Credit Facility | |
Schedule of Maturities of Long-term Debt | As of June 30, 2021, scheduled principal payments due for each year ended December 31 were as follows: 2021 (six months remaining) $ 212 2022 447 2023 471 2024 492 2025 523 Thereafter 29,882 Total $ 32,027 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Preferred Stock [Member] | |
Schedule of dividends payable | Preferred stock dividend activity for the six months ended June 30, 2021 is summarized in the following table: Applicable Quarterly Dividends Date Announced Record Date Quarter Payment Date Dividend per Share December 16, 2020 January 15, 2021 Q4 2020 February 1, 2021 $ 1,455 $ 0.46875 March 3, 2021 April 15, 2021 Q1 2021 April 30, 2021 $ 1,455 $ 0.46875 June 10, 2021 July 15, 2021 Q2 2021 August 2, 2021 $ 1,455 (1) $ 0.46875 (1) Two months of this amount, equal to $970, was accrued at June 30, 2021. |
Common Stock [Member] | |
Schedule of dividends payable | Common stock dividend activity for the six months ended June 30, 2021 is summarized in the following table: Applicable Dividend Dividends Date Announced Record Date Quarter Payment Date Amount (1) per Share December 16, 2020 December 28, 2020 Q4 2020 January 11, 2021 $ 10,573 $ 0.20 March 3, 2021 March 24, 2021 Q1 2021 April 8, 2021 $ 13,260 $ 0.205 June 10, 2021 June 24, 2021 Q2 2021 July 8, 2021 $ 13,964 $ 0.205 (1) Includes distributions on outstanding LTIP Units and OP Units. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Summary of unaudited pro forma information | Six Months Ended June 30, 2020 (unaudited, in thousands) Pro forma total revenue $ 43,704 Pro forma net income attributable to common stockholders $ 3,003 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation | |
Schedule of LTIP Unit Activity | Number of Date Description Units Issued Vesting Dates March 2, 2021 Final awards under the 2018 Long-Term Incentive Plan 220 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Final awards under the 2020 Annual Incentive Plan 267 50% on March 2, 2021; and 50% on March 2, 2022 March 2, 2021 Time-based awards under the 2021 Long-Term Incentive Plan 56 100% on March 2, 2024 May 26, 2021 Annual awards to independent directors 25 100% on May 26, 2022 |
Schedule of time-based vesting LTIP unit activity | Vested units 1,295 Unvested units 912 LTIP Units outstanding as of June 30, 2021 2,207 |
Schedule of the annual awards and long-term awards | A detail of the Company’s Long-Term Awards under the 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2021 program as of June 30, 2021 is as follows: 2019 Long-Term Awards 82 2020 Long-Term Awards 70 2021 Annual Awards (1) 92 2021 Long-Term Awards (2) 76 Total target performance awards as of June 30, 2021 320 (1) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the average closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) over the 15 trading days preceding the grant date. (2) Approved by the Board on March 2, 2021. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. |
Schedule of of the assumptions for the long-term awards using Monte Carlo simulations | Below are details regarding certain of the assumptions for the Long-Term Awards using Monte Carlo simulations: 2021 Long-Term 2020 Long-Term 2019 Long-Term Awards Awards Awards Fair value $ 14.86 $ 13.47 $ 10.07 Target awards 76 70 82 Volatility 42.37 % 28.75 % 31.7 % Risk-free rate 0.26 % 0.72 % 2.5 % Dividend assumption reinvested reinvested reinvested Expected term in years 3 3 3 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of aggregate annual cash to be received by the company | 2021 (six months remaining) $ 49,602 2022 99,141 2023 96,766 2024 89,408 2025 77,167 Thereafter 397,462 Total $ 809,546 |
Schedule of aggregate cash payments to be made by the Company | The following table sets forth the undiscounted cash flows of our scheduled obligations for future lease payments on operating ground leases at June 30, 2021, and a reconciliation of those cash flows to the operating lease liability at June 30, 2021: 2021 (six months remaining) $ 193 2022 409 2023 174 2024 129 2025 129 Thereafter 4,498 Total 5,532 Discount (2,700) Lease liability $ 2,832 |
Organization (Details)
Organization (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Inter-American Group Holdings Incorporated [Member] | |
Purchase agreement date | Jul. 9, 2020 |
long-term incentive plan LTIP [Member] | |
Partnership interest | 5.76% |
Global Medical REIT GP LLC [Member] | |
Operating Partnership | 94.24% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 5,821 | $ 5,507 | $ 8,392 | |
Restricted cash | 6,549 | 5,246 | 4,945 | |
Total cash and cash equivalents and restricted cash | $ 12,370 | $ 10,753 | $ 13,337 | $ 7,185 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Tenant Receivables | $ 4,886 | $ 5,596 | ||
Receivables Earned But Not Received Relating To Tenant Rent | 1,350 | 1,066 | ||
Loans receivable | 1,179 | 1,200 | ||
Tenant reimbursements | 2,357 | 3,330 | ||
Reserve for leases | 350 | |||
Escrow Deposit | 5,531 | 4,817 | ||
Deferred Costs and Other Assets | 23,050 | 20,272 | ||
Deferred Rent Receivables, Net | 22,970 | 20,192 | ||
Other Deferred Costs, Net | 80 | 80 | ||
Other Assets | 5,219 | 5,019 | ||
Operating Lease, Right-of-Use Asset | 3,451 | 3,598 | ||
Prepaid Expense and Other Assets | 555 | 588 | ||
Capitalized preacquisition costs | 911 | 484 | ||
Capitalized software costs | 302 | 349 | ||
Security Deposit Liability | 4,385 | 4,340 | ||
Derivative Liabilities | 13,814 | 18,086 | ||
Goodwill | 5,903 | 5,903 | ||
Management internalization expense | $ 920 | $ 1,424 | ||
Interest Rate Swap [Member] | ||||
Derivative Liabilities | $ 13,677 | $ 18,086 | ||
Inter-American Group Holdings Incorporated [Member] | ||||
Purchase agreement date | Jul. 9, 2020 |
Property Portfolio - Gross Inve
Property Portfolio - Gross Investment (Details) - USD ($) $ in Thousands | Jun. 02, 2021 | Apr. 21, 2021 | Apr. 19, 2021 | Apr. 16, 2021 | Apr. 13, 2021 | Apr. 06, 2021 | Mar. 09, 2021 | Jan. 15, 2021 | Jan. 12, 2021 | Dec. 30, 2020 | Dec. 29, 2020 | Dec. 14, 2020 | Dec. 01, 2020 | Nov. 23, 2020 | Nov. 18, 2020 | Oct. 27, 2020 | Oct. 20, 2020 | Sep. 30, 2020 | Sep. 18, 2020 | Jul. 31, 2020 | Jul. 17, 2020 | Jul. 16, 2020 | Mar. 20, 2020 | Mar. 04, 2020 | Feb. 27, 2020 | Feb. 13, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | $ 1,142,905 | $ 905,529 | ||||||||||||||||||||||||||
Acquisitions | $ 17,400 | 117,419 | 237,376 | |||||||||||||||||||||||||
Capitalized costs | 872 | 1,799 | ||||||||||||||||||||||||||
Ending Balance | 1,260,324 | 1,142,905 | ||||||||||||||||||||||||||
High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 25,100 | 25,081 | ||||||||||||||||||||||||||
Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 11,600 | 11,619 | ||||||||||||||||||||||||||
West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,357 | ||||||||||||||||||||||||||
Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 22,700 | 22,794 | ||||||||||||||||||||||||||
Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 22,040 | |||||||||||||||||||||||||||
Centerville Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 5,100 | 5,071 | ||||||||||||||||||||||||||
Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 17,900 | 19,745 | ||||||||||||||||||||||||||
Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 23,100 | 23,891 | ||||||||||||||||||||||||||
Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 6,300 | 6,305 | ||||||||||||||||||||||||||
Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 8,500 | 9,240 | ||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 10,900 | 10,912 | ||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 13,800 | 13,824 | ||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 18,200 | 18,218 | ||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 7,400 | 7,350 | ||||||||||||||||||||||||||
Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,979 | ||||||||||||||||||||||||||
Las Vegas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 7,100 | 7,124 | ||||||||||||||||||||||||||
Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,052 | ||||||||||||||||||||||||||
Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,975 | ||||||||||||||||||||||||||
El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 10,000 | 10,017 | ||||||||||||||||||||||||||
Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 6,200 | 6,397 | ||||||||||||||||||||||||||
West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 9,600 | 9,578 | ||||||||||||||||||||||||||
Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 17,444 | |||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 4,800 | 4,787 | ||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 31,700 | 31,701 | ||||||||||||||||||||||||||
Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 6,400 | 6,719 | ||||||||||||||||||||||||||
East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 9,700 | 10,278 | ||||||||||||||||||||||||||
Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 6,500 | 6,472 | ||||||||||||||||||||||||||
Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 3,900 | 3,910 | ||||||||||||||||||||||||||
Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 9,200 | 9,244 | ||||||||||||||||||||||||||
Land [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | 128,857 | 95,381 | ||||||||||||||||||||||||||
Acquisitions | 16,567 | 33,476 | ||||||||||||||||||||||||||
Ending Balance | 145,424 | 128,857 | ||||||||||||||||||||||||||
Land [Member] | High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,749 | |||||||||||||||||||||||||||
Land [Member] | Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 664 | |||||||||||||||||||||||||||
Land [Member] | West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 974 | |||||||||||||||||||||||||||
Land [Member] | Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,951 | |||||||||||||||||||||||||||
Land [Member] | Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,597 | |||||||||||||||||||||||||||
Land [Member] | Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,731 | |||||||||||||||||||||||||||
Land [Member] | Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,856 | |||||||||||||||||||||||||||
Land [Member] | Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 696 | |||||||||||||||||||||||||||
Land [Member] | Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,524 | |||||||||||||||||||||||||||
Land [Member] | Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,237 | |||||||||||||||||||||||||||
Land [Member] | Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,088 | |||||||||||||||||||||||||||
Land [Member] | Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 3,473 | |||||||||||||||||||||||||||
Land [Member] | Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,150 | |||||||||||||||||||||||||||
Land [Member] | Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,041 | |||||||||||||||||||||||||||
Land [Member] | Las Vegas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 311 | |||||||||||||||||||||||||||
Land [Member] | Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,786 | |||||||||||||||||||||||||||
Land [Member] | Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,648 | |||||||||||||||||||||||||||
Land [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 899 | |||||||||||||||||||||||||||
Land [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 616 | |||||||||||||||||||||||||||
Land [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 851 | |||||||||||||||||||||||||||
Land [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,817 | |||||||||||||||||||||||||||
Land [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 590 | |||||||||||||||||||||||||||
Land [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 5,623 | |||||||||||||||||||||||||||
Land [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 3,101 | |||||||||||||||||||||||||||
Land [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 845 | |||||||||||||||||||||||||||
Land [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 861 | |||||||||||||||||||||||||||
Land [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 582 | |||||||||||||||||||||||||||
Land [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 782 | |||||||||||||||||||||||||||
Buildings | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | 851,427 | 693,533 | ||||||||||||||||||||||||||
Acquisitions | 80,083 | 157,894 | ||||||||||||||||||||||||||
Capitalized costs | 546 | 1,230 | ||||||||||||||||||||||||||
Ending Balance | 931,510 | 851,427 | ||||||||||||||||||||||||||
Buildings | High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 20,367 | |||||||||||||||||||||||||||
Buildings | Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,551 | |||||||||||||||||||||||||||
Buildings | West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 7,687 | |||||||||||||||||||||||||||
Buildings | Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 17,341 | |||||||||||||||||||||||||||
Buildings | Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 10,047 | |||||||||||||||||||||||||||
Buildings | Centerville Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,202 | |||||||||||||||||||||||||||
Buildings | Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,642 | |||||||||||||||||||||||||||
Buildings | Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 16,204 | |||||||||||||||||||||||||||
Buildings | Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,269 | |||||||||||||||||||||||||||
Buildings | Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,407 | |||||||||||||||||||||||||||
Buildings | Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 7,140 | |||||||||||||||||||||||||||
Buildings | Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 11,212 | |||||||||||||||||||||||||||
Buildings | Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 12,520 | |||||||||||||||||||||||||||
Buildings | Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,601 | |||||||||||||||||||||||||||
Buildings | Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,715 | |||||||||||||||||||||||||||
Buildings | Las Vegas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,813 | |||||||||||||||||||||||||||
Buildings | Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 5,742 | |||||||||||||||||||||||||||
Buildings | Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,204 | |||||||||||||||||||||||||||
Buildings | El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 7,549 | |||||||||||||||||||||||||||
Buildings | Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,745 | |||||||||||||||||||||||||||
Buildings | West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 7,160 | |||||||||||||||||||||||||||
Buildings | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 13,020 | |||||||||||||||||||||||||||
Buildings | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 3,583 | |||||||||||||||||||||||||||
Buildings | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 20,155 | |||||||||||||||||||||||||||
Buildings | Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,593 | |||||||||||||||||||||||||||
Buildings | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,248 | |||||||||||||||||||||||||||
Buildings | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 5,095 | |||||||||||||||||||||||||||
Buildings | Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,669 | |||||||||||||||||||||||||||
Buildings | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 6,720 | |||||||||||||||||||||||||||
Site Improvements [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | 15,183 | 9,912 | ||||||||||||||||||||||||||
Acquisitions | 1,828 | 5,271 | ||||||||||||||||||||||||||
Capitalized costs | 192 | 203 | ||||||||||||||||||||||||||
Ending Balance | 17,011 | 15,183 | ||||||||||||||||||||||||||
Site Improvements [Member] | High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 440 | |||||||||||||||||||||||||||
Site Improvements [Member] | Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 342 | |||||||||||||||||||||||||||
Site Improvements [Member] | West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 137 | |||||||||||||||||||||||||||
Site Improvements [Member] | Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 470 | |||||||||||||||||||||||||||
Site Improvements [Member] | Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 289 | |||||||||||||||||||||||||||
Site Improvements [Member] | Centerville Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 160 | |||||||||||||||||||||||||||
Site Improvements [Member] | Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 381 | |||||||||||||||||||||||||||
Site Improvements [Member] | Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 567 | |||||||||||||||||||||||||||
Site Improvements [Member] | Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 110 | |||||||||||||||||||||||||||
Site Improvements [Member] | Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 254 | |||||||||||||||||||||||||||
Site Improvements [Member] | Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 284 | |||||||||||||||||||||||||||
Site Improvements [Member] | Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 253 | |||||||||||||||||||||||||||
Site Improvements [Member] | Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 420 | |||||||||||||||||||||||||||
Site Improvements [Member] | Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 73 | |||||||||||||||||||||||||||
Site Improvements [Member] | Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 309 | |||||||||||||||||||||||||||
Site Improvements [Member] | Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 332 | |||||||||||||||||||||||||||
Site Improvements [Member] | Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 247 | |||||||||||||||||||||||||||
Site Improvements [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 71 | |||||||||||||||||||||||||||
Site Improvements [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 128 | |||||||||||||||||||||||||||
Site Improvements [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 144 | |||||||||||||||||||||||||||
Site Improvements [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 143 | |||||||||||||||||||||||||||
Site Improvements [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 70 | |||||||||||||||||||||||||||
Site Improvements [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 480 | |||||||||||||||||||||||||||
Site Improvements [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 63 | |||||||||||||||||||||||||||
Site Improvements [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 278 | |||||||||||||||||||||||||||
Site Improvements [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 56 | |||||||||||||||||||||||||||
Site Improvements [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 66 | |||||||||||||||||||||||||||
Site Improvements [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 137 | |||||||||||||||||||||||||||
Tenant improvements [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | 49,204 | 33,909 | ||||||||||||||||||||||||||
Acquisitions | 4,526 | 15,295 | ||||||||||||||||||||||||||
Capitalized costs | 134 | 194 | ||||||||||||||||||||||||||
Ending Balance | 53,730 | 49,204 | ||||||||||||||||||||||||||
Tenant improvements [Member] | High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 869 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,578 | |||||||||||||||||||||||||||
Tenant improvements [Member] | West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 98 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 450 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,815 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Centerville Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 208 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,979 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,443 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 116 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 307 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 296 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 225 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 435 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 264 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 274 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 411 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 333 | |||||||||||||||||||||||||||
Tenant improvements [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 160 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 136 | |||||||||||||||||||||||||||
Tenant improvements [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 567 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 395 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 185 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,132 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 469 | |||||||||||||||||||||||||||
Tenant improvements [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 815 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 50 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 96 | |||||||||||||||||||||||||||
Tenant improvements [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 387 | |||||||||||||||||||||||||||
Intangibles [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Beginning Balance | 98,234 | 72,794 | ||||||||||||||||||||||||||
Acquisitions | 14,415 | 25,440 | ||||||||||||||||||||||||||
Capitalized costs | 172 | |||||||||||||||||||||||||||
Ending Balance | 112,649 | 98,234 | ||||||||||||||||||||||||||
Intangibles [Member] | High Point Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,656 | |||||||||||||||||||||||||||
Intangibles [Member] | Clinton Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,484 | |||||||||||||||||||||||||||
Intangibles [Member] | West Allis Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 461 | |||||||||||||||||||||||||||
Intangibles [Member] | Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,582 | |||||||||||||||||||||||||||
Intangibles [Member] | Dumfries [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,292 | |||||||||||||||||||||||||||
Intangibles [Member] | Centerville Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 501 | |||||||||||||||||||||||||||
Intangibles [Member] | Fairfax Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 3,012 | |||||||||||||||||||||||||||
Intangibles [Member] | Rosedale Facilities [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,821 | |||||||||||||||||||||||||||
Intangibles [Member] | Lancaster Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,114 | |||||||||||||||||||||||||||
Intangibles [Member] | Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 748 | |||||||||||||||||||||||||||
Intangibles [Member] | Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 955 | |||||||||||||||||||||||||||
Intangibles [Member] | Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,046 | |||||||||||||||||||||||||||
Intangibles [Member] | Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,370 | |||||||||||||||||||||||||||
Intangibles [Member] | Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,262 | |||||||||||||||||||||||||||
Intangibles [Member] | Yuma Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 640 | |||||||||||||||||||||||||||
Intangibles [Member] | Pensacola Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 781 | |||||||||||||||||||||||||||
Intangibles [Member] | Venice Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 543 | |||||||||||||||||||||||||||
Intangibles [Member] | El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 1,338 | |||||||||||||||||||||||||||
Intangibles [Member] | Syracuse Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 772 | |||||||||||||||||||||||||||
Intangibles [Member] | West El Paso Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 856 | |||||||||||||||||||||||||||
Intangibles [Member] | Fort Worth Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,069 | |||||||||||||||||||||||||||
Intangibles [Member] | Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 359 | |||||||||||||||||||||||||||
Intangibles [Member] | Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 4,311 | |||||||||||||||||||||||||||
Intangibles [Member] | Dallas Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 493 | |||||||||||||||||||||||||||
Intangibles [Member] | East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 2,092 | |||||||||||||||||||||||||||
Intangibles [Member] | Coos Bay Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 410 | |||||||||||||||||||||||||||
Intangibles [Member] | Caledonia Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | 497 | |||||||||||||||||||||||||||
Intangibles [Member] | Tallahassee Facility [Member] | ||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||
Acquisitions | $ 1,218 |
Property Portfolio - Schedule o
Property Portfolio - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 02, 2021 | Apr. 21, 2021 | Apr. 19, 2021 | Apr. 16, 2021 | Apr. 13, 2021 | Apr. 06, 2021 | Mar. 09, 2021 | Jan. 15, 2021 | Jan. 12, 2021 | Dec. 30, 2020 | Dec. 29, 2020 | Dec. 14, 2020 | Dec. 01, 2020 | Nov. 23, 2020 | Nov. 18, 2020 | Oct. 27, 2020 | Oct. 20, 2020 |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 8,515 | |||||||||||||||||
Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,778 | |||||||||||||||||
Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,714 | |||||||||||||||||
In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 581 | |||||||||||||||||
Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 167 | |||||||||||||||||
Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (725) | |||||||||||||||||
El Paso Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10,017 | |||||||||||||||||
El Paso Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 970 | |||||||||||||||||
El Paso Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,709 | |||||||||||||||||
El Paso Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 750 | |||||||||||||||||
El Paso Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 383 | |||||||||||||||||
El Paso Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 205 | |||||||||||||||||
Syracuse Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,190 | |||||||||||||||||
Syracuse Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 744 | |||||||||||||||||
Syracuse Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,881 | |||||||||||||||||
Syracuse Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 434 | |||||||||||||||||
Syracuse Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 338 | |||||||||||||||||
Syracuse Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (207) | |||||||||||||||||
West El Paso Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,578 | |||||||||||||||||
West El Paso Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 995 | |||||||||||||||||
West El Paso Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,727 | |||||||||||||||||
West El Paso Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 432 | |||||||||||||||||
West El Paso Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 424 | |||||||||||||||||
Fort Worth Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 17,444 | |||||||||||||||||
Fort Worth Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,960 | |||||||||||||||||
Fort Worth Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13,415 | |||||||||||||||||
Fort Worth Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,339 | |||||||||||||||||
Fort Worth Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 730 | |||||||||||||||||
Port St. Lucie Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 4,787 | |||||||||||||||||
Port St. Lucie Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 660 | |||||||||||||||||
Port St. Lucie Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,768 | |||||||||||||||||
Port St. Lucie Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 245 | |||||||||||||||||
Port St. Lucie Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 114 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 31,701 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,103 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,287 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,112 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,418 | |||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 781 | |||||||||||||||||
Dallas Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,424 | |||||||||||||||||
Dallas Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,164 | |||||||||||||||||
Dallas Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,062 | |||||||||||||||||
Dallas Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 275 | |||||||||||||||||
Dallas Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 218 | |||||||||||||||||
Dallas Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | $ (295) | |||||||||||||||||
East Grand Forks Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 9,724 | |||||||||||||||||
East Grand Forks Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,123 | |||||||||||||||||
East Grand Forks Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,063 | |||||||||||||||||
East Grand Forks Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,839 | |||||||||||||||||
East Grand Forks Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 253 | |||||||||||||||||
East Grand Forks Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | $ (554) | |||||||||||||||||
Coos Bay Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,472 | |||||||||||||||||
Coos Bay Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 917 | |||||||||||||||||
Coos Bay Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,145 | |||||||||||||||||
Coos Bay Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 316 | |||||||||||||||||
Coos Bay Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 94 | |||||||||||||||||
Caledonia Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 3,863 | |||||||||||||||||
Caledonia Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 648 | |||||||||||||||||
Caledonia Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,765 | |||||||||||||||||
Caledonia Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 410 | |||||||||||||||||
Caledonia Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 87 | |||||||||||||||||
Caledonia Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (47) | |||||||||||||||||
Tallahassee Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,244 | |||||||||||||||||
Tallahassee Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 919 | |||||||||||||||||
Tallahassee Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,107 | |||||||||||||||||
Tallahassee Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 708 | |||||||||||||||||
Tallahassee Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 510 | |||||||||||||||||
High Point Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 25,081 | |||||||||||||||||
High Point Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,189 | |||||||||||||||||
High Point Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 21,236 | |||||||||||||||||
High Point Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,207 | |||||||||||||||||
High Point Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 449 | |||||||||||||||||
Clinton Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,619 | |||||||||||||||||
Clinton Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,006 | |||||||||||||||||
Clinton Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,129 | |||||||||||||||||
Clinton Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,115 | |||||||||||||||||
Clinton Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 369 | |||||||||||||||||
West Allis Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,093 | |||||||||||||||||
West Allis Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,111 | |||||||||||||||||
West Allis Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,785 | |||||||||||||||||
West Allis Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 263 | |||||||||||||||||
West Allis Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 198 | |||||||||||||||||
West Allis Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (264) | |||||||||||||||||
Grand Rapids Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 22,665 | |||||||||||||||||
Grand Rapids Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,417 | |||||||||||||||||
Grand Rapids Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,791 | |||||||||||||||||
Grand Rapids Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 761 | |||||||||||||||||
Grand Rapids Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 685 | |||||||||||||||||
Grand Rapids Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 136 | |||||||||||||||||
Grand Rapids Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (125) | |||||||||||||||||
Dumfries Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 19,621 | |||||||||||||||||
Dumfries Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,886 | |||||||||||||||||
Dumfries Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 14,862 | |||||||||||||||||
Dumfries Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,255 | |||||||||||||||||
Dumfries Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,037 | |||||||||||||||||
Dumfries Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (2,419) | |||||||||||||||||
Centerville Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,071 | |||||||||||||||||
Centerville Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 160 | |||||||||||||||||
Centerville Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,410 | |||||||||||||||||
Centerville Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 216 | |||||||||||||||||
Centerville Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 285 | |||||||||||||||||
Fairfax Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,879 | |||||||||||||||||
Fairfax Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,112 | |||||||||||||||||
Fairfax Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,621 | |||||||||||||||||
Fairfax Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,314 | |||||||||||||||||
Fairfax Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 698 | |||||||||||||||||
Fairfax Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (1,866) | |||||||||||||||||
Rosedale Facilities [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 23,106 | |||||||||||||||||
Rosedale Facilities [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,423 | |||||||||||||||||
Rosedale Facilities [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 17,647 | |||||||||||||||||
Rosedale Facilities [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,063 | |||||||||||||||||
Rosedale Facilities [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 866 | |||||||||||||||||
Rosedale Facilities [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 892 | |||||||||||||||||
Rosedale Facilities [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | (785) | |||||||||||||||||
Lancaster Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,305 | |||||||||||||||||
Lancaster Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 806 | |||||||||||||||||
Lancaster Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,385 | |||||||||||||||||
Lancaster Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 244 | |||||||||||||||||
Lancaster Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 587 | |||||||||||||||||
Lancaster Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 283 | |||||||||||||||||
Decatur and Jackson Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 10,885 | |||||||||||||||||
Decatur and Jackson Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,521 | |||||||||||||||||
Decatur and Jackson Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,436 | |||||||||||||||||
Decatur and Jackson Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 556 | |||||||||||||||||
Decatur and Jackson Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 135 | |||||||||||||||||
Decatur and Jackson Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 264 | |||||||||||||||||
Decatur and Jackson Facility [Member] | Below Market Lease intangible [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Below Market Lease Intangibles | $ (27) | |||||||||||||||||
Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 13,824 | |||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,341 | |||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,437 | |||||||||||||||||
Sheboygan and Plymouth Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 756 | |||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 290 | |||||||||||||||||
Spring Hill and Hudson Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 18,218 | |||||||||||||||||
Spring Hill and Hudson Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,893 | |||||||||||||||||
Spring Hill and Hudson Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 12,955 | |||||||||||||||||
Spring Hill and Hudson Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 831 | |||||||||||||||||
Spring Hill and Hudson Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 539 | |||||||||||||||||
Cape Girardeau Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 7,350 | |||||||||||||||||
Cape Girardeau Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,223 | |||||||||||||||||
Cape Girardeau Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,865 | |||||||||||||||||
Cape Girardeau Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 687 | |||||||||||||||||
Cape Girardeau Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 387 | |||||||||||||||||
Cape Girardeau Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 188 | |||||||||||||||||
Yuma Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,979 | |||||||||||||||||
Yuma Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,350 | |||||||||||||||||
Yuma Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,989 | |||||||||||||||||
Yuma Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 439 | |||||||||||||||||
Yuma Facility [Member] | Above Market Lease intangibles [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 65 | |||||||||||||||||
Yuma Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 136 | |||||||||||||||||
Las Vegas Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 7,124 | |||||||||||||||||
Las Vegas Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 311 | |||||||||||||||||
Las Vegas Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,813 | |||||||||||||||||
Pensacola Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 9,052 | |||||||||||||||||
Pensacola Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,118 | |||||||||||||||||
Pensacola Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,153 | |||||||||||||||||
Pensacola Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 456 | |||||||||||||||||
Pensacola Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 325 | |||||||||||||||||
Venice Facility [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 6,975 | |||||||||||||||||
Venice Facility [Member] | Land and Site Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,895 | |||||||||||||||||
Venice Facility [Member] | Building And Tenant Improvements [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,537 | |||||||||||||||||
Venice Facility [Member] | In-place leases [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 387 | |||||||||||||||||
Venice Facility [Member] | Leasing Costs [Member] | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 156 |
Property Portfolio - Summary of
Property Portfolio - Summary of the carrying amount of intangible assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cost | $ 112,649 | $ 98,234 |
Accumulated Amortization | (32,029) | (24,899) |
Net | 80,620 | 73,335 |
Liabilities | ||
Cost | 11,175 | 10,072 |
Accumulated Amortization | (2,738) | (1,850) |
Net | 8,437 | 8,222 |
In-place leases [Member] | ||
Assets | ||
Cost | 64,190 | 55,561 |
Accumulated Amortization | (18,850) | (14,592) |
Net | 45,340 | 40,969 |
Above Market Lease intangibles [Member] | ||
Assets | ||
Cost | 16,775 | 14,972 |
Accumulated Amortization | (5,056) | (4,023) |
Net | 11,719 | 10,949 |
Leasing Costs [Member] | ||
Assets | ||
Cost | 31,684 | 27,701 |
Accumulated Amortization | (8,123) | (6,284) |
Net | $ 23,561 | $ 21,417 |
Property Portfolio - Summary _2
Property Portfolio - Summary of the acquired lease intangible amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
In-place leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,168 | $ 1,663 | $ 4,258 | $ 2,996 |
Leasing Costs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 945 | 685 | 1,839 | 1,273 |
Above Market Lease intangibles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | 542 | 403 | 1,033 | 778 |
Below Market Lease intangible [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 457 | $ 247 | $ 888 | $ 375 |
Property Portfolio - Net amorti
Property Portfolio - Net amortization of the acquired lease intangible (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Net Decrease in Revenue | |
2021 (six months remaining) | $ (184) |
2022 | (385) |
2023 | (419) |
2024 | (199) |
2025 | (561) |
Thereafter | (1,534) |
Total | (3,282) |
Net Increase in Expenses | |
2021 (six months remaining) | 6,450 |
2022 | 12,745 |
2023 | 11,782 |
2024 | 10,358 |
2025 | 7,170 |
Thereafter | 20,396 |
Total | $ 68,901 |
Property Portfolio - (Details)
Property Portfolio - (Details) $ in Thousands | Jun. 02, 2021USD ($)lease | Apr. 21, 2021USD ($) | Apr. 19, 2021USD ($)propertylease | Apr. 16, 2021USD ($)lease | Apr. 13, 2021USD ($)leaseproperty | Apr. 06, 2021USD ($)lease | Mar. 09, 2021USD ($) | Jan. 15, 2021USD ($)propertylease | Jan. 12, 2021USD ($)lease | Dec. 30, 2020USD ($)itempropertylease | Dec. 29, 2020USD ($)propertyleasetenant | Dec. 14, 2020USD ($)leaseproperty | Dec. 01, 2020USD ($)leaseproperty | Nov. 23, 2020USD ($) | Nov. 18, 2020USD ($)leaseproperty | Oct. 27, 2020USD ($)leasepropertytenant | Oct. 20, 2020USD ($)propertyleasetenant | Sep. 30, 2020USD ($)lease | Sep. 18, 2020USD ($) | Jul. 31, 2020USD ($)tenantlease | Jul. 17, 2020USD ($) | Jul. 16, 2020USD ($) | Apr. 27, 2020USD ($) | Mar. 20, 2020USD ($)leasebuilding | Mar. 04, 2020USD ($) | Feb. 27, 2020USD ($) | Feb. 13, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)item |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | item | 11 | 18 | ||||||||||||||||||||||||||||||
Depreciation, Total | $ 8,292 | $ 6,593 | $ 16,140 | $ 12,429 | ||||||||||||||||||||||||||||
Tenant Improvement Allowances Receivable | 28,400 | 28,400 | ||||||||||||||||||||||||||||||
Capital Lease Obligations, Noncurrent | $ 18,000 | 18,000 | ||||||||||||||||||||||||||||||
Acquisitions | $ 17,400 | $ 117,419 | $ 237,376 | |||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years 8 months 15 days | 2 years 9 months 14 days | ||||||||||||||||||||||||||||||
Weighted average remaining term | 41 years | 41 years | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities (CMBS) | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,100 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 4 years | |||||||||||||||||||||||||||||||
Lease Intangibles Asset [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years 3 months 18 days | |||||||||||||||||||||||||||||||
Lease Intangibles Liability [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years 6 months | |||||||||||||||||||||||||||||||
Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 16,567 | $ 33,476 | ||||||||||||||||||||||||||||||
El Paso Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 10,000 | 10,017 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||
El Paso Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 899 | |||||||||||||||||||||||||||||||
Syracuse Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 6,200 | 6,397 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 8 years | |||||||||||||||||||||||||||||||
Syracuse Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 616 | |||||||||||||||||||||||||||||||
West El Paso Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 9,600 | 9,578 | ||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 2 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 12 years | |||||||||||||||||||||||||||||||
Leases with tenant renewal options | lease | 3 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 7 years | |||||||||||||||||||||||||||||||
West El Paso Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 851 | |||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 17,444 | |||||||||||||||||||||||||||||||
Fort Worth Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,817 | |||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 4,800 | 4,787 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 6 years | |||||||||||||||||||||||||||||||
Port St. Lucie Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 590 | |||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 6 | |||||||||||||||||||||||||||||||
Acquisitions | $ 31,700 | 31,701 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 6 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 5 years | |||||||||||||||||||||||||||||||
Cape Coral and Fort Myers Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 5,623 | |||||||||||||||||||||||||||||||
Dallas Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 6,400 | 6,719 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 7 years | |||||||||||||||||||||||||||||||
Dallas Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 3,101 | |||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 9,700 | 10,278 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | |||||||||||||||||||||||||||||||
East Grand Forks Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 845 | |||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 6,500 | 6,472 | ||||||||||||||||||||||||||||||
Weighted average remaining term | 3 years | |||||||||||||||||||||||||||||||
Coos Bay Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 861 | |||||||||||||||||||||||||||||||
Caledonia Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 3,900 | 3,910 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 4 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | |||||||||||||||||||||||||||||||
Caledonia Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 582 | |||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 9,200 | 9,244 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 9 years | |||||||||||||||||||||||||||||||
Tallahassee Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 782 | |||||||||||||||||||||||||||||||
High Point Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 25,100 | 25,081 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 3 years | |||||||||||||||||||||||||||||||
High Point Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,749 | |||||||||||||||||||||||||||||||
Clinton Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 11,600 | 11,619 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||
Clinton Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 664 | |||||||||||||||||||||||||||||||
West Allis Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,357 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||
West Allis Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 974 | |||||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | building | 4 | |||||||||||||||||||||||||||||||
Acquisitions | $ 22,700 | 22,794 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 11 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years | |||||||||||||||||||||||||||||||
Grand Rapids Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 2,951 | |||||||||||||||||||||||||||||||
Dumfries Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 19,600 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years 6 months | |||||||||||||||||||||||||||||||
Centerville Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 5,100 | 5,071 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 10 years 6 months | |||||||||||||||||||||||||||||||
Centerville Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Weighted average remaining term | 49 years | |||||||||||||||||||||||||||||||
Fairfax Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 17,900 | 19,745 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 9 years 1 month 6 days | |||||||||||||||||||||||||||||||
Fairfax Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 6,731 | |||||||||||||||||||||||||||||||
Rosedale Facilities [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 23,100 | 23,891 | ||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 14,800 | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||||||||||||
Number or leases assumed | lease | 8 | |||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 6 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years 7 months 6 days | |||||||||||||||||||||||||||||||
Rosedale Facilities [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 2,856 | |||||||||||||||||||||||||||||||
Lancaster Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 6,300 | 6,305 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 8 years 6 months | |||||||||||||||||||||||||||||||
Lancaster Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 696 | |||||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 8,500 | 9,240 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 5 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 4 years | |||||||||||||||||||||||||||||||
Winston-Salem Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,524 | |||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 10,900 | 10,912 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 6 | |||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 5 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 6 years | |||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Decatur [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 1 | |||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Jackson [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 1 | |||||||||||||||||||||||||||||||
Decatur and Jackson Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 2,237 | |||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 13,800 | 13,824 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 5 years | |||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Sheboygan [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 1 | |||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Plymouth [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 1 | |||||||||||||||||||||||||||||||
Sheboygan and Plymouth Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,088 | |||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 3 | |||||||||||||||||||||||||||||||
Acquisitions | $ 18,200 | 18,218 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 8 years | |||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Spring Hill [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Hudson [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 1 | |||||||||||||||||||||||||||||||
Spring Hill and Hudson Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 3,473 | |||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 7,400 | 7,350 | ||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 6 years | |||||||||||||||||||||||||||||||
Cape Girardeau Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,150 | |||||||||||||||||||||||||||||||
Yuma Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,979 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 4 years | |||||||||||||||||||||||||||||||
Yuma Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,041 | |||||||||||||||||||||||||||||||
Las Vegas Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,100 | 7,124 | ||||||||||||||||||||||||||||||
Number of new leases entered into | lease | 2 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 12 years | |||||||||||||||||||||||||||||||
Las Vegas Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 311 | |||||||||||||||||||||||||||||||
Pensacola Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 3 | |||||||||||||||||||||||||||||||
Acquisitions | $ 9,100 | 9,052 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 3 | |||||||||||||||||||||||||||||||
Number of tenants assumed | tenant | 2 | |||||||||||||||||||||||||||||||
Weighted average remaining term | 9 years | |||||||||||||||||||||||||||||||
Pensacola Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | 1,786 | |||||||||||||||||||||||||||||||
Venice Facility [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Number of Properties Acquired | property | 2 | |||||||||||||||||||||||||||||||
Acquisitions | $ 7,000 | 6,975 | ||||||||||||||||||||||||||||||
Number or leases assumed | lease | 2 | |||||||||||||||||||||||||||||||
Lessor, Operating Lease, Term of Contract | 5 years 6 months | |||||||||||||||||||||||||||||||
Leases with tenant renewal options | item | 0 | |||||||||||||||||||||||||||||||
Venice Facility [Member] | Land [Member] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||||||||
Acquisitions | $ 1,648 |
Credit Facility, Notes Payabl_3
Credit Facility, Notes Payable and Derivative Instruments - Schedule of outstanding borrowings under the Credit Facility (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term Line of Credit | $ 442,140 | $ 521,641 |
Less: Unamortized deferred financing costs | (706) | (835) |
Revolving Credit Facility [Member] | ||
Long-term Line of Credit | 101,100 | 175,200 |
Term Loan [Member] | ||
Long-term Line of Credit | 350,000 | 350,000 |
Credit facility [Member] | ||
Less: Unamortized deferred financing costs | $ (8,960) | $ (3,559) |
Credit Facility, Notes Payabl_4
Credit Facility, Notes Payable and Derivative Instruments - Schedule of net of unamortized discount balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Credit Facility, Notes Payable and Derivative Instruments | ||
Notes payable, gross | $ 66,349 | $ 66,349 |
Less: Unamortized debt issuance costs | (706) | (835) |
Cumulative principal repayment | (1,023) | (577) |
Notes payable, net | $ 64,620 | $ 64,937 |
Credit Facility, Notes Payabl_5
Credit Facility, Notes Payable and Derivative Instruments - Scheduled Principal Payments Due On Cantor Loan Note Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | Apr. 27, 2020 | Mar. 16, 2016 |
Rosedale Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 (six months remaining) | $ 181 | ||||
2022 | 376 | ||||
2023 | 391 | ||||
2024 | 405 | ||||
2025 | 13,158 | ||||
Total | 14,511 | $ 14,691 | $ 14,800 | ||
Dumfries Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 (six months remaining) | 139 | ||||
2022 | 288 | ||||
2023 | 302 | ||||
2024 | 11,034 | ||||
Total | 11,763 | 11,899 | $ 12,074 | ||
Cantor Loan [Member] | |||||
Notes Payable and Revolving Credit Facility | |||||
2021 (six months remaining) | 212 | ||||
2022 | 447 | ||||
2023 | 471 | ||||
2024 | 492 | ||||
2025 | 523 | ||||
Thereafter | 29,882 | ||||
Total | $ 32,027 | $ 32,097 | $ 32,097 |
Credit Facility, Notes Payabl_6
Credit Facility, Notes Payable and Derivative Instruments - Derivative Instruments (Details) $ in Millions | Jun. 30, 2021USD ($)contract |
Interest Rate Swap [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ | $ 350 |
Forward Starting Interest Rate Swaps [Member] | |
Debt Instrument [Line Items] | |
Derivative, Number of Instruments Held | contract | 5 |
Credit Facility, Notes Payabl_7
Credit Facility, Notes Payable and Derivative Instruments - Schedule of interest rate swap agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Credit Facility, Notes Payable and Derivative Instruments | ||||
Amount of loss recognized in other comprehensive loss | $ 786 | $ 2,298 | $ (1,296) | $ 16,765 |
Amount of loss reclassified from accumulated other comprehensive loss into interest expense | (1,590) | (1,276) | (3,139) | (1,785) |
Total other comprehensive loss | $ (804) | $ 1,022 | $ (4,435) | $ 14,980 |
Credit Facility, Notes Payabl_8
Credit Facility, Notes Payable and Derivative Instruments (Details) $ in Thousands | Jul. 31, 2020USD ($) | Apr. 27, 2020USD ($) | Jun. 30, 2021USD ($)contract | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | May 31, 2021USD ($) | May 03, 2021USD ($) | Sep. 25, 2020 | Mar. 16, 2016USD ($) | Sep. 25, 2015USD ($) |
Notes Payable and Revolving Credit Facility | |||||||||||||
Amortization of financing costs | $ 427 | $ 272 | $ 776 | $ 541 | |||||||||
Increase (Decrease) in Security Deposits | $ 45 | (536) | |||||||||||
Debt Instrument, Term | 4 years 8 months 15 days | 2 years 9 months 14 days | |||||||||||
Note balance | $ 66,349 | 66,349 | $ 66,349 | $ 66,349 | |||||||||
Line Of Credit Cash Paid Other | 6,177 | 59 | |||||||||||
Repayments of Notes Payable | 446 | 113 | |||||||||||
Additional Interest Expense | 6,206 | ||||||||||||
Interest Expense, Total | $ 5,020 | 4,375 | $ 10,057 | 8,752 | |||||||||
Weighted average interest rate basis | 3.09% | 3.09% | 3.09% | 3.17% | |||||||||
Interest Rate Swap [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Derivative, Notional Amount | $ 350,000 | $ 350,000 | $ 350,000 | ||||||||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 13,677 | 13,677 | 13,677 | $ 18,086 | |||||||||
Interest Rate Swap Agreement One [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Derivative, Notional Amount | 150,000 | 150,000 | 150,000 | ||||||||||
Interest Rate Swap Agreement Two [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Derivative, Notional Amount | 200,000 | 200,000 | 200,000 | ||||||||||
Credit Facility [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Credit Facility maximum borrowing capacity | 750,000 | 750,000 | $ 750,000 | ||||||||||
Interest expense | 3,476 | 7,061 | |||||||||||
Maximum consolidated leverage ratio under financial covenants | 60 | ||||||||||||
Maximum consolidated secured recourse leverage ratio under financial covenant | 10.00% | ||||||||||||
Minimum fixed charge coverage ratio under financial covenants | 1.50 | ||||||||||||
Minimum unsecured interest coverage ratio under financial covenant | 1.50 | ||||||||||||
Maximum consolidated secured leverage ratio under financial covenants | 30.00% | ||||||||||||
Maximum consolidated unsecured leverage ratio under financial covenants | 60.00% | ||||||||||||
Percentage of net proceeds raised, covenant | 75.00% | ||||||||||||
Covenant compliance | As of August 2, 2021, management believed it was in compliance with all of the financial and non-financial covenants contained in the Credit Facility. | ||||||||||||
Other Operating Activities, Cash Flow Statement | $ 133,100 | 88,700 | |||||||||||
Repayments of Lines of Credit | 207,200 | 20,850 | |||||||||||
Note balance | 74,100 | 74,100 | 67,850 | 74,100 | 67,850 | ||||||||
Interest Expense, Total | 3,749 | 7,601 | |||||||||||
Minimum Net Worth Required for Compliance | $ 345,000 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Credit Facility maximum borrowing capacity | $ 400,000 | 400,000 | 400,000 | $ 400,000 | |||||||||
Debt instrument extensions | contract | 2 | ||||||||||||
Extension option | 6 months | ||||||||||||
Term Loan [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Credit Facility maximum borrowing capacity | $ 350,000 | 350,000 | 350,000 | $ 350,000 | |||||||||
Rosedale Loan [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Long term debt | $ 14,800 | 14,511 | 14,511 | $ 14,511 | 14,691 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||||||||||
Debt Instrument, Maturity Date | Jul. 31, 2025 | ||||||||||||
Interest expense | 141 | $ 282 | |||||||||||
Debt Instrument, Term | 25 years | ||||||||||||
Principal payments made | 180 | ||||||||||||
Dumfries Loan [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Long term debt | $ 12,074 | 11,763 | 11,763 | $ 11,763 | 11,899 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | ||||||||||||
Debt Instrument, Maturity Date | Jun. 1, 2024 | ||||||||||||
Interest expense | 137 | 46 | $ 275 | 46 | |||||||||
Debt Instrument, Term | 10 years | ||||||||||||
Principal payments made | 136 | 43 | |||||||||||
Cantor Loan [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Long term debt | $ 32,027 | $ 32,027 | $ 32,027 | 32,097 | $ 32,097 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | 5.22% | 5.22% | ||||||||||
Debt Instrument, Maturity Date | Apr. 6, 2026 | ||||||||||||
Interest expense | $ 423 | 479 | $ 842 | 902 | |||||||||
Debt Instrument, Term | 30 years | ||||||||||||
Principal payments made | $ 70 | ||||||||||||
West Mifflin Loan [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Long term debt | $ 7,025 | 7,025 | $ 7,025 | $ 7,085 | $ 7,378 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||
Debt Instrument, Maturity Date | Sep. 25, 2021 | ||||||||||||
Interest expense | 77 | 67 | $ 152 | 135 | |||||||||
Principal payments made | $ 60 | 70 | |||||||||||
The Term loan [Member] | Interest Rate Swap Agreement One [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.91% | ||||||||||||
The Term loan [Member] | Interest Rate Swap Agreement Two [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.61% | ||||||||||||
The Term loan [Member] | Interest Rate Swap Agreement Three [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||||||||
Accordion [Member] | Credit Facility [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Credit Facility maximum borrowing capacity | $ 500,000 | 500,000 | $ 500,000 | ||||||||||
Notes Payable [Member] | |||||||||||||
Notes Payable and Revolving Credit Facility | |||||||||||||
Amortization of financing costs | $ 66 | $ 35 | $ 129 | $ 68 |
Equity - Summary of Preferred S
Equity - Summary of Preferred Stock Dividend Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Dividend Amount | $ 15,251 | $ 12,470 | |
Common Stock [Member] | |||
Dividend Amount | $ 132 | $ 394 | |
Preferred Stock [Member] | Dividend declared on December 16,2020 | |||
Date Announced | Dec. 16, 2020 | ||
Record Date | Jan. 15, 2021 | ||
Payment Date | Feb. 1, 2021 | ||
Dividend Amount | $ 1,455 | ||
Dividends per Share | $ 0.46875 | ||
Preferred Stock [Member] | Dividend declared on March 3, 2021 [Member] | |||
Date Announced | Mar. 3, 2021 | ||
Record Date | Apr. 15, 2021 | ||
Payment Date | Apr. 30, 2021 | ||
Dividend Amount | $ 1,455 | ||
Dividends per Share | $ 0.46875 | ||
Preferred Stock [Member] | Dividend declared on June 10, 2021 [Member] | |||
Date Announced | Jun. 10, 2021 | ||
Record Date | Jul. 15, 2021 | ||
Payment Date | Aug. 2, 2021 | ||
Dividend Amount | $ 1,455 | ||
Dividends per Share | $ 0.46875 | ||
Common Stock [Member] | Dividend declared on December 16,2020 | |||
Date Announced | Dec. 16, 2020 | ||
Record Date | Dec. 28, 2020 | ||
Payment Date | Jan. 11, 2021 | ||
Dividend Amount | $ 10,573 | ||
Dividends per Share | $ 0.20 | ||
Common Stock [Member] | Dividend declared on March 3, 2021 [Member] | |||
Date Announced | Mar. 3, 2021 | ||
Record Date | Mar. 24, 2021 | ||
Payment Date | Apr. 8, 2021 | ||
Dividend Amount | $ 13,260 | ||
Dividends per Share | $ 0.205 | ||
Common Stock [Member] | Dividend declared on June 10, 2021 [Member] | |||
Date Announced | Jun. 10, 2021 | ||
Record Date | Jun. 24, 2021 | ||
Payment Date | Jul. 8, 2021 | ||
Dividend Amount | $ 13,964 | ||
Dividends per Share | $ 0.205 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 18, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Aug. 02, 2021 | Aug. 31, 2020 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued | 3,105 | 3,105 | ||||||
Preferred Stock, Shares Outstanding | 3,105 | 3,105 | ||||||
Dividend Accrued | $ 970 | |||||||
Common Stock, Shares Authorized | 500,000 | 500,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Common Stock, Shares, Outstanding | 64,197 | 49,461 | ||||||
Proceeds | $ 194,455 | $ 13,605 | ||||||
Payments of Dividends, Total | $ 2,911 | $ 2,911 | 2,911 | 2,911 | ||||
Payment Of Dividends Common Stock Op And Ltip Units | 24,575 | 19,675 | $ 19,675 | |||||
Dividends Payable | $ 15,251 | $ 12,470 | ||||||
Partners' Capital Account, Units, Treasury Units Purchased | 51 | 1,379 | ||||||
Partners' Capital Account, Treasury Units, Purchased | $ 751 | $ 17,882 | ||||||
Limited Partners' Capital Account, Units Issued | 1,713 | 1,764 | ||||||
Limited Partners' Capital Account, Units Outstanding | 1,713 | 1,764 | ||||||
Limited Partners' Capital Account | $ 9,248 | $ 9,999 | ||||||
IPO [Member] | ||||||||
Proceeds | $ 109,550 | |||||||
Shares issued | 8,625 | |||||||
Offering price (Dollars per share) | $ 13.30 | |||||||
ATM | ||||||||
Authorized amount under sales agreement | $ 150,000 | |||||||
Proceeds | $ 85,300 | |||||||
Shares issued | 6,061 | |||||||
Offering price (Dollars per share) | $ 14.29 | |||||||
Common Stock [Member] | ||||||||
Payments of Dividends, Total | $ 742 | 524 | ||||||
Dividends Payable | $ 132 | $ 394 | ||||||
Series A Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Issued | 3,105 | 3,105 | ||||||
Preferred Stock, Shares Outstanding | 3,105 | 3,105 | ||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | |||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 25 | ||||||
Dividends Payable, Amount Per Share | $ 1.875 | |||||||
Long Term Incentives Plan Units Member | ||||||||
Dividends Payable | $ 317 | $ 927 | ||||||
Subsequent Event | ATM | ||||||||
Authorized amount under sales agreement | $ 23,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions | |||||
Management fee expense incurred | $ 2,021 | $ 4,024 | |||
Due from related parties | 265 | 265 | $ 103 | ||
Due to related party | $ 0 | $ 0 | $ 0 | ||
Incentive management fee | $ 0 | $ 0 |
Related Party Transactions - Pr
Related Party Transactions - Pro Forma Revenue and Net Income (Details) - Inter-American Group Holdings Incorporated [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Business Acquisition [Line Items] | |
Pro forma total revenue | $ 43,704 |
Net income | $ 3,003 |
Stock-Based Compensation - TRIP
Stock-Based Compensation - TRIP Unit Activity (Details) - shares shares in Thousands | May 26, 2021 | Mar. 02, 2021 | Jun. 30, 2021 |
2018 Program [Member] | Long Term Incentives Plan Units [Member] | |||
Number of units issued | 220 | ||
Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||
Number of units issued | 267 | ||
Vesting percentage | 50.00% | ||
Time-based awards under the 2021 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||
Number of units issued | 56 | ||
Share-based Compensation Award, Tranche One [Member] | Long-Term Awards [Member] | |||
Vesting percentage | 75.00% | ||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | 2018 Program [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan 2020 [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche One [Member] | Time-based awards under the 2021 Long-Term Incentive Plan [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 100.00% | ||
Share-based Compensation Award, Tranche Two [Member] | Long-Term Awards [Member] | |||
Vesting percentage | 25.00% | ||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 50.00% | ||
Share-based Compensation Award, Tranche Two [Member] | 2018 Program [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 50.00% | ||
Independent Directors [Member] | Annual Award Agreements [Member] | Long Term Incentives Plan Units [Member] | |||
Number of units issued | 25 | ||
Independent Directors [Member] | Share-based Compensation Award, Tranche One [Member] | Annual Award Agreements [Member] | Long Term Incentives Plan Units [Member] | |||
Vesting percentage | 100.00% |
Stock-Based Compensation - Vest
Stock-Based Compensation - Vested and unvested LTIP units (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2021shares | |
Stock-Based Compensation | |
Total vested units | 1,295 |
Total unvested units | 912 |
LTIP Units outstanding as of September 30, 2020 | 2,207 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Awards (Details) shares in Thousands | Jun. 30, 2021shares | |
Total target performance awards as of December 31, 2020 | 320 | |
2018 Program [Member] | Long-Term Awards [Member] | ||
Total target performance awards as of December 31, 2020 | 82 | [1] |
2019 Program [Member] | Long-Term Awards [Member] | ||
Total target performance awards as of December 31, 2020 | 70 | [1] |
2020 Program [Member] | Annual Awards [Member] | ||
Total target performance awards as of December 31, 2020 | 92 | |
2020 Program [Member] | Long-Term Awards [Member] | ||
Total target performance awards as of December 31, 2020 | 76 | |
[1] | 2019 Long-Term Awards |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Long-Term Awards (Details) - Long-Term Awards [Member] - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2020 Program [Member] | |||
Fair value | $ 14.86 | ||
Target awards | 76 | ||
Volatility | 42.37% | ||
Risk-free rate | 0.26% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years | ||
2019 Program [Member] | |||
Fair value | $ 13.47 | ||
Target awards | 70 | ||
Volatility | 28.75% | ||
Risk-free rate | 0.72% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years | ||
2018 Program [Member] | |||
Fair value | $ 10.07 | ||
Target awards | 82 | ||
Volatility | 31.70% | ||
Risk-free rate | 2.50% | ||
Dividend assumption | reinvested | ||
Expected term in years | 3 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Thousands | May 26, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Stock-based compensation expense | $ 1,612,000 | $ 897,000 | $ 3,327,000 | $ 1,819,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,600 | $ 7,600 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Expected dividend rate | 0.00% | ||||
Long-Term Awards [Member] | |||||
Share based compensation maximum percentage of target that may be earned | 200.00% | ||||
Performance period | 3 years | ||||
Long Term Incentives Plan Units [Member] | |||||
Share based compensation maximum percentage of target that may be earned | 150.00% | ||||
Long Term Incentives Plan Units [Member] | 2016 Equity Incentive Plan [Member] | |||||
Additional shares authorized for issuance | 1,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,452 | 1,452 | |||
Long Term Incentives Plan Units [Member] | Annual Award Agreements [Member] | |||||
Share Based Compensation Estimated Percentage Of Performance Goals | 100.00% | 100.00% | |||
Performance period | 1 year | ||||
Long Term Incentives Plan Units [Member] | Long Term Incentive Plan 2020 [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Long-Term Awards [Member] | |||||
Vesting percentage | 75.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | 2018 Program [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | Annual Award Agreements [Member] | Independent Directors [Member] | |||||
Vesting percentage | 100.00% | ||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentives Plan Units [Member] | Long Term Incentive Plan 2020 [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Long-Term Awards [Member] | |||||
Vesting percentage | 25.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | |||||
Vesting percentage | 50.00% | ||||
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentives Plan Units [Member] | 2018 Program [Member] | |||||
Vesting percentage | 50.00% |
Leases - Aggregate annual minim
Leases - Aggregate annual minimum cash to be received by the Company on the noncancelable operating leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases | |
2021 (six months remaining) | $ 49,602 |
2022 | 99,141 |
2023 | 96,766 |
2024 | 89,408 |
2025 | 77,167 |
Thereafter | 397,462 |
Total | $ 809,546 |
Leases - Scheduled obligations
Leases - Scheduled obligations for future minimum payments on operating ground leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases | |
2021 (nine months remaining) | $ 193 |
2022 | 409 |
2023 | 174 |
2024 | 129 |
2025 | 129 |
Thereafter | 4,498 |
Total | 5,532 |
Discount | (2,700) |
Lease liability | $ 2,832 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)propertytenant | Jun. 30, 2020USD ($) | |
Leases | ||||
Operating Lease Average Remaining Lease Term | 10 years | |||
Variable revenue | $ 1,534 | $ 1,125 | $ 2,908 | $ 2,602 |
Rental revenue | $ 28,200 | 22,036 | $ 55,525 | 43,569 |
Weighted average remaining term | 41 years | 41 years | ||
Weighted average discount rate | 7.50% | 7.50% | ||
Lease Expense | $ 39 | 39 | $ 75 | 81 |
Paid in cash | $ 31 | $ 18 | $ 61 | $ 34 |
Number of tenants | tenant | 126 | |||
Number of facilities leased | property | 97 | |||
Concentration Risk, Customer | During this period there were no tenants with rental revenue that exceeded 10% of the Company’s rental revenue. |