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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of useful lives of real estate investment assets

 

 

 

Buildings

    

27 to 40 years

Building improvements

 

1 to 10 years

Leasehold improvements

 

The shorter of the lease term or useful life of the asset

 

Schedule of deferred leasing costs, net of amortization

Amortization of initial direct costs were $11.8 million and $12.2 million for the nine months ended September 30, 2018, and 2017, respectively. Initial direct costs are included within other assets in the condensed consolidated balance sheets and consisted of the following, net of amortization, as of September 30, 2018, and December 31, 2017 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

    

2018

    

2017

 

Internal sales commissions

 

$

15,037

 

$

17,402

 

Third party commissions

 

 

10,021

 

 

11,802

 

Other

 

 

640

 

 

775

 

Total

 

$

25,698

 

$

29,979

 

 

ASU 2016-02  
Schedule of financial statement impact of new accounting pronouncements

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously
Reported

 

New Lease Standard
Adjustment

 

As Adjusted

 

Operating lease right-of-use assets

 

$

 —

 

$

92,984

 

$

92,984

 

Operating lease liabilities

 

 

 —

 

 

102,912

 

 

102,912

 

Deferred rent payable

 

 

9,928

 

 

(9,928)

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

ASU 2018-11  
Schedule of financial statement impact of new accounting pronouncements

 

 

 

 

 

 

 

 

 

 

 

 

 

Previous Presentation

 

ASU 2018-11 Adjustment

 

Adjusted
Presentation

 

Condensed Consolidated Statement of Operations

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

74,321

 

$

(74,321)

 

$

 —

 

Power revenue

 

 

40,967

 

 

(40,967)

 

 

 —

 

Tenant reimbursement and other

 

 

3,302

 

 

(3,302)

 

 

 —

 

Rental, power, and related revenue

 

 

 —

 

 

118,590

 

 

118,590

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

66,657

 

$

(66,657)

 

$

 —

 

Power revenue

 

 

35,110

 

 

(35,110)

 

 

 —

 

Tenant reimbursement and other

 

 

2,185

 

 

(2,185)

 

 

 —

 

Rental, power, and related revenue

 

 

 —

 

 

103,952

 

 

103,952

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

219,497

 

$

(219,497)

 

$

 —

 

Power revenue

 

 

116,356

 

 

(116,356)

 

 

 —

 

Tenant reimbursement and other

 

 

8,892

 

 

(8,892)

 

 

 —

 

Rental, power, and related revenue

 

 

 —

 

 

344,745

 

 

344,745

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2017

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

195,761

 

$

(195,761)

 

$

 —

 

Power revenue

 

 

98,381

 

 

(98,381)

 

 

 —

 

Tenant reimbursement and other

 

 

6,790

 

 

(6,790)

 

 

 —

 

Rental, power, and related revenue

 

 

 —

 

 

300,932

 

 

300,932