Investment and Disposition Activity

3 Months Ended

Mar. 31, 2019

During the three months ended March 31, 2019, the Company completed a $15.5 million construction loan, funding $5.0 million as of March 31, 2019, and completed and funded a term loan for $15.0 million. The Company also purchased a newly-constructed addition to an existing building owned by the Company in Tennessee for $4.3 million, resulting in total investment activity of $24.3 million.

The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands):



Building and improvements	$	7,587
In-place lease intangibles	434
Mortgage escrow	(3,718		)
Net assets acquired	$	4,303

Assets Held for Sale

As of March 31, 2019, the Company classified two properties representing 52,943 square feet as held for sale. In accordance with this classification, the following assets are classified as held for sale in the accompanying consolidated balance sheets at March 31, 2019:



Land and improvements	$	711
Building and improvements	9,978
In-place lease intangibles	148
Other assets	211
Real estate held for sale before accumulated depreciation	11,048
Accumulated depreciation	(2,010		)
Real estate held for sale	$	9,038